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 14,881,560 23,157,797 - -
Change - 20.3% 125.01% -5.67% 213.42% 55.61% - -
Enterprise Value (EV) 1 1,786,489 2,202,377 5,021,361 4,579,103 14,561,786 22,668,683 22,407,749 22,044,143
Change - 23.28% 128% -8.81% 218.01% 55.67% -1.15% -1.62%
P/E 21.5x 17.4x 80.7x 29.6x 39.5x 44.3x 36.3x 32x
PBR 6.23x 6.07x 11.7x 9.37x 18.5x 20.2x 14.5x 11.1x
PEG - 0.3x -1.6x 0x 0x 1.1x 1.7x 2.4x
Capitalization / Revenue 4.46x 3.99x 10.3x 6.09x 13.2x 15.6x 12.8x 11.3x
EV / Revenue 4.29x 3.93x 10.3x 5.87x 12.9x 15.2x 12.4x 10.7x
EV / EBITDA 13.8x 11.6x 46.6x 17.9x 27.8x 31.8x 25.1x 22.5x
EV / EBIT 15.6x 13.1x 61.5x 20.1x 29.2x 33x 26.6x 22.9x
EV / FCF 55.9x 50.6x 1,062x 17.1x 48.7x 53.9x 41.8x 33.1x
FCF Yield 1.79% 1.98% 0.09% 5.86% 2.05% 1.85% 2.39% 3.02%
Dividend per Share 2 30 33.75 34.25 39 59 94.85 122.8 182.4
Rate of return 1.24% 1.11% 0.5% 0.6% 0.29% 0.3% 0.38% 0.57%
EPS 2 112.4 174.4 84.45 218.7 515.2 721.2 879.6 999.3
Distribution rate 26.7% 19.4% 40.6% 17.8% 11.5% 13.2% 14% 18.3%
Net sales 1 416,901 560,191 486,507 779,707 1,128,610 1,489,034 1,810,994 2,057,476
EBITDA 1 129,702 189,083 107,732 255,236 524,732 712,707 892,808 981,897
EBIT 1 114,734 167,687 81,628 228,161 499,120 686,847 842,790 963,201
Net income 1 87,301 130,400 62,290 161,177 375,353 510,684 632,710 713,585
Net Debt 1 -73,119 -34,693 -12,259 -169,041 -319,774 -489,114 -750,047 -1,113,654
Reference price 2 2,417.50 3,040.00 6,819.00 6,472.00 20,330.00 31,950.00 31,950.00 31,950.00
Nbr of stocks (in thousands) 769,228 735,878 738,176 733,644 732,000 724,814 - -
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.($)
44.34x15.22x31.86x0.3% 143B
78.02x27.15x59.72x0.29% 364B
65.96x15.93x46.97x0.11% 72.51B
52.18x20.94x42.07x1.19% 36.07B
107.24x30.12x92.37x0.11% 31.45B
65.63x3.67x16.87x0.11% 16.2B
157.14x56.91x138.5x0.16% 15.66B
32.25x8.57x15.57x2.04% 11.83B
90.05x4.08x21.98x0.3% 10.72B
82.33x20.08x67.8x0.68% 9.06B
Average 77.51x 20.27x 53.37x 0.53% 71.02B
Weighted average by Cap. 70.92x 22.79x 52.91x 0.34%

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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