Financials Totetsu Kogyo Co., Ltd.

Equities

1835

JP3595400007

Construction & Engineering

Market Closed - Japan Exchange Other stock markets 07:00:00 13/05/2024 BST			5-day change	1st Jan Change
3,115 ^JPY	+1.63%		+0.32%	-1.74%

2023	Totetsu Kogyo Co., Ltd. Reports Earnings Results for the Full Year Ended March 31, 2023	CI
2022	East Japan Railway Company acquired 8.84% stake in Totetsu Kogyo Co., Ltd..	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	104,998	100,419	91,124	78,077	93,258	107,238	-	-
Enterprise Value (EV) ¹	88,123	84,022	60,406	53,158	85,404	99,438	97,938	97,238
P/E ratio	11.9 x	9.42 x	9.4 x	14.7 x	11.8 x	14.4 x	12.6 x	11.9 x
Yield	2.56%	3.19%	3.21%	3.75%	3.4%	3.07%	3.2%	3.37%
Capitalization / Revenue	0.78 x	0.69 x	0.69 x	0.68 x	0.75 x	0.79 x	0.75 x	0.72 x
EV / Revenue	0.65 x	0.58 x	0.45 x	0.46 x	0.69 x	0.73 x	0.68 x	0.66 x
EV / EBITDA	6.56 x	5.23 x	3.95 x	5.79 x	7.5 x	8.08 x	7.2 x	6.8 x
EV / FCF	48.7 x	41.5 x	3.62 x	-19.4 x	-6.13 x	32.9 x	22.4 x	21.2 x
FCF Yield	2.06%	2.41%	27.6%	-5.15%	-16.3%	3.04%	4.47%	4.72%
Price to Book	1.27 x	1.14 x	0.96 x	0.8 x	0.91 x	0.99 x	0.95 x	0.9 x
Nbr of stocks (in thousands)	34,426	34,425	34,425	34,425	34,425	34,426	-	-
Reference price ²	3,050	2,917	2,647	2,268	2,709	3,065	3,065	3,065
Announcement Date	09/05/19	14/05/20	12/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	134,739	146,034	132,919	114,718	124,661	136,433	143,667	148,167
EBITDA ¹	13,435	16,063	15,308	9,185	11,388	12,300	13,600	14,300
EBIT ¹	12,216	14,858	13,915	7,261	9,070	10,100	11,567	12,367
Operating Margin	9.07%	10.17%	10.47%	6.33%	7.28%	7.4%	8.05%	8.35%
Earnings before Tax (EBT) ¹	12,638	15,448	14,336	7,826	11,492	10,400	11,750	12,350
Net income ¹	8,862	10,657	9,689	5,326	7,905	7,317	8,383	8,883
Net margin	6.58%	7.3%	7.29%	4.64%	6.34%	5.36%	5.84%	6%
EPS ²	257.1	309.6	281.5	154.7	229.6	212.7	243.5	258.0
Free Cash Flow ¹	1,811	2,026	16,677	-2,737	-13,922	3,020	4,380	4,585
FCF margin	1.34%	1.39%	12.55%	-2.39%	-11.17%	2.21%	3.05%	3.09%
FCF Conversion (EBITDA)	13.48%	12.61%	108.94%	-	-	24.56%	32.21%	32.06%
FCF Conversion (Net income)	20.44%	19.01%	172.12%	-	-	41.28%	52.25%	51.61%
Dividend per Share ²	78.00	93.00	85.00	85.00	92.00	94.00	98.00	103.3
Announcement Date	09/05/19	14/05/20	12/05/21	13/05/22	12/05/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	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 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	55,721	90,313	56,210	76,709	25,122	45,414	25,866	43,438	69,304	21,504	27,431	48,935	29,448	46,278	75,726	24,396	32,253	56,649	35,713	45,594	76,351	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,237	10,621	5,755	8,160	1,254	1,836	2,024	3,401	5,425	678	1,742	2,420	2,725	3,925	6,650	673	2,280	2,953	3,807	3,709	6,947	-	-	-	-
Operating Margin	7.6%	11.76%	10.24%	10.64%	4.99%	4.04%	7.82%	7.83%	7.83%	3.15%	6.35%	4.95%	9.25%	8.48%	8.78%	2.76%	7.07%	5.21%	10.66%	8.13%	9.1%	-	-	-	-
Earnings before Tax (EBT) ¹	4,471	10,977	5,944	8,392	1,263	2,587	2,060	3,179	-	837	2,129	2,966	2,678	5,848	8,526	852	2,518	3,370	3,926	3,856	7,119	-	-	-	-
Net income ¹	3,041	7,616	4,021	5,668	815	1,696	1,401	2,229	3,630	513	1,552	2,065	1,803	4,037	5,840	518	1,650	2,168	2,707	2,753	5,132	-	-	-	-
Net margin	5.46%	8.43%	7.15%	7.39%	3.24%	3.73%	5.42%	5.13%	5.24%	2.39%	5.66%	4.22%	6.12%	8.72%	7.71%	2.12%	5.12%	3.83%	7.58%	6.04%	6.72%	-	-	-	-
EPS	88.35	-	116.8	-	-	49.29	40.70	-	-	14.91	-	60.00	52.38	-	-	15.06	-	62.99	78.62	-	-	-	-	-	-
Dividend per Share	40.00	53.00	38.00	47.00	-	42.00	-	-	43.00	-	-	45.00	-	-	47.00	-	-	47.00	-	-	47.00	49.00	49.00	50.00	52.00
Announcement Date	08/11/19	14/05/20	12/11/20	12/05/21	10/11/21	10/11/21	08/02/22	13/05/22	13/05/22	09/08/22	10/11/22	10/11/22	09/02/23	12/05/23	12/05/23	09/08/23	09/11/23	09/11/23	08/02/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	16,875	16,397	30,718	24,919	7,854	7,800	9,300	10,000
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,811	2,026	16,677	-2,737	-13,922	3,021	4,380	4,585
ROE (net income / shareholders' equity)	11.1%	12.5%	10.6%	5.5%	7.9%	7.3%	7.5%	7.5%
ROA (Net income/ Total Assets)	9.66%	10.9%	9.96%	5.44%	6.63%	4.7%	5%	5%
Assets ¹	91,777	97,439	97,293	97,848	119,308	155,674	167,667	177,667
Book Value Per Share ²	2,397	2,561	2,772	2,821	2,974	3,094	3,236	3,387
Cash Flow per Share ²	292.0	345.0	322.0	211.0	297.0	275.0	301.0	312.0
Capex ¹	4,277	6,034	4,439	6,442	5,408	4,000	3,500	3,500
Capex / Sales	3.17%	4.13%	3.34%	5.62%	4.34%	2.93%	2.44%	2.36%
Announcement Date	09/05/19	14/05/20	12/05/21	13/05/22	12/05/23	-	-	-

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 Totetsu Kogyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,115 JPY

Average target price

3,527 JPY

Spread / Average Target

+13.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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