Morningstar

Morningstar, Inc.

Equity Bottom-Up

President Akio Toyoda's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and scale from the Toyota New Global Architecture, which develops multiple vehicles at the same time using common parts. Management targets at least 60% of its global volume in 2021 will be on TNGA platforms. A big change on the parts side is that the company will use more parts on a global standard as opposed to…

On May 30, President Donald Trump announced that on June 10 he will respond to immigration problems at the U.S. Mexican border by using the 1977 International Emergency Economic Powers Act to impose a 5% tariff on all goods imported from Mexico. This tariff will rise to 10% on July 1 and reach a maximum of 25% on Oct. 1 if Mexico does not take adequate, but unspecified, measures to stop illegal immigrants to the U.S. For now, we are leaving our Toyota and Honda fair value estimates in place…

Toyota's full-year fiscal 2019 results gave us no reason to change our fair value estimate. We calculate fiscal fourth-quarter nonfinancial services operating income fell 15.9% year over year on gross profit compression, likely due to commodity and currency issues. Full-year operating income excluding the finance arm rose 1.3% while total company operating income grew 2.8% to JPY 2.47 trillion and operating margin was flat at 8.2%. The full-year yen to U.S. dollar exchange rate remained at JPY…

President Akio Toyoda's vision includes making compact cars a priority for emerging markets with attractive design but lower costs, having designers and engineers as equal partners, and scale from the Toyota New Global Architecture, which develops multiple vehicles at the same time using common parts. The first cars from this move came in 2015 and focused on three front-wheel-drive platforms that make up about half of Toyota's production. The goal is to streamline engineering and increase…

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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