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 2,209,850 - -
Change - -12.9% 20.06% -7.68% 43.84% 7.96% - -
Enterprise Value (EV) 1 2,006,573 2,007,484 2,158,879 2,224,580 2,681,070 2,857,689 2,781,355 2,706,693
Change - 0.05% 7.54% 3.04% 20.52% 6.59% -2.67% -2.68%
P/E 9.11x -14.1x 35.2x 10.7x 12.9x 13.1x 12x 10.6x
PBR 0.87x 0.77x 0.85x 0.76x 0.98x 1x 0.98x 0.9x
PEG - 0x -0x 0x 0.7x 1.87x 1.32x 0.8x
Capitalization / Revenue 0.6x 0.47x 0.55x 0.47x 0.67x 0.68x 0.66x 0.63x
EV / Revenue 0.82x 0.74x 0.78x 0.73x 0.87x 0.87x 0.83x 0.77x
EV / EBITDA 5.72x 6.58x 6.69x 5.59x 6.81x 6.09x 5.82x 5.14x
EV / EBIT 9.9x 15.6x 15.3x 10.5x 11.6x 10.8x 9.77x 8.65x
EV / FCF -53.2x -16.4x 14.1x 24.6x 29.1x 19.7x 12.4x 12.9x
FCF Yield -1.88% -6.12% 7.07% 4.07% 3.43% 5.09% 8.05% 7.74%
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% 2.75% 3% 3.27%
EPS 2 116.7 -65.84 31.6 97.94 117 125.2 136.5 154.7
Distribution rate 29.1% -54.7% 114% 38.8% 35.9% 36.1% 36% 34.7%
Net sales 1 2,461,317 2,726,485 2,784,878 3,037,312 3,074,505 3,271,456 3,366,631 3,520,338
EBITDA 1 350,776 305,003 322,942 398,027 393,798 469,262 477,733 526,085
EBIT 1 202,647 128,352 140,746 211,921 231,200 263,788 284,606 312,800
Net income 1 161,880 -91,312 43,806 134,996 158,793 169,657 184,210 206,812
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 1,641.50 1,641.50 1,641.50
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.($)
13.15x0.88x6.1x2.74% 14.08B
19.48x3.45x9.78x2.07% 69.59B
11.92x0.91x7.6x4.52% 49.47B
54.06x8.66x36.86x1.01% 16.11B
11.14x0.72x4.8x2.93% 10.11B
15.52x0.71x7.67x3.18% 9.8B
36.38x1.67x8.81x2.08% 9.09B
4.68x0.67x2.77x4.7% 8.95B
31.44x4.3x18.42x0.37% 7.83B
19.91x3.73x12.12x2.66% 7.08B
Average 21.77x 2.57x 11.49x 2.62% 20.21B
Weighted average by Cap. 19.92x 2.64x 10.86x 2.8%

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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