Board Change • May 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Outside Independent Director Akiko Innes-Taylor was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • May 14
Toray Industries, Inc., Annual General Meeting, Jun 24, 2026 Toray Industries, Inc., Annual General Meeting, Jun 24, 2026. Tillkännagivande • May 10
Toray Industries, Inc. to Report Fiscal Year 2026 Results on May 13, 2026 Toray Industries, Inc. announced that they will report fiscal year 2026 results on May 13, 2026 Tillkännagivande • Mar 10
Toray Industries, Inc’s Subsidiary Toray Composite Materials America, Inc Announces Management Changes Toray Industries, Inc’s subsidiary Toray Composite Materials America, Inc. announced the appointment of Teruyuki Sakimon as President and Chief Executive Officer, effective April 1, 2026. He will succeed Dennis Frett, who will retire after a long and distinguished career. Frett worked closely with leadership throughout the succession process to ensure a smooth transition. Sakimon has been with Toray CMA for over 20 years and with Toray Industries' (Toray) advanced composites division for nearly 30 years. As he transitions from his current role as Vice President of Technical, he brings a strong background in technical R&D and business operations. He has played a pivotal role in advancing the organization's mission, spearheading several product innovations for the company's strategic partners and strengthening operational excellence. Frett has been with the company for over 30 years, including 15 years as an executive leader. Under his leadership, Toray CMA achieved significant growth while navigating industry changes and global challenges, positioning it as the premier provider of advanced composite materials. He will continue to support the company's Board of Directors and Executive Committee in an advisory role. This leadership transition marks Toray CMA's renewed commitment to operational excellence, customer partnership, and continued investment in next-generation technologies to support the needs of the aerospace, defense, and industrial markets. Tillkännagivande • Jan 06
Toray Industries, Inc. to Report Q3, 2026 Results on Feb 10, 2026 Toray Industries, Inc. announced that they will report Q3, 2026 results on Feb 10, 2026 Declared Dividend • Dec 30
First half dividend of JP¥10.00 announced Shareholders will receive a dividend of JP¥10.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 182%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 71% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Nov 14
Toray Industries, Inc. (TSE:3402) announces an Equity Buyback for 63,000,000 shares, representing 4.2% for ¥50,000 million. Toray Industries, Inc. (TSE:3402) announces a share repurchase program. Under the program, the company will repurchase up to 63,000,000 shares, representing 4.2% of its issued share capital (excluding treasury stock) for ¥50,000 million. The share repurchase program is pursuant to to a policy to accelerate the improvement of capital efficiency by reducing cross-shareholdings by half over three years from FY2024 to FY2026. The repurchased shares will be cancelled. The program will be valid till May 31, 2026. As of October 31, 2025, there are 1,501,692,741 outstanding shares (excluding treasury stock) and 129,788,662 treasury shares. Tillkännagivande • Sep 30
Toray Industries, Inc. to Report Q2, 2026 Results on Nov 14, 2025 Toray Industries, Inc. announced that they will report Q2, 2026 results on Nov 14, 2025 Tillkännagivande • Jun 27
Toray Industries, Inc. to Report Q1, 2026 Results on Aug 08, 2025 Toray Industries, Inc. announced that they will report Q1, 2026 results on Aug 08, 2025 Tillkännagivande • May 14
Toray Industries, Inc., Annual General Meeting, Jun 26, 2025 Toray Industries, Inc., Annual General Meeting, Jun 26, 2025. Tillkännagivande • Mar 13
Toray Industries, Inc. to Report Fiscal Year 2025 Results on May 14, 2025 Toray Industries, Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Tillkännagivande • Feb 13
Toray Industries, Inc. Announces Changes of Representative Members of the Board Toray Industries, Inc. announced that the board of directors has resolved to change the Company's representative members of the board at the Board of Directors Meeting held on February 12, 2025, as described below.
Kazuhiko Shuto - New titles: Representative Member of the Board Executive Vice President from Current Title: Member of the Board Executive Vice President. Satoru Hagiwara - New titles: Member of the Board Executive Advisor from Current Title: Representative Member of the Board Executive Vice President. Career summary of newly appointed representative member of the board: Kazuhiko Shuto. Date of birth December 31, 1957. Career: April 1980 Joined the Company; April 2014 General Manager, Textiles Division; June 2014 Vice President (Member of the Board); June 2016 Senior Vice President (Member of the Board); June 2017 Retired from Senior Vice President (Member of the Board); June 2020 Senior Vice President; June 2021 Senior Vice President; June 2022 Senior Vice President (Member of the Board); June 2023 Executive Vice President (Member of the Board) (incumbent). Scheduled date of appointment: April 1, 2025. Tillkännagivande • Dec 04
Toray Industries, Inc. to Report Q3, 2025 Results on Feb 12, 2025 Toray Industries, Inc. announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥17.89 (vs JP¥9.32 in 2Q 2024) Second quarter 2025 results: EPS: JP¥17.89 (up from JP¥9.32 in 2Q 2024). Revenue: JP¥656.4b (up 5.6% from 2Q 2024). Net income: JP¥28.7b (up 92% from 2Q 2024). Profit margin: 4.4% (up from 2.4% in 2Q 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €5.71, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Chemicals industry in Germany. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.24 per share. Tillkännagivande • Nov 08
Toray Industries, Inc. (TSE:3402) announces an Equity Buyback for 155,000,000 shares, representing 9.67% for ¥100,000 million. Toray Industries, Inc. (TSE:3402) announces a share repurchase program. Under the program, the company will repurchase up to 155,000,000 shares, representing 9.67% of its issued share capital, for ¥100,000 million. The purpose of the program is to improve capital efficiency. The program is valid till November 7, 2025. As of September 30, 2024, there are 1,603,001,688 outstanding shares (excluding treasury stock) and 28,479,715 treasury shares. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.0%). Tillkännagivande • Aug 27
Toray Industries, Inc. to Report Q2, 2025 Results on Nov 07, 2024 Toray Industries, Inc. announced that they will report Q2, 2025 results on Nov 07, 2024 Tillkännagivande • Aug 07
Toray Industries, Inc. Revises Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 Toray Industries, Inc. revised consolidated earnings guidance for the Six months ending September 30, 2024. For the six months period, the company now expects revenue of ¥1,310,000 million, core operating income of ¥70,000 million, profit attributable to owners of parent of ¥46,000 million and basic earnings per share of ¥28.71 as compared to the previous guidance revenue of ¥1,260,000 million, core operating income of ¥60,000 million, profit attributable to owners of parent of ¥39,000 million and basic earnings per share of ¥24.35. Tillkännagivande • Jul 12
Toray Industries, Inc. to Report Q1, 2025 Results on Aug 07, 2024 Toray Industries, Inc. announced that they will report Q1, 2025 results on Aug 07, 2024 Declared Dividend • Jul 11
Final dividend of JP¥9.00 announced Shareholders will receive a dividend of JP¥9.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 209%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is not covered by earnings (132% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 46% to bring the payout ratio under control. EPS is expected to grow by 99% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Jul 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 42% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥13.67 (vs JP¥45.49 in FY 2023) Full year 2024 results: EPS: JP¥13.67 (down from JP¥45.49 in FY 2023). Revenue: JP¥2.46t (down 1.0% from FY 2023). Net income: JP¥21.9b (down 70% from FY 2023). Profit margin: 0.9% (down from 2.9% in FY 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 14
Toray Industries, Inc., Annual General Meeting, Jun 25, 2024 Toray Industries, Inc., Annual General Meeting, Jun 25, 2024. Tillkännagivande • May 09
Toray Industries, Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ended March 31, 2024 Toray Industries, Inc. revised consolidated earnings guidance for the fiscal year ended March 31, 2024. For the period, the company now expects revenue of JPY 2,464,600 million, core operating income of JPY 102,000 milliion, profit attributable to owners of parent of JPY 21,900 million and basic earnings per share of JPY 13.67 against previous forecast for revenue of JPY 2,470,000 million, core operating income of JPY 105,000 million, profit attributable to owners of parent of JPY 58,000 million and basic earnings per share of JPY 36.22. Tillkännagivande • Mar 28
Toray Industries, Inc. to Report Fiscal Year 2024 Results on May 13, 2024 Toray Industries, Inc. announced that they will report fiscal year 2024 results on May 13, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.9%). Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥10.48 (vs JP¥9.65 in 3Q 2023) Third quarter 2024 results: EPS: JP¥10.48 (up from JP¥9.65 in 3Q 2023). Revenue: JP¥630.0b (down 1.6% from 3Q 2023). Net income: JP¥16.8b (up 8.7% from 3Q 2023). Profit margin: 2.7% (up from 2.4% in 3Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Feb 09
Toray Industries, Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 Toray Industries, Inc. revised consolidated earnings guidance for the fiscal year ending March 31, 2024. For the year, the company now expects revenue of JPY 2,470.0 billion, core operating income of JPY 105.0 billion and profit attributable to owners of parent of JPY 58.0 billion or JPY 36.22 earnings per share against previous guidance of expects revenue of JPY 2,540.0 billion, core operating income of JPY 120.0 billion and profit attributable to owners of parent of JPY 71.0 billion or JPY 44.33 earnings per share. Tillkännagivande • Feb 08
Toray Industries, Inc. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 Toray Industries, Inc. provided dividend guidance for the fiscal year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 9.00 per share against JPY 9.00 per share paid a year ago. Tillkännagivande • Dec 07
Toray Industries, Inc. to Report Q3, 2024 Results on Feb 08, 2024 Toray Industries, Inc. announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥9.32 (vs JP¥11.99 in 2Q 2023) Second quarter 2024 results: EPS: JP¥9.32 (down from JP¥11.99 in 2Q 2023). Revenue: JP¥621.3b (down 5.3% from 2Q 2023). Net income: JP¥14.9b (down 22% from 2Q 2023). Profit margin: 2.4% (down from 2.9% in 2Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 30
Toray Industries, Inc. Develops TORAYCA™ T1200, the Ultra-High-Strength Carbon Fiber Toray Industries, Inc. announced that it has developed TORAYCA™ T1200 carbon fiber, the higher strength at 1,160 kilopound per square inch (Ksi). This new offering will move forward to reducing environmental footprints by lightening carbon-fiber-reinforced plastic materials. This fiber also opens a new performance frontier for strength-driven applications. Its potential applications range from aerostructures and defense to alternative energy and consumer products. As carbon fiber products have proven their value and become more commercialized, the supply of high-strength carbon fiber has increased globally. Pushing this performance frontier has increased the demand for specialty applications. Toray set about refining its proprietary nanoscale structural control technology to design and achieve an internal structure that resists damage. Leveraging this fundamental technology led Toray to develop TORAYCA™ T1200 in its new facility within the Ehime Plant (in Masaki-cho, Ehime Prefecture). T1200 has a tensile strength of up to 1,160 Ksi, more than 10% higher than TORAYCA™ T1100, which currently has the higher tensile strength available. T1100 applications include defense weapon systems, space, aircraft, and sports and leisure equipment. Toray began the commercial production of TORAYCA™ carbon fiber in 1971 at the Ehime Plant and diversified the application into compressed natural gas and high-pressure hydrogen tanks, automobiles, aircraft, and sporting equipment. In 1986, Toray developed TORAYCA™ T1000 and further expanded carbon fiber's potential by commercializing TORAYCA™ T1100. Toray remains a global leader, with both carbon fibers exhibiting the higher strength available worldwide. As part of the Toray Group's Sustainability Vision, the company committed itself to providing innovative technologies and advanced materials that contribute to sustainable progress. TORAYCA™ T1200 embodies the Toray Group's vision for balancing greenhouse gas emissions and absorption worldwide. The company will continue to enhance the performance and supplies of TORAYCA™ carbon fiber in keeping with its corporate philosophy of contributing to society by creating new value with innovative ideas, technologies, and products. Tillkännagivande • Sep 27
Toray Industries, Inc. to Report Q2, 2024 Results on Nov 08, 2023 Toray Industries, Inc. announced that they will report Q2, 2024 results at 12:30 PM, Tokyo Standard Time on Nov 08, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥9.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.9%). New Risk • Aug 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥8.71 (vs JP¥24.94 in 1Q 2023) First quarter 2024 results: EPS: JP¥8.71 (down from JP¥24.94 in 1Q 2023). Revenue: JP¥578.1b (down 4.6% from 1Q 2023). Net income: JP¥13.9b (down 65% from 1Q 2023). Profit margin: 2.4% (down from 6.6% in 1Q 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 26
Toray Industries, Inc. to Report Q1, 2024 Results on Aug 07, 2023 Toray Industries, Inc. announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥45.49 (vs JP¥52.63 in FY 2022) Full year 2023 results: EPS: JP¥45.49 (down from JP¥52.63 in FY 2022). Revenue: JP¥2.49t (up 12% from FY 2022). Net income: JP¥72.8b (down 14% from FY 2022). Profit margin: 2.9% (down from 3.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 12
Toray Industries, Inc., Annual General Meeting, Jun 27, 2023 Toray Industries, Inc., Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥9.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.7%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥9.65 (vs JP¥17.73 in 3Q 2022) Third quarter 2023 results: EPS: JP¥9.65 (down from JP¥17.73 in 3Q 2022). Revenue: JP¥640.0b (up 9.6% from 3Q 2022). Net income: JP¥15.4b (down 46% from 3Q 2022). Profit margin: 2.4% (down from 4.9% in 3Q 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Tillkännagivande • Dec 28
Toray Industries, Inc. to Report Q3, 2023 Results on Feb 08, 2023 Toray Industries, Inc. announced that they will report Q3, 2023 results on Feb 08, 2023 Buying Opportunity • Dec 16
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €6.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Susumu Kaminaga was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥18.46 (vs JP¥19.49 in 2Q 2022) Second quarter 2023 results: EPS: JP¥18.46 (down from JP¥19.49 in 2Q 2022). Revenue: JP¥630.9b (up 15% from 2Q 2022). Net income: JP¥29.6b (down 5.3% from 2Q 2022). Profit margin: 4.7% (down from 5.7% in 2Q 2022). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.1%). Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥24.94 (vs JP¥18.58 in 1Q 2022) First quarter 2023 results: EPS: JP¥24.94 (up from JP¥18.58 in 1Q 2022). Revenue: JP¥605.9b (up 18% from 1Q 2022). Net income: JP¥39.9b (up 34% from 1Q 2022). Profit margin: 6.6% (up from 5.8% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.7%, compared to a 3.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be €5.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has grown by 7.9%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥52.63 (vs JP¥28.62 in FY 2021) Full year 2022 results: EPS: JP¥52.63 (up from JP¥28.62 in FY 2021). Revenue: JP¥2.23t (up 18% from FY 2021). Net income: JP¥84.2b (up 84% from FY 2021). Profit margin: 3.8% (up from 2.4% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.9%, compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Susumu Kaminaga was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (4.8%). Reported Earnings • Feb 10
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥17.73 (up from JP¥14.64 in 3Q 2021). Revenue: JP¥583.9b (up 15% from 3Q 2021). Net income: JP¥28.4b (up 21% from 3Q 2021). Profit margin: 4.9% (up from 4.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 5.3%, compared to a 6.3% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥19.49 (vs JP¥3.12 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥549.3b (up 20% from 2Q 2021). Net income: JP¥31.2b (up JP¥36.2b from 2Q 2021). Profit margin: 5.7% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 05
First quarter 2022 earnings released: EPS JP¥18.57 (vs JP¥5.91 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥513.7b (up 29% from 1Q 2021). Net income: JP¥29.7b (up 214% from 1Q 2021). Profit margin: 5.8% (up from 2.4% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 25
Full year 2021 earnings released: EPS JP¥28.62 (vs JP¥34.83 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.88t (down 15% from FY 2020). Net income: JP¥45.8b (down 18% from FY 2020). Profit margin: 2.4% (down from 2.5% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥28.62 (vs JP¥34.83 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.88t (down 15% from FY 2020). Net income: JP¥45.8b (down 18% from FY 2020). Profit margin: 2.4% (down from 2.5% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.50 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 24 June 2021. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.6%). Analyst Estimate Surprise Post Earnings • Feb 11
Revenue beats expectations Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is expected to shrink by 1.2% compared to a 5.1% growth forecast for the Chemicals industry in Germany. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS JP¥14.64 (vs JP¥12.82 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥508.1b (down 9.1% from 3Q 2020). Net income: JP¥23.4b (up 14% from 3Q 2020). Profit margin: 4.6% (up from 3.7% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Tillkännagivande • Feb 09
Toray Industries, Inc. Provides Year End Dividend Guidance for the Year Ending March 31, 2021 Toray Industries, Inc. announced that it is expecting a year end cash dividend of ¥4.50 per share for the year ending March 31, 2021 against ¥8.00 per share paid a year ago. Is New 90 Day High Low • Feb 03
New 90-day high: €6.00 The company is up 53% from its price of €3.92 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.28 per share. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥5.95, the stock is trading at a trailing P/E ratio of 77.6x, up from the previous P/E ratio of 67.2x. This compares to an average P/E of 28x in the Chemicals industry in Germany. Total return to shareholders over the past three years is a loss of 21%. Is New 90 Day High Low • Jan 08
New 90-day high: €5.10 The company is up 32% from its price of €3.86 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.11 per share. Tillkännagivande • Dec 11
Toray Industries, Inc. to Report Q3, 2021 Results on Feb 09, 2021 Toray Industries, Inc. announced that they will report Q3, 2021 results on Feb 09, 2021 Is New 90 Day High Low • Dec 03
New 90-day high: €4.86 The company is up 25% from its price of €3.88 on 04 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.23 per share. Reported Earnings • Nov 10
Second quarter 2021 earnings released: JP¥3.12 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥458.4b (down 21% from 2Q 2020). Net loss: JP¥4.99b (down 122% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue beats expectations Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 5.1%, compared to a 3.1% growth forecast for the Chemicals industry in Germany. Is New 90 Day High Low • Nov 04
New 90-day high: €4.12 The company is up 2.0% from its price of €4.04 on 05 August 2020. The German market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Chemicals industry, which is also up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.72 per share. Tillkännagivande • Oct 04
Toray Industries, Inc. to Report Q2, 2021 Results on Nov 06, 2020 Toray Industries, Inc. announced that they will report Q2, 2021 results on Nov 06, 2020