Taisei Corporation

1801.T · Industrials · Engineering & Construction · Valued as of 2026-11-03 · Statements 2026-03-31

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

9.68B USD

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

Profit

9.23B USD

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

FCFF

6.20B USD

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

Average Intrinsic Value

8.37B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

12.60B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.66×

the ratio the screener ranks by

Margin of Safety

-50.5%

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: 9.68B 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)7.39B USD
−②Net Debt Today1.18B USD
+③Growth Value3.47B USD
=Value9.68B USD

EPV of the Operations (NOPAT over WACC)

7.39B USD

Net debt today

-1.18B USD

Growth Value

+3.47B USD

Value

9.68B USD

①EPV (earnings power value)

7.39B USD

②Net Debt Today

1.18B USD

③Growth Value

3.47B USD

Market value

Market Cap12.60B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-30.1%

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): 9.23B 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 FCFE6.73B USD
+②Equity at Year 15, Today2.49B USD
=Value9.23B 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 rising 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

6.73B USD

②Equity at Year 15, Today

2.49B USD

Market value

Market Cap12.60B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-36.6%

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): 6.20B 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 (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 6.20B 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 Cap12.60B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-103.3%

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: 6.43%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.54×Market Risk Premium 6.00%= 7.76%

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 448.34M USDPretax Income 1.54B USD= 29.05%

The tax the interest saves.

Interest Expense =EBIT 1,569.71M USD−Pretax Income 1,543.18M USD= 26.53M USD

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

Cost of Debt =Interest Expense 26.53M USDTotal Debt 2.92B USD×(1 − Tax Rate for WACC 29.05%)= 0.64%

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

Debt Weight =Total Debt 2.92B USDMarket Cap + Total Debt 12.60B USD + 2.92B USD= 18.81%

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

WACC =Equity Weight 81.19%×Cost of Equity 7.76%+Debt Weight 18.81%×Cost of Debt 0.64%= 6.43%

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, 2026-03-31.

Total Assets 17.00B USD − Total Liabilities 10.80B USD = Book Value Today 6.20B USD

Total Debt 2.92B USD − Cash and Short-Term Investments 1.74B USD = Net Debt Today 1.18B 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 − 1-11.5%at most 5%passes163,009,119 / 184,292,912
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.8%at least -10.0%passes(922.38M USD − 1.06B USD) ÷ 17.00B USD
Price to bookMarket Cap ÷ Book Value Today2.03×at most 3×passes12.60B USD ÷ 6.20B USD
Operating marginOperating Income ÷ Revenue9.0%above 10.0%does not pass1.18B USD ÷ 13.08B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-9.2%above 10.0%does not pass13.08B USD / 14.41B USD
Net cash(Cash − Total Debt) ÷ Market Cap-9.3%above -30%passes(1.74B USD − 2.92B USD) ÷ 12.60B USD
Operating efficiencyOperating Income ÷ Gross Profit57.0%above 25.0%passes1.18B USD ÷ 2.07B USD

Market Data

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

Share price

12122.11 JPY

Enterprise value

2.22T JPY

the provider's own figure

EV / EBITDA

10.22×

Price / book

2.12×

the provider's book

Price / earnings

11.80×

Return on equity

—

the provider's figure, not this page's

Profit margin

7.9%

Revenue growth

18.4%

Analyst target, mean

16244.80 JPY

Analysts

7

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)2023202420252026

Revenue

12.34B11.67B14.41B13.08B

Gross profit

1.11B842.10M1.55B2.07B

Operating income

411.38M175.04M803.93M1.18B

EBITDA

operating income before depreciation and amortisation

604.45M472.16M1.32B1.67B

Pretax income

511.72M377.38M1.19B1.54B

Net income

354.13M266.19M828.43M1.06B

Normalized income

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

328.16M179.17M603.72M839.80M

R&D

————
Balance sheet, year end (USD)2023202420252026

Total assets

15.16B17.08B16.25B17.00B

Total liabilities

8.89B10.73B10.22B10.80B

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

6.23B6.14B5.80B5.94B

Total debt

1.52B2.50B2.13B2.92B

Cash and equivalents

3.13B2.87B1.61B1.74B

Net PP&E

fixed assets after depreciation

1.60B2.20B1.65B2.18B

Working capital

current assets less current liabilities

2.49B2.17B2.05B1.62B
Cash flow (USD)2023202420252026

Operating cash flow

226.21M268.43M-92.60M922.38M

Capital expenditure

paid out, so below zero

-121.46M-808.44M-213.69M-485.84M

Depreciation and amortisation

86.26M86.66M109.66M105.00M

Free cash flow

operating cash flow plus capital expenditure

104.74M-540.01M-306.29M436.54M