Financials Toagosei Co., Ltd.

Equities

4045

JP3556400004

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 07:00:00 02/05/2024 BST			5-day change	1st Jan Change
1,602 ^JPY	+0.72%		-0.28%	+16.73%

04-01	Tranche Update on Toagosei Co., Ltd.'s Equity Buyback Plan announced on February 13, 2024.	CI
02-13	Toagosei Co., Ltd. announces an Equity Buyback for 5,000,000 shares, representing 4.28% for ¥6,000 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	167,165	154,166	144,520	134,670	153,658	182,057	-	-
Enterprise Value (EV) ¹	102,146	92,382	80,558	88,679	109,895	182,057	179,957	182,057
P/E ratio	16.1 x	19.4 x	10.7 x	11 x	13.3 x	16.1 x	13.3 x	11.2 x
Yield	2.36%	2.48%	3.11%	3.24%	3.86%	3.06%	3.75%	4.06%
Capitalization / Revenue	1.15 x	1.16 x	0.92 x	0.84 x	0.96 x	1.05 x	0.98 x	0.99 x
EV / Revenue	1.15 x	1.16 x	0.92 x	0.84 x	0.96 x	1.05 x	0.98 x	0.99 x
EV / EBITDA	-	-	-	5,421,728 x	6,636,076 x	-	6,171,416 x	-
EV / FCF	60,787,324 x	21,839,658 x	-	18,176,584 x	25,017,640 x	-	-	-
FCF Yield	0%	0%	-	0%	0%	-	-	-
Price to Book	0.86 x	0.8 x	0.72 x	0.65 x	0.76 x	0.88 x	0.83 x	0.76 x
Nbr of stocks (in thousands)	131,626	127,305	125,018	121,106	111,996	113,679	-	-
Reference price ²	1,270	1,211	1,156	1,112	1,372	1,602	1,602	1,602
Announcement Date	13/02/20	12/02/21	10/02/22	10/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	144,955	133,392	156,313	160,825	159,371	173,950	186,300	184,000
EBITDA	-	-	-	24,839	23,155	-	29,500	-
EBIT ¹	13,782	12,336	17,676	14,382	12,499	14,150	16,800	18,800
Operating Margin	9.51%	9.25%	11.31%	8.94%	7.84%	8.13%	9.02%	10.22%
Earnings before Tax (EBT) ¹	15,290	12,256	18,801	17,314	17,094	15,500	18,150	20,300
Net income ¹	10,387	8,142	13,771	12,494	12,179	11,250	13,100	14,900
Net margin	7.17%	6.1%	8.81%	7.77%	7.64%	6.47%	7.03%	8.1%
EPS ²	78.91	62.43	108.1	101.3	102.8	99.75	120.6	142.6
Free Cash Flow	2,750	7,059	-	7,409	6,142	-	-	-
FCF margin	1.9%	5.29%	-	4.61%	3.85%	-	-	-
FCF Conversion (EBITDA)	-	-	-	29.83%	26.53%	-	-	-
FCF Conversion (Net income)	26.48%	86.7%	-	59.3%	50.43%	-	-	-
Dividend per Share ²	30.00	30.00	36.00	36.00	53.00	49.00	60.00	65.00
Announcement Date	13/02/20	12/02/21	10/02/22	10/02/23	13/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2022 Q1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	65,775	74,164	39,231	37,750	77,977	40,740	42,108	38,198	38,749	76,947	39,202	43,222	82,424	39,014	39,400	80,300	42,900	44,300	87,200
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,665	9,021	4,590	4,109	7,891	4,163	2,328	2,587	2,159	4,746	3,342	4,411	7,753	3,552	2,750	6,200	3,800	4,000	7,800
Operating Margin	8.61%	12.16%	11.7%	10.88%	10.12%	10.22%	5.53%	6.77%	5.57%	6.17%	8.53%	10.21%	9.41%	9.1%	6.98%	7.72%	8.86%	9.03%	8.94%
Earnings before Tax (EBT)	5,605	9,777	5,062	5,593	10,178	3,996	-	3,003	-	7,595	3,985	-	-	3,666	-	-	-	-	-
Net income	3,786	7,015	3,646	4,015	7,391	2,903	-	2,185	-	5,469	2,706	-	-	2,717	-	-	-	-	-
Net margin	5.76%	9.46%	9.29%	10.64%	9.48%	7.13%	-	5.72%	-	7.11%	6.9%	-	-	6.96%	-	-	-	-	-
EPS	28.82	54.76	28.59	32.17	59.36	23.69	-	18.18	-	45.71	22.95	-	-	23.60	-	-	-	-	-
Dividend per Share	15.00	17.00	-	-	18.00	-	-	-	-	20.00	-	-	-	-	-	-	-	-	-
Announcement Date	31/07/20	30/07/21	29/10/21	28/04/22	29/07/22	31/10/22	10/02/23	28/04/23	31/07/23	31/07/23	31/10/23	13/02/24	13/02/24	26/04/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	65,019	61,784	63,962	45,991	43,763	-	2,100	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	2,750	7,059	-	7,409	6,142	-	-	-
ROE (net income / shareholders' equity)	5.5%	4.2%	7%	6.1%	5.8%	5.4%	6.25%	6.9%
ROA (Net income/ Total Assets)	6.23%	5.34%	7.58%	6.28%	5.4%	6%	6.8%	-
Assets ¹	166,813	152,512	181,645	199,075	225,651	187,500	192,647	-
Book Value Per Share ²	1,472	1,506	1,614	1,701	1,816	1,813	1,925	2,105
Cash Flow per Share	149.0	138.0	192.0	186.0	193.0	-	-	-
Capex ¹	15,865	13,612	11,951	22,844	15,496	29,900	15,000	15,000
Capex / Sales	10.94%	10.2%	7.65%	14.2%	9.72%	17.19%	8.05%	8.15%
Announcement Date	13/02/20	12/02/21	10/02/22	10/02/23	13/02/24	-	-	-

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

Ratings for Toagosei Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,602 JPY

Average target price

1,550 JPY

Spread / Average Target

-3.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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