Tokyo Gas Co.,Ltd.

TSE

9531

Stock

Yield per half year: +6.15%
Dividend yield: 2.8%
Sector: Utilities

Reporting Tokyo Gas Co.,Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								1 360
Выручка, млрд ¥	1 777.34	1 962.31	1 925.24	1 765.15	2 145.2	3 289.63	2 664.52	2 664.52	2357.95	6.72
Чистая прибыль, млрд ¥	74.99	84.56	43.38	49.51	95.7	280.92	169.94	169.94	127.89	31.40
EV, млрд ¥	1 822.29	1 990.81	1 826.23	1 824.46	1 913.88	1 873.12	2 433.11	2 433.11	1974.16	5.91
EBIT, млрд ¥	126.09	128.58	101.51	77.68	151.08	422.62	271.1	271.1	204.80	21.71
EBITDA, млрд ¥	287.18	286.16	279.56	260.61	352.64	632.59	484.24	484.24	401.93	11.61
OIBDA, млрд ¥			307.43	287.66	374.71	773.15	534.62	534.62	455.51	11.70
Баланс стоимость, млрд ¥	1 136.03	1 159.05	1 147.84	1 153.81	1 227.2	1 558.4	1 695.75	1 695.75	1356.60	8.12
FCF, млрд ¥	54.43	-66.33	86.72	46.15	-51.75	302.09	117.07	117.07	100.06	6.19
Операционный денежный поток, млрд ¥	259.74	141.31	306.3	255.57	145.23	487.03	331.21	331.21	305.07	1.58
Операционная прибыль, млрд ¥	116.3	93.71	101.51	77.68	117.78	421.48	220.31	220.31	187.75	16.76
Операционные расходы, млрд ¥	457.05	461.26	479.76	474.85	480.83	271.7	254.96	254.96	392.42	-11.88
CAPEX, млрд ¥	205.31	207.64	219.57	209.42	196.97	184.94	214.14	214.14	205.01	-0.50

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	751.34	938.92	155 125.58	649.7	623.04	629.89	761.9	586.93	634.56	622.23	647.10	-0.24
Чистая прибыль, млрд ¥	33.2	96.46	17 687.9	77.67	26.31	11.57	54.38	19.9	-2.73	19.42	20.51	10.91
EV, млрд ¥	2 006.96	2 077.89	294 388.08	2 142.39	2 201.94	2 385.33	2 529.99	2 450.99	2 555.8	2 585.83	2501.59	1.63
EBIT, млрд ¥	39.29	145.19	29 127.59	62.08	47.79	-25.62	81.55	24.92	13.32	34.72	25.78	-206.27
EBITDA, млрд ¥	51.41	135.96	27 588.47	111.44	99.01	27.83	135.75	78	16.53	87.81	69.18	25.84
OIBDA, млрд ¥						49.38	138.81	83.02	32.58	103.11	81.38	15.86
Баланс стоимость, млрд ¥	1 357.87	1 456.76	244 328.27	1 622.85	1 682.12	1 666.29	1 695.75	1 761.34	1 746.69	1 690.21	1712.06	0.29
FCF, млрд ¥		15 707.18	17 141.2	98.72	102.44	106.89					6631.29	-63.14
Операционный денежный поток, млрд ¥	63.37	15 707.18	17 141.2	98.72	102.44	106.89					6631.29	-63.14
Операционная прибыль, млрд ¥	39.29	145.19	29 127.59	92.98	36.76	33.13	57.44	24.91	13.32	34.72	32.70	0.94
Операционные расходы, млрд ¥	61.24	62.58	11 999.09	58.85	57.69	63.49	74.92	66.53	66.25	63.25	66.89	-0.08
CAPEX, млрд ¥	102.77		28 995.27								14549.02	1579.69

	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 ¥	128.33	93.09	151.29	157.88	179.77	453.5	363.95	363.95	261.28	19.19
Short Term Investments ¥	0.015	40.18	50.64	1.21	0.01	0.01	0.055	0.055	10.38	-74.46
Total Receivables ¥	237.54	283.69	241.49	238.6	348.36	463.19	470.89	470.89	352.51	14.29
Total Current Assets ¥	493.55	526.75	562.43	550.73	912.93	1 217.91	1 303.95	1 303.95	909.59	18.31
Чистые активы, млрд ¥	493.55	526.75	562.43	550.73	1 569.37	1 582.9		1 582.9	958.44	24.61
Активы, млрд ¥	2 334.72	2 428.15	2 537.72	2 738.35	3 216.94	3 581.43	3 888.86	3 888.86	3192.66	8.91
Short Term Debt ¥	7.8	5.13	6.51	5.71	6.39	86.65	74	74	35.85	62.60
Long Term Debt ¥	653.68	729.54	834.54	933.88	1 133.51	1 174.62	1 270.34	1 270.34	1069.38	8.77
Задолженность, млрд ¥	1 186.29	1 256.81	1 378.5	1 560.08	1 960.38	1 992.13	2 155.64	2 155.64	1809.35	9.35
Чистый долг, млрд ¥	533.15	641.58	689.76	781.7	943.96	789.38	980.4	980.4	837.04	7.29
Долг, млрд ¥	661.48	734.67	841.05	939.59	1 139.89	1 261.26	1 344.34	1 344.34	1105.23	9.83
Расходы на обслуживание долга ¥		11.09	11.41	12.63	14.47	15.14	19.01	19.01	14.53	10.75
Чист. проц. доходы, млрд ¥	1.16	1.61	2.33	1.59	1.03	5.44	8.23	5.44	3.72	28.71
Амортизация, млрд ¥		157.57	178.05	182.94	201.56	209.97	213.14	213.14	197.13	3.66
Себестоимость, млрд ¥			1 343.97	1 212.62	1 546.59	2 596.46	2 189.26	2 189.26	1777.78	10.25
Товарно материальные запасы ¥	60.37	78.66	78.48	60.04	82.69	157.45	137.54	137.54	103.24	11.88

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥				271.32	307.16	71 100.58	434.11	438.9	237.8	363.89	274.81	212.96	397.47	297.39	10.82
Short Term Investments ¥			0.009	0.009	0.009	1.57	106.07	64.54		0.055	0.009	0.01	0.104	12.94	-72.37
Total Receivables ¥				484.28	564.25	72 618.85	325.32	385.03	412.61	470.89	365.15	429.19	451.13	425.79	1.80
Total Current Assets ¥				1 239.21	1 235.41	190 946	1 138.71	1 163.59	1 060.84	1 303.95	1 120.11	1 101.49	1 206.56	1158.59	2.61
Чистые активы, млрд ¥	880.1	912.93	1 028.35	1 239.21	1 235.41	248 169.57	1 536.9							50641.89	8.37
Активы, млрд ¥				3 655.28	3 649.41	561 500.07	3 471.33	3 571.63	3 901	3 888.86	3 819.32	3 882.53	3 891.48	3876.64	-0.05
Short Term Debt ¥				78.66	99.48	13 584.62	92.21	84.06	66.85	154.35	54.68	56.95	88.06	84.18	5.67
Long Term Debt ¥	1 091.25	1 117.34	1 107.92	1 117.59	1 164.69	184 157.85	1 133.16	1 143.11	1 258.89	1 270.34				37792.67	-63.04
Задолженность, млрд ¥				2 272.12	2 165.38	312 327.88	1 814.23	1 853.78	2 201.04	2 155.63	2 018.75	2 096.13	2 163.86	2127.08	-0.34
Чистый долг, млрд ¥				924.93	957.01	123 760.41	791.27	788.27	1 087.94	1 077.28	1 063.86	1 144.88	904.99	1055.79	-3.62
Долг, млрд ¥				1 196.25	1 264.17	194 860.99	1 225.38	1 227.17	1 325.74	1 441.17	1 338.67	1 357.84	1 302.46	1353.18	-0.35
Расходы на обслуживание долга ¥			3.34	3.73	3.96	642.96	4.2	4.9	4.85	5.07	7.7	8.98		6.30	12.88
Чист. проц. доходы, млрд ¥	0.257	0.168	0.261	0.387	0.812	2 536.09	1 861.93	377.84	410.45	1.94				1037.65	-76.19
Амортизация, млрд ¥				12.12	-9.24	-1 539.12	49.36	51.22	53.45	54.21	53.09	3.21	53.09	43.41	-0.14
Себестоимость, млрд ¥							497.86	528.58	533.28	629.53	495.49	555	524.25	547.51	-0.34
Товарно материальные запасы ¥				169.26	156.94	24 685.51	191.56	183.49	184.12	137.54	155.53	164.19	160.55	160.39	-2.70

	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	164.12	187.6	98.07	112.25	217.67	646.99	411.88		411.88	297.37	33.24
Цена акции ао					2585	3238	4370	4638	4638	3707.75	15.74
Число акций ао, млн	456.9	450.72	442.38	441.01	439.67	434.19	412.59		412.59	433.97	-1.38
FCF/акцию	119.13	-147.16	196.04	104.66	-117.69	695.76	283.74		283.74	232.50	7.68

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	76.07	220.99	40810.08	180.9	63.12	28.56	131.81	50.17	-6.46	50.49			50.91	12.07
Цена акции ао											4757	4638	4697.50	-1.26
FCF/акцию			252.25	229.95	245.73	263.81							247.94	1.13

	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, %	6.7	7.37	3.76	4.3	8.04	20.17	10.44		10.44	13.49	9.34	22.66
ROA, %	3.29	3.55	1.75	1.88	3.21	8.26	4.55		4.55	3.16	3.93	21.06
ROIC, %			3.51	3.6	5.29	10.94			10.94	2.79	5.83	32.87
ROS, %			2.25	2.8	4.46	8.54	6.38	6.38	6.38	6.66	5.71	17.91
ROCE, %	6.37	6.15	4.68	3.34	5.77	14.2	8.42	15.64	15.64	17.90	9.47	36.18
Ebit margin, %			4.1	4.46	7.04	12.85	10.17	10.17	10.17		8.94	17.92
Рентаб EBITDA, %	16.16	14.58	14.52	14.76	16.44	19.23	18.17	18.17	18.17	18.95	17.35	4.24
Чистая рентаб, %	4.22	4.31	2.25	2.8	4.46	8.54	6.38		6.38	6.66	4.89	23.18
Operation Margin, %			5.27	4.4	5.49	12.81	8.27	8.27	8.27	9.58	7.85	13.45

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	2.69	7.46	8.22	4.79	1.71	0.7204	3.3	1.18	-0.1597	1.13		13.49	1.23	9.42
ROA, %	0.9437	2.64	3.12	2.24	0.7472	0.3097	1.4	0.5163	-0.0709	0.4996		3.16	0.5309	10.04
ROS, %				11.95	4.22	1.84	7.14	3.39	-0.4302	3.12	6.38	6.66	3.92	-2.23
ROCE, %		5.28	6.55	3.75	1.6	-0.835	2.61	0.778	0.4089	1.07	15.64	17.90	4.10	43.06
Ebit margin, %					7.67	-4.07	10.7	4.24	2.1	5.58	10.17		6.56	-1.01
Рентаб EBITDA, %		14.48	17.78	17.15	15.89	4.42	17.82	13.29	2.6	14.11	18.17	18.95	13.20	0.39
Чистая рентаб, %	4.42	10.27	11.4	11.95	4.22	1.84	7.14	3.39	-0.4302	3.12		6.66	3.01	11.14
Operation Margin, %				14.31	5.9	5.26	7.54	4.24	2.1	5.58	8.27	9.58	5.55	1.87

	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	17.19	15.96	26.2	21.06	10.13	3.86	8.55		8.55	10.68	13.96	-20.07
P/BV	1.12	1.15	0.9804	0.885	0.7719	0.6819	0.8382		0.8382	1.18	0.8315	-3.09
P/S	0.7253	0.6876	0.5903	0.5907	0.4521	0.3294	0.5452		0.5452	0.68	0.5015	-1.58
P/FCF						4.5	11.62	11.62	11.62	15.19	9.25	37.19
E/P						0.2066	0.125	0.125	0.125	2.56	0.1522	-15.42
EV/EBIT			23.15	23.15	12.67	4.43	8.97	8.97	8.97		11.64	-17.27
EV/EBITDA	6.35	6.96	6.53	7	5.43	2.96	5.02		5.02	7.67	5.39	-5.12
EV/S			0.9486	1.03	0.8922	0.5694	0.9132	0.9132	0.9132	1.68	0.8636	-2.38
EV/FCF			21.06	39.53	-36.99	6.2	20.78	20.78	20.78	129.56	10.06	-12.07
Debt/EBITDA	2.3	2.57	3.01	3.61	3.23	1.99	2.78	2.78	2.78	5.29	2.88	-5.09
Netdebt/Ebitda			2.47	3	2.68	1.25	2.02	2.02	2.02	4.36	2.19	-7.61
Debt/Ratio			0.3314	0.3489	0.3543	0.3522	0.3457	0.3457	0.3457	0.47	0.3494	-0.18
Debt/Equity			0.7327	0.828	0.9289	0.8093	0.7928	1.24	1.24	2.75	0.9198	8.41
Debt/Net Income			19.43	19.3	11.91	4.49	7.91	7.91	7.91	19.88	10.30	-16.34
PEG								0.027	0.027		0.0270	0.00
Бета						-0.2826	3.57	0.3694	0.3694	-0.20	1.22	-209.34
Индекс Альтмана						2.92	2.37	2.35	2.35	1.54	2.55	-6.98

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	11.02	8.42	5.03	3.88	4.25	4.67	6.01	8.71	12.78		19.34			10.68	10.30	32.87
P/BV		0.7823	0.7553	0.6848	0.8154	0.8229	0.7632	0.8382	0.7704	0.7898	0.9729			1.18	0.8269	4.98
P/S		0.4124	0.3673	0.3313	0.4089	0.4547	0.4678	0.5494	0.5485	0.5229	0.6781			0.68	0.5533	7.71
P/FCF													11.62	15.19	11.62	0.00
E/P													0.125	2.56	0.1250	0.00
EV/EBIT						46.08	-93.1	31.03	98.37	191.92	74.47		8.97		80.95	-21.98
EV/EBITDA		9.95	6.22	4.39	19.22	3.28	4.65	5.94	7.2	9.9	8.13			7.67	7.16	11.82
EV/S					3.3	3.53	3.79	3.32	4.18	4.03	4.16		0.9132	1.68	3.32	-22.75
EV/FCF					21.7	21.49	22.32						20.78	129.56	21.57	-1.08
Debt/EBITDA			9.3	7.06	11	12.39	47.65	10.62	17.16	82.15	14.83		2.78	5.29	25.51	-23.51
Netdebt/Ebitda					7.1	7.96	39.1	7.94	13.64	69.27	10.31		2.02	4.36	20.64	-23.95
Debt/Ratio					0.353	0.3436	0.3398	0.3706	0.3505	0.3497	0.3347		0.3457	0.47	0.3502	-1.38
Debt/Equity					0.7551	0.7295	0.7956	0.8499	0.76	0.7774	0.7706		1.24	2.75	0.8796	7.85
Debt/Net Income					15.78	46.64	114.56	26.5	67.27	-497.38	67.06		7.91	19.88	-65.7280	-21.48
PEG													0.027		0.0270	0.00
Бета												-1.8	0.3694	-0.20	-0.7153	-145.30
Индекс Альтмана												2.35	2.35	1.54	2.35	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	25.19	24.94	27.84	26.45	26.42	29.47	27.52			27.52		27.54	-0.23
Дивиденд	33	55	62.5	60	30	67.5	65	72.5	45	80		56.00	8.45
Див доход, ао, %	1.25	1.88	2.36	2.67	1.52	3.98	2.88	3.13	2.46	2.8	6.28	2.79	10.11
Дивиденды / прибыль, %		33.59	29.49	64.17	53.43	27.61	10.49	16.19		16.19	36.35	34.38	-24.08
Dividend Coverage Ratio									6.18	6.18		6.18	0.00

	2022Q3	2023Q1	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	15.38	4620.97			2318.18	1633.36
Дивиденды / прибыль, %	46.33	26.13		36.35	36.23	-24.90
Dividend Coverage Ratio			6.18		6.18	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	11.4	11.86	9.18	5.62	8.04	8.04	-6.75
Персонал, чел				15 963	15 963		0.00

	CAGR 5

	CAGR 5