Company Valuation: Toyota Tsusho Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 16,34,308 17,80,345 19,77,479 36,12,015 26,31,773 74,58,004 - -
Change - 8.94% 11.07% 82.66% -27.14% 183.38% - -
Enterprise Value (EV) 1 24,60,950 29,15,384 33,25,207 47,21,378 35,33,703 84,83,713 89,03,802 87,33,532
Change - 18.47% 14.06% 41.99% -25.16% 140.08% 4.95% -1.91%
P/E ratio 12.1x 8.01x 6.96x 10.9x 7.26x 17x 16.4x 14.9x
PBR 1.11x 1.03x 1.03x 1.46x 1x 1.99x 2.43x 2.2x
PEG - 0.1x 0.2x 0.7x 0.77x 7.73x 0.8x 1.52x
Capitalization / Revenue 0.26x 0.22x 0.2x 0.35x 0.26x 0.54x 0.63x 0.6x
EV / Revenue 0.39x 0.36x 0.34x 0.46x 0.34x 0.77x 0.75x 0.71x
EV / EBITDA 7.75x 7.2x 6.42x 8.12x 5.44x 12.2x 11.1x 10.5x
EV / EBIT 11.6x 9.91x 8.55x 10.7x 7.11x 15.8x 14.9x 13.8x
EV / FCF 28.1x -27.2x 10.9x 16.4x 13x 179x 19x 28x
FCF Yield 3.56% -3.68% 9.15% 6.12% 7.68% 0.56% 5.26% 3.57%
Dividend per Share 2 37.33 53.33 67.33 93.33 105 120 135.8 151.2
Rate of return 2.41% 3.16% 3.59% 2.73% 4.21% 2.02% 1.92% 2.14%
EPS 2 127.5 210.5 269.2 314 343.4 351 430.7 472.9
Distribution rate 29.3% 25.3% 25% 29.7% 30.6% 34.2% 31.5% 32%
Net sales 1 63,09,303 80,28,000 98,48,560 1,01,88,980 1,03,09,550 1,15,61,935 1,19,28,943 1,23,64,744
EBITDA 1 3,17,407 4,05,026 5,17,737 5,81,761 6,49,760 6,97,522 8,00,298 8,28,730
EBIT 1 2,13,058 2,94,141 3,88,753 4,41,589 4,97,174 5,45,235 5,99,216 6,32,523
Net income 1 1,34,602 2,22,235 2,84,155 3,31,444 3,62,506 3,70,516 4,15,582 4,46,032
Net Debt 1 8,26,642 11,35,039 13,47,728 11,09,363 9,01,930 10,25,709 14,45,798 12,75,528
Reference price 2 1,548.33 1,686.67 1,873.33 3,421.67 2,493.00 7,064.00 7,064.00 7,064.00
Nbr of stocks (in thousands) 10,55,527 10,55,541 10,55,594 10,55,630 10,55,665 10,55,776 - -
Announcement Date 28/04/21 28/04/22 27/04/23 26/04/24 28/04/25 30/04/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.78x0.77x12.16x1.7% 4.69TCr
28.07x1.35x27.75x2.01% 13TCr
19.95x1.45x26.62x1.96% 10TCr
15.43x1.13x13.27x2.12% 8.77TCr
16.95x1.4x20.01x1.89% 5.81TCr
15.18x1.64x19.69x1.93% 5.37TCr
23.35x1.41x12.94x0.77% 4.35TCr
29.88x4.19x23.95x0.04% 3.64TCr
16.82x0.82x8.54x3.2% 1.03TCr
41.09x3.82x22.07x1.06% 919.82Cr
Average 22.65x 1.80x 18.70x 1.67% 5.78TCr
Weighted average by Cap. 21.45x 1.53x 20.76x 1.76%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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