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Toho Zinc Co., Ltd. (TOHZF) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of Toho Zinc Co., Ltd. $11.18, price $6.99, upside +60.0%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Basic Materials · US

TZ Toho Zinc Co., Ltd. logo Some data Sep 27, 2026

Toho Zinc Co., Ltd.

TOHZF · US

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value $11.18 · Strongly undervalued (+60.0%)
!Quality 54/100
!Weak Growth (revenue 3y +0.5 %/yr)
!Thin margins · 3.8% net margin (TTM)
!High debt · generates free cash flow
✓Ranks above peers (8/10)
!Moderate moat 49/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range $6.32 to $27.15
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$7.09 $6.99 Fair Value $11.18 Aug 2024 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

25‑month range $6.99 – $7.09 · fair‑value band $6.32 – $27.15 · the $6.99 price screens below the $11.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Toho Zinc Co., Ltd. operates in the smelting and refining, mineral resources, electronic components, advanced materials, and environment and recycling businesses in Japan. The company offers electrolytic zinc, die-casting zinc alloys, zinc powder, cadmium oxide, sulfuric acid, electrolytic lead, lead alloys, and electrolytic silver and bismuth.

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Toho Zinc Co., Ltd. operates in the smelting and refining, mineral resources, electronic components, advanced materials, and environment and recycling businesses in Japan. The company offers electrolytic zinc, die-casting zinc alloys, zinc powder, cadmium oxide, sulfuric acid, electrolytic lead, lead alloys, and electrolytic silver and bismuth. It also operates zinc and lead mines; and produces iron, ferrite, amorphous powders, and Fe-Al-Si based powder core materials for use in automotive electronics, office automation equipment, and industrial equipment. In addition, the company provides MAIRON and ATOMIRON electrolytic irons, as well as produces recycled zinc oxide from electric furnace dust. Toho Zinc Co., Ltd. was incorporated in 1937 and is headquartered in Minato, Japan.

Stock analysis

Toho Zinc Co., Ltd. (TOHZF) currently trades at $6.99, while our model-based Fair Value estimate is $11.18, implying the stock looks roughly 37.5% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $17.53 per share, and 4 of the 7 models we run sit above the $6.99 price.

Bear case: the Asset-Based group reads lowest at $3.18, and 3 of the 7 models stay below the price. Evidence for this calculation is medium.

Scenario range: $6.32 (bear) to $27.15 (bull), the price of $6.99 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 54/100 (solid quality), in the Basic Materials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Toho Zinc Co., Ltd. reported revenue of ¥126B in FY2025 versus ¥103B in FY2021, a compound +5.1%/yr. Reported net income was −¥1.5B in FY2025.

Key figures

Market cap $94.9M · EPS (TTM) $−0.6300 · Net margin −1.2% · Return on equity 40.3% · Return on assets (EBIT) 4.1% · Operating margin 11.1% · Revenue (TTM) ¥126B · Revenue growth (YoY) +22.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).

What moves the price

The share trades about 1% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −11% fair-value upside, at 60%, TOHZF screens cheaper than that median.

Fair Value models

Bear $6.32 Fair Value $11.18 Bull $27.15
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.
Highest evidence
5Y EBITDA Exit n/a $7.15 $20.00 69
5Y Revenue Exit n/a $4.80 $17.50 66
Rev-Margin DCF n/a $5.03 $15.84 66
All 9 models by family
DCF Models
5Y Revenue Exit n/a $4.80 $17.50 66
5Y EBITDA Exit n/a $7.15 $20.00 69
10Y Revenue Exit n/a n/a $3.40 61
10Y EBITDA Exit n/a n/a $4.65 62
Multiples
EV/EBIT $8.26 $17.53 $26.80 62
EV/EBITDA $9.30 $18.92 $28.54 64
EV/Revenue $4.56 $14.89 $25.22 49
Asset-Based
NCAV (Graham) $2.37 $3.18 $4.75 54
Growth DCF
Rev-Margin DCF n/a $5.03 $15.84 66

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Quality Score breakdown

Overall quality 54/100

Of which business quality 47 · Market factors (momentum, volatility) 47

Profitability 29
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−3.5%
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.
+0.5%
Profit margin (trend) ⓘ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.
5.7% (2021) → 4.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+35.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +32.8% a year for the price.

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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.Other Industrial Metals & Mining · 442 stocks

Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 54 · Top 25%
Fair Value upside +60.0% · Top 25%
Profitability
Return on equity (TTM) 40.3% · Top 25%
Return on assets 4.3% · Top 25%
Net margin (TTM) 3.8% · Below median
Operating margin (TTM) 11.1% · Above median
Growth and dividend
Revenue growth 22.3% · Above median
Balance sheet
Debt / equity 6.20× · Highest 25%

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/FCF 0.1× · Cheapest 25%
EV/EBITDA 5.1× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)100 · sector 34
PAST (return on equity)100 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 29

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Saudi Arabian Mining Company 1211 61.10 SAR 67.21 SAR +10%
Vale S.A XVALO €11.99 €8.05 −33%
CMOC Group 603993 ¥17.08 ¥19.15 +12%
Hindustan Zinc Limited HINDZINC ₹588.95 ₹647.85 +10%
China Tungsten And Hightech Materials Co 000657 ¥57.18 ¥29.56 −48%
Korea Zinc Company 010130 1,116,000 KRW 646,063 KRW −42%
Boliden AB BOL kr 521.00 kr 464.45 −11%
Western Mining Co 601168 ¥35.19 ¥38.71 +10%
Ivanhoe Mines Ltd IVN C$12.06 C$4.46 −63%
Xiamen Tungsten Co 600549 ¥46.90 ¥23.62 −50%

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Toho Zinc Co., Ltd. · Fair Value
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Cite: Fair Value Calculator (2026). "Toho Zinc Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/TOHZF

Frequently asked questions

Is Toho Zinc Co., Ltd. (TOHZF) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $11.18 versus a price of $6.99, about +60% upside (undervalued).
What is the fair value of TOHZF?
Our model-based fair value for Toho Zinc Co., Ltd. is $11.18 (as of Sep 27, 2026), built from audited fundamentals. The current price: $6.99.
What is the quality score of TOHZF?
Toho Zinc Co., Ltd. has a Quality Score of 54/100. 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 Zinc Co., Ltd. (TOHZF)?
Our model-based price target is the fair value of $11.18 (as of Sep 27, 2026) from 9 valuation models. Cautious scenario $6.32, optimistic scenario $27.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Toho Zinc Co., Ltd. stock forecast for 2026?
Our models put fair value at $11.18, about +60% upside versus a price of $6.99 (undervalued). Cautious scenario $6.32, optimistic scenario $27.15. The calculation is refreshed regularly with new filings.
What is the revenue of Toho Zinc Co., Ltd. (TOHZF)?
Toho Zinc Co., Ltd. reported trailing-twelve-month revenue of about ¥126B (latest available figure, as of Sep 27, 2026).
What growth is priced into Toho Zinc Co., Ltd. (TOHZF)?
For today's price to be fair in a discounted-cash-flow model, Toho Zinc Co., Ltd. would have to grow free cash flow by +35.6 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +5.1 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of TOHZF use?
Our models discount Toho Zinc Co., Ltd. at 12.4 %: a base by market capitalisation (micro), damped by beta 0.89, country premium for USA. 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 Zinc Co., Ltd. that is +35.6 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Toho Zinc Co., Ltd. (TOHZF) delivered so far?
Over the past 4 years revenue at Toho Zinc Co., Ltd. grew +5.1 % a year. The price currently implies +35.6 % 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 Zinc Co., Ltd. (TOHZF) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into Toho Zinc Co., Ltd. (+35.6 % 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 Zinc Co., Ltd. (TOHZF)?
The free-cash-flow yield on the price is 8.57 %: that much free cash flow Toho Zinc Co., Ltd. produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), 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 Zinc Co., Ltd. (TOHZF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Toho Zinc Co., Ltd. it is $11.18 per share (as of Sep 27, 2026), against a price of $6.99. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Toho Zinc Co., Ltd. stock overvalued or undervalued in 2026?
As of Sep 27, 2026, TOHZF trades below its calculated fair value: price $6.99, fair value $11.18, a gap of about +60% (undervalued). 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 TOHZF?
No. The price is what the market pays today ($6.99); the fair value is what the company's own numbers justify ($11.18). For Toho Zinc Co., Ltd. the two are $4.19 per share apart. That gap is exactly why we show both numbers side by side.
How much is Toho Zinc Co., Ltd. worth?
The market values Toho Zinc Co., Ltd. at about $94.9M (market capitalisation, as of Sep 27, 2026). Per share that is $6.99; our models calculate a fair value of $11.18 per share.
What do the bullish and bearish scenarios say about TOHZF?
Our models span a range for Toho Zinc Co., Ltd.: cautious scenario $6.32, base $11.18, optimistic $27.15 per share (as of Sep 27, 2026, price $6.99). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Toho Zinc Co., Ltd. (TOHZF)?
Balance-sheet figures for Toho Zinc Co., Ltd. (as of Sep 27, 2026): return on equity 40.3%, debt of 6.20 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is TOHZF from its 52-week high?
Toho Zinc Co., Ltd. trades at $6.99, about 1% below its 52-week high of $7.09 and at the low of $6.99 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $11.18 is for.
Which stocks are comparable to Toho Zinc Co., Ltd.?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, Vale S.A, CMOC Group, Hindustan Zinc Limited, 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 Zinc Co., Ltd. stock attractive at the current price?
The data as of Sep 27, 2026: price $6.99, calculated fair value $11.18 (+60%), Quality Score 54/100, from 9 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 TOHZF calculated?
We run Toho Zinc Co., Ltd. through 9 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 $11.18, 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 16.1 % above its aggregate fair value. Toho Zinc Co., Ltd. currently trades 60 % 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 Zinc Co., Ltd. (TOHZF)?
The closing price on Sep 25, 2026 was $6.99. Our model-based fair value is $11.18, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Toho Zinc Co., Ltd. right now?
The model range is unusually wide ($6.32 to $27.15). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Toho Zinc Co., Ltd.

How large is the market capitalisation of Toho Zinc Co., Ltd. (TOHZF)?
The market capitalisation of Toho Zinc Co., Ltd. is $94.9M. 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 are the earnings per share of Toho Zinc Co., Ltd. (TOHZF)?
Earnings per share at Toho Zinc Co., Ltd. are $−0.6300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Toho Zinc Co., Ltd. (TOHZF)?
The net margin of Toho Zinc Co., Ltd. is −1.2% (fiscal year 2025). 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 Zinc Co., Ltd. (TOHZF)?
The return on equity (ROE) of Toho Zinc Co., Ltd. is 40.3% (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 Zinc Co., Ltd. (TOHZF)?
On an EBIT basis the return on assets of Toho Zinc Co., Ltd. is 4.1% (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 Zinc Co., Ltd. (TOHZF)?
The operating margin of Toho Zinc Co., Ltd. is 11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Toho Zinc Co., Ltd. (TOHZF)?
Revenue at Toho Zinc Co., Ltd. is growing +22.3% versus a year earlier (3y avg +0.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Toho Zinc Co., Ltd. (TOHZF) carry?
The net debt of Toho Zinc Co., Ltd. is ¥52.5B (fiscal year 2025, ≈ 41.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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