Financials Tokyo Gas Co., Ltd.

Equities

9531

JP3573000001

Natural Gas Utilities

Market Closed - Japan Exchange 11:30:00 02/05/2024 am IST 5-day change 1st Jan Change
3,565 JPY -0.72% Intraday chart for Tokyo Gas Co., Ltd. -12.08% +10.10%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 13,46,925 11,27,233 10,85,969 9,81,076 10,81,823 14,26,953 - -
Enterprise Value (EV) 1 20,40,072 18,16,991 18,66,463 20,05,719 18,71,196 14,05,339 23,25,060 23,32,460
P/E ratio 16 x 26.1 x 21.9 x 11.1 x 3.86 x 8.52 x 12 x 12.5 x
Yield 2% 2.35% 2.44% 2.91% 2.6% 1.99% 1.96% 2.05%
Capitalization / Revenue 0.69 x 0.59 x 0.62 x 0.46 x 0.33 x 0.53 x 0.51 x 0.51 x
EV / Revenue 1.04 x 0.94 x 1.06 x 0.93 x 0.57 x 0.53 x 0.84 x 0.83 x
EV / EBITDA 8.12 x 6.81 x 7.36 x 6.38 x 2.99 x 5.86 x 5.33 x 6.35 x
EV / FCF -32.8 x 22.3 x -46.3 x -91.3 x 6.6 x 10.6 x 31.1 x 53 x
FCF Yield -3.05% 4.48% -2.16% -1.1% 15.2% 9.4% 3.22% 1.89%
Price to Book 1.16 x 0.98 x 0.94 x 0.8 x 0.69 x 0.83 x 0.79 x 0.8 x
Nbr of stocks (in thousands) 4,49,950 4,41,014 4,41,003 4,39,550 4,33,423 4,00,267 - -
Reference price 2 2,994 2,556 2,462 2,232 2,496 3,565 3,565 3,565
Announcement Date 26/04/19 28/04/20 28/04/21 27/04/22 26/04/23 25/04/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 19,62,308 19,25,235 17,65,146 21,45,197 32,89,634 26,64,518 27,81,180 27,93,940
EBITDA 1 2,51,278 2,66,918 2,53,762 3,14,587 6,26,553 3,95,000 4,36,100 3,67,200
EBIT 1 93,704 1,01,508 77,675 1,17,777 4,21,477 2,20,308 1,67,000 1,57,625
Operating Margin 4.78% 5.27% 4.4% 5.49% 12.81% 8.27% 6% 5.64%
Earnings before Tax (EBT) 1 1,17,248 67,566 66,184 1,26,865 4,07,479 2,52,089 1,34,733 1,23,600
Net income 1 84,555 43,382 49,505 88,745 2,80,916 1,69,936 1,17,967 1,13,667
Net margin 4.31% 2.25% 2.8% 4.14% 8.54% 6.38% 4.24% 4.07%
EPS 2 187.6 98.07 112.3 201.8 647.0 411.9 297.0 285.6
Free Cash Flow 1 -62,156 81,422 -40,337 -21,970 2,83,508 1,32,111 74,850 44,000
FCF margin -3.17% 4.23% -2.29% -1.02% 8.62% 4.96% 2.69% 1.57%
FCF Conversion (EBITDA) - 30.5% - - 45.25% 35.57% 17.16% 11.98%
FCF Conversion (Net income) - 187.69% - - 100.92% 77.74% 63.45% 38.71%
Dividend per Share 2 60.00 60.00 60.00 65.00 65.00 70.00 70.00 73.00
Announcement Date 26/04/19 28/04/20 28/04/21 27/04/22 26/04/23 25/04/24 - -
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 9,10,481 8,28,071 4,64,405 8,72,616 5,14,890 7,57,691 6,09,939 7,51,338 13,61,277 9,38,917 9,89,440 6,49,696 6,23,035 12,72,731 6,29,890 7,61,897 6,48,250 6,25,700 6,61,650 8,49,550
EBITDA - - - - - - - - - - - - - - - - - - - -
EBIT 1 46,169 51,644 20,150 45,342 -7,814 80,249 51,207 39,291 90,498 1,45,194 1,85,785 92,977 36,763 1,29,740 33,128 57,440 43,300 26,000 28,400 71,400
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% 6.68% 4.16% 4.29% 8.4%
Earnings before Tax (EBT) 40,678 42,195 26,102 49,202 760 76,903 57,700 53,660 1,11,360 1,31,636 1,64,483 1,09,745 - 1,52,639 22,979 - 26,200 21,600 34,600 73,900
Net income 1 28,349 29,350 16,041 31,849 2,003 54,893 38,438 33,202 71,640 96,457 1,12,819 77,669 26,314 1,03,983 11,572 54,381 43,100 21,600 12,600 45,200
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% 6.65% 3.45% 1.9% 5.32%
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 30/10/19 29/10/20 28/10/21 28/10/21 28/01/22 27/04/22 27/07/22 27/10/22 27/10/22 31/01/23 26/04/23 27/07/23 26/10/23 26/10/23 02/02/24 25/04/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,93,147 6,89,758 7,80,494 10,24,643 7,89,373 8,87,607 8,98,107 9,05,507
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.758 x 2.584 x 3.076 x 3.257 x 1.26 x 2.247 x 2.059 x 2.466 x
Free Cash Flow 1 -62,156 81,422 -40,337 -21,970 2,83,508 1,32,111 74,850 44,000
ROE (net income / shareholders' equity) 7.4% 3.8% 4.3% 7.5% 20% 10.4% 6.87% 5.68%
ROA (Net income/ Total Assets) 3.75% 4.14% 2.67% 4.26% 12% 6.11% 3.5% 2.45%
Assets 1 22,52,727 10,48,472 18,52,427 20,85,115 23,35,562 27,81,741 33,70,476 46,39,456
Book Value Per Share 2 2,576 2,603 2,616 2,792 3,596 4,250 4,496 4,451
Cash Flow per Share 547.0 482.0 520.0 659.0 1,129 927.0 - -
Capex 1 2,15,219 2,24,874 2,41,173 1,99,334 2,07,996 1,99,099 3,05,000 3,05,000
Capex / Sales 10.97% 11.68% 13.66% 9.29% 6.32% 7.47% 10.97% 10.92%
Announcement Date 26/04/19 28/04/20 28/04/21 27/04/22 26/04/23 25/04/24 - -
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

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
5
Last Close Price
3,565 JPY
Average target price
3,456 JPY
Spread / Average Target
-3.06%
Consensus
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