Tosei Corporation

8923.T · Real Estate · Real Estate - Diversified · Valued as of 2026-11-05 · Statements 2025-11-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

2.64B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.80B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

703.12M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

1.72B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.09B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.57×

the ratio the screener ranks by

Margin of Safety

+36.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 2.64B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)3.06B USD
−②Net Debt Today904.93M USD
+③Growth Value488.89M USD
=Value2.64B USD

EPV of the Operations (NOPAT over WACC)

3.06B USD

Net debt today

-904.93M USD

Growth Value

+488.89M USD

Value

2.64B USD

①EPV (Earnings Power Value)

3.06B USD

②Net Debt Today

904.93M USD

③Growth Value

488.89M USD

Market value

Market Cap1.09B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+58.7%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.80B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE801.31M USD
+②Equity at Year 15, Today1.00B USD
=Value1.80B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

801.31M USD

②Equity at Year 15, Today

1.00B USD

Market value

Market Cap1.09B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+39.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 703.12M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 703.12M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap1.09B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-55.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 2.94%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.10×Market Risk Premium 6.00%= 5.11%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 37.38M USDPretax Income 132.14M USD= 28.28%

The tax the interest saves.

Interest Expense =EBIT 147.52M USD−Pretax Income 132.14M USD= 15.37M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 15.37M USDTotal Debt 1.18B USD×(1 − Tax Rate for WACC 28.28%)= 0.93%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.18B USDMarket Cap + Total Debt 1.09B USD + 1.18B USD= 52.01%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 47.99%×Cost of Equity 5.11%+Debt Weight 52.01%×Cost of Debt 0.93%= 2.94%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-08-31.

Total Assets 2.01B USD − Total Liabilities 1.31B USD = Book Value Today 703.12M USD

Total Debt 1.18B USD − Cash and Short-Term Investments 276.34M USD = Net Debt Today 904.93M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.3%at most 5%passes97,006,100 / 96,754,070
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-5.2%at least -10.0%passes(-11.12M USD − 94.50M USD) ÷ 2.01B USD
Price to bookMarket Cap ÷ Book Value Today1.55×at most 3×passes1.09B USD ÷ 703.12M USD
Operating marginOperating Income ÷ Revenue23.6%above 10.0%passes143.07M USD ÷ 606.48M USD
Revenue growthRevenue ÷ Revenue a Year Before − 111.4%above 10.0%passes606.48M USD / 544.23M USD
Net cash(Cash − Total Debt) ÷ Market Cap-83.0%above -30%does not pass(276.34M USD − 1.18B USD) ÷ 1.09B USD
Operating efficiencyOperating Income ÷ Gross Profit56.0%above 25.0%passes143.07M USD ÷ 255.53M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

1779.78 JPY

Enterprise value

317.91B JPY

the provider's own figure

EV / EBITDA

12.00×

Price / book

1.54×

the provider's book

Price / earnings

11.19×

Return on equity

14.5%

the provider's figure, not this page's

Profit margin

14.1%

Revenue growth

-23.8%

Analyst target, mean

2127.12 JPY

Analysts

2

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

511.91M540.85M544.23M606.48M

Gross profit

182.29M206.17M233.05M255.53M

Operating income

97.50M110.66M122.42M143.07M

EBITDA

operating income before depreciation and amortisation

111.69M124.26M137.10M158.25M

Pretax income

92.01M104.23M114.98M132.14M

Net income

62.10M71.53M79.36M94.50M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

62.10M71.53M79.36M94.50M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

1.52B1.67B1.83B1.97B

Total liabilities

1.00B1.11B1.23B1.31B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

521.55M558.55M599.25M658.47M

Total debt

900.73M997.93M1.10B1.17B

Cash and equivalents

229.19M266.85M230.92M253.67M

Net PP&E

fixed assets after depreciation

165.67M224.78M212.51M211.12M

Working capital

current assets less current liabilities

827.49M942.72M1.03B1.14B
Cash flow (USD)2022202320242025

Operating cash flow

-1.42M38.95M-86.38M-11.12M

Capital expenditure

paid out, so below zero

-1.21M-3.05M-1.51M-1.24M

Depreciation and amortisation

11.47M10.85M10.57M10.73M

Free cash flow

operating cash flow plus capital expenditure

-2.64M35.90M-87.89M-12.36M