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​Toyota (A1/A+): 4Q24 Results

CONSUMER CYCLICALS

Neutral for spreads. Strong quarter but worse outlook, balance sheet remains very strong


• Revenue beat by 11% helping operating income beat by 25% with FX a big driver.

• Net cash grew to 12.65tn (9tn at 3Q).

• FY25 forecast EBIT sees a 20% drop YoY, with analysts expecting only a marginal decline. Margins are set to shrink 2.6% due to rising costs.

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