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Toyota Motor Corp ADR - Stock Quote TM

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Morningstar's Toyota Motor Corp ADR Stock Analysis

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Materials Cost Headwinds Now a Major Cost Problem for Toyota, but Balance Sheet to Us Remains Strong

Analyst Note

| David Whiston, CFA, CPA, CFE |

Toyota reported fiscal 2022 fourth-quarter results that like other automakers we cover showed major headwinds for materials costs. The yen has weakened against the dollar by about 14% since our last model update which creates favorable profit forecasts all else constant but also causes a significant currency translation headwind for our U.S. dollar fair value estimate because our model is in yen. We are lowering our dollar fair value estimate for the ADS shares by 8.5% to $162, but we are raising our Tokyo exchange share fair value estimate by JPY 100 to JPY 2,100.

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Toyota Motor Corp ADR's Company Profile

Business Description

Founded in 1937, Toyota is one of the world's largest automakers with 10.38 million units sold at retail in fiscal 2022 across its light vehicle brands. Brands include Toyota, Lexus, Daihatsu, and truck maker Hino; market share in Japan is about 52%, while U.S. share is over 15%. The firm also owns large stake in Denso, a parts supplier, at least 16% of Subaru (with a deal to raise that to 20%), and holds investments in many other firms, including shares of Uber Technologies and about 5% in each of Mazda and Suzuki. Fiscal 2022 sales excluding financial services were JPY 29.1 trillion. Toyota also has a financing arm and manufactures homes and boats.

1 Toyota-cho, Aichi Prefecture
Toyota, 471-8571, Japan
T +81 565282121
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Dec 31, 2021
Fiscal Year End Mar 31, 2022
Stock Type
Employees 372,817

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