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Toyota Tsusho

DB:9TO
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
9TO
DB
¥1,323B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Toyota Tsusho Corporation engages in metals, parts and logistics, automotive, machinery, energy and project, chemicals and electronics, and food and consumer services businesses worldwide. The last earnings update was 13 days ago. More info.


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9TO Share Price and Events
7 Day Returns
2%
DB:9TO
7%
DE Trade Distributors
0.8%
DE Market
1 Year Returns
2.9%
DB:9TO
6.9%
DE Trade Distributors
9%
DE Market
9TO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Toyota Tsusho (9TO) 2% 8.4% 19% 2.9% 36.8% 66.7%
DE Trade Distributors 7% 8.4% 16.8% 6.9% -1.2% 8.4%
DE Market 0.8% 6.3% 14.4% 9% 14.5% 21.8%
1 Year Return vs Industry and Market
  • 9TO underperformed the Trade Distributors industry which returned 6.9% over the past year.
  • 9TO underperformed the Market in Germany which returned 9% over the past year.
Price Volatility
9TO
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Toyota Tsusho undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Toyota Tsusho to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Toyota Tsusho.

DB:9TO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:9TO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Trade Distributors Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.951 (1 + (1- 30.86%) (114.09%))
1.469
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.47
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.469 * 5.96%)
8.99%

Discounted Cash Flow Calculation for DB:9TO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Toyota Tsusho is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:9TO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 8.99%)
2020 214,000.00 Analyst x1 196,355.76
2021 166,333.33 Analyst x3 140,035.79
2022 150,000.00 Analyst x3 115,872.64
2023 131,000.00 Analyst x1 92,851.90
2024 133,000.00 Analyst x1 86,497.00
2025 125,457.98 Est @ -5.67% 74,864.78
2026 120,563.75 Est @ -3.9% 66,012.46
2027 117,353.91 Est @ -2.66% 58,957.17
2028 115,247.11 Est @ -1.8% 53,125.00
2029 113,877.66 Est @ -1.19% 48,165.64
Present value of next 10 years cash flows ¥932,738.00
DB:9TO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥113,877.66 × (1 + 0.23%) ÷ (8.99% – 0.23%)
¥1,303,256.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥1,303,256.89 ÷ (1 + 8.99%)10
¥551,224.89
DB:9TO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥932,738.00 + ¥551,224.89
¥1,483,962.89
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥1,483,962.89 / 351.85
¥4217.59
DB:9TO Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:9TO represents 0.00824x of TSE:8015
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00824x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 4,217.59 x 0.00824
€34.77
Value per share (EUR) From above. €34.77
Current discount Discount to share price of €31.00
= -1 x (€31.00 - €34.77) / €34.77
10.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Toyota Tsusho is available for.
Intrinsic value
11%
Share price is €31 vs Future cash flow value of €34.77
Current Discount Checks
For Toyota Tsusho to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Toyota Tsusho's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Toyota Tsusho's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Toyota Tsusho's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Toyota Tsusho's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:9TO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in JPY ¥378.39
TSE:8015 Share Price ** TSE (2019-11-13) in JPY ¥3760
Germany Trade Distributors Industry PE Ratio Median Figure of 7 Publicly-Listed Trade Distributors Companies 16.14x
Germany Market PE Ratio Median Figure of 403 Publicly-Listed Companies 19.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Toyota Tsusho.

DB:9TO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8015 Share Price ÷ EPS (both in JPY)

= 3760 ÷ 378.39

9.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Toyota Tsusho is good value based on earnings compared to the DE Trade Distributors industry average.
  • Toyota Tsusho is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Toyota Tsusho's expected growth come at a high price?
Raw Data
DB:9TO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
2.6%per year
Europe Trade Distributors Industry PEG Ratio Median Figure of 32 Publicly-Listed Trade Distributors Companies 1.82x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

DB:9TO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.94x ÷ 2.6%

3.89x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Toyota Tsusho is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Toyota Tsusho's assets?
Raw Data
DB:9TO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in JPY ¥3,449.74
TSE:8015 Share Price * TSE (2019-11-13) in JPY ¥3760
Germany Trade Distributors Industry PB Ratio Median Figure of 10 Publicly-Listed Trade Distributors Companies 1.19x
Germany Market PB Ratio Median Figure of 577 Publicly-Listed Companies 1.83x
DB:9TO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8015 Share Price ÷ Book Value per Share (both in JPY)

= 3760 ÷ 3,449.74

1.09x

* Primary Listing of Toyota Tsusho.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Toyota Tsusho is good value based on assets compared to the DE Trade Distributors industry average.
X
Value checks
We assess Toyota Tsusho's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)
  5. Toyota Tsusho has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Toyota Tsusho expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Toyota Tsusho expected to grow at an attractive rate?
  • Toyota Tsusho's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Toyota Tsusho's earnings growth is positive but not above the Germany market average.
  • Toyota Tsusho's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:9TO Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:9TO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 2.6%
DB:9TO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 1.4%
Germany Trade Distributors Industry Earnings Growth Rate Market Cap Weighted Average 13.6%
Europe Trade Distributors Industry Revenue Growth Rate Market Cap Weighted Average 3.6%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:9TO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:9TO Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 7,200,000 258,000 160,000 1
2023-03-31 7,100,000 256,000 158,000 1
2022-03-31 7,000,000 248,254 164,333 2
2021-03-31 6,900,000 264,563 155,667 2
2020-03-31 6,800,000 334,685 154,333 2
2019-11-13
DB:9TO Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-09-30 6,765,515 260,749 133,145
2019-06-30 6,802,492 278,916 141,561
2019-03-31 6,762,702 210,796 132,622
2018-12-31 6,740,464 219,876 126,075
2018-09-30 6,720,856 203,058 135,407
2018-06-30 6,566,797 175,728 139,870
2018-03-31 6,491,035 215,098 130,228
2017-12-31 4,843,608 127,491 158,379
2017-09-30 5,259,694 124,527 139,325
2017-06-30 5,508,829 133,775 123,535
2017-03-31 5,797,362 159,770 107,903
2016-12-31 7,719,716 -15,245

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Toyota Tsusho's earnings are expected to grow by 2.6% yearly, however this is not considered high growth (20% yearly).
  • Toyota Tsusho's revenue is expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:9TO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Toyota Tsusho Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:9TO Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 454.70 454.70 454.70 1.00
2023-03-31 449.10 449.10 449.10 1.00
2022-03-31 467.01 491.60 440.50 3.00
2021-03-31 442.41 454.70 432.00 3.00
2020-03-31 438.61 440.52 437.60 3.00
2019-11-13
DB:9TO Past Financials Data
Date (Data in JPY Millions) EPS *
2019-09-30 378.39
2019-06-30 402.30
2019-03-31 376.89
2018-12-31 358.29
2018-09-30 384.80
2018-06-30 397.49
2018-03-31 370.08
2017-12-31 450.08
2017-09-30 395.93
2017-06-30 351.06
2017-03-31 306.64
2016-12-31 -43.33

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Toyota Tsusho is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Toyota Tsusho's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Toyota Tsusho has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Toyota Tsusho performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Toyota Tsusho's growth in the last year to its industry (Trade Distributors).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Toyota Tsusho has delivered over 20% year on year earnings growth in the past 5 years.
  • Toyota Tsusho's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Toyota Tsusho's 1-year earnings growth is negative, it can't be compared to the DE Trade Distributors industry average.
Earnings and Revenue History
Toyota Tsusho's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Toyota Tsusho Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:9TO Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 6,765,515.00 133,145.00 385,315.00
2019-06-30 6,802,492.00 141,561.00 388,485.00
2019-03-31 6,762,702.00 132,622.00 386,145.00
2018-12-31 6,740,464.00 126,075.00 381,178.00
2018-09-30 6,720,856.00 135,407.00 383,956.00
2018-06-30 6,566,797.00 139,870.00 377,481.00
2018-03-31 6,491,035.00 130,228.00 377,648.00
2017-12-31 4,843,608.00 158,379.00 367,737.00
2017-09-30 5,259,694.00 139,325.00 367,393.00
2017-06-30 5,508,829.00 123,535.00 371,590.00
2017-03-31 5,797,362.00 107,903.00 375,862.00
2016-12-31 7,719,716.00 -15,245.00 352,181.00
2016-09-30 7,555,509.00 -25,486.00 365,485.00
2016-06-30 7,894,654.00 -35,300.00 381,040.00
2016-03-31 8,170,237.00 -43,714.00 393,244.00
2015-12-31 8,340,226.00 38,290.00 396,466.00
2015-09-30 8,592,719.00 51,100.00 394,927.00
2015-06-30 8,717,788.00 59,254.00 387,862.00
2015-03-31 8,663,460.00 67,571.00 383,003.00
2014-12-31 8,623,269.00 79,787.00 378,545.00
2014-09-30 8,384,673.00 71,429.00 368,128.00
2014-06-30 7,930,857.00 72,557.00 359,003.00
2014-03-31 7,743,237.00 73,034.00 345,114.00
2013-12-31 7,301,666.00 66,517.00 347,628.00
2013-09-30 6,837,231.00 75,829.00 313,402.00
2013-06-30 6,560,691.00 66,540.00 278,697.00
2013-03-31 6,304,354.00 67,432.00 248,256.00
2012-12-31 6,339,666.00 76,463.00 242,328.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Toyota Tsusho has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Toyota Tsusho used its assets more efficiently than the DE Trade Distributors industry average last year based on Return on Assets.
  • Toyota Tsusho has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Toyota Tsusho's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Toyota Tsusho has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Toyota Tsusho's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Toyota Tsusho's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Toyota Tsusho is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Toyota Tsusho's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Toyota Tsusho's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Toyota Tsusho Company Filings, last reported 1 month ago.

DB:9TO Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 1,382,485.00 1,509,346.00 466,736.00
2019-06-30 1,380,258.00 1,483,794.00 492,790.00
2019-03-31 1,389,615.00 1,503,045.00 465,861.00
2018-12-31 1,351,202.00 1,549,145.00 459,225.00
2018-09-30 1,398,879.00 1,522,799.00 438,225.00
2018-06-30 1,348,745.00 1,504,817.00 406,870.00
2018-03-31 1,362,186.00 1,470,777.00 423,426.00
2017-12-31 1,403,119.00 1,654,401.00 500,509.00
2017-09-30 1,335,711.00 1,611,919.00 478,539.00
2017-06-30 1,266,883.00 1,592,973.00 427,091.00
2017-03-31 1,223,512.00 1,568,157.00 426,208.00
2016-12-31 1,058,604.00 1,515,343.00 454,458.00
2016-09-30 961,272.00 1,380,382.00 388,889.00
2016-06-30 975,692.00 1,382,939.00 375,199.00
2016-03-31 1,055,775.00 1,505,528.00 408,310.00
2015-12-31 1,223,617.00 1,590,350.00 445,219.00
2015-09-30 1,235,525.00 1,621,133.00 462,185.00
2015-06-30 1,281,264.00 1,569,197.00 466,990.00
2015-03-31 1,304,482.00 1,724,749.00 499,190.00
2014-12-31 1,248,717.00 1,527,457.00 453,471.00
2014-09-30 1,179,640.00 1,493,100.00 415,836.00
2014-06-30 1,152,186.00 1,408,369.00 407,077.00
2014-03-31 1,156,080.00 1,491,150.00 412,089.00
2013-12-31 1,098,399.00 1,352,832.00 377,397.00
2013-09-30 1,042,648.00 1,260,318.00 342,758.00
2013-06-30 993,111.00 1,223,376.00 337,842.00
2013-03-31 920,043.00 1,376,846.00 391,409.00
2012-12-31 843,161.00 1,257,681.00 386,994.00
  • Toyota Tsusho's level of debt (109.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (125.8% vs 109.2% today).
  • Debt is not well covered by operating cash flow (17.3%, less than 20% of total debt).
  • Toyota Tsusho earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Toyota Tsusho's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Toyota Tsusho has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Toyota Tsusho's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.19%
Current annual income from Toyota Tsusho dividends. Estimated to be 3.45% next year.
If you bought €2,000 of Toyota Tsusho shares you are expected to receive €64 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Toyota Tsusho's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.39%).
  • Toyota Tsusho's dividend is below the markets top 25% of dividend payers in Germany (3.64%).
Upcoming dividend payment

Purchase Toyota Tsusho before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:9TO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Germany Trade Distributors Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 2.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:9TO Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 135.00 1.00
2023-03-31 130.00 1.00
2022-03-31 134.67 3.00
2021-03-31 125.33 3.00
2020-03-31 124.00 1.00
2019-11-13
DB:9TO Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-10-31 120.000 3.214
2019-06-25 120.000 3.551
2019-04-26 120.000 3.698
2019-02-13 100.000 2.761
2019-02-01 100.000 2.930
2018-11-13 100.000 2.828
2018-10-31 100.000 2.503
2018-06-21 100.000 2.587
2018-04-27 100.000 2.524
2018-02-13 90.000 2.397
2018-02-02 90.000 2.161
2017-10-31 90.000 2.045
2017-06-30 78.000 2.196
2017-04-28 78.000 2.252
2017-02-13 78.000 2.329
2017-02-02 78.000 2.388
2016-11-11 62.000 2.089
2016-10-28 62.000 2.493
2016-06-23 62.000 2.666
2016-04-28 62.000 2.587
2016-02-12 62.000 2.499
2016-02-03 62.000 2.627
2015-11-13 62.000 2.247
2015-10-30 62.000 2.197
2015-06-23 62.000 2.141
2015-04-28 62.000 1.875
2015-02-13 56.000 1.741
2015-02-03 56.000 1.905
2014-11-14 56.000 2.041
2014-10-31 56.000 2.024
2014-07-31 56.000 2.113
2014-07-07 56.000 1.920
2014-05-08 56.000 2.038
2013-10-31 46.000 1.823
2013-07-31 46.000 1.822
2013-06-25 46.000 1.678
2013-04-26 46.000 1.732
2012-10-31 44.000 2.031
2012-07-31 44.000 2.685
2012-04-27 44.000 2.955
2012-02-14 32.000 1.976
2012-02-03 32.000 2.105
2011-11-14 46.000 3.442
2011-10-28 46.000 3.665
2011-08-01 28.000 2.198
2011-06-02 32.000 2.355
2011-02-14 24.000 1.768
2011-02-03 24.000 1.544
2010-11-12 32.000 2.224
2010-10-29 32.000 2.471
2010-07-30 24.000 1.920
2010-06-25 24.000 1.850
2010-04-28 24.000 1.827
2009-10-30 16.000 1.187
2009-04-28 16.000 1.161
2009-02-13 36.000 3.850
2009-01-15 36.000 4.334

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Toyota Tsusho's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Toyota Tsusho's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Toyota Tsusho afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Toyota Tsusho has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Toyota Tsusho's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ichiro Kashitani
AGE 60
TENURE AS CEO 1.6 years
CEO Bio

Mr. Ichiro Kashitani has been President and Chief Executive Officer of Toyota Tsusho Corporation since April 1, 2018 and serves as its Representative Director since June 21, 2018. Mr. Kashitani was the Chief Division Officer of Automotive Division and Managing Director of Toyota Tsusho Corporation since June 27, 2016 until April 1, 2018 and served as its Senior Managing Executive Officer until April 1, 2018. Mr. Kashitani served as the Managing Executive Officer of Toyota Tsusho Corporation until June 27, 2016 and also served as its Executive Vice President, Deputy Chief Division Officer of Administrative Division and Executive Officer. He served as a Director of Toyota Tsusho Corporation since April 2017 to June 2017. He served as the Vice Chairman of Management Board for Corporate Planning & Alliance Development at CFAO SA from December 26, 2012 to April 01, 2016 and served as its Executive Officer. He served as an Executive Vice President of Corporate Planning and Alliance Development at CFAO SA. He spent 29 years at Toyota Tsusho Corporation with missions in various industrial divisions such as Machinery, Automotive, Foodstuffs as well as in the Administrative Division. Mr. Kashitani was also assigned overseas for a total of 9 years, in France, Morocco and the UK. He served as Member of The Management Board at CFAO SA from December 26, 2012 to April 01, 2016. Mr. Kashitani graduated in Economics from the Doshisha University in Kyoto, Japan.

CEO Compensation
  • Insufficient data for Ichiro to compare compensation growth.
  • Insufficient data for Ichiro to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Toyota Tsusho management team in years:

1.6
Average Tenure
59.5
Average Age
  • The average tenure for the Toyota Tsusho management team is less than 2 years, this suggests a new team.
Management Team

Ichiro Kashitani

TITLE
President
AGE
60
TENURE
1.6 yrs

Hideyuki Iwamoto

TITLE
CFO & Director
AGE
56
TENURE
2.6 yrs

Minoru Murata

TITLE
Executive VP
AGE
64
TENURE
0.6 yrs

Hiroshi Tominaga

TITLE
Chief Strategy Officer
AGE
56
TENURE
2.6 yrs

Yasuhiro Nagai

TITLE
Chief Compliance Officer
AGE
59
TENURE
0.6 yrs

Shizuka Hayashi

TITLE
CEO for Asia & Oceania Region
TENURE
0.8 yrs

Hideki Yanase

TITLE
Executive VP
AGE
63
TENURE
6.4 yrs

Takahiro Kondo

TITLE
CEO for East Asia Region
TENURE
1.6 yrs

Yoshihiro Inoue

TITLE
Division COO of Machinery
TENURE
7.6 yrs

Mitsuhiro Tsubakimoto

TITLE
Division Chief Executive Officer for Chemicals & Electronics Division
Board of Directors Tenure

Average tenure and age of the Toyota Tsusho board of directors in years:

2.4
Average Tenure
61
Average Age
  • The average tenure for the Toyota Tsusho board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jun Karube

TITLE
Chairman of the Board
COMPENSATION
¥112M
AGE
66
TENURE
1.6 yrs

Ichiro Kashitani

TITLE
President
AGE
60
TENURE
1.4 yrs

Hideyuki Iwamoto

TITLE
CFO & Director
AGE
56
TENURE
2.4 yrs

Minoru Murata

TITLE
Executive VP
AGE
64
TENURE
2.6 yrs

Hiroshi Tominaga

TITLE
Chief Strategy Officer
AGE
56
TENURE
2.4 yrs

Yasuhiro Nagai

TITLE
Chief Compliance Officer
AGE
59
TENURE
2.4 yrs

Hideki Yanase

TITLE
Executive VP
AGE
63
TENURE
0.4 yrs

Yoriko Kawaguchi

TITLE
Outside Director
AGE
78
TENURE
5.4 yrs

Kumi Fujisawa

TITLE
Outside Director
AGE
52
TENURE
5.4 yrs

Didier Leroy

TITLE
Outside Director
AGE
62
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Toyota Tsusho's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Toyota Tsusho has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Toyota Tsusho Corporation engages in metals, parts and logistics, automotive, machinery, energy and project, chemicals and electronics, and food and consumer services businesses worldwide. It manufactures steel products, steel construction materials, non-ferrous metal ingots, precious metals, aluminum products, copper and ferro alloy products, waste catalysts, and rare earth resources and metals; and iron, steel, and nonferrous metals scraps, as well as recycles vehicles and auto parts. The company also offers component parts for automotive production; runs logistics and tire assembly business; and sells passenger, commercial, and light vehicles, as well as motorcycles, trucks, buses, and automotive parts. In addition, it sells machine tools, testing and measuring instruments; medical and environmental equipment; construction, industrial, and textile machinery; and coal, crude oil, natural gas, petroleum products, and liquefied petroleum gas; and undertakes infrastructure and water treatment projects, as well as runs energy and electric power supply business. Further, the company offers semiconductors, plastics and rubber products, modular products, batteries and electronic materials, electronic equipment, specialty and inorganic chemicals, fat and oil products, chemical additives, and pharmaceuticals and pharmaceutical ingredients; PCs, and PC peripherals and software; and automotive embedded software development, and network integration and support services. Additionally, it manufactures agricultural, marine, and livestock products; feed and oilseeds; grains, processed foods, and food ingredients; and alcoholic beverages. The company sells construction and housing materials, furniture, textile products, and apparel; and life, property, and casualty insurance, as well as offer securities brokerage services. It also develops nursing care facilities; and operates general hospitals and hotels. The company was founded in 1948 and is headquartered in Nagoya, Japan.

Details
Name: Toyota Tsusho Corporation
9TO
Exchange: DB
Founded: 1948
¥11,005,372,974
351,851,001
Website: http://www.toyota-tsusho.com
Address: Toyota Tsusho Corporation
9-8, Meieki 4-chome,
Nakamura-ku,
Nagoya,
Aichi, 450-8575,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8015 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK TYHO.F Common Stock Pink Sheets LLC US USD 06. Jan 1992
DB 9TO Common Stock Deutsche Boerse AG DE EUR 06. Jan 1992
Number of employees
Current staff
Staff numbers
58,565
Toyota Tsusho employees.
Industry
Trading Companies and Distributors
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/13 21:24
End of day share price update: 2019/11/13 00:00
Last estimates confirmation: 2019/10/31
Last earnings filing: 2019/10/31
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.