Financials Toho Titanium Co., Ltd.

Equities

5727

JP3601800000

Specialty Mining & Metals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-09 am EDT			5-day change	1st Jan Change
1,278 ^JPY	-7.53%		-6.99%	-32.59%

11:03am	Jefferies Adjusts Toho Titanium’s Price Target to 2,250 Yen From 2,750 Yen, Keeps at Buy	MT
2023	Jefferies Adjusts Toho Titanium's Price Target to 2,750 Yen From 3,100 Yen, Keeps at Buy	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	67,543	46,049	70,817	103,556	156,935	90,958	-	-
Enterprise Value (EV) ¹	98,740	75,084	104,906	141,856	198,114	111,171	90,958	90,958
P/E ratio	10.4 x	19.5 x	-22.4 x	28 x	20.9 x	22.5 x	14.4 x	11 x
Yield	1.26%	1.85%	1.21%	1.03%	1.36%	1.54%	2.22%	2.61%
Capitalization / Revenue	1.55 x	1.01 x	1.96 x	1.87 x	1.95 x	1.42 x	0.98 x	0.95 x
EV / Revenue	1.55 x	1.01 x	1.96 x	1.87 x	1.95 x	1.42 x	0.98 x	0.95 x
EV / EBITDA	6.59 x	4.93 x	8.2 x	9.18 x	8.97 x	10.1 x	6.89 x	6.36 x
EV / FCF	16.4 x	16.3 x	-10.7 x	-161 x	-107 x	-8.95 x	19.4 x	9.73 x
FCF Yield	6.11%	6.13%	-9.34%	-0.62%	-0.94%	-11.2%	5.17%	10.3%
Price to Book	1.42 x	0.96 x	1.6 x	2.2 x	2.95 x	1.97 x	1.5 x	1.36 x
Nbr of stocks (in thousands)	71,173	71,173	71,173	71,173	71,172	71,172	-	-
Reference price ²	949.0	647.0	995.0	1,455	2,205	1,278	1,278	1,278
Announcement Date	4/26/19	5/8/20	5/7/21	5/10/22	5/8/23	5/8/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	43,648	45,509	36,159	55,515	80,351	78,404	92,500	95,600
EBITDA ¹	10,251	9,333	8,639	11,283	17,500	9,000	13,200	14,300
EBIT ¹	5,274	4,068	3,135	5,228	10,693	5,628	8,500	11,967
Operating Margin	12.08%	8.94%	8.67%	9.42%	13.31%	7.18%	9.19%	12.52%
Earnings before Tax (EBT) ¹	5,306	3,544	-2,643	4,988	10,373	6,192	8,300	11,733
Net income ¹	6,494	2,359	-3,156	3,695	7,504	4,951	6,000	8,267
Net margin	14.88%	5.18%	-8.73%	6.66%	9.34%	6.31%	6.49%	8.65%
EPS ²	91.25	33.15	-44.35	51.93	105.4	69.57	88.90	116.2
Free Cash Flow ¹	4,126	2,825	-6,613	-643	-1,471	-12,417	4,700	9,350
FCF margin	9.45%	6.21%	-18.29%	-1.16%	-1.83%	-15.84%	5.08%	9.78%
FCF Conversion (EBITDA)	40.25%	30.27%	-	-	-	144.44%	35.61%	65.38%
FCF Conversion (Net income)	63.54%	119.75%	-	-	-	286.76%	78.33%	113.1%
Dividend per Share ²	12.00	12.00	12.00	15.00	30.00	24.00	28.33	33.33
Announcement Date	4/26/19	5/8/20	5/7/21	5/10/22	5/8/23	5/8/24	-	-

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
Net sales ¹	21,512	23,997	16,589	19,570	14,470	26,280	14,315	14,920	29,235	20,079	18,811	38,890	19,588	21,873	41,461	16,155	20,494	36,649	19,841	21,914	41,755
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,702	2,366	1,075	2,060	1,375	2,622	1,361	1,245	2,606	2,622	3,201	5,823	1,816	3,054	4,870	678	1,663	2,341	1,541	1,746	3,287
Operating Margin	7.91%	9.86%	6.48%	10.53%	9.5%	9.98%	9.51%	8.34%	8.91%	13.06%	17.02%	14.97%	9.27%	13.96%	11.75%	4.2%	8.11%	6.39%	7.77%	7.97%	7.87%
Earnings before Tax (EBT)	1,328	2,216	-120	-	-	2,544	1,240	-	-	2,956	-	6,402	851	-	-	1,256	-	3,158	847	-	-
Net income	936	-	-290	-	-	1,871	822	-	-	2,019	-	4,536	836	-	-	953	-	2,436	609	-	-
Net margin	4.35%	-	-1.75%	-	-	7.12%	5.74%	-	-	10.06%	-	11.66%	4.27%	-	-	5.9%	-	6.65%	3.07%	-	-
EPS	13.15	-	-4.080	-	-	26.30	11.54	-	-	28.38	-	63.74	11.74	-	-	13.39	-	34.24	8.550	-	-
Dividend per Share	6.000	-	6.000	-	-	6.000	-	-	-	-	-	11.00	-	-	-	-	-	6.000	-	-	-
Announcement Date	10/31/19	5/8/20	10/29/20	5/7/21	10/28/21	10/28/21	1/27/22	5/10/22	5/10/22	7/28/22	10/27/22	10/27/22	1/26/23	5/8/23	5/8/23	7/27/23	10/26/23	10/26/23	1/25/24	5/8/24	5/8/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	31,197	29,035	34,089	38,300	41,179	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.043 x	3.111 x	3.946 x	3.394 x	2.353 x	-	-	-
Free Cash Flow ¹	4,126	2,825	-6,613	-643	-1,471	-12,417	4,700	9,350
ROE (net income / shareholders' equity)	14.5%	4.9%	-6.8%	8.1%	15%	9%	11.5%	12.7%
ROA (Net income/ Total Assets)	6.13%	4.25%	-0.47%	5.47%	10.1%	5.28%	6.5%	7.2%
Assets ¹	106,023	55,472	674,590	67,535	74,642	93,697	92,308	114,815
Book Value Per Share ²	669.0	676.0	623.0	661.0	747.0	795.0	853.0	937.0
Cash Flow per Share	161.0	107.0	33.00	137.0	201.0	173.0	-	-
Capex ¹	4,190	5,128	9,303	9,227	6,529	9,282	9,000	7,500
Capex / Sales	9.6%	11.27%	25.73%	16.62%	8.13%	11.84%	9.73%	7.85%
Announcement Date	4/26/19	5/8/20	5/7/21	5/10/22	5/8/23	5/8/24	-	-

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 Toho Titanium Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,278 JPY

Average target price

2,025 JPY

Spread / Average Target

+58.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Nonferrous Metal Processing

	1st Jan change	Capi.
TOHO TITANIUM CO., LTD.	-32.59%	632M
VSMPO-AVISMA CORPORATION	-.--%	7.15B
ZHEJIANG HUAYOU COBALT CO., LTD	-7.56%	6.78B
CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.	+8.93%	4.35B
PANGANG GROUP VANADIUM & TITANIUM RESOURCES CO., LTD.	-1.83%	4B
YUNNAN COPPER CO.,LTD	+29.75%	3.85B
WESTERN SUPERCONDUCTING TECHNOLOGIES CO., LTD.	-19.05%	3.62B
CHINA NONFERROUS MINING CORPORATION LIMITED	+44.83%	3.6B
ZHE JIANG HAI LIANG CO., LTD	-17.76%	2.49B
NINGBO BOWAY ALLOY MATERIAL COMPANY LIMITED	+17.06%	1.94B

Nonferrous Metal Processing