Financials Tosei Corporation

Equities

8923

JP3595070008

Real Estate Development & Operations

Delayed Japan Exchange Other stock markets 07:00:00 16/05/2024 BST			5-day change	1st Jan Change
2,369 ^JPY	-1.29%		-0.96%	+19.03%

04-05	Tosei's Profit Balloons 46% in Q1 of Fiscal 2024	MT
03-19	BoJ's Rate Policy Shift Stokes Rally in Japanese Shares	MT

Valuation

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	63,299	54,865	45,990	66,066	87,052	116,212	-	-
Enterprise Value (EV) ¹	121,144	112,460	131,754	162,756	198,645	116,212	116,212	116,212
P/E ratio	7.55 x	15.3 x	6.76 x	7.72 x	8.2 x	10.3 x	9.52 x	8.91 x
Yield	3.16%	1.63%	3.95%	3.64%	3.66%	3.06%	3.4%	3.74%
Capitalization / Revenue	1.04 x	0.86 x	0.75 x	0.93 x	1.1 x	1.35 x	1.11 x	1.06 x
EV / Revenue	1.04 x	0.86 x	0.75 x	0.93 x	1.1 x	1.35 x	1.11 x	1.06 x
EV / EBITDA	4.67 x	7.18 x	3.69 x	4.37 x	4.88 x	5.99 x	5.48 x	5.16 x
EV / FCF	-10.7 x	6.49 x	-3.18 x	-7.12 x	-8.39 x	-5.38 x	-9.47 x	807 x
FCF Yield	-9.37%	15.4%	-31.5%	-14%	-11.9%	-18.6%	-10.6%	0.12%
Price to Book	1.09 x	0.93 x	0.7 x	0.92 x	1.06 x	1.29 x	1.18 x	1.08 x
Nbr of stocks (in thousands)	47,557	47,175	47,757	47,123	48,335	48,422	-	-
Reference price ²	1,331	1,163	963.0	1,402	1,801	2,400	2,400	2,400
Announcement Date	09/01/20	12/01/21	12/01/22	12/01/23	12/01/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	60,727	63,940	61,726	70,953	79,446	85,900	104,338	109,800
EBITDA ¹	13,565	7,644	12,458	15,103	17,848	19,400	21,200	22,500
EBIT ¹	12,690	6,428	10,966	13,514	16,254	18,000	19,578	20,830
Operating Margin	20.9%	10.05%	17.76%	19.05%	20.46%	20.95%	18.76%	18.97%
Earnings before Tax (EBT) ¹	12,090	5,901	10,303	12,754	15,310	16,712	18,152	19,280
Net income ¹	8,447	3,602	6,721	8,607	10,507	11,262	12,202	13,047
Net margin	13.91%	5.63%	10.89%	12.13%	13.23%	13.11%	11.7%	11.88%
EPS ²	176.4	76.05	142.6	181.7	219.7	232.8	252.2	269.5
Free Cash Flow ¹	-5,933	8,456	-14,474	-9,278	-10,380	-21,600	-12,273	144
FCF margin	-9.77%	13.22%	-23.45%	-13.08%	-13.07%	-25.15%	-11.76%	0.13%
FCF Conversion (EBITDA)	-	110.62%	-	-	-	-	-	0.64%
FCF Conversion (Net income)	-	234.73%	-	-	-	-	-	1.1%
Dividend per Share ²	42.00	19.00	38.00	51.00	66.00	73.50	81.50	89.67
Announcement Date	09/01/20	12/01/21	12/01/22	12/01/23	12/01/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: November	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	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
Net sales ¹	26,275	45,050	18,890	40,932	9,415	20,794	26,315	43,552	11,381	16,020	27,401	31,052	21,809	52,861	13,849	12,736	26,585	34,868	19,495	54,700	17,067	12,462	31,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,726	2,170	4,258	9,232	0.191	1,733	5,685	9,357	1,798	2,358	4,156	6,781	5,735	12,516	1,933	1,805	3,738	9,585	3,500	12,700	2,780	2,084	5,300
Operating Margin	17.99%	4.82%	22.54%	22.55%	0%	8.33%	21.6%	21.48%	15.8%	14.72%	15.17%	21.84%	26.3%	23.68%	13.96%	14.17%	14.06%	27.49%	17.95%	23.22%	16.29%	16.72%	16.67%
Earnings before Tax (EBT) ¹	4,456	1,890	4,011	8,959	-186.7	1,343	5,420	9,000	1,515	2,238	3,753	6,488	5,584	12,072	1,606	1,632	3,238	9,191	3,108	12,200	2,200	2,000	4,300
Net income ¹	3,208	1,147	2,455	6,120	-355.6	600.8	3,625	6,107	1,068	1,432	2,500	4,416	3,748	8,164	1,200	1,143	2,343	6,435	1,913	8,300	1,450	1,300	2,700
Net margin	12.21%	2.55%	13%	14.95%	-3.78%	2.89%	13.78%	14.02%	9.39%	8.94%	9.12%	14.22%	17.19%	15.44%	8.67%	8.97%	8.81%	18.46%	9.81%	15.17%	8.5%	10.43%	8.49%
EPS ²	-	24.14	-	130.1	-	-	76.10	128.6	22.72	-	-	93.55	78.80	172.4	24.16	23.23	-	133.0	40.62	-	33.03	24.79	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	73.00	-
Announcement Date	09/01/20	06/07/20	12/01/21	05/07/21	12/01/22	12/01/22	05/04/22	05/07/22	05/10/22	12/01/23	12/01/23	05/04/23	05/07/23	05/07/23	05/10/23	12/01/24	12/01/24	05/04/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: November	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	57,845	57,595	85,764	96,690	111,593	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.264 x	7.535 x	6.884 x	6.402 x	6.252 x	-	-	-
Free Cash Flow ¹	-5,933	8,456	-14,474	-9,278	-10,380	-21,600	-12,273	144
ROE (net income / shareholders' equity)	15.3%	6.1%	10.8%	12.5%	13.6%	13.1%	13.1%	13.1%
ROA (Net income/ Total Assets)	8.04%	2.23%	5.78%	6.28%	6.71%	6.25%	5.63%	6.35%
Assets ¹	105,033	161,787	116,358	136,994	156,570	180,200	216,613	205,459
Book Value Per Share ²	1,225	1,250	1,380	1,530	1,696	1,856	2,032	2,216
Cash Flow per Share	195.0	102.0	174.0	215.0	253.0	-	-	-
Capex ¹	436	319	974	89.1	1,211	946	2,232	2,577
Capex / Sales	0.72%	0.5%	1.58%	0.13%	1.52%	1.1%	2.14%	2.35%
Announcement Date	09/01/20	12/01/21	12/01/22	12/01/23	12/01/24	-	-	-

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 Tosei Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,400 JPY

Average target price

2,748 JPY

Spread / Average Target

+14.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
TOSEI CORPORATION	+19.03%	751M
CHINA RESOURCES LAND LIMITED	+14.82%	28.12B
SUN HUNG KAI PROPERTIES LIMITED	-6.39%	27.28B
MITSUI FUDOSAN CO., LTD.	+25.01%	26.12B
DLF LIMITED	+13.66%	24.49B
MITSUBISHI ESTATE CO., LTD.	+42.38%	22.83B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+15.26%	21.19B
EMAAR PROPERTIES	-0.38%	18.99B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+23.27%	15.9B
CK ASSET HOLDINGS LIMITED	-9.57%	15.82B

Other Real Estate Development & Operations