Company Valuation: Calbee, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 305,175 346,148 428,366 349,012 374,126 373,472 - -
Change - 13.43% 23.75% -18.52% 7.2% -0.17% - -
Enterprise Value (EV) 1 248,153 315,830 411,106 328,811 350,615 365,072 367,253 365,040
Change - 27.27% 30.17% -20.02% 6.63% 4.12% 0.6% -0.6%
P/E 17.3x 24.1x 21.5x 16.7x 22x 21.1x 18.8x 17.8x
PBR 1.73x 1.99x 2.23x 1.7x 1.78x 1.7x 1.64x 1.54x
PEG - -1.6x 0.6x 3.37x -1.4x 5.08x 1.6x 3.24x
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 0.94x
EV / EBITDA 6.87x 9.22x 10.3x 7.58x 8.1x 8.25x 7.64x 7.18x
EV / EBIT 9.87x 14.2x 15.1x 11.3x 13.4x 13.7x 12.3x 11.6x
EV / FCF 25.2x -42.6x -37.5x 31.3x 37.4x 45.9x 33.6x 20.6x
FCF Yield 3.96% -2.34% -2.67% 3.19% 2.68% 2.18% 2.98% 4.85%
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% 2.25% 2.36% 2.47%
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 3,070.00 3,070.00 3,070.00
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.($)
21.22x1.01x8.32x2.23% 2.37B
20.7x2.82x14.07x3.99% 249B
19.88x2.5x14.89x3.29% 79.71B
17.08x1.78x10.04x3.66% 47.92B
15.81x0.56x10.25x2.44% 41.15B
21.48x3.25x13.22x3.25% 35.65B
35.81x3.11x18x1.03% 31.44B
-25.79x1.95x9.72x6.1% 31.14B
65.92x10.12x41.96x1.16% 29.05B
12.52x0.4x9.06x2.34% 23.6B
Average 20.46x 2.75x 14.95x 2.95% 57.09B
Weighted average by Cap. 20.24x 2.78x 14.69x 3.44%

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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