TOTO LTD |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 4,337 JPY | +0.02% |
|
+3.29% | +16.81% |
| 2023 | Jefferies Adjusts Toto’s Price Target to 4,000 Yen From 4,400 Yen, Keeps at Hold | MT |
| 2023 | Toto Ltd.(TSE:5332) added to S&P Japan Mid Cap 100 | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 7,94,869 | 6,08,841 | 11,52,227 | 8,37,468 | 7,49,513 | 7,35,634 | - | - |
| Enterprise Value (EV) 1 | 7,61,958 | 5,65,209 | 11,06,858 | 7,84,970 | 7,19,308 | 7,24,609 | 6,72,634 | 6,98,147 |
| P/E ratio | 24.5 x | 25.8 x | 42.4 x | 20.9 x | 19.2 x | 19.5 x | 19.6 x | 17.9 x |
| Yield | 1.92% | 2.5% | 1.03% | 1.92% | 2.26% | 2.34% | 2.39% | 2.51% |
| Capitalization / Revenue | 1.36 x | 1.02 x | 1.98 x | 1.3 x | 1.07 x | 1.03 x | 1.01 x | 0.98 x |
| EV / Revenue | 1.3 x | 0.95 x | 1.91 x | 1.22 x | 1.03 x | 1.03 x | 0.92 x | 0.93 x |
| EV / EBITDA | 12 x | 9.1 x | 16.6 x | 9.92 x | 8.93 x | 9.11 x | 8.32 x | 7.75 x |
| EV / FCF | -61.8 x | 20.8 x | 65.4 x | 40.8 x | -21.1 x | 35.4 x | 18.8 x | 40.2 x |
| FCF Yield | -1.62% | 4.8% | 1.53% | 2.45% | -4.74% | 2.82% | 5.31% | 2.49% |
| Price to Book | 2.35 x | 1.82 x | 3.14 x | 2.07 x | 1.65 x | 1.44 x | 1.47 x | 1.39 x |
| Nbr of stocks (in thousands) | 1,69,301 | 1,69,358 | 1,69,445 | 1,69,528 | 1,69,573 | 1,69,618 | - | - |
| Reference price 2 | 4,695 | 3,595 | 6,800 | 4,940 | 4,420 | 4,337 | 4,337 | 4,337 |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 28/04/23 | 26/04/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,86,086 | 5,96,497 | 5,80,935 | 6,45,273 | 7,01,187 | 7,02,284 | 7,30,238 | 7,49,625 |
| EBITDA 1 | 63,514 | 62,103 | 66,582 | 79,119 | 80,533 | 75,600 | 80,880 | 90,133 |
| EBIT 1 | 40,167 | 36,760 | 41,351 | 52,180 | 49,121 | 42,766 | 51,357 | 57,488 |
| Operating Margin | 6.85% | 6.16% | 7.12% | 8.09% | 7.01% | 6.09% | 7.03% | 7.67% |
| Earnings before Tax (EBT) 1 | 45,335 | 33,700 | 39,064 | 57,867 | 59,975 | 54,206 | 54,067 | 60,065 |
| Net income 1 | 32,380 | 23,583 | 27,199 | 40,131 | 38,943 | 37,196 | 37,170 | 41,309 |
| Net margin | 5.52% | 3.95% | 4.68% | 6.22% | 5.55% | 5.3% | 5.09% | 5.51% |
| EPS 2 | 191.3 | 139.3 | 160.6 | 236.7 | 229.7 | 219.3 | 221.0 | 242.2 |
| Free Cash Flow 1 | -12,335 | 27,138 | 16,929 | 19,235 | -34,085 | 19,433 | 35,700 | 17,385 |
| FCF margin | -2.1% | 4.55% | 2.91% | 2.98% | -4.86% | 2.75% | 4.89% | 2.32% |
| FCF Conversion (EBITDA) | - | 43.7% | 25.43% | 24.31% | - | 25.71% | 44.14% | 19.29% |
| FCF Conversion (Net income) | - | 115.07% | 62.24% | 47.93% | - | 54.22% | 96.04% | 42.08% |
| Dividend per Share 2 | 90.00 | 90.00 | 70.00 | 95.00 | 100.0 | 100.0 | 103.8 | 108.9 |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 28/04/23 | 26/04/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 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 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,96,329 | 2,57,546 | 3,23,389 | 1,63,777 | 3,09,506 | 1,70,626 | 1,65,141 | 3,35,767 | 1,53,472 | 1,74,216 | 3,27,688 | 1,99,455 | 1,74,044 | 3,73,499 | 1,56,608 | 1,83,133 | 3,39,741 | 1,85,024 | 1,77,519 | 3,62,543 | 1,65,600 | 1,89,067 | 1,99,233 | 1,87,533 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 17,467 | 10,605 | 30,746 | 14,500 | 26,613 | 16,413 | 9,154 | 25,567 | 10,206 | 10,443 | 20,649 | 22,945 | 5,527 | 28,472 | 4,001 | 11,268 | 15,269 | 17,640 | 9,857 | 27,497 | 7,050 | 12,900 | 15,967 | 15,533 |
| Operating Margin | 5.89% | 4.12% | 9.51% | 8.85% | 8.6% | 9.62% | 5.54% | 7.61% | 6.65% | 5.99% | 6.3% | 11.5% | 3.18% | 7.62% | 2.55% | 6.15% | 4.49% | 9.53% | 5.55% | 7.58% | 4.26% | 6.82% | 8.01% | 8.28% |
| Earnings before Tax (EBT) 1 | 18,416 | 8,138 | 30,926 | 15,401 | 29,196 | 18,087 | 10,584 | 28,671 | 15,410 | 12,046 | 27,456 | 27,474 | 5,045 | 32,519 | 9,359 | 15,819 | 25,178 | 15,082 | 13,946 | 29,028 | 7,950 | 15,150 | 17,300 | 15,950 |
| Net income 1 | 12,405 | 4,569 | 22,630 | 10,883 | 19,868 | 12,484 | 7,779 | 20,263 | 10,538 | 8,314 | 18,852 | 17,418 | 2,673 | 20,091 | 5,723 | 10,954 | 16,677 | 9,817 | 10,702 | 20,519 | 5,400 | 10,350 | 11,850 | 10,950 |
| Net margin | 4.19% | 1.77% | 7% | 6.65% | 6.42% | 7.32% | 4.71% | 6.03% | 6.87% | 4.77% | 5.75% | 8.73% | 1.54% | 5.38% | 3.65% | 5.98% | 4.91% | 5.31% | 6.03% | 5.66% | 3.26% | 5.47% | 5.95% | 5.84% |
| EPS 2 | 73.26 | 26.98 | - | 64.20 | 117.2 | 73.65 | 45.87 | 119.5 | 62.16 | 49.03 | 111.2 | 102.7 | 15.75 | - | 33.75 | 64.58 | 98.33 | 57.88 | 63.09 | 121.0 | 22.10 | 53.02 | 67.76 | 69.98 |
| Dividend per Share 2 | 45.00 | 30.00 | - | 45.00 | 45.00 | - | 50.00 | 50.00 | - | 50.00 | 50.00 | - | 50.00 | - | - | 50.00 | 50.00 | - | 50.00 | 50.00 | - | 50.00 | - | 50.00 |
| Announcement Date | 31/10/19 | 30/10/20 | 28/04/21 | 29/10/21 | 29/10/21 | 28/01/22 | 28/04/22 | 28/04/22 | 29/07/22 | 28/10/22 | 28/10/22 | 31/01/23 | 28/04/23 | 28/04/23 | 31/07/23 | 30/10/23 | 30/10/23 | 31/01/24 | 26/04/24 | 26/04/24 | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 32,911 | 43,632 | 45,369 | 52,498 | 30,205 | 46,857 | 63,000 | 37,487 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | -12,335 | 27,138 | 16,929 | 19,235 | -34,085 | 19,433 | 35,700 | 17,385 |
| ROE (net income / shareholders' equity) | 9.6% | 7% | 7.8% | 10.4% | 9.1% | 7.8% | 7.64% | 8.18% |
| ROA (Net income/ Total Assets) | 7.56% | 6.23% | 6.72% | 8.83% | 7.98% | 6.77% | 5.83% | 6.33% |
| Assets 1 | 4,28,449 | 3,78,419 | 4,05,018 | 4,54,679 | 4,88,090 | 5,49,435 | 6,38,115 | 6,53,114 |
| Book Value Per Share 2 | 2,000 | 1,973 | 2,164 | 2,391 | 2,674 | 2,962 | 2,960 | 3,119 |
| Cash Flow per Share 2 | 329.0 | 289.0 | 309.0 | 396.0 | 415.0 | 421.0 | 564.0 | 472.0 |
| Capex 1 | 30,898 | 30,409 | 38,737 | 30,121 | 65,664 | 62,000 | 62,250 | 64,000 |
| Capex / Sales | 5.27% | 5.1% | 6.67% | 4.67% | 9.36% | 8.78% | 8.52% | 8.54% |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 28/04/23 | 26/04/24 | - | - |
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
B+
Sell
Buy
Mean consensus
HOLD
Number of Analysts
9
Last Close Price
4,337
JPY
Average target price
4,127
JPY
Spread / Average Target
-4.85%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +16.81% | 4.67B | |
| +12.06% | 40.33B | |
| +3.13% | 30.34B | |
| +12.29% | 22.89B | |
| +27.07% | 19.02B | |
| +4.61% | 15.38B | |
| +9.00% | 9.84B | |
| -1.17% | 9.32B | |
| +10.03% | 7.75B | |
| -11.27% | 7.37B |
- Stock Market
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- 5332 Stock
- Financials TOTO LTD
