Tosho Co., Ltd.

TSE:8920 Stock Report

Market Cap: JP¥24.5b

Tosho Valuation

Is 8920 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 8920 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 8920 (¥648) is trading below our estimate of fair value (¥1897.08)

Significantly Below Fair Value: 8920 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 8920?

Key metric: As 8920 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 8920. This is calculated by dividing 8920's market cap by their current revenue.
What is 8920's PS Ratio?
PS Ratio0.8x
SalesJP¥32.28b
Market CapJP¥24.52b

Price to Sales Ratio vs Peers

How does 8920's PS Ratio compare to its peers?

The above table shows the PS ratio for 8920 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
7092 Fast Fitness Japan
1.6x9.6%JP¥26.7b
5261 RESOL HOLDINGSLtd
1xn/aJP¥28.0b
4801 Central Sports
0.6xn/aJP¥27.2b
2378 RenaissanceIncorporated
0.4x7.9%JP¥19.2b
8920 Tosho
0.8x-4.8%JP¥24.5b

Price-To-Sales vs Peers: 8920 is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does 8920's PS Ratio compare vs other companies in the JP Hospitality Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
9726 KNT-CT Holdings
0.1xn/aUS$213.49m
3069 JFLA Holdings
0.1xn/aUS$49.82m
No more companies available in this PS range
8920 0.8xIndustry Avg. 0.9xNo. of Companies24PS00.61.21.82.43+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 8920 is good value based on its Price-To-Sales Ratio (0.8x) compared to the JP Hospitality industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is 8920's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

8920 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.8x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: 8920 is expensive based on its Price-To-Sales Ratio (0.8x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 8920 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥648.00
JP¥1,433.33
+121.2%
49.0%JP¥2,400.00JP¥750.00n/a3
Nov ’25JP¥680.00
JP¥1,400.00
+105.9%
46.9%JP¥2,300.00JP¥750.00n/a3
Oct ’25JP¥692.00
JP¥1,400.00
+102.3%
46.9%JP¥2,300.00JP¥750.00n/a3
Sep ’25JP¥729.00
JP¥1,433.33
+96.6%
49.0%JP¥2,400.00JP¥750.00n/a3
Aug ’25JP¥691.00
JP¥1,433.33
+107.4%
49.0%JP¥2,400.00JP¥750.00n/a3
Jul ’25JP¥721.00
JP¥1,433.33
+98.8%
49.0%JP¥2,400.00JP¥750.00n/a3
Jun ’25JP¥725.00
JP¥1,490.00
+105.5%
45.9%JP¥2,400.00JP¥750.00n/a3
May ’25JP¥694.00
JP¥1,873.33
+169.9%
21.0%JP¥2,200.00JP¥1,320.00n/a3
Apr ’25JP¥726.00
JP¥1,873.33
+158.0%
21.0%JP¥2,200.00JP¥1,320.00n/a3
Mar ’25JP¥773.00
JP¥1,873.33
+142.3%
21.0%JP¥2,200.00JP¥1,320.00n/a3
Feb ’25JP¥810.00
JP¥1,873.33
+131.3%
21.0%JP¥2,200.00JP¥1,320.00n/a3
Jan ’25JP¥836.00
JP¥1,873.33
+124.1%
21.0%JP¥2,200.00JP¥1,320.00n/a3
Dec ’24JP¥801.00
JP¥1,930.00
+140.9%
16.3%JP¥2,200.00JP¥1,490.00n/a3
Nov ’24JP¥930.00
JP¥2,030.00
+118.3%
20.5%JP¥2,500.00JP¥1,490.00JP¥680.003
Oct ’24JP¥1,139.00
JP¥2,030.00
+78.2%
20.5%JP¥2,500.00JP¥1,490.00JP¥692.003
Sep ’24JP¥1,232.00
JP¥2,030.00
+64.8%
20.5%JP¥2,500.00JP¥1,490.00JP¥729.003
Aug ’24JP¥1,385.00
JP¥2,030.00
+46.6%
20.5%JP¥2,500.00JP¥1,490.00JP¥691.003
Jul ’24JP¥1,262.00
JP¥2,030.00
+60.9%
20.5%JP¥2,500.00JP¥1,490.00JP¥721.003
Jun ’24JP¥1,138.00
JP¥1,956.67
+71.9%
26.2%JP¥2,500.00JP¥1,270.00JP¥725.003
May ’24JP¥1,373.00
JP¥1,890.00
+37.7%
23.6%JP¥2,300.00JP¥1,270.00JP¥694.003
Apr ’24JP¥1,151.00
JP¥1,956.67
+70.0%
24.8%JP¥2,300.00JP¥1,270.00JP¥726.003
Mar ’24JP¥1,212.00
JP¥1,956.67
+61.4%
24.8%JP¥2,300.00JP¥1,270.00JP¥773.003
Feb ’24JP¥1,216.00
JP¥1,856.67
+52.7%
23.3%JP¥2,300.00JP¥1,270.00JP¥810.003
Jan ’24JP¥1,124.00
JP¥1,856.67
+65.2%
23.3%JP¥2,300.00JP¥1,270.00JP¥836.003
Dec ’23JP¥1,205.00
JP¥1,800.00
+49.4%
28.3%JP¥2,300.00JP¥1,100.00JP¥801.003
Nov ’23JP¥1,235.00
JP¥1,700.00
+37.7%
28.8%JP¥2,300.00JP¥1,100.00JP¥930.003

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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