Company Valuation: Asahi Kasei Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,473,999 1,283,917 1,541,426 1,423,002 2,046,872 2,174,848 - -
Change - -12.9% 20.06% -7.68% 43.84% 6.25% - -
Enterprise Value (EV) 1 2,006,573 2,007,484 2,158,879 2,224,580 2,681,070 2,822,687 2,746,353 2,671,691
Change - 0.05% 7.54% 3.04% 20.52% 5.28% -2.7% -2.72%
P/E 9.11x -14.1x 35.2x 10.7x 12.9x 13.1x 11.9x 10.4x
PBR 0.87x 0.77x 0.85x 0.76x 0.98x 1x 0.97x 0.89x
PEG - 0x -0x 0x 0.7x 2.39x 1.2x 0.8x
Capitalization / Revenue 0.6x 0.47x 0.55x 0.47x 0.67x 0.67x 0.65x 0.62x
EV / Revenue 0.82x 0.74x 0.78x 0.73x 0.87x 0.87x 0.82x 0.76x
EV / EBITDA 5.72x 6.58x 6.69x 5.59x 6.81x 6.12x 5.76x 5.08x
EV / EBIT 9.9x 15.6x 15.3x 10.5x 11.6x 10.8x 9.75x 8.55x
EV / FCF -53.2x -16.4x 14.1x 24.6x 29.1x 19.4x 12.3x 12.8x
FCF Yield -1.88% -6.12% 7.07% 4.07% 3.43% 5.15% 8.15% 7.84%
Dividend per Share 2 34 36 36 38 42 45.17 49.17 53.75
Rate of return 3.2% 3.89% 3.24% 3.63% 2.78% 2.8% 3.04% 3.33%
EPS 2 116.7 -65.84 31.6 97.94 117 123.4 136.1 154.6
Distribution rate 29.1% -54.7% 114% 38.8% 35.9% 36.6% 36.1% 34.8%
Net sales 1 2,461,317 2,726,485 2,784,878 3,037,312 3,074,505 3,255,147 3,354,539 3,506,062
EBITDA 1 350,776 305,003 322,942 398,027 393,798 461,185 477,042 525,828
EBIT 1 202,647 128,352 140,746 211,921 231,200 260,388 281,646 312,575
Net income 1 161,880 -91,312 43,806 134,996 158,793 167,282 183,751 206,650
Net Debt 1 532,574 723,567 617,453 801,578 634,198 647,839 571,505 496,843
Reference price 2 1,062.50 926.30 1,112.00 1,047.00 1,509.00 1,615.50 1,615.50 1,615.50
Nbr of stocks (in thousands) 1,387,294 1,386,070 1,386,174 1,359,123 1,356,443 1,346,238 - -
Announcement Date 5/13/22 5/10/23 5/9/24 5/9/25 5/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.09x0.87x6.12x2.8% 13.6B
19.83x3.53x9.99x2% 69.76B
12.4x0.94x7.83x4.34% 52.47B
58.06x9.32x39.69x0.94% 17.35B
16.09x0.73x7.86x3.07% 10.35B
13.3x0.75x5.15x2.7% 10.05B
38.15x1.73x9.13x2.01% 9.63B
32.3x4.41x18.87x0.36% 8.05B
5.43x0.69x3.26x-.--% 7.49B
20.16x3.71x12.17x2.68% 6.78B
Average 22.88x 2.67x 12.01x 2.09% 20.55B
Weighted average by Cap. 21.04x 2.76x 11.48x 2.53%

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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