TOYOTA MOTOR CO. ADRs $135(New York symbol TM; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.6 billion; Market cap: $216.0 billion; Price-to-sales ratio: 1.0; Dividend yield: 2.4%; TSINetwork Rating: Above Average; www.toyota.com) is the world’s largest carmaker.
In its 2015 fiscal year, which ended March 31, 2015, Toyota sold 8.97 million vehicles, down 1.6% from 2014. North American sales rose 7.4%, thanks to strong demand for sport utility vehicles. European sales gained 1.8%. However, sales fell 8.9% in Japan and 7.5% in other parts of Asia.
Revenue declined 3.4%, to $241.0 billion from $249.5 billion, but revenue improved 6.0% in Japanese yen. Cost cuts and favourable exchange rates boosted earnings per ADR by 4.6%, to $12.31 from $11.77 (each American depositary receipt equals two Toyota common shares).
The company expects its fiscal 2016 sales to decline by 72,000 vehicles, to 8.9 million. Even so, its efficiency improvements should push up its earnings by 2.4%, to $12.60 per ADR. The stock trades at just 10.7 times that estimate. The $3.22 dividend yields 2.4%
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