Company Valuation: Tosoh Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 577,230 572,045 656,481 654,060 712,307 804,669 - -
Change - -0.9% 14.76% -0.37% 8.91% 12.97% - -
Enterprise Value (EV) 1 507,619 628,545 683,004 691,616 761,601 888,569 885,799 886,323
Change - 23.82% 8.66% 1.26% 10.12% 16.67% -0.31% 0.06%
P/E 5.35x 11.4x 11.5x 11.3x 17.5x 12.6x 11.7x 10.7x
PBR 0.81x 0.77x 0.83x 0.79x 0.86x 0.95x 0.91x 0.87x
PEG - -0.2x 0.8x 9.88x -0.6x 0.2x 1.45x 1.23x
Capitalization / Revenue 0.63x 0.54x 0.65x 0.62x 0.7x 0.71x 0.7x 0.67x
EV / Revenue 0.55x 0.59x 0.68x 0.65x 0.75x 0.78x 0.77x 0.74x
EV / EBITDA 2.75x 5.34x 5.49x 4.72x 5.3x 5.62x 5.2x 4.87x
EV / EBIT 3.52x 8.42x 8.55x 6.99x 7.97x 8.03x 7.5x 6.93x
EV / FCF 7.8x -6.62x 12x 27.6x 18.2x 24.5x 19.6x 16.7x
FCF Yield 12.8% -15.1% 8.35% 3.62% 5.5% 4.08% 5.09% 6%
Dividend per Share 2 80 80 85 100 100 100 107.5 115
Rate of return 4.41% 4.45% 4.12% 4.87% 4.32% 3.83% 4.11% 4.4%
EPS 2 339.2 158.1 180.1 182.1 132.4 207 223.8 243.2
Distribution rate 23.6% 50.6% 47.2% 54.9% 75.5% 48.3% 48% 47.3%
Net sales 1 918,580 1,064,376 1,005,640 1,063,382 1,019,917 1,134,594 1,146,761 1,194,848
EBITDA 1 184,708 117,668 124,356 146,414 143,613 158,150 170,193 182,165
EBIT 1 144,045 74,606 79,845 98,906 95,532 110,637 118,035 127,877
Net income 1 107,938 50,335 57,324 58,002 41,615 62,816 66,744 72,062
Net Debt 1 -69,611 56,500 26,523 37,556 49,294 83,900 81,130 81,654
Reference price 2 1,814.00 1,797.00 2,062.00 2,053.50 2,313.50 2,613.50 2,613.50 2,613.50
Nbr of stocks (in thousands) 318,209 318,334 318,371 318,510 307,892 307,889 - -
Announcement Date 5/12/22 A 5/12/23 A 5/13/24 A 5/13/25 A 5/13/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.62x0.78x5.62x3.83% 5.19B
19.25x3.41x9.65x2.06% 69.79B
12.31x0.93x7.79x4.37% 51.79B
55.01x8.81x37.53x0.99% 16.38B
12.84x0.86x5.99x2.84% 13.83B
16.06x0.72x7.85x3.07% 10.27B
12.25x0.75x4.81x2.79% 10.5B
4.73x0.67x2.8x4.42% 9.07B
36.2x1.66x8.76x2.09% 9.12B
30.88x4.23x18.1x0.37% 7.68B
Average 21.22x 2.28x 10.89x 2.68% 20.36B
Weighted average by Cap. 19.79x 2.53x 10.70x 2.79%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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