Update shared on 01 Dec 2025
Fair value Increased 5.72%Analysts have increased their fair value estimate for TOPPAN Holdings from ¥4,883 to ¥5,163, reflecting revised projections for future growth and profitability.
What's in the News
- Announced a dividend of JPY 28.00 per share for Q2 ended September 30, 2025, up from JPY 24.00 last year. Payments will commence on December 1, 2025 (Key Developments).
- Revised consolidated earnings guidance for the year ending March 31, 2026, expecting net sales of JPY 1,790,000 million and profit attributable to owners of parent of JPY 70,000 million. The revision cites market contraction and delayed digital business expansion (Key Developments).
- Tekscend Photomask Corp., formerly a consolidated subsidiary, will become an equity-method affiliate and will be excluded from consolidated results from the second half of the fiscal year, following its listing on the Tokyo Stock Exchange Prime Market (Key Developments).
- Completed repurchase of 4,517,400 shares, representing 1.57% of shares outstanding, under the buyback announced in May 2025. The total repurchase amounted to ¥17,158.71 million (Key Developments).
Valuation Changes
- Fair Value Estimate has increased from ¥4,883 to ¥5,163, reflecting a positive reassessment of TOPPAN Holdings' intrinsic value.
- Discount Rate has decreased slightly from 5.56% to 5.35%, suggesting a modest reduction in perceived risk or cost of capital.
- Revenue Growth Forecast has been revised downward from 6.34% to 4.68%, indicating more tempered growth expectations.
- Net Profit Margin Projection has fallen slightly from 5.23% to 4.96%, suggesting tighter expected profitability margins.
- Future P/E Ratio estimate has risen from 13.2x to 15.9x, which implies a higher market valuation relative to forecast earnings.
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