Company Valuation: TOYO Corporation

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 28,592 28,621 29,168 35,368 34,426 40,733 - -
Change - 0.1% 1.91% 21.25% -2.66% 18.32% - -
Enterprise Value (EV) 14,409 22,398 25,142 32,336 31,387 40,733 40,733 40,733
Change - 55.45% 12.25% 28.61% -2.93% 29.78% 0% 0%
P/E 17x 14.9x 19.3x 14.3x 28.8x 14.5x 12.7x 12.7x
PBR 0.97x 0.97x 1.03x 1.24x 1.23x 1.39x 1.32x 1.25x
PEG - 1x -1.1x 0.2x -0.6x 0x 0.9x -
Capitalization / Revenue 1.22x 1.08x 1.04x 1.01x 1.06x 1.04x 0.91x 0.91x
EV / Revenue 0x 0x 0x 0x 0x 1.04x 0.91x 0.91x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 11.3x 9.05x 9.05x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 43 50 54 68 69 70 72 75
Rate of return 3.56% 4.14% 4.14% 4.21% 4.32% 3.71% 3.82% 3.98%
EPS 2 70.97 81.16 67.5 113 55.55 129.6 148.1 148.1
Distribution rate 60.6% 61.6% 80% 60.2% 124% 54% 48.6% 50.6%
Net sales 1 23,511 26,490 28,172 35,040 32,559 39,000 45,000 45,000
EBITDA - - - 4,518 3,094 - - -
EBIT 1 1,725 2,332 1,472 3,360 1,914 3,600 4,500 4,500
Net income 1 1,734 1,919 1,534 2,520 1,195 2,800 3,200 3,200
Net Debt -14,183 -6,223 -4,026 -3,032 -3,039 - - -
Reference price 2 1,209.00 1,208.00 1,305.00 1,614.00 1,598.00 1,885.00 1,885.00 1,885.00
Nbr of stocks (in thousands) 23,649 23,693 22,351 21,913 21,543 21,609 - -
Announcement Date 11/2/21 11/9/22 11/8/23 11/13/24 11/12/25 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.54x - - 3.71% 259M
30.94x5.4x19.57x0.83% 122B
34.27x5.39x20.43x1.57% 95.53B
43.8x8.88x25.99x-.--% 63.65B
27.61x3.16x18.24x0.75% 60.37B
39.79x6.19x27.32x1.95% 57.63B
27.75x5.12x17.94x2.17% 36.3B
20.65x1.76x12.72x2.27% 30.05B
29.77x3.97x14.98x0.11% 29.2B
21.04x3.65x11.66x1.45% 29.31B
Average 29.02x 4.83x 18.76x 1.48% 52.41B
Weighted average by Cap. 32.26x 5.24x 20.00x 1.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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