Financials Tokyo Gas Co., Ltd.

Equities

9531

JP3573000001

Natural Gas Utilities

Delayed Japan Exchange Other stock markets 21:51:09 2024-06-26 EDT			5-day change	1st Jan Change
3,500 ^JPY	-0.65%		-1.13%	+8.09%

06-11	Macquarie's Eku Energy Plans Energy Storage Capacity Expansion to 9 Gigawatt Hours by 2028	MT
06-11	Eku Energy aims to expand its global battery storage to 9 GWh by 2028	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,346,925	1,127,233	1,085,969	981,076	1,081,823	1,397,001	-	-
Enterprise Value (EV) ¹	2,040,072	1,816,991	1,866,463	2,005,719	1,871,196	2,385,735	2,485,199	2,450,399
P/E ratio	16 x	26.1 x	21.9 x	11.1 x	3.86 x	8.52 x	12.6 x	12.9 x
Yield	2%	2.35%	2.44%	2.91%	2.6%	1.99%	1.99%	2.1%
Capitalization / Revenue	0.69 x	0.59 x	0.62 x	0.46 x	0.33 x	0.53 x	0.51 x	0.5 x
EV / Revenue	1.04 x	0.94 x	1.06 x	0.93 x	0.57 x	0.9 x	0.9 x	0.88 x
EV / EBITDA	8.12 x	6.81 x	7.36 x	6.38 x	2.99 x	5.57 x	6.22 x	6.23 x
EV / FCF	-32.8 x	22.3 x	-46.3 x	-91.3 x	6.6 x	18.1 x	33.2 x	55.7 x
FCF Yield	-3.05%	4.48%	-2.16%	-1.1%	15.2%	5.54%	3.01%	1.8%
Price to Book	1.16 x	0.98 x	0.94 x	0.8 x	0.69 x	0.83 x	0.79 x	0.75 x
Nbr of stocks (in thousands)	449,950	441,014	441,003	439,550	433,423	396,537	-	-
Reference price ²	2,994	2,556	2,462	2,232	2,496	3,523	3,523	3,523
Announcement Date	19-04-26	20-04-28	21-04-28	22-04-27	23-04-26	24-04-25	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,962,308	1,925,235	1,765,146	2,145,197	3,289,634	2,664,518	2,761,360	2,779,320
EBITDA ¹	251,278	266,918	253,762	314,587	626,553	428,543	399,367	393,033
EBIT ¹	93,704	101,508	77,675	117,777	421,477	220,308	155,425	149,025
Operating Margin	4.78%	5.27%	4.4%	5.49%	12.81%	8.27%	5.63%	5.36%
Earnings before Tax (EBT) ¹	117,248	67,566	66,184	126,865	407,479	252,089	132,667	122,667
Net income ¹	84,555	43,382	49,505	88,745	280,916	169,936	102,000	98,280
Net margin	4.31%	2.25%	2.8%	4.14%	8.54%	6.38%	3.69%	3.54%
EPS ²	187.6	98.07	112.3	201.8	647.0	411.9	280.0	272.8
Free Cash Flow ¹	-62,156	81,422	-40,337	-21,970	283,508	132,111	74,850	44,000
FCF margin	-3.17%	4.23%	-2.29%	-1.02%	8.62%	4.96%	2.71%	1.58%
FCF Conversion (EBITDA)	-	30.5%	-	-	45.25%	30.83%	18.74%	11.19%
FCF Conversion (Net income)	-	187.69%	-	-	100.92%	77.74%	73.38%	44.77%
Dividend per Share ²	60.00	60.00	60.00	65.00	65.00	70.00	70.00	74.00
Announcement Date	19-04-26	20-04-28	21-04-28	22-04-27	23-04-26	24-04-25	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	910,481	828,071	464,405	872,616	514,890	757,691	609,939	751,338	1,361,277	938,917	989,440	649,696	623,035	1,272,731	629,890	761,897	653,800	627,950	667,600	856,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	46,169	51,644	20,150	45,342	-7,814	80,249	51,207	39,291	90,498	145,194	185,785	92,977	36,763	129,740	33,128	57,440	42,500	19,400	26,650	72,350
Operating Margin	5.07%	6.24%	4.34%	5.2%	-1.52%	10.59%	8.4%	5.23%	6.65%	15.46%	18.78%	14.31%	5.9%	10.19%	5.26%	7.54%	6.5%	3.09%	3.99%	8.45%
Earnings before Tax (EBT)	40,678	42,195	26,102	49,202	760	76,903	57,700	53,660	111,360	131,636	164,483	109,745	-	152,639	22,979	-	25,300	9,100	31,700	76,500
Net income ¹	28,349	29,350	16,041	31,849	2,003	54,893	38,438	33,202	71,640	96,457	112,819	77,669	26,314	103,983	11,572	54,381	30,800	14,100	17,850	50,500
Net margin	3.11%	3.54%	3.45%	3.65%	0.39%	7.24%	6.3%	4.42%	5.26%	10.27%	11.4%	11.95%	4.22%	8.17%	1.84%	7.14%	4.71%	2.25%	2.67%	5.9%
EPS ²	63.89	66.55	36.49	72.42	4.570	124.8	88.06	76.65	164.7	222.2	260.1	180.9	64.86	245.8	31.27	134.8	110.9	55.60	32.40	116.3
Dividend per Share	30.00	30.00	-	30.00	-	-	-	-	32.50	-	-	-	-	32.50	-	-	-	-	-	-
Announcement Date	19-10-30	20-10-29	21-10-28	21-10-28	22-01-28	22-04-27	22-07-27	22-10-27	22-10-27	23-01-31	23-04-26	23-07-27	23-10-26	23-10-26	24-02-02	24-04-25	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	693,147	689,758	780,494	1,024,643	789,373	980,396	1,088,198	1,053,398
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.758 x	2.584 x	3.076 x	3.257 x	1.26 x	2.288 x	2.725 x	2.68 x
Free Cash Flow ¹	-62,156	81,422	-40,337	-21,970	283,508	132,111	74,850	44,000
ROE (net income / shareholders' equity)	7.4%	3.8%	4.3%	7.5%	20%	10.4%	5.99%	5.49%
ROA (Net income/ Total Assets)	3.75%	4.14%	2.67%	4.26%	12%	6.11%	3.23%	2.4%
Assets ¹	2,252,727	1,048,472	1,852,427	2,085,115	2,335,562	2,781,741	3,154,642	4,095,000
Book Value Per Share ²	2,576	2,603	2,616	2,792	3,596	4,250	4,486	4,682
Cash Flow per Share	547.0	482.0	520.0	659.0	1,129	927.0	-	-
Capex ¹	215,219	224,874	241,173	199,334	207,996	199,099	329,000	305,000
Capex / Sales	10.97%	11.68%	13.66%	9.29%	6.32%	7.47%	11.91%	10.97%
Announcement Date	19-04-26	20-04-28	21-04-28	22-04-27	23-04-26	24-04-25	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tokyo Gas Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,523 JPY

Average target price

3,400 JPY

Spread / Average Target

-3.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
TOKYO GAS CO., LTD.	+8.09%	8.73B
NATURGY ENERGY GROUP, S.A.	-23.56%	21.31B
ATMOS ENERGY CORPORATION	+0.18%	17.58B
GAIL INDIA LIMITED	+31.67%	16.8B
OSAKA GAS COMPANY., LTD.	+18.91%	8.92B
PETRONAS GAS	+4.02%	7.58B
APA GROUP	-7.26%	7.11B
ALTAGAS LTD.	+9.38%	6.57B
NATIONAL FUEL GAS COMPANY	+9.51%	5.06B
CHINA GAS HOLDINGS LIMITED	-9.47%	4.91B

Other Natural Gas Utilities