Financials TOTO LTD

Equities

5332

JP3596200000

Construction Supplies & Fixtures

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-09 am EDT			5-day change	1st Jan Change
4,065 ^JPY	+0.10%		-1.38%	+9.48%

2023	Jefferies Adjusts Toto’s Price Target to 4,000 Yen From 4,400 Yen, Keeps at Hold	MT
2023	Toto Ltd.(TSE:5332) added to S&P Japan Mid Cap 100	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	794,869	608,841	1,152,227	837,468	749,513	689,498	-	-
Enterprise Value (EV) ¹	761,958	565,209	1,106,858	784,970	719,308	688,950	626,498	652,011
P/E ratio	24.5 x	25.8 x	42.4 x	20.9 x	19.2 x	19.5 x	18.4 x	16.8 x
Yield	1.92%	2.5%	1.03%	1.92%	2.26%	2.34%	2.55%	2.68%
Capitalization / Revenue	1.36 x	1.02 x	1.98 x	1.3 x	1.07 x	1.03 x	0.94 x	0.92 x
EV / Revenue	1.3 x	0.95 x	1.91 x	1.22 x	1.03 x	0.98 x	0.86 x	0.87 x
EV / EBITDA	12 x	9.1 x	16.6 x	9.92 x	8.93 x	8.96 x	7.75 x	7.23 x
EV / FCF	-61.8 x	20.8 x	65.4 x	40.8 x	-21.1 x	30.6 x	34.3 x	37.5 x
FCF Yield	-1.62%	4.8%	1.53%	2.45%	-4.74%	3.27%	2.92%	2.67%
Price to Book	2.35 x	1.82 x	3.14 x	2.07 x	1.65 x	1.44 x	1.37 x	1.3 x
Nbr of stocks (in thousands)	169,301	169,358	169,445	169,528	169,573	169,618	-	-
Reference price ²	4,695	3,595	6,800	4,940	4,420	4,065	4,065	4,065
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	586,086	596,497	580,935	645,273	701,187	702,284	730,238	749,625
EBITDA ¹	63,514	62,103	66,582	79,119	80,533	76,902	80,880	90,133
EBIT ¹	40,167	36,760	41,351	52,180	49,121	42,766	50,812	57,488
Operating Margin	6.85%	6.16%	7.12%	8.09%	7.01%	6.09%	6.96%	7.67%
Earnings before Tax (EBT) ¹	45,335	33,700	39,064	57,867	59,975	54,206	54,067	60,065
Net income ¹	32,380	23,583	27,199	40,131	38,943	37,196	37,170	41,309
Net margin	5.52%	3.95%	4.68%	6.22%	5.55%	5.3%	5.09%	5.51%
EPS ²	191.3	139.3	160.6	236.7	229.7	219.3	221.0	242.2
Free Cash Flow ¹	-12,335	27,138	16,929	19,235	-34,085	22,521	18,266	17,385
FCF margin	-2.1%	4.55%	2.91%	2.98%	-4.86%	3.21%	2.5%	2.32%
FCF Conversion (EBITDA)	-	43.7%	25.43%	24.31%	-	29.29%	22.58%	19.29%
FCF Conversion (Net income)	-	115.07%	62.24%	47.93%	-	60.55%	49.14%	42.08%
Dividend per Share ²	90.00	90.00	70.00	95.00	100.0	100.0	103.8	108.9
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	296,329	257,546	323,389	163,777	309,506	170,626	165,141	335,767	153,472	174,216	327,688	199,455	174,044	373,499	156,608	183,133	339,741	185,024	177,519	362,543	165,600	189,067	199,233	187,533
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	17,467	10,605	30,746	14,500	26,613	16,413	9,154	25,567	10,206	10,443	20,649	22,945	5,527	28,472	4,001	11,268	15,269	17,640	9,857	27,497	5,833	12,900	15,967	15,533
Operating Margin	5.89%	4.12%	9.51%	8.85%	8.6%	9.62%	5.54%	7.61%	6.65%	5.99%	6.3%	11.5%	3.18%	7.62%	2.55%	6.15%	4.49%	9.53%	5.55%	7.58%	3.52%	6.82%	8.01%	8.28%
Earnings before Tax (EBT) ¹	18,416	8,138	30,926	15,401	29,196	18,087	10,584	28,671	15,410	12,046	27,456	27,474	5,045	32,519	9,359	15,819	25,178	15,082	13,946	29,028	7,950	15,150	17,300	15,950
Net income ¹	12,405	4,569	22,630	10,883	19,868	12,484	7,779	20,263	10,538	8,314	18,852	17,418	2,673	20,091	5,723	10,954	16,677	9,817	10,702	20,519	5,400	10,350	11,850	10,950
Net margin	4.19%	1.77%	7%	6.65%	6.42%	7.32%	4.71%	6.03%	6.87%	4.77%	5.75%	8.73%	1.54%	5.38%	3.65%	5.98%	4.91%	5.31%	6.03%	5.66%	3.26%	5.47%	5.95%	5.84%
EPS ²	73.26	26.98	-	64.20	117.2	73.65	45.87	119.5	62.16	49.03	111.2	102.7	15.75	-	33.75	64.58	98.33	57.88	63.09	121.0	22.10	53.02	67.76	69.98
Dividend per Share ²	45.00	30.00	-	45.00	45.00	-	50.00	50.00	-	50.00	50.00	-	50.00	-	-	50.00	50.00	-	50.00	50.00	-	50.00	-	50.00
Announcement Date	10/31/19	10/30/20	4/28/21	10/29/21	10/29/21	1/28/22	4/28/22	4/28/22	7/29/22	10/28/22	10/28/22	1/31/23	4/28/23	4/28/23	7/31/23	10/30/23	10/30/23	1/31/24	4/26/24	4/26/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	32,911	43,632	45,369	52,498	30,205	35,659	63,000	37,487
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-12,335	27,138	16,929	19,235	-34,085	22,521	18,266	17,385
ROE (net income / shareholders' equity)	9.6%	7%	7.8%	10.4%	9.1%	7.8%	7.64%	8.18%
ROA (Net income/ Total Assets)	7.56%	6.23%	6.72%	8.83%	7.98%	6.77%	5.83%	6.33%
Assets ¹	428,449	378,419	405,018	454,679	488,090	549,435	638,115	653,114
Book Value Per Share ²	2,000	1,973	2,164	2,391	2,674	2,962	2,960	3,119
Cash Flow per Share ²	329.0	289.0	309.0	396.0	415.0	421.0	564.0	472.0
Capex ¹	30,898	30,409	38,737	30,121	65,664	51,130	62,250	64,000
Capex / Sales	5.27%	5.1%	6.67%	4.67%	9.36%	7.28%	8.52%	8.54%
Announcement Date	4/26/19	4/30/20	4/28/21	4/28/22	4/28/23	4/26/24	-	-

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 TOTO LTD

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,065 JPY

Average target price

4,127 JPY

Spread / Average Target

+1.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Supplies & Fixtures

	1st Jan change	Capi.
TOTO LTD	+9.48%	4.43B
SAINT-GOBAIN	+20.37%	42.9B
ASSA ABLOY AB	+5.65%	31.24B
BUILDERS FIRSTSOURCE, INC.	+1.39%	19.95B
CARLISLE COMPANIES INCORPORATED	+33.67%	19.39B
MASCO CORPORATION	+7.55%	15.56B
TREX COMPANY, INC.	+12.83%	9.87B
FORTUNE BRANDS INNOVATIONS, INC.	-1.37%	9.16B
BEIJING NEW BUILDING MATERIALS PUBLIC LIMITED COMPANY	+42.51%	7.71B
SIMPSON MANUFACTURING CO., INC.	-10.53%	7.45B

Other Construction Supplies & Fixtures