Company Valuation: Calbee, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 305,175 346,148 428,366 349,012 374,126 372,134 - -
Change - 13.43% 23.75% -18.52% 7.2% -0.53% - -
Enterprise Value (EV) 1 248,153 315,830 411,106 328,811 350,615 363,734 365,915 363,702
Change - 27.27% 30.17% -20.02% 6.63% 3.74% 0.6% -0.6%
P/E 17.3x 24.1x 21.5x 16.7x 22x 21x 18.7x 17.7x
PBR 1.73x 1.99x 2.23x 1.7x 1.78x 1.69x 1.64x 1.54x
PEG - -1.6x 0.6x 3.37x -1.4x 5.05x 1.5x 3.22x
Capitalization / Revenue 1.24x 1.24x 1.41x 1.08x 1.1x 1.02x 0.99x 0.96x
EV / Revenue 1.01x 1.13x 1.36x 1.02x 1.03x 1x 0.97x 0.93x
EV / EBITDA 6.87x 9.22x 10.3x 7.58x 8.1x 8.22x 7.61x 7.16x
EV / EBIT 9.87x 14.2x 15.1x 11.3x 13.4x 13.6x 12.3x 11.6x
EV / FCF 25.2x -42.6x -37.5x 31.3x 37.4x 45.8x 33.5x 20.5x
FCF Yield 3.96% -2.34% -2.67% 3.19% 2.68% 2.19% 2.99% 4.87%
Dividend per Share 2 52 52 56 58 66 69 72.48 75.9
Rate of return 2.21% 1.88% 1.63% 2.08% 2.14% 2.26% 2.37% 2.48%
EPS 2 136.2 115.2 159.2 167.1 140 145.8 163.5 172.5
Distribution rate 38.2% 45.2% 35.2% 34.7% 47.1% 47.3% 44.3% 44%
Net sales 1 245,419 279,315 303,027 322,564 340,151 364,720 376,950 389,183
EBITDA 1 36,143 34,259 39,979 43,362 43,266 44,233 48,082 50,816
EBIT 1 25,135 22,233 27,304 29,066 26,173 26,700 29,767 31,400
Net income 1 18,053 14,772 19,886 20,874 17,329 17,580 19,883 20,867
Net Debt 1 -57,022 -30,318 -17,260 -20,201 -23,511 -8,400 -6,219 -8,431
Reference price 2 2,355.00 2,771.00 3,429.00 2,793.50 3,077.00 3,059.00 3,059.00 3,059.00
Nbr of stocks (in thousands) 129,586 124,918 124,925 124,937 121,588 121,652 - -
Announcement Date 5/10/22 5/9/23 5/9/24 5/12/25 5/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.98x1x8.22x2.26% 2.36B
20.32x2.78x13.85x4.07% 240B
19.18x2.43x14.47x3.41% 76.9B
15.84x1.67x9.43x3.95% 43.66B
15.02x0.54x9.63x2.57% 39.1B
20.14x3.07x12.48x3.47% 33.43B
34.61x3x17.45x1.07% 30.64B
-8.33x1.83x9.11x6.79% 28.02B
63.23x9.7x40.23x1.2% 27.46B
Average 22.33x 2.89x 14.98x 3.2% 57.9B
Weighted average by Cap. 20.93x 2.80x 14.49x 3.62%

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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