5936 Toyo Shutter
- Japan Guru
- Oct 25
- 1 min read
Ranked third in shutters. Strong with heavy shutters. Also develops steel doors. Capital and business alliance with German company Harman.
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"A Japanese shutter maker priced like the buildings will never need new doors again.
Below TBV with long-run FCF consistency.
TBV Ratio = 0.67
EV/5Y FCF Ratio = 8.98
P/5Y FCF Ratio = 7.90
Upside to Liquidation Value = +49.9%
20Y FCF has been positive 94.4% of the time.
The 10Y average shareholder yield, at today’s price, is 4.31%.
The business manufactures, installs, and services shutters and steel doors for fire, security, and industrial use. Revenues come from product sales, project installation, and after-sales maintenance.
Construction demand in Japan has been slower, order intake and inventory have swung around, and margins feel the pinch when input costs move.
However, you’re paying below tangible book for a going concern with decades…
at 960/share, 6.1 bil yen mkt cap vs 2.0 bil yen net cash
7.6x per / 0.65x pbr / 4.17% yield