TSE: 8923 - Tosei Corporation

Yield per half year: +2.46%
Dividend yield: +5.86%
Sector: Real Estate

Reporting Tosei Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								85.88
Выручка, млрд ¥	61.54	60.73	63.94	61.73	70.95	79.45	82.19	82.19	71.65	5.15
Чистая прибыль, млрд ¥	6.85	8.45	3.6	6.72	8.61	10.51	11.99	11.99	8.29	27.20
EV, млрд ¥	98.47	121.79	110.59	128.42	162.66	198.41	247.31	247.31	169.48	17.46
EBIT, млрд ¥	10.96	12.69	6.43	10.97	-42.84	16.23	19.11	19.11	1.98	24.34
EBITDA, млрд ¥	11.58	13.72	7.91	12.71	14.85	17.83	20.71	20.71	14.80	21.23
Баланс стоимость, млрд ¥	52.02	58.31	58.97	65.96	72.29	82.05	90.5	90.5	73.95	8.94
FCF, млрд ¥	7.51	-3.89	12.19	-0.0394	-0.3654	5.27	-13.27	-13.27	0.7570	-201.71
Операционный денежный поток, млрд ¥	7.62	-3.8	12.51	0.9746	-0.1971	4.13	-13.05	-13.05	0.8735	-200.85
Операционная прибыль, млрд ¥	10.88	12.69	6.43	10.97	13.51	16.25	18.49	18.49	13.13	23.52
Операционные расходы, млрд ¥	7.85	8.15	8.37	9.74	11.75	14.03	16.71	16.71	12.12	14.83
CAPEX, млрд ¥	0.1056	0.092	0.3191	1.01	0.1683	0.4479	0.2281	0.2281	0.4347	-6.49

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	11.38	16.02	31.05	21.81	13.85	12.74	34.87	22.75	11.8	12.77	18.99	0.05
Чистая прибыль, млрд ¥	1.07	1.43	4.42	3.75	1.2	1.14	6.44	3.62	1.18	0.751	2.63	-8.01
EV, млрд ¥	155.68	162.94	155.04	165.07	176.49	200.95	201.54	214.65	229.65	247.31	218.82	4.24
EBIT, млрд ¥	1.8	2.36	6.78	5.92	1.93	1.8	9.59	5.32	2.15	1.78	4.13	-0.22
EBITDA, млрд ¥	2.2	2.95	7.17	6.34	2.35	2.18	9.98	5.71	2.56	2.19	4.52	0.09
Баланс стоимость, млрд ¥	71.05	72.29	74.17	79.46	81.09	82.05	85.43	89.04	90.37	90.5	87.48	1.98
FCF, млрд ¥	-6.22	-2.06	13.37	1.05	-4.21	-5.45	15.63	-10.54	-7.25	-11.94	-3.9100	16.98
Операционный денежный поток, млрд ¥	-6.14	-2.02	13.39	1.11	-4.01	-5.29	15.68	-10.48	-7.16	-11.92	-3.8340	17.64
Операционная прибыль, млрд ¥	1.8	2.36	6.78	5.74	1.93	1.8	9.59	5.32	2.15	1.43	4.06	-4.50
Операционные расходы, млрд ¥	2.85	3.54	3.12	3.29	3.65	3.97	4.18	3.82	3.99	4.72	4.14	3.52
CAPEX, млрд ¥	0.0812	0.0402	0.0201	0.0585	0.2052	0.164	0.0518	0.0618	0.0915	0.0167	0.0772	-36.68

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	26.52	32	37.04	33.56	31.77	39.2	34.87	34.87	35.29	-1.20
Short Term Investments ¥		38.97	27.77	41.32					36.02	1.97
Total Receivables ¥	3.09	3.75	3.19	4.02	10.04	5.35	8.61	8.61	6.24	21.97
Total Current Assets ¥	92.1	109.33	105.66	122.84	137.13	162.83	190.33	190.33	143.76	12.49
Чистые активы, млрд ¥	92.1	109.33	105.66	122.84	22.96	136.78		137.13	99.51	4.58
Активы, млрд ¥	138.77	161.89	161.68	195.01	210.96	245.33	276.82	276.82	217.96	11.35
Short Term Debt ¥	7.31	16.29	11.79	11.43	13.74	13.78	20.79	20.79	14.31	12.01
Long Term Debt ¥	67.72	73.55	79.19	103.52	111.11	132.8	145.11	145.11	114.35	12.88
Задолженность, млрд ¥	86.75	103.59	102.71	129.05	138.67	163.01	185.95	185.95	143.88	12.60
Чистый долг, млрд ¥	48.5	57.84	53.95	81.39	93.08	107.39	131.03	131.03	93.37	19.42
Долг, млрд ¥	75.03	89.84	90.99	114.95	124.85	146.59	165.9	165.9	128.66	12.76
Расходы на обслуживание долга ¥	0.7905	0.7553	0.7945	0.9126	1.14	1.35	1.74	1.74	1.19	16.97
Чист. проц. доходы, млрд ¥	0.0857	0.1545	0.268	0.2496	0.3776	0.4039		0.4039	0.2907	21.19
Амортизация, млрд ¥	0.6211	1.03	1.48	1.74	57.69	1.59	1.6	1.6	12.82	1.57
Себестоимость, млрд ¥		39.89	49.14	41.02	45.69	49.16	47	47	46.40	-0.89
Товарно материальные запасы ¥	62.46	73.57	65.42	85.21	95.3	118.25	146.82	146.82	102.20	17.55

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			30.86	31.77	37.07	44.04	41.88	39.2	39.34	39.73	37.6	34.87	38.15	-2.31
Short Term Investments ¥						41.67	41.35			38.93			40.65	-2.24
Total Receivables ¥			5.54	10.04	6.26	5.21	5.22	5.35	13.24	8.53	6.58	8.61	8.46	9.98
Total Current Assets ¥			131.11	137.13	136.78	150.46	154.78	162.83	161.48	171.03	176.63	190.33	172.46	3.17
Чистые активы, млрд ¥	114.86	127.11	131.11	137.13	22.71	23.1	24.28						67.67	-28.63
Активы, млрд ¥			205.23	210.96	210.19	224.55	230.6	245.33	245.15	254.46	260.04	276.82	256.36	2.44
Short Term Debt ¥			10.4	13.74	14.55	14.77	16.96	13.78	15.32	15.61	19.66	20.79	17.03	8.57
Long Term Debt ¥			110.56	111.11	107.55	114.31	115.85	132.8	128.12	131.65	133	145.11	134.14	1.79
Задолженность, млрд ¥			134.18	138.67	136.02	144.97	149.24	163.01	159.44	165.03	169.27	185.95	168.54	2.67
Чистый долг, млрд ¥			90.11	93.08	85.02	85.03	90.93	107.39	104.1	107.53	115.06	131.03	113.02	4.06
Долг, млрд ¥			120.97	124.85	122.1	129.08	132.81	146.59	143.44	147.26	152.66	165.9	151.17	2.51
Расходы на обслуживание долга ¥			0.2848	0.3076	0.2969	0.337	0.3346	0.3793	0.4059	0.4122	0.4201	0.5063	0.4248	5.95
Чист. проц. доходы, млрд ¥	0.0038	0.1849	0.002	0.1869	0.0039	0.1868	0.0072	0.2061	0.0123				0.0833	25.83
Амортизация, млрд ¥			0.3978	0.5955	0.3905	0.4172	0.4188	0.371	0.3916	0.3972	0.4018	0.4058	0.3935	1.81
Себестоимость, млрд ¥						12.78	8.27	6.96	21.1	13.61	5.66	6.62	10.79	-1.00
Товарно материальные запасы ¥			94.69	95.3	93.42	101.18	107.65	118.28	108.87	124.02	132.42	146.82	126.08	4.42

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	141.12	175.83	75.94	142.37	181.33	219.32	247.15		247.15	173.22	26.62
Цена акции ао					1366	1997	2518	2477	2477	2089.50	16.04
Число акций ао, млн	48.56	48.04	47.43	47.21	47.47	47.91	48.49		48.49	47.70	0.44
FCF/акцию	154.66	-81.01	257	-0.8343	-7.7	110.09	-273.72		-273.72	16.97	-201.27

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	22.42	30.04	93.36	78.75	24.8	23.22	132.81	74.72	24.24	15.49		54.10	-7.78
Цена акции ао											2477	2477.00	0.00
FCF/акцию	-130.45	-43.24	282.54	22.14	-87.01	-110.77	322.59	-217.46	-149.51	-246.21		-80.2720	17.32

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	13.96	15.31	6.14	10.76	12.45	13.62	13.89		13.89	7.55	11.37	17.74
ROA, %	5.24	5.62	2.23	3.77	4.24	4.61	4.59		4.59	3.81	3.89	15.53
ROIC, %		7.05	3	4.72	5.59	5.99				6.80	5.27	-3.21
ROS, %		13.91	5.63	10.89	12.13	13.23	14.58	14.58	14.58	30.93	13.08	6.01
ROCE, %	8.82	9.27	4.5	6.26	-22.73	7.35	7.89	21.03	21.03	6.00	3.96	27.42
Ebit margin, %		-59.43	-78.09	-62.19	-60.38	20.43	23.25	23.25	23.25		-11.1280	-182.14
Рентаб EBITDA, %	18.82	22.59	12.37	20.59	20.93	22.44	25.19	25.19	25.19	46.17	22.87	4.12
Чистая рентаб, %	11.13	13.91	5.63	10.89	12.13	13.23	14.58		14.58	30.93	11.29	20.96
Operation Margin, %		20.9	10.05	17.76	19.05	20.46	22.49	22.49	22.49	35.14	20.45	4.84

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.57	2.06	6.22	4.72	1.59	1.47	7.98	4.35	1.37	0.8556		7.55	3.21	-10.26
ROA, %	0.5283	0.688	2.1	1.67	0.5275	0.4806	2.62	1.45	0.4569	0.2798		3.81	1.06	-10.25
ROIC, %				1.82	0.5615	0.5004	4.18	1.55	0.4843	0.2931		6.80	1.40	-10.15
ROS, %				17.18	8.67	8.98	18.46	15.93	9.96	5.88	14.58	30.93	12.96	-4.61
ROCE, %		1.3	3.65	7.44	0.9946	0.8913	4.55	2.44	0.9606	0.7758	21.03	6.00	5.95	35.82
Ebit margin, %					13.96	14.17	27.49	23.37	18.25	13.94	23.25		21.26	-3.29
Рентаб EBITDA, %		18.44	23.1	29.07	16.99	17.08	28.61	25.11	21.66	17.12	25.19	46.17	23.54	-2.51
Чистая рентаб, %	9.39	8.94	14.22	17.18	8.67	8.98	18.46	15.93	9.96	5.88		30.93	11.84	-8.12
Operation Margin, %				26.3	13.96	14.17	27.49	23.37	18.25	11.22	22.49	35.14	20.56	-3.94

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	7.29	7.57	15.72	7	8.08	8.66	9.7		9.7	29.88	9.83	-9.20
P/BV	0.9605	1.1	0.9605	0.7129	0.9626	1.11	1.28		1.28	1.99	1.01	5.91
P/S	0.8119	1.05	0.8858	0.7618	0.9807	1.15	1.41		1.41	8.37	1.04	9.74
P/FCF						-235.03	23.32	-6.47	-6.47	24.43	-72.7267	-69.81
E/P						0.1003	0.1224	0.1396	0.1396	0.17	0.1208	11.65
EV/EBIT		-3.37	-2.21	-3.35	-3.8	12.22	12.94	12.94	12.94		6.19	-231.03
EV/EBITDA	8.5	8.88	13.98	10.11	10.95	11.13	11.94		11.94	21.95	11.62	-3.11
EV/S		2.01	1.73	2.08	2.29	2.5	3.01	3.01	3.01	12.37	2.58	7.67
EV/FCF		-31.29	9.07	-3260.35	-445.17	37.62	-18.63	-18.63	-18.63	117.90	-741.0320	-64.40
Debt/EBITDA	6.48	6.55	11.5	9.05	8.41	8.22	8.01	8.01	8.01	8.71	8.34	-2.41
Netdebt/Ebitda		4.22	6.82	6.41	6.27	6.02	6.33	6.33	6.33	4.20	6.27	-0.25
Debt/Ratio		0.555	0.5627	0.5895	0.5918	0.5975	0.5993	0.5993	0.5993	0.37	0.5955	0.33
Debt/Equity		1.54	1.54	1.74	1.73	1.79	1.83	2.05	2.05	0.95	1.83	3.33
Debt/Net Income		10.64	25.26	17.1	14.51	13.95	13.84	13.84	13.84	12.44	14.65	-4.14
PEG								-0.1179	-0.1179		-0.1179	0.00
Бета						1.83	1.48	0.2072	0.2072	50.95	1.17	-51.62
Индекс Альтмана						1.95	1.75	1.45	1.45	20.04	1.72	-9.40

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	9.62	8.12	7.47	7.48	7.78	8.63	7.75	8.64	9.27	9.7			29.88	8.80	2.37
P/BV	0.9229	0.9664	0.944	1.01	1.05	1.14	1.14	1.2	1.26	1.28			1.99	1.20	2.34
P/S	1.02	0.9846	0.9276	0.994	1.02	1.14	1.17	1.27	1.4	1.41			8.37	1.28	4.34
P/FCF												-6.47	24.43	-6.4700	0.00
E/P												0.1396	0.17	0.1396	0.00
EV/EBIT					91.28	111.33	21.03	40.38	106.63	138.9		12.94		63.98	-9.26
EV/EBITDA	11.96	10.53	9.36	26.04	9.58	11.27	9.76	10.62	11.25	12.1			21.95	11.00	1.43
EV/S				7.57	12.74	15.78	5.78	9.44	19.46	19.36		3.01	12.37	11.41	-12.23
EV/FCF				156.68	-41.91	-36.84	12.89	-20.36	-31.68	-20.71		-18.63	117.90	-15.6980	-207.64
Debt/EBITDA		42.27	17.03	20.36	56.46	67.37	14.38	25.78	59.74	75.88		8.01	8.71	36.76	-11.04
Netdebt/Ebitda				13.41	38.65	49.35	10.43	18.82	45.02	59.93		6.33	4.20	28.11	-9.51
Debt/Ratio				0.5748	0.5759	0.5975	0.5851	0.5787	0.5871	0.5993		0.5993	0.37	0.5899	0.48
Debt/Equity				1.62	1.64	1.79	1.68	1.65	1.69	1.83		2.05	0.95	1.78	4.06
Debt/Net Income				34.44	110.63	128.18	22.29	40.64	129.88	220.89		13.84	12.44	85.51	-9.09
PEG												-0.1179		-0.1179	0.00
Бета											-0.9852	0.2072	50.95	-0.3890	-145.86
Индекс Альтмана											1.74	1.45	20.04	1.59	-8.71

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		1.21	1.46	2	0.8964	1.81	2.41	3.19			2.41		2.06	9.79
Дивиденд	22	25	30	42	16	27.33	51	66	77		77		47.47	36.92
Див доход, ао, %	4.56	4.45	5.34	5.41	4.86	3.82	6.39	6.5	5.86		5.86	5.76	5.49	3.81
Дивиденды / прибыль, %			17.61	17.23	55.44	13.34	21.08	22.93	26.64		26.64	72.99	27.89	-13.63
Dividend Coverage Ratio										4.97	4.97		4.97	0.00

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.0015	0.000365	2.37	0.0376	0.000497	0.000563	3.14	0.0485	0.0017	0.000436			0.6382	-4.98
Дивиденды / прибыль, %	0.1417	0.0255	53.66	1	0.0414	0.0492	48.82	1.34	0.1434	0.0581		72.99	10.08	3.38
Dividend Coverage Ratio											4.97		4.97	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	663	727	4.72

	CAGR 5

	CAGR 5