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Toray Industries

DB:TOR1
Snowflake Description

Fair value with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TOR1
DB
¥1,321B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Toray Industries, Inc. manufactures, processes, and sells fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering products, and life science products. The last earnings update was 43 days ago. More info.


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TOR1 Share Price and Events
7 Day Returns
-2%
DB:TOR1
2%
DE Chemicals
1.5%
DE Market
1 Year Returns
1.6%
DB:TOR1
-15.8%
DE Chemicals
-5.8%
DE Market
TOR1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Toray Industries (TOR1) -2% 8.8% 17% 1.6% -16% 36.6%
DE Chemicals 2% 1.2% -1.7% -15.8% 12.3% -6.1%
DE Market 1.5% 1.3% 2.2% -5.8% 17.6% 8.7%
1 Year Return vs Industry and Market
  • TOR1 outperformed the Chemicals industry which returned -15.8% over the past year.
  • TOR1 outperformed the Market in Germany which returned -5.8% over the past year.
Price Volatility
TOR1
Industry
5yr Volatility vs Market

Value

 Is Toray Industries 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 Toray Industries 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 Toray Industries.

DB:TOR1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
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:TOR1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.88
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.875 (1 + (1- 30.86%) (73.61%))
1.215
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.22
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.215 * 5.96%)
7.47%

Discounted Cash Flow Calculation for DB:TOR1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Toray Industries 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.

DB:TOR1 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 7.47%)
2019 -112,900.00 Analyst x3 -105,052.85
2020 41,700.00 Analyst x2 36,104.71
2021 65,675.00 Analyst x4 52,910.48
2022 82,466.67 Analyst x3 61,820.71
2023 81,700.00 Analyst x1 56,989.06
2024 106,000.00 Analyst x1 68,800.12
2025 116,696.17 Est @ 10.09% 70,478.04
2026 125,018.83 Est @ 7.13% 70,256.50
2027 131,345.70 Est @ 5.06% 68,681.67
2028 136,088.48 Est @ 3.61% 66,215.58
Present value of next 10 years cash flows ¥447,204.01
DB:TOR1 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥136,088.48 × (1 + 0.23%) ÷ (7.47% – 0.23%)
¥1,883,513.50
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥1,883,513.50 ÷ (1 + 7.47%)10
¥916,447.50
DB:TOR1 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥447,204.01 + ¥916,447.50
¥1,363,651.52
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥1,363,651.52 / 1,599.87
¥852.35
DB:TOR1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TOR1 represents 0.00807x of TSE:3402
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00807x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 852.35 x 0.00807
€6.88
Value per share (EUR) From above. €6.88
Current discount Discount to share price of €6.67
= -1 x (€6.67 - €6.88) / €6.88
3.1%

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

Current Discount
Amount off the current price Toray Industries is available for.
Intrinsic value
3%
Share price is €6.67 vs Future cash flow value of €6.88
Current Discount Checks
For Toray Industries to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Toray Industries's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Toray Industries'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 Toray Industries's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Toray Industries's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TOR1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥49.61
TSE:3402 Share Price ** TSE (2019-06-25) in JPY ¥825.7
Germany Chemicals Industry PE Ratio Median Figure of 17 Publicly-Listed Chemicals Companies 20.74x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.8x

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

** Primary Listing of Toray Industries.

DB:TOR1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:3402 Share Price ÷ EPS (both in JPY)

= 825.7 ÷ 49.61

16.64x

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

  • Toray Industries is good value based on earnings compared to the DE Chemicals industry average.
  • Toray Industries is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Toray Industries's expected growth come at a high price?
Raw Data
DB:TOR1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
11.3%per year
Germany Chemicals Industry PEG Ratio Median Figure of 13 Publicly-Listed Chemicals Companies 1.6x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.45x

*Line of best fit is calculated by linear regression .

DB:TOR1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.64x ÷ 11.3%

1.47x

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

  • Toray Industries is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Toray Industries's assets?
Raw Data
DB:TOR1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥707.79
TSE:3402 Share Price * TSE (2019-06-25) in JPY ¥825.7
Germany Chemicals Industry PB Ratio Median Figure of 19 Publicly-Listed Chemicals Companies 1.57x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
DB:TOR1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:3402 Share Price ÷ Book Value per Share (both in JPY)

= 825.7 ÷ 707.79

1.17x

* Primary Listing of Toray Industries.

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

  • Toray Industries is good value based on assets compared to the DE Chemicals industry average.
X
Value checks
We assess Toray Industries'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 Chemicals 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 Chemicals industry average (and greater than 0)? (1 check)
  5. Toray Industries 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 Toray Industries expected to perform in the next 1 to 3 years based on estimates from 13 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
11.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Toray Industries expected to grow at an attractive rate?
  • Toray Industries's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Toray Industries's earnings growth is positive but not above the Germany market average.
  • Toray Industries's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TOR1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TOR1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 11.3%
DB:TOR1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 4.5%
Germany Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 9.5%
Germany Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:TOR1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TOR1 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 3,130,000 290,500 155,900 1
2023-03-31 2,940,000 264,300 135,400 1
2022-03-31 2,694,045 234,425 112,606 7
2021-03-31 2,602,452 216,787 105,522 13
2020-03-31 2,480,879 211,166 92,222 12
DB:TOR1 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 2,388,848 176,239 79,373
2018-12-31 2,364,344 99,622
2018-09-30 2,347,852 137,178 96,895
2018-06-30 2,247,548 92,652
2018-03-31 2,204,858 129,180 95,915
2017-12-31 2,183,161 100,177
2017-09-30 2,117,702 146,343 93,537
2017-06-30 2,056,450 95,824
2017-03-31 2,026,470 173,958 99,418
2016-12-31 2,016,316 90,831
2016-09-30 2,032,860 211,140 94,091
2016-06-30 2,085,685 93,639

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Toray Industries's earnings are expected to grow by 11.3% yearly, however this is not considered high growth (20% yearly).
  • Toray Industries's revenue is expected to grow by 4.5% 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:TOR1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Toray Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TOR1 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 97.40 97.40 97.40 1.00
2023-03-31 84.60 84.60 84.60 1.00
2022-03-31 72.18 84.70 64.38 8.00
2021-03-31 66.35 76.00 57.70 14.00
2020-03-31 57.63 59.40 55.00 10.00
DB:TOR1 Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 49.61
2018-12-31 62.28
2018-09-30 60.57
2018-06-30 57.93
2018-03-31 59.97
2017-12-31 62.64
2017-09-30 58.49
2017-06-30 59.92
2017-03-31 62.17
2016-12-31 56.81
2016-09-30 58.85
2016-06-30 58.57

*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.
  • Toray Industries is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Toray Industries'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 Germany 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.
Toray Industries 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 Toray Industries 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 Toray Industries's growth in the last year to its industry (Chemicals).
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.
  • Toray Industries's year on year earnings growth rate has been positive over the past 5 years.
  • Toray Industries's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Toray Industries's 1-year earnings growth is negative, it can't be compared to the DE Chemicals industry average.
Earnings and Revenue History
Toray Industries'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 Toray Industries Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TOR1 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,388,848.00 79,373.00 311,893.00
2018-12-31 2,364,344.00 99,622.00 240,531.00 65,106.00
2018-09-30 2,347,852.00 96,895.00 239,121.00 65,106.00
2018-06-30 2,247,548.00 92,652.00 234,987.00 65,106.00
2018-03-31 2,204,858.00 95,915.00 228,527.00 65,106.00
2017-12-31 2,183,161.00 100,177.00 232,399.00 57,733.00
2017-09-30 2,117,702.00 93,537.00 226,712.00 57,733.00
2017-06-30 2,056,450.00 95,824.00 221,494.00 57,733.00
2017-03-31 2,026,470.00 99,418.00 218,604.00 57,733.00
2016-12-31 2,016,316.00 90,831.00 216,883.00 57,401.00
2016-09-30 2,032,860.00 94,091.00 217,871.00 57,401.00
2016-06-30 2,085,685.00 93,639.00 221,438.00 57,401.00
2016-03-31 2,104,430.00 90,132.00 223,140.00 57,401.00
2015-12-31 2,104,016.00 84,659.00 221,730.00 58,082.00
2015-09-30 2,091,311.00 79,197.00 219,505.00 58,082.00
2015-06-30 2,058,967.00 82,488.00 215,629.00 58,082.00
2015-03-31 2,010,734.00 71,021.00 211,600.00 58,082.00
2014-12-31 1,973,941.00 72,712.00 207,214.00 54,519.00
2014-09-30 1,932,000.00 71,506.00 200,362.00 54,519.00
2014-06-30 1,883,650.00 61,065.00 194,382.00 54,519.00
2014-03-31 1,837,778.00 59,608.00 186,858.00 54,519.00
2013-12-31 1,769,706.00 60,619.00 183,723.00 52,486.00
2013-09-30 1,692,307.00 57,843.00 178,912.00 52,486.00
2013-06-30 1,630,935.00 51,655.00 173,580.00 52,486.00
2013-03-31 1,592,279.00 48,477.00 170,273.00 52,486.00
2012-12-31 1,562,301.00 47,530.00 170,053.00 50,641.00
2012-09-30 1,542,548.00 44,133.00 167,913.00 50,641.00
2012-06-30 1,577,863.00 56,532.00 166,804.00 50,641.00

*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.
  • Toray Industries has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Toray Industries used its assets less efficiently than the DE Chemicals industry average last year based on Return on Assets.
  • Toray Industries's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Toray Industries'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 Chemicals 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.
Toray Industries has a total score of 1/6, 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 Toray Industries'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 Toray Industries's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Toray Industries is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Toray Industries's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Toray Industries'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 1.2x 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 Toray Industries Company Filings, last reported 2 months ago.

DB:TOR1 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,213,944.00 972,422.00 168,507.00
2018-12-31 1,211,388.00 965,548.00 154,721.00
2018-09-30 1,238,793.00 992,252.00 158,736.00
2018-06-30 1,184,263.00 832,684.00 144,857.00
2018-03-31 1,169,188.00 812,567.00 141,101.00
2017-12-31 1,207,417.00 843,605.00 143,964.00
2017-09-30 1,157,245.00 800,075.00 127,750.00
2017-06-30 1,121,414.00 739,026.00 133,724.00
2017-03-31 1,100,176.00 712,005.00 143,111.00
2016-12-31 1,082,459.00 762,691.00 142,510.00
2016-09-30 982,649.00 696,269.00 122,095.00
2016-06-30 965,444.00 700,498.00 114,830.00
2016-03-31 1,024,909.00 700,806.00 120,168.00
2015-12-31 1,069,144.00 778,277.00 128,302.00
2015-09-30 1,048,891.00 720,349.00 119,649.00
2015-06-30 1,075,853.00 735,579.00 131,891.00
2015-03-31 1,080,757.00 690,391.00 116,193.00
2014-12-31 993,990.00 728,850.00 104,283.00
2014-09-30 938,506.00 740,713.00 101,589.00
2014-06-30 906,488.00 736,905.00 130,860.00
2014-03-31 944,625.00 647,577.00 114,138.00
2013-12-31 896,122.00 571,596.00 99,470.00
2013-09-30 858,483.00 574,982.00 97,794.00
2013-06-30 817,643.00 559,762.00 99,629.00
2013-03-31 779,615.00 529,597.00 108,666.00
2012-12-31 707,558.00 524,880.00 83,478.00
2012-09-30 682,389.00 521,523.00 83,694.00
2012-06-30 688,009.00 512,790.00 96,569.00
  • Toray Industries's level of debt (80.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (68.7% vs 80.1% today).
  • Debt is not well covered by operating cash flow (18.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 508.9x coverage).
X
Financial health checks
We assess Toray Industries'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. Toray Industries has a total score of 3/6, 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 Toray Industries'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
1.94%
Current annual income from Toray Industries dividends. Estimated to be 2.19% next year.
If you bought €2,000 of Toray Industries shares you are expected to receive €39 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?
  • Toray Industries's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Toray Industries's dividend is below the markets top 25% of dividend payers in Germany (3.81%).
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:TOR1 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 13 Analyst Estimates (S&P Global) See Below
Germany Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.2%
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 3.8%

Industry and Market average data is calculated daily.

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

DB:TOR1 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 30.00 1.00
2023-03-31 26.00 1.00
2022-03-31 18.75 8.00
2021-03-31 17.77 13.00
2020-03-31 16.42 12.00
DB:TOR1 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-05-14 16.000 2.074
2019-02-13 16.000 2.114
2019-02-08 16.000 2.087
2018-11-13 16.000 1.946
2018-11-09 16.000 1.811
2018-06-26 16.000 1.908
2018-05-10 16.000 1.762
2018-02-13 14.000 1.362
2018-02-09 14.000 1.343
2017-11-13 14.000 1.287
2017-11-10 14.000 1.222
2017-06-27 14.000 1.349
2017-05-10 14.000 1.510
2017-02-13 14.000 1.417
2017-02-09 14.000 1.427
2016-11-11 14.000 1.471
2016-11-08 14.000 1.579
2016-06-28 14.000 1.472
2016-05-12 14.000 1.518
2016-02-10 12.000 1.291
2016-02-09 12.000 1.277
2015-11-11 12.000 1.119
2015-11-10 12.000 1.082
2015-06-24 12.000 1.163
2015-05-08 12.000 1.186
2015-02-10 12.000 1.187
2015-02-05 12.000 1.222
2014-11-14 12.000 1.268
2014-11-06 12.000 1.527
2014-06-25 10.000 1.420
2014-05-08 10.000 1.526
2014-02-14 10.000 1.466
2014-02-06 10.000 1.438
2013-11-07 10.000 1.431
2013-06-26 10.000 1.583
2013-05-10 10.000 1.480
2013-02-14 10.000 1.608
2013-02-07 10.000 1.860
2012-11-14 10.000 1.988
2012-11-07 10.000 2.221
2012-08-06 10.000 2.135
2012-06-22 10.000 1.948
2012-05-08 10.000 1.859
2012-02-14 10.000 1.676
2012-02-07 10.000 1.750
2011-11-14 10.000 1.777
2011-11-02 10.000 1.743
2011-08-04 10.000 1.785
2011-05-10 10.000 1.672
2011-02-10 5.000 0.849
2011-02-03 5.000 0.836
2010-11-11 5.000 1.005
2010-11-04 5.000 1.053
2010-06-24 5.000 1.091
2010-05-10 5.000 1.039
2010-02-10 5.000 0.964
2010-02-05 5.000 1.013
2009-11-06 5.000 1.012
2009-05-11 5.000 1.005
2009-02-12 5.000 1.257
2009-02-06 5.000 1.315
2008-11-07 10.000 2.318
2008-08-06 10.000 2.155

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 Toray Industries's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.1x 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 Toray Industries'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 Toray Industries afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Toray Industries 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 Toray Industries'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
Akihiro Nikkaku
COMPENSATION ¥157,000,000
AGE 69
CEO Bio

Mr. Akihiro Nikkaku has been the President of Toray Industries, Inc. since June, 2010 and serves as its Chief Executive Officer and Chief Operating Officer. Mr. Nikkaku served as an Executive Vice President of Toray Industries Inc. since June 2007. Mr. Nikkaku served as Senior Managing Director and Managing Director at Toray Industries Inc. He has been a Representative Director of Toray Industries, Inc. since June, 2010. He studied at The University of Tokyo Graduate School of Engineering in 1973.

CEO Compensation
  • Akihiro's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Akihiro's remuneration is lower than average for companies of similar size in Germany.
Management Team

Akihiro Nikkaku

TITLE
CEO, President
COMPENSATION
¥157M
AGE
69

Toru Fukasawa

TITLE
Head of Finance & Accounting Unit
AGE
63

Koichi Abe

TITLE
Head of Technology Center
AGE
65

Kenjiro Kamiyama

TITLE
General Manager of Investor Relations Department

Yoshiaki Nakayama

TITLE
General Manager of Corporate Communications Department

Hiroshi Otani

TITLE
Senior VP
AGE
65
TENURE
5 yrs

Yukichi Deguchi

TITLE
Senior MD
AGE
69
TENURE
5 yrs

Kazuo Morimoto

TITLE
Senior VP & Director

Ryo Murayama

TITLE
Executive VP
AGE
68

Osamu Inoue

TITLE
Senior VP & Director
Board of Directors

Akihiro Nikkaku

TITLE
CEO, President
COMPENSATION
¥157M
AGE
69
TENURE
9 yrs

Toru Fukasawa

TITLE
Head of Finance & Accounting Unit
AGE
63

Koichi Abe

TITLE
Head of Technology Center
AGE
65

Hiroshi Otani

TITLE
Senior VP
AGE
65

Yukichi Deguchi

TITLE
Senior MD
AGE
69

Kazuo Morimoto

TITLE
Senior VP & Director

Ryo Murayama

TITLE
Executive VP
AGE
68

Osamu Inoue

TITLE
Senior VP & Director

Mitsuo Ohya

TITLE
Senior VP & Director
AGE
63

Yasuo Suga

TITLE
Senior VP & Director
AGE
63
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Toray Industries'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. Toray Industries 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

Toray Industries, Inc. manufactures, processes, and sells fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering products, and life science products. The company offers filament yarns, staple fibers, and spun yarns, as well as woven and knitted fabrics of nylon, polyester, acrylics, and others; non-woven fabrics; ultra-microfiber non-woven fabric with suede-texture; and apparel products. It also provides nylon, ABS, PBT, PPS, other resins and molded products; polyolefin foam products; polyester, polyethylene, polypropylene, and other films; processed film products; raw materials for synthetic fibers and plastics; fine chemicals; electronic and information materials; and graphic materials. In addition, the company offers carbon fibers, carbon fiber composite materials, and molded products; analysis, physical evaluation, research, and other services; and pharmaceuticals, medical devices, etc. Further, it provides engineering services; condominiums; industrial equipment and machinery; IT-related equipment; water treatment membranes and related equipment; materials for housing, building, and civil engineering applications. As of March 31, 2018, Toray Industries, Inc. operated in 26 countries and regions, including Japan. The company was formerly known as Toyo Rayon Co., Ltd. and changed its name to Toray Industries, Inc. in 1970. Toray Industries, Inc. was founded in 1926 and is headquartered in Tokyo, Japan.

Details
Name: Toray Industries, Inc.
TOR1
Exchange: DB
Founded: 1926
¥10,850,236,031
1,599,871,341
Website: http://www.toray.co.jp
Address: Toray Industries, Inc.
Nihonbashi Mitsui Tower,
2-1-1, Nihonbashi-Muromachi,
Tokyo,
103-8666,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 3402 Common Stock The Tokyo Stock Exchange JP JPY 02. Jan 1992
OTCPK TRYI.F Common Stock Pink Sheets LLC US USD 02. Jan 1992
DB TOR1 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1992
OTCPK TRYI.Y ADR Pink Sheets LLC US USD 28. Mar 1991
Number of employees
Current staff
Staff numbers
48,320
Toray Industries employees.
Industry
Commodity Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 02:46
End of day share price update: 2019/06/25 00:00
Last estimates confirmation: 2019/06/21
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
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.