Toyo Seikan Group Holdings, Ltd.

TQN.F · Consumer Cyclical · Packaging & Containers · Valued as of 2026-11-05 · 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

1.30B USD

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

Profit

3.06B USD

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

FCFF

2.97B USD

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

Average Intrinsic Value

2.44B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

4.22B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.58×

the ratio the screener ranks by

Margin of Safety

-72.7%

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: 1.30B 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)1.80B USD
−②Net Debt Today503.06M USD
+③Growth Value0 USD
=Value1.30B USD

EPV of the Operations (NOPAT over WACC)

1.80B USD

Net debt today

-503.06M USD

Growth Value

0 USD

Value

1.30B USD

①EPV (Earnings Power Value)

1.80B USD

②Net Debt Today

503.06M USD

③Growth Value

0 USD

Market value

Market Cap4.22B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-225.5%

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): 3.06B 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 FCFE2.03B USD
+②Equity at Year 15, Today1.03B USD
=Value3.06B 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 rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

2.03B USD

②Equity at Year 15, Today

1.03B USD

Market value

Market Cap4.22B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-37.9%

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): 2.97B 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).
①Present Value of the 15 Years of FCFF1.75B USD
+②Invested Capital at Year 15, Today1.72B USD
−③Net Debt Today503.06M USD
=Value2.97B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

1.75B USD

②Invested Capital at Year 15, Today

1.72B USD

③Net Debt Today

503.06M USD

Market value

Market Cap4.22B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-41.9%

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: 8.39%
Cost of Equity =Risk-Free Rate 4.50%+Beta (default) 1.00×Market Risk Premium 6.00%= 10.50%

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 128.96M USDPretax Income 483.94M USD= 26.65%

The tax the interest saves.

Interest Expense =EBIT 508.10M USD−Pretax Income 483.94M USD= 24.16M USD

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

Cost of Debt =Interest Expense 24.16M USDTotal Debt 1.27B USD×(1 − Tax Rate for WACC 26.65%)= 1.39%

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

Debt Weight =Total Debt 1.27B USDMarket Cap + Total Debt 4.22B USD + 1.27B USD= 23.20%

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

WACC =Equity Weight 76.80%×Cost of Equity 10.50%+Debt Weight 23.20%×Cost of Debt 1.39%= 8.39%

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 7.77B USD − Total Liabilities 3.21B USD = Book Value Today 4.56B USD

Total Debt 1.27B USD − Cash and Short-Term Investments 771.29M USD = Net Debt Today 503.06M 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 − 1-13.4%at most 5%passes150,371,299 / 173,563,283
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.7%at least -10.0%passes(557.54M USD − 344.33M USD) ÷ 7.77B USD
Price to bookMarket Cap ÷ Book Value Today0.93×at most 3×passes4.22B USD ÷ 4.56B USD
Operating marginOperating Income ÷ Revenue5.4%above 10.0%does not pass325.69M USD ÷ 6.03B USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-2.3%above 10.0%does not pass6.03B USD / 6.17B USD
Net cash(Cash − Total Debt) ÷ Market Cap-11.9%above -30%passes(771.29M USD − 1.27B USD) ÷ 4.22B USD
Operating efficiencyOperating Income ÷ Gross Profit37.0%above 25.0%passes325.69M USD ÷ 879.96M USD

Market Data

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

Share price

25.02 EUR

Enterprise value

112.43B EUR

the provider's own figure

EV / EBITDA

1.01×

Price / book

0.94×

the provider's book

Price / earnings

12.89×

Return on equity

7.8%

the provider's figure, not this page's

Profit margin

5.4%

Revenue growth

11.4%

Analyst target, mean

—

Analysts

—

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

6.81B6.28B6.17B6.03B

Gross profit

650.23M784.76M819.84M879.96M

Operating income

55.59M223.75M229.24M325.69M

EBITDA

operating income before depreciation and amortisation

511.81M616.42M620.42M848.40M

Pretax income

103.48M226.98M217.28M483.94M

Net income

77.88M152.58M150.44M344.33M

Normalized income

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

86.14M182.97M178.85M264.48M

R&D

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

Total assets

8.76B7.80B8.05B7.77B

Total liabilities

3.71B3.19B3.40B3.21B

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

4.83B4.40B4.46B4.37B

Total debt

1.35B1.25B1.51B1.27B

Cash and equivalents

749.27M595.01M801.77M771.29M

Net PP&E

fixed assets after depreciation

2.81B2.45B2.35B2.22B

Working capital

current assets less current liabilities

2.28B2.08B2.09B1.89B
Cash flow (USD)2023202420252026

Operating cash flow

-141.74M426.88M629.31M557.54M

Capital expenditure

paid out, so below zero

-480.78M-355.84M-325.07M-353.37M

Depreciation and amortisation

397.80M366.20M374.64M340.30M

Free cash flow

operating cash flow plus capital expenditure

-622.52M71.04M304.24M204.17M