Loading…
Employees: 1,873
Size Tokushu Tokai Paper (3708.T) is a Japan Materials company (Pulp & Paper) with a market value of $494M, the 1072nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,130 on 6 Nov 2026.
Performance Over six months the shares gained 34.0%, against -19.0% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median +0.9%); the operating margin is 4.6% (peer median 1.4%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 1.3× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥96.4B | ¥95.4B | ¥94.8B | ¥86.5B | ¥84.1B |
| Revenue growth | — | +1% | +10% | +3% | — |
| Gross profit | ¥13.5B | ¥12.7B | ¥11.8B | ¥9.68B | ¥8.21B |
| EBITDA | ¥11.6B | ¥11.4B | ¥10.6B | ¥8.75B | ¥7.81B |
| Net income | ¥4.64B | ¥4.37B | ¥3.61B | ¥4.59B | ¥4.13B |
| Free cash flow | n/a | ¥1.66B | -¥1.13B | ¥5.09B | -¥2.15B |
| Capital expenditure | n/a | ¥8.42B | ¥10.1B | ¥6.38B | ¥4.76B |
| Total debt | ¥26.0B | ¥26.9B | ¥29.6B | ¥27.2B | ¥24.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3708.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | -12.1% | highest of 21 |
| 6-month return | +34.0% | -19.0% | highest of 21 |
| Distance from 52-week high | -6.2% | -39.3% | highest of 21 |
| Revenue growth (TTM) | 0.0% | +0.9% | 10th lowest of 21 |
| Operating margin | 4.6% | 1.4% | 6th highest of 20 |
| EV / Sales | 1.1× | 1.3× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.5% | 4.1% | 5th most demanding of 10 |
| Growth delivered (Del g) | +4.5% | +3.6% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | +4.0 pp | -0.4 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | -2.4 pp | -5.3 pp | 6th highest of 20 |
| EV / EBITDA | 8.9× | 11.9× | 4th cheapest of 8 |
| Net debt / EBITDA | 1.6× | 3.1× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokushu Tokai Paper 3708.T | Japan | $494M | +34% | 0% | 5% | 1.1× | 8.5% | +4.5% |
| Guangdong Ganhua Science & Industry 000576.SZ | China | $469M | -17% | +81% | 10% | 4.1× | n/a | n/a |
| Zhangjiagang Freetrade Science & Technology 600794.SS | China | $533M | -17% | -35% | -32% | 5.7× | -9.2% | -21.8% |
| Shandong Chenming Paper 000488.SZ | China | $536M | -27% | 0% | -37% | 3.5× | n/a | n/a |
| Anhui Genuine New Materials 603429.SS | China | $539M | -33% | -37% | -46% | 24.2× | n/a | n/a |
| Qifeng New Material 002521.SZ | China | $445M | -37% | -3% | 4% | 0.9× | -2.0% | +3.6% |
| Zhejiang Rongsheng Environmental Protection Paper 603165.SS | China | $554M | -32% | +10% | 2% | 1.2× | n/a | n/a |
| Mudanjiang Hengfeng Paper 600356.SS | China | $435M | -11% | -2% | 8% | 1.1× | -1.6% | +9.0% |
| Xiamen Anne 002235.SZ | China | $593M | -38% | +1% | -9% | 8.6× | n/a | n/a |
| ENCE Energia y Celulosa ENC.MC | Spain | $608M | -9% | -1% | 1% | 1.5× | n/a | n/a |
| Shanghai NAR Industrial 002825.SZ | China | $400M | -20% | +19% | 3% | 1.2× | n/a | n/a |
| Anhui Linping Circular Development 603284.SS | China | $395M | -26% | +7% | n/a | 0.8× | n/a | n/a |
| Zhejiang Kan Specialities Material 002012.SZ | China | $387M | -17% | +9% | 1% | 3.1× | 41.0% | -16.5% |
| Chung Hwa Pulp 1905.TW | Taiwan | $373M | -11% | -7% | -9% | 1.4× | n/a | n/a |
| Hangzhou Huawang New Material Technology 605377.SS | China | $655M | -20% | -13% | 8% | 1.1× | -7.9% | +14.8% |
| Shandong Huatai Paper 600308.SS | China | $662M | -25% | -5% | -2% | 0.6× | n/a | n/a |
| Yibin Paper Industry 600793.SS | China | $366M | -15% | -24% | 5% | 2.1× | 4.1% | +4.4% |
| Longchen Paper & Packaging 1909.TW | Taiwan | $364M | +1% | +4% | 1% | 1.1× | 36.9% | +1.5% |
| Guangdong Songyang Recycle Resources 603863.SS | China | $351M | -37% | +14% | -26% | 4.5× | 58.3% | -2.3% |
| JK Paper JKPAPER.NS | India | $707M | -1% | +12% | 8% | 1.1× | 19.8% | +20.7% |
| Norske Skog NSKOG.OL | Norway | $328M | -18% | +23% | 3% | 0.8× | n/a | n/a |