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.