Toho Co (TOH) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Toho Co €9.41, price €8.70, upside +8.1%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 2 of the last 21 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.
TCBroad dataSep 30, 2026
Toho Co
TOH · F
NeutralQuality growthThe stock looks roughly fairly valued with average quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range €4.96 – €11.47 · fair‑value band €6.59 – €13.41 · the €8.70 price screens below the €9.41 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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Toho Co., Ltd., together with its subsidiaries, engages in the film business in Japan, North America, Asia, and internationally. It operates through Film Business, IP and Anime Business, Theatrical Business, Real Estate Business, and Other segments.
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Toho Co., Ltd., together with its subsidiaries, engages in the film business in Japan, North America, Asia, and internationally. It operates through Film Business, IP and Anime Business, Theatrical Business, Real Estate Business, and Other segments. The company is involved in the planning and production of films; utilization of rights, including video streaming; management of cinema complexes; and other video production, art production, and advertising activities. It also engages in the development, production, and rights management of TOHO animation titles, as well as licensing operations for Godzilla; production and exhibition of theatrical plays; and management of entertainment production. In addition, the company is involved in the leasing of office buildings and commercial facilities; road maintenance, repair, and cleaning; and building maintenance, including cleaning, facility management, and security for buildings. Further, it engages in distribution to movie theatres; licensing of merchandising rights; sales and merchandising activities; and operation of sports facilities. Toho Co., Ltd. was incorporated in 1932 and is headquartered in Chiyoda, Japan.
Stock analysis
Toho Co (TOH) currently trades at €8.70, while our model-based Fair Value estimate is €9.41, so the stock looks roughly fairly valued today (gap 7.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of €6.84 per share, and 0 of the 26 models we run sit above the €8.70 price.
Bear case: the Dividend Discount group reads lowest at €1.60, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €6.59 (bear) to €13.41 (bull), the price of €8.70 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Toho Co reported revenue of ¥361B in FY2026 versus ¥228B in FY2022, a compound +12.1%/yr. Reported net income was ¥51.8B in FY2026, compounding +15.0%/yr from FY2022.
Key figures
Market cap €7.3B · P/E ratio 25.6 · P/S ratio 3.67 · EPS (TTM) €0.3400 · Dividend yield 1.4% · Net margin 14.4% · Return on equity 9.7% · Return on assets (EBIT) 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at −3% fair-value upside, at 8%, TOH screens cheaper than that median.
Fair Value models
Bear €6.59Fair Value €9.41Bull €13.41
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Start year 2021 (pandemic). Over 10 years: +4.6% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
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What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−16.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.1%
Dividend (yield on the price)1.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−18.1% vs −10.3%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 19%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +10.7% a year for the price and +2.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Entertainment · 234 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Above median
Fair Value upside+8.7% · Above median
Profitability
Return on equity (TTM)9.7% · Top 25%
Return on assets5.7% · Top 25%
Net margin (TTM)13.3% · Top 25%
Operating margin (TTM)15.6% · Top 25%
Growth and dividend
Revenue growth4.6% · Below median
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Entertainment median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Toho Co Fair Value". https://www.fairvalue-calculator.com/stock/TOH
Frequently asked questions
Is Toho Co (TOH) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €9.41 versus a price of €8.70, about +8% upside (fairly valued).
What is the fair value of TOH?
Our model-based fair value for Toho Co is €9.41 (as of Sep 30, 2026), built from audited fundamentals. The current price: €8.70.
What is the quality score of TOH?
Toho Co has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Toho Co (TOH)?
Our model-based price target is the fair value of €9.41 (as of Sep 30, 2026) from 26 valuation models. Cautious scenario €6.59, optimistic scenario €13.41. It is a calculation from audited fundamentals, not an analyst target.
What is the Toho Co stock forecast for 2026?
Our models put fair value at €9.41, about +8% upside versus a price of €8.70 (fairly valued). Cautious scenario €6.59, optimistic scenario €13.41. The calculation is refreshed regularly with new filings.
What is the revenue of Toho Co (TOH)?
Toho Co reported trailing-twelve-month revenue of about ¥365B (latest available figure, as of Sep 30, 2026).
Does Toho Co pay a dividend?
Toho Co currently shows a dividend yield of about 1.36% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Toho Co (TOH)?
For today's price to be fair in a discounted-cash-flow model, Toho Co would have to grow free cash flow by +13.1 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.4 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of TOH use?
Our models discount Toho Co at 9.5 %: a base by market capitalisation (mid), country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Toho Co that is +13.1 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Toho Co (TOH) delivered so far?
Over the past 5 years revenue at Toho Co grew +13.4 % a year. The price currently implies +13.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Toho Co (TOH) growing?
The median revenue growth in the sector is +3.1 % a year. That is the yardstick for the growth priced into Toho Co (+13.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Toho Co (TOH)?
The free-cash-flow yield on the price is 3.85 %: that much free cash flow Toho Co produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Toho Co (TOH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Toho Co it is €9.41 per share (as of Sep 30, 2026), against a price of €8.70. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Toho Co stock overvalued or undervalued in 2026?
As of Sep 30, 2026, TOH trades below its calculated fair value: price €8.70, fair value €9.41, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TOH?
No. The price is what the market pays today (€8.70); the fair value is what the company's own numbers justify (€9.41). For Toho Co the two are €0.7050 per share apart. That gap is exactly why we show both numbers side by side.
How much is Toho Co worth?
The market values Toho Co at about €7.3B (market capitalisation, as of Sep 30, 2026). Per share that is €8.70; our models calculate a fair value of €9.41 per share.
What do the bullish and bearish scenarios say about TOH?
Our models span a range for Toho Co: cautious scenario €6.59, base €9.41, optimistic €13.41 per share (as of Sep 30, 2026, price €8.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TOH?
Toho Co trades at a price-to-earnings ratio of 25.6 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €9.41 is built from several models across several years. Other multiples: P/B 2.5, P/S 3.5, EV/EBITDA 16.0.
How solid is the balance sheet of Toho Co (TOH)?
Balance-sheet figures for Toho Co (as of Sep 30, 2026): return on equity 9.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is TOH from its 52-week high?
Toho Co trades at €8.70, about 21% below its 52-week high of €11.02 and 37% above the low of €6.35 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €9.41 is for.
Which stocks are comparable to Toho Co?
From the same area (Communication Services) we also value Netflix, Inc, The Walt Disney Company, Warner Bros. Discovery, Inc, Live Nation Entertainment, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Toho Co stock attractive at the current price?
The data as of Sep 30, 2026: price €8.70, calculated fair value €9.41 (+8%), Quality Score 51/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TOH calculated?
We run Toho Co through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €9.41, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Toho Co currently trades 7 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Toho Co (TOH)?
The closing price on Oct 1, 2026 was €8.70. Our model-based fair value is €9.41, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Toho Co right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€6.59 to €13.41) leaves room in how you read the outcome.
Key figures of Toho Co
How large is the market capitalisation of Toho Co (TOH)?
The market capitalisation of Toho Co is €7.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Toho Co (TOH)?
The price-to-sales ratio of Toho Co is 3.67 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Toho Co (TOH)?
Earnings per share at Toho Co are €0.3400 (price ÷ EPS = P/E 25.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Toho Co (TOH)?
The dividend yield of Toho Co is 1.4% (payout 34.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Toho Co (TOH)?
The net margin of Toho Co is 14.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Toho Co (TOH)?
The return on equity (ROE) of Toho Co is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Toho Co (TOH)?
On an EBIT basis the return on assets of Toho Co is 9.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Toho Co (TOH)?
The operating margin of Toho Co is 15.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Toho Co (TOH)?
Revenue at Toho Co is growing +4.6% versus a year earlier (3y avg +13.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Toho Co (TOH)?
Earnings per share at Toho Co are growing −28.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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