TOYOTA INDUSTRIES CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 14,570 JPY | +0.69% |
|
+5.50% | +26.70% |
| 26/04 | TAKE A LOOK-Beijing auto show | RE |
| 26/04 | Foreign automakers eager for Chinese partners at Beijing auto show | RE |
Valuation
| Fiscal Period: Maart | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 17,23,195 | 16,08,309 | 30,61,358 | 26,29,767 | 22,82,024 | 45,23,650 | - | - |
| Enterprise Value (EV) 1 | 25,58,251 | 25,89,935 | 41,68,472 | 37,73,197 | 37,78,432 | 48,58,976 | 55,51,342 | 54,64,893 |
| P/E ratio | 11.3 x | 11 x | 22.4 x | 14.6 x | 11.8 x | 21.2 x | 16.7 x | 15.6 x |
| Yield | 2.79% | 3.09% | 1.52% | 2.01% | 2.59% | 1.45% | 2.02% | 1.81% |
| Capitalization / Revenue | 0.78 x | 0.74 x | 1.45 x | 0.97 x | 0.68 x | 1.27 x | 1.14 x | 1.12 x |
| EV / Revenue | 1.15 x | 1.19 x | 1.97 x | 1.39 x | 1.12 x | 1.27 x | 1.4 x | 1.35 x |
| EV / EBITDA | 7.98 x | 7.7 x | 12.7 x | 9.86 x | 8.84 x | 10 x | 10.4 x | 9.67 x |
| EV / FCF | -20.5 x | 19.8 x | -191 x | 45.1 x | -16.2 x | 17.4 x | 18.4 x | 29.2 x |
| FCF Yield | -4.87% | 5.04% | -0.52% | 2.22% | -6.16% | 5.75% | 5.44% | 3.43% |
| Price to Book | 0.69 x | 0.66 x | 0.95 x | 0.67 x | 0.59 x | 0.8 x | 0.93 x | 0.89 x |
| Nbr of stocks (in thousands) | 3,10,486 | 3,10,484 | 3,10,483 | 3,10,480 | 3,10,479 | 3,10,477 | - | - |
| Reference price 2 | 5,550 | 5,180 | 9,860 | 8,470 | 7,350 | 14,570 | 14,570 | 14,570 |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 27/04/23 | 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 | 22,14,946 | 21,71,355 | 21,18,302 | 27,05,183 | 33,79,891 | 38,33,205 | 39,53,875 | 40,55,703 |
| EBITDA 1 | 3,20,636 | 3,36,545 | 3,27,998 | 3,82,803 | 4,27,666 | 4,85,343 | 5,31,317 | 5,65,127 |
| EBIT 1 | 1,34,684 | 1,28,233 | 1,18,159 | 1,59,066 | 1,69,904 | 2,00,404 | 2,55,578 | 2,77,121 |
| Operating Margin | 6.08% | 5.91% | 5.58% | 5.88% | 5.03% | 5.23% | 6.46% | 6.83% |
| Earnings before Tax (EBT) 1 | 2,02,225 | 1,96,288 | 1,84,011 | 2,46,123 | 2,62,967 | 3,09,190 | 3,66,023 | 3,93,025 |
| Net income 1 | 1,52,748 | 1,45,881 | 1,36,700 | 1,80,306 | 1,92,861 | 2,28,778 | 2,75,742 | 2,90,262 |
| Net margin | 6.9% | 6.72% | 6.45% | 6.67% | 5.71% | 5.97% | 6.97% | 7.16% |
| EPS 2 | 492.0 | 469.8 | 440.3 | 580.7 | 621.2 | 736.9 | 871.7 | 932.0 |
| Free Cash Flow 1 | -1,24,694 | 1,30,601 | -21,778 | 83,714 | -2,32,678 | 3,27,303 | 3,02,137 | 1,87,382 |
| FCF margin | -5.63% | 6.01% | -1.03% | 3.09% | -6.88% | 8.7% | 7.64% | 4.62% |
| FCF Conversion (EBITDA) | - | 38.81% | - | 21.87% | - | 66.98% | 56.87% | 33.16% |
| FCF Conversion (Net income) | - | 89.53% | - | 46.43% | - | 139.4% | 109.57% | 64.56% |
| Dividend per Share 2 | 155.0 | 160.0 | 150.0 | 170.0 | 190.0 | 210.7 | 295.0 | 263.3 |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 27/04/23 | 26/04/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 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 | 2024 S2 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 11,02,951 | 10,68,404 | 9,57,007 | 6,43,928 | 12,60,842 | 7,07,107 | 7,37,234 | 7,59,631 | 8,42,865 | 16,02,496 | 8,65,069 | 9,12,326 | 8,89,455 | 9,47,968 | 18,37,423 | 9,90,144 | 10,05,638 | 19,95,782 | 9,52,867 | 9,46,433 | 9,97,133 | 10,75,400 |
| EBITDA | - | - | - | 92,775 | - | 56,602 | 78,260 | - | - | - | - | 97,412 | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 71,582 | 56,651 | 30,201 | 36,874 | 94,367 | 41,925 | 22,774 | 43,611 | 48,399 | 92,010 | 46,678 | 31,216 | 52,509 | 69,543 | 1,22,052 | 78,859 | -507 | 78,352 | 52,000 | 49,000 | 63,000 | 97,000 |
| Operating Margin | 6.49% | 5.3% | 3.16% | 5.73% | 7.48% | 5.93% | 3.09% | 5.74% | 5.74% | 5.74% | 5.4% | 3.42% | 5.9% | 7.34% | 6.64% | 7.96% | -0.05% | 3.93% | 5.46% | 5.18% | 6.32% | 9.02% |
| Earnings before Tax (EBT) 1 | 1,08,059 | 88,229 | 65,212 | 36,499 | 1,37,801 | 81,709 | 26,613 | 91,711 | 53,247 | 1,44,958 | 85,125 | 32,884 | 1,11,609 | 68,923 | 1,80,532 | 1,21,727 | 6,931 | 1,28,658 | 1,18,358 | 61,863 | 1,17,566 | 68,614 |
| Net income 1 | 82,284 | 63,597 | 48,108 | 25,788 | 1,03,386 | 59,398 | 17,522 | 71,623 | 35,265 | 1,06,888 | 62,340 | 23,633 | 86,978 | 51,830 | 1,38,808 | 91,993 | -2,023 | 89,970 | 89,654 | 43,527 | 86,959 | 48,189 |
| Net margin | 7.46% | 5.95% | 5.03% | 4% | 8.2% | 8.4% | 2.38% | 9.43% | 4.18% | 6.67% | 7.21% | 2.59% | 9.78% | 5.47% | 7.55% | 9.29% | -0.2% | 4.51% | 9.41% | 4.6% | 8.72% | 4.48% |
| EPS 2 | 265.0 | - | 155.0 | 83.06 | 333.0 | 191.3 | 56.43 | 230.7 | 113.6 | 344.3 | 200.8 | 76.11 | 280.1 | 166.9 | 447.1 | 296.3 | -6.510 | - | 255.7 | 157.2 | 244.4 | 163.5 |
| Dividend per Share 2 | 80.00 | - | 70.00 | 80.00 | 80.00 | - | 90.00 | - | 90.00 | 90.00 | - | 100.0 | - | 100.0 | 100.0 | - | 120.0 | - | - | - | - | - |
| Announcement Date | 31/10/19 | 30/04/20 | 29/10/20 | 29/10/21 | 29/10/21 | 02/02/22 | 28/04/22 | 29/07/22 | 28/10/22 | 28/10/22 | 03/02/23 | 27/04/23 | 28/07/23 | 31/10/23 | 31/10/23 | 02/02/24 | 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 | 8,35,056 | 9,81,626 | 11,07,114 | 11,43,430 | 14,96,408 | 11,71,693 | 10,27,691 | 9,41,243 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.604 x | 2.917 x | 3.375 x | 2.987 x | 3.499 x | 2.398 x | 1.934 x | 1.666 x |
| Free Cash Flow 1 | -1,24,694 | 1,30,601 | -21,778 | 83,714 | -2,32,678 | 3,27,303 | 3,02,137 | 1,87,382 |
| ROE (net income / shareholders' equity) | 6.1% | 5.9% | 4.8% | 5% | 5% | 4.6% | 5.62% | 5.9% |
| ROA (Net income/ Total Assets) | 2.9% | 3.72% | 3.12% | 3.48% | 3.4% | 3.27% | 3.07% | 3.28% |
| Assets 1 | 52,59,917 | 39,16,962 | 43,76,977 | 51,76,120 | 56,64,918 | 69,92,185 | 89,72,644 | 88,36,425 |
| Book Value Per Share 2 | 7,987 | 7,855 | 10,423 | 12,653 | 12,360 | 19,472 | 15,659 | 16,304 |
| Cash Flow per Share 2 | 1,091 | 1,141 | 1,116 | 1,301 | 1,451 | 1,655 | 1,312 | 1,490 |
| Capex 1 | 2,25,621 | 2,16,002 | 2,22,360 | 2,37,371 | 2,89,974 | 1,70,000 | 1,68,000 | 1,70,000 |
| Capex / Sales | 10.19% | 9.95% | 10.5% | 8.77% | 8.58% | 4.52% | 4.25% | 4.19% |
| Announcement Date | 26/04/19 | 30/04/20 | 28/04/21 | 28/04/22 | 27/04/23 | 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
14
Last Close Price
14,570
JPY
Average target price
15,200
JPY
Spread / Average Target
+4.32%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +26.70% | 28.74B | |
| +14.65% | 58.67B | |
| +26.10% | 36.8B | |
| +15.62% | 25.64B | |
| +11.71% | 23.31B | |
| +1.34% | 21.74B | |
| +15.97% | 18.38B | |
| -6.32% | 14.21B | |
| +18.96% | 12.04B | |
| +15.76% | 9.38B |
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