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 20,922,703 - -
Change - 20.3% 125.01% -5.67% 213.42% 40.59% - -
Enterprise Value (EV) 1 1,786,489 2,202,377 5,021,361 4,579,103 14,561,786 20,433,612 20,170,349 19,805,083
Change - 23.28% 128% -8.81% 218.01% 40.32% -1.29% -1.81%
P/E 21.5x 17.4x 80.7x 29.6x 39.5x 39.9x 32.1x 28.9x
PBR 6.23x 6.07x 11.7x 9.37x 18.5x 18.2x 13x 9.96x
PEG - 0.3x -1.6x 0x 0x 1x 1.3x 2.6x
Capitalization / Revenue 4.46x 3.99x 10.3x 6.09x 13.2x 14x 11.3x 9.96x
EV / Revenue 4.29x 3.93x 10.3x 5.87x 12.9x 13.7x 10.9x 9.43x
EV / EBITDA 13.8x 11.6x 46.6x 17.9x 27.8x 28.5x 22.4x 20.2x
EV / EBIT 15.6x 13.1x 61.5x 20.1x 29.2x 29.6x 23.4x 20.6x
EV / FCF 55.9x 50.6x 1,062x 17.1x 48.7x 48.2x 37.1x 28.7x
FCF Yield 1.79% 1.98% 0.09% 5.86% 2.05% 2.07% 2.7% 3.48%
Dividend per Share 2 30 33.75 34.25 39 59 97.86 116.3 169.2
Rate of return 1.24% 1.11% 0.5% 0.6% 0.29% 0.34% 0.4% 0.59%
EPS 2 112.4 174.4 84.45 218.7 515.2 723.6 900.8 999.5
Distribution rate 26.7% 19.4% 40.6% 17.8% 11.5% 13.5% 12.9% 16.9%
Net sales 1 416,901 560,191 486,507 779,707 1,128,610 1,496,605 1,847,484 2,100,789
EBITDA 1 129,702 189,083 107,732 255,236 524,732 715,964 900,637 978,879
EBIT 1 114,734 167,687 81,628 228,161 499,120 689,939 862,746 963,261
Net income 1 87,301 130,400 62,290 161,177 375,353 513,391 648,056 714,685
Net Debt 1 -73,119 -34,693 -12,259 -169,041 -319,774 -489,091 -752,354 -1,117,620
Reference price 2 2,417.50 3,040.00 6,819.00 6,472.00 20,330.00 28,900.00 28,900.00 28,900.00
Nbr of stocks (in thousands) 769,228 735,878 738,176 733,644 732,000 723,969 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
40.86x13.97x29.21x0.33% 132B
65.38x22.8x50.14x0.34% 305B
53.83x13.01x38.47x0.14% 59.41B
55.48x22.33x44.86x1.12% 38.17B
96.48x27.08x83.05x0.12% 28.31B
59.84x3.37x15.49x0.12% 14.78B
119.72x46.89x113.71x0.21% 13.08B
37x9.59x17.35x1.79% 13.39B
91.58x22.36x75.51x0.62% 10.02B
81.91x3.76x20.25x0.33% 9.75B
Average 70.21x 18.52x 48.80x 0.51% 62.35B
Weighted average by Cap. 60.98x 19.62x 45.52x 0.38%

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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