Analyst Note
| David Whiston, CFA, CPA, CFE |Toyota’s fiscal 2023 second quarter saw large competing headwinds and tailwinds with the headwinds winning and sending operating margin down 380 basis points year over year to 6.1%. We are leaving our yen fair value estimate in place, but a much weaker yen against the U.S. dollar since our last update causes the translation of our yen model to dollars to yield a fair value estimate of $157, down from $171. We now translate our yen fair value estimate at JPY 148.19 to the dollar compared with JPY 136.10 previously.