TORAY INDUSTRIES, INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 702.8 JPY | +0.60% |
|
-1.67% | -4.13% |
| 23/04 | Japanese Companies Pledge $120 Million Investment in South Korea | MT |
| 22/04 | South Korean Shares Rise; Korean Government Reveals 23 Trillion Won Fund | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 11,30,947 | 7,50,376 | 11,40,322 | 10,22,540 | 12,11,012 | 11,25,635 | - | - |
| Enterprise Value (EV) 1 | 19,34,862 | 14,90,235 | 18,77,895 | 17,21,071 | 19,37,110 | 17,94,887 | 17,85,360 | 17,52,302 |
| P/E ratio | 14.2 x | 13.5 x | 24.9 x | 12.1 x | 16.6 x | 17.6 x | 12.9 x | 10.7 x |
| Yield | 2.26% | 3.41% | 1.26% | 2.5% | 2.38% | 2.56% | 2.74% | 3.05% |
| Capitalization / Revenue | 0.47 x | 0.34 x | 0.61 x | 0.46 x | 0.49 x | 0.46 x | 0.43 x | 0.41 x |
| EV / Revenue | 0.81 x | 0.67 x | 1 x | 0.77 x | 0.78 x | 0.73 x | 0.69 x | 0.64 x |
| EV / EBITDA | 7.59 x | 5.97 x | 9.11 x | 6.82 x | 8.23 x | 7.79 x | 6.74 x | 5.95 x |
| EV / FCF | -23 x | 17.5 x | 16.5 x | 21.2 x | 45.6 x | 24 x | 35.5 x | 29.2 x |
| FCF Yield | -4.34% | 5.7% | 6.05% | 4.71% | 2.19% | 4.16% | 2.82% | 3.43% |
| Price to Book | 1 x | 0.69 x | 0.92 x | 0.73 x | 0.79 x | 0.71 x | 0.68 x | 0.65 x |
| Nbr of stocks (in thousands) | 15,99,869 | 15,99,950 | 16,00,452 | 16,00,720 | 16,01,021 | 16,01,643 | - | - |
| Reference price 2 | 706.9 | 469.0 | 712.5 | 638.8 | 756.4 | 702.8 | 702.8 | 702.8 |
| Announcement Date | 14/05/19 | 28/05/20 | 13/05/21 | 13/05/22 | 12/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 23,88,848 | 22,14,633 | 18,83,600 | 22,28,523 | 24,89,330 | 24,66,056 | 25,97,270 | 27,30,197 |
| EBITDA 1 | 2,54,779 | 2,49,510 | 2,06,084 | 2,52,432 | 2,35,376 | 2,30,380 | 2,64,910 | 2,94,548 |
| EBIT 1 | 1,41,469 | 1,31,186 | 90,265 | 1,32,063 | 1,09,001 | 99,366 | 1,28,227 | 1,51,118 |
| Operating Margin | 5.92% | 5.92% | 4.79% | 5.93% | 4.38% | 4.03% | 4.94% | 5.54% |
| Earnings before Tax (EBT) 1 | 1,27,419 | 94,046 | 65,566 | 1,20,315 | 1,11,870 | 1,03,600 | 1,32,280 | 1,56,514 |
| Net income 1 | 79,373 | 55,725 | 45,794 | 84,235 | 72,823 | 63,963 | 87,572 | 1,04,908 |
| Net margin | 3.32% | 2.52% | 2.43% | 3.78% | 2.93% | 2.59% | 3.37% | 3.84% |
| EPS 2 | 49.61 | 34.83 | 28.61 | 52.63 | 45.49 | 39.91 | 54.65 | 65.51 |
| Free Cash Flow 1 | -84,008 | 85,000 | 1,13,700 | 81,100 | 42,489 | 74,632 | 50,328 | 60,051 |
| FCF margin | -3.52% | 3.84% | 6.04% | 3.64% | 1.71% | 3.03% | 1.94% | 2.2% |
| FCF Conversion (EBITDA) | - | 34.07% | 55.17% | 32.13% | 18.05% | 32.4% | 19% | 20.39% |
| FCF Conversion (Net income) | - | 152.53% | 248.29% | 96.28% | 58.35% | 116.68% | 57.47% | 57.24% |
| Dividend per Share 2 | 16.00 | 16.00 | 9.000 | 16.00 | 18.00 | 18.00 | 19.25 | 21.45 |
| Announcement Date | 14/05/19 | 28/05/20 | 13/05/21 | 13/05/22 | 12/05/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 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 | 2025 Q1 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,22,359 | 10,92,274 | 8,56,069 | 10,27,531 | 5,49,306 | 10,62,978 | 5,83,894 | 5,81,651 | 11,65,545 | 6,05,869 | 6,55,925 | 12,61,794 | 6,40,006 | 5,87,530 | 12,27,536 | 5,78,057 | 6,21,319 | 11,99,376 | 6,30,032 | 6,22,811 | 12,67,000 | 6,14,350 | 6,59,400 | 12,90,000 | 6,80,800 | 6,66,600 | 13,90,000 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 71,648 | 59,538 | 34,096 | 56,169 | 34,075 | 68,962 | 35,806 | 26,081 | 61,887 | 27,108 | 27,313 | 54,421 | 44,246 | 10,334 | - | 21,906 | 23,651 | 44,445 | 26,924 | 21,995 | 47,600 | 26,350 | 30,850 | 50,000 | 37,800 | 35,350 | 62,000 |
| Operating Margin | 6.38% | 5.45% | 3.98% | 5.47% | 6.2% | 6.49% | 6.13% | 4.48% | 5.31% | 4.47% | 4.16% | 4.31% | 6.91% | 1.76% | - | 3.79% | 3.81% | 3.71% | 4.27% | 3.53% | 3.76% | 4.29% | 4.68% | 3.88% | 5.55% | 5.3% | 4.46% |
| Earnings before Tax (EBT) 1 | 67,572 | - | 8,439 | 57,127 | 40,267 | 81,205 | 39,302 | -192 | 39,110 | 57,224 | 27,752 | 84,976 | 24,039 | 2,855 | 26,894 | 25,107 | 23,872 | 48,979 | 27,323 | 19,200 | 47,000 | 22,000 | 28,000 | 50,000 | 35,000 | 31,000 | 66,000 |
| Net income 1 | 45,658 | 10,067 | 4,466 | 41,328 | 31,195 | 60,924 | 28,382 | -5,071 | 23,311 | 39,921 | 19,191 | 59,112 | 15,441 | -1,730 | 13,711 | 13,946 | 14,921 | 28,867 | 16,792 | 13,120 | 28,900 | 19,450 | 21,050 | 33,200 | 25,200 | 24,250 | 43,900 |
| Net margin | 4.07% | 0.92% | 0.52% | 4.02% | 5.68% | 5.73% | 4.86% | -0.87% | 2% | 6.59% | 2.93% | 4.68% | 2.41% | -0.29% | 1.12% | 2.41% | 2.4% | 2.41% | 2.67% | 2.11% | 2.28% | 3.17% | 3.19% | 2.57% | 3.7% | 3.64% | 3.16% |
| EPS 2 | 28.54 | - | 2.790 | - | 19.49 | 38.06 | 17.73 | -3.160 | - | 24.94 | 11.98 | 36.92 | 9.650 | -1.080 | - | 8.710 | 9.320 | 18.03 | 10.48 | 8.671 | - | 15.18 | 14.68 | - | 16.93 | 17.43 | - |
| Dividend per Share 2 | 8.000 | - | 4.500 | - | - | 8.000 | - | 8.000 | - | - | 9.000 | 9.000 | - | 9.000 | 9.000 | - | 9.000 | 9.000 | - | 9.000 | - | - | 10.00 | - | - | 10.00 | - |
| Announcement Date | 07/11/19 | 28/05/20 | 06/11/20 | 13/05/21 | 09/11/21 | 09/11/21 | 09/02/22 | 13/05/22 | 13/05/22 | 09/08/22 | 08/11/22 | 08/11/22 | 08/02/23 | 12/05/23 | 12/05/23 | 07/08/23 | 08/11/23 | 08/11/23 | 08/02/24 | - | - | - | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 8,03,915 | 7,39,859 | 7,37,573 | 6,98,531 | 7,26,098 | 6,69,253 | 6,59,725 | 6,26,667 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.155 x | 2.965 x | 3.579 x | 2.767 x | 3.085 x | 2.905 x | 2.49 x | 2.128 x |
| Free Cash Flow 1 | -84,008 | 85,000 | 1,13,700 | 81,100 | 42,489 | 74,632 | 50,328 | 60,051 |
| ROE (net income / shareholders' equity) | 7.1% | 5% | 3.89% | 6.4% | 5% | 4.01% | 5.42% | 6.22% |
| ROA (Net income/ Total Assets) | 5% | 3.8% | 3.9% | 4.08% | 3.59% | 2.44% | 3.03% | 3.48% |
| Assets 1 | 15,87,622 | 14,66,258 | 11,74,205 | 20,62,809 | 20,30,323 | 26,26,458 | 28,92,552 | 30,14,007 |
| Book Value Per Share 2 | 707.0 | 684.0 | 773.0 | 878.0 | 959.0 | 994.0 | 1,031 | 1,076 |
| Cash Flow per Share 2 | 113.0 | 102.0 | 101.0 | 128.0 | 124.0 | 130.0 | 142.0 | 159.0 |
| Capex 1 | 1,72,696 | 1,40,767 | 1,33,200 | 1,00,936 | 1,12,546 | 1,37,963 | 1,42,213 | 1,48,296 |
| Capex / Sales | 7.23% | 6.36% | 7.07% | 4.53% | 4.52% | 5.59% | 5.48% | 5.43% |
| Announcement Date | 14/05/19 | 28/05/20 | 13/05/21 | 13/05/22 | 12/05/23 | - | - | - |
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
B+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
702.8
JPY
Average target price
842.5
JPY
Spread / Average Target
+19.88%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -4.13% | 7.15B | |
| +4.70% | 103B | |
| +2.40% | 65.6B | |
| +42.86% | 39.06B | |
| +16.96% | 37.58B | |
| +6.96% | 33.26B | |
| +7.89% | 19.22B | |
| +12.12% | 16.83B | |
| +12.08% | 15.03B | |
| +17.69% | 14.96B |
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