Financials Toyo Tanso Co., Ltd.

Equities

5310

JP3616000000

Electrical Components & Equipment

Delayed Japan Exchange Other stock markets 02:00:00 2024-07-02 EDT			5-day change	1st Jan Change
6,720 ^JPY	+0.90%		+0.60%	+40.44%

02-22	Toyo Tanso Co., Ltd. Announces Retirement of Shunsaku Hiraga as Director	CI
02-14	Toyo Tanso Co., Ltd. Announces Dividend for the Year Ended December 31, 2023, Payable on March 29, 2024; Provides Dividend Guidance for the Year Ending December 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,692	42,302	67,112	78,857	100,353	139,676	-	-
Enterprise Value (EV) ¹	29,888	25,925	48,948	60,706	82,222	137,754	143,265	147,526
P/E ratio	16.2 x	15.9 x	15 x	15.2 x	13.4 x	16.7 x	14.6 x	12.5 x
Yield	2.2%	2.48%	1.88%	1.86%	2.3%	1.86%	2.09%	2.31%
Capitalization / Revenue	1.31 x	1.35 x	1.78 x	1.8 x	2.04 x	2.55 x	2.28 x	2.03 x
EV / Revenue	0.82 x	0.83 x	1.3 x	1.39 x	1.67 x	2.52 x	2.33 x	2.14 x
EV / EBITDA	3.73 x	4.18 x	5.68 x	6.18 x	6.5 x	9.14 x	7.85 x	6.82 x
EV / FCF	208 x	4.31 x	22.8 x	-	23.3 x	-23.3 x	-100 x	128 x
FCF Yield	0.48%	23.2%	4.39%	-	4.28%	-4.28%	-1%	0.78%
Price to Book	0.73 x	0.64 x	0.93 x	1.02 x	1.19 x	1.55 x	1.44 x	1.34 x
Nbr of stocks (in thousands)	20,973	20,973	20,973	20,973	20,972	20,972	-	-
Reference price ²	2,274	2,017	3,200	3,760	4,785	6,660	6,660	6,660
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,402	31,226	37,734	43,774	49,251	54,759	61,396	68,886
EBITDA ¹	8,006	6,206	8,618	9,820	12,658	15,064	18,244	21,619
EBIT ¹	5,175	3,422	5,666	6,667	9,283	11,385	13,327	15,625
Operating Margin	14.22%	10.96%	15.02%	15.23%	18.85%	20.79%	21.71%	22.68%
Earnings before Tax (EBT) ¹	3,946	3,726	6,130	7,298	10,317	11,858	13,365	15,587
Net income ¹	2,944	2,662	4,465	5,181	7,506	8,369	9,596	11,135
Net margin	8.09%	8.52%	11.83%	11.84%	15.24%	15.28%	15.63%	16.16%
EPS ²	140.4	127.0	212.9	247.1	357.9	399.0	457.6	530.9
Free Cash Flow ¹	144	6,009	2,151	-	3,523	-5,901	-1,431	1,156
FCF margin	0.4%	19.24%	5.7%	-	7.15%	-10.78%	-2.33%	1.68%
FCF Conversion (EBITDA)	1.8%	96.83%	24.96%	-	27.83%	-	-	5.35%
FCF Conversion (Net income)	4.89%	225.73%	48.17%	-	46.94%	-	-	10.38%
Dividend per Share ²	50.00	50.00	60.00	70.00	110.0	123.6	139.1	154.0
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	17,261	15,514	15,712	17,535	10,285	20,199	9,906	10,387	20,293	11,735	11,746	23,481	11,304	12,408	23,712	12,289	13,250	25,539	12,573	12,843	25,656	14,213	15,072	29,600
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	3,301	6,254	2,936	3,468	-	-	3,761	7,190	3,740	4,020	-
EBIT ¹	2,017	2,063	1,359	2,366	1,518	3,300	1,502	1,537	3,039	1,926	1,702	3,628	2,137	2,473	4,610	2,080	2,593	4,673	2,546	2,706	5,272	2,971	3,209	6,300
Operating Margin	11.69%	13.3%	8.65%	13.49%	14.76%	16.34%	15.16%	14.8%	14.98%	16.41%	14.49%	15.45%	18.9%	19.93%	19.44%	16.93%	19.57%	18.3%	20.25%	21.07%	20.55%	20.9%	21.29%	21.28%
Earnings before Tax (EBT) ¹	1,002	2,062	-	2,730	1,602	3,400	1,755	1,827	3,582	2,202	1,514	3,716	2,625	3,095	5,720	2,263	-	-	3,438	2,660	5,700	3,200	3,500	-
Net income ¹	641	1,461	1,201	1,824	2,641	1,297	1,203	1,361	2,564	1,588	1,029	2,617	1,833	2,295	4,128	1,682	1,696	3,378	2,380	1,570	3,950	2,030	2,395	4,450
Net margin	3.71%	9.42%	7.64%	10.4%	25.68%	6.42%	12.14%	13.1%	12.63%	13.53%	8.76%	11.15%	16.22%	18.5%	17.41%	13.69%	12.8%	13.23%	18.93%	12.22%	15.4%	14.28%	15.89%	15.03%
EPS	-	69.69	-	86.98	-	-	57.37	-	122.3	75.73	-	-	87.44	-	196.8	80.20	-	-	113.5	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/14/20	8/7/20	2/12/21	8/10/21	2/14/22	2/14/22	5/16/22	8/9/22	8/9/22	11/8/22	2/14/23	2/14/23	5/10/23	8/9/23	8/9/23	11/7/23	2/14/24	2/14/24	5/13/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	3,588	7,850
Net Cash position ¹	17,804	16,377	18,164	18,151	18,131	1,923	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	0.1967 x	0.3631 x
Free Cash Flow ¹	144	6,009	2,151	-	3,523	-5,901	-1,431	1,156
ROE (net income / shareholders' equity)	4.6%	4%	6.4%	6.9%	9.3%	9.6%	10.2%	11.1%
ROA (Net income/ Total Assets)	6.89%	5.1%	7.84%	8.51%	10.9%	8.18%	8.12%	8.5%
Assets ¹	42,706	52,237	56,928	60,847	68,574	102,297	118,166	130,987
Book Value Per Share ²	3,097	3,175	3,443	3,679	4,028	4,306	4,621	4,987
Cash Flow per Share ²	275.0	260.0	354.0	397.0	519.0	493.0	584.0	754.0
Capex ¹	5,005	6,375	5,076	2,968	5,555	15,687	13,500	13,000
Capex / Sales	13.75%	20.42%	13.45%	6.78%	11.28%	28.65%	21.99%	18.87%
Announcement Date	2/14/20	2/12/21	2/14/22	2/14/23	2/14/24	-	-	-

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 Toyo Tanso Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6,660 JPY

Average target price

8,736 JPY

Spread / Average Target

+31.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Electrical Component

	1st Jan change	Capi.
TOYO TANSO CO., LTD.	+40.44%	864M
TE CONNECTIVITY LTD.	+5.67%	45.35B
FUJIKURA LTD.	+194.14%	5.32B
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FANGDA CARBON NEW MATERIAL CO.,LTD	-16.22%	2.4B
MPI CORPORATION	+151.95%	1.58B
BEIJING YUANLIU HONGYUAN ELECTRONIC TECHNOLOGY CO., LTD.	-33.61%	1.06B
ACBEL POLYTECH INC.	-6.81%	1.01B
NINGBO SUNRISE ELC TECHNOLOGY CO.,LTD	-11.47%	945M
CHANGSHU TIANYIN ELECTROMECHANICAL CO.,LTD	-6.90%	837M

Electrical Component