Company Valuation: Advantest Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,859,608 2,237,070 5,033,620 4,748,144 14,755,312 24,419,390 - -
Change - 20.3% 125.01% -5.67% 210.76% 65.5% - -
Enterprise Value (EV) 1 1,786,489 2,202,377 5,021,361 4,579,103 14,435,538 23,847,950 23,482,344 22,936,380
Change - 23.28% 128% -8.81% 215.25% 65.2% -1.53% -2.32%
P/E 21.5x 17.4x 80.7x 29.6x 39.5x 36.2x 28.1x 24.3x
PBR 6.23x 6.07x 11.7x 9.37x 18.5x 19.4x 12.8x 9.11x
PEG - 0.3x -1.6x 0x 0x 0.4x 1x 1.6x
Capitalization / Revenue 4.46x 3.99x 10.3x 6.09x 13.1x 13.9x 10.9x 9.3x
EV / Revenue 4.29x 3.93x 10.3x 5.87x 12.8x 13.5x 10.5x 8.74x
EV / EBITDA 13.8x 11.6x 46.6x 17.9x 27.5x 26.3x 20.5x 17.6x
EV / EBIT 15.6x 13.1x 61.5x 20.1x 28.9x 27x 20.2x 16.8x
EV / FCF 55.9x 50.6x 1,062x 17.1x 48.3x 46.8x 30.8x 22.2x
FCF Yield 1.79% 1.98% 0.09% 5.86% 2.07% 2.14% 3.25% 4.51%
Dividend per Share 2 30 33.75 34.25 39 59 88.61 108.2 146.2
Rate of return 1.24% 1.11% 0.5% 0.6% 0.29% 0.26% 0.32% 0.43%
EPS 2 112.4 174.4 84.45 218.7 515.2 931.4 1,199 1,386
Distribution rate 26.7% 19.4% 40.6% 17.8% 11.5% 9.51% 9.02% 10.5%
Net sales 1 416,901 560,191 486,507 779,707 1,128,610 1,761,895 2,245,180 2,625,276
EBITDA 1 129,702 189,083 107,732 255,236 524,732 906,842 1,144,867 1,306,600
EBIT 1 114,734 167,687 81,628 228,161 499,120 884,627 1,164,742 1,361,515
Net income 1 87,301 130,400 62,290 161,177 375,353 675,005 866,446 999,516
Net Debt 1 -73,119 -34,693 -12,259 -169,041 -319,774 -571,440 -937,046 -1,483,009
Reference price 2 2,417.50 3,040.00 6,819.00 6,472.00 20,330.00 33,730.00 33,730.00 33,730.00
Nbr of stocks (in thousands) 769,228 735,878 738,176 733,644 725,790 723,966 - -
Announcement Date 4/27/22 4/26/23 4/26/24 4/25/25 4/27/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.16x13.77x28.57x0.51% 247B
36.21x13.54x26.3x0.26% 155B
45.2x12.04x33.95x0.13% 62.74B
44.04x17.52x34.42x1.6% 32.07B
79x22.14x67.89x0.15% 23.46B
56.2x3.09x15.03x0.14% 13.31B
34.59x9.29x18.16x1.85% 12.55B
76.99x40.63x87.89x0.38% 11.62B
53.09x3.25x17.5x0.28% 8.42B
Average 51.17x 15.03x 36.64x 0.59% 62.91B
Weighted average by Cap. 40.49x 14.12x 31.01x 0.46%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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