Company Valuation: CHANGE Holdings,Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 258,062 143,732 169,628 90,661 87,113 64,708
Change - -44.3% 18.02% -46.55% -3.91% -25.72%
Enterprise Value (EV) 1 232,149 115,005 150,073 76,276 91,396 67,646
Change - -50.46% 30.49% -49.17% 19.82% -25.99%
P/E 61.9x 39.3x 44.7x 21.3x 11.7x 9.33x
PBR 8.44x 4.29x 4.65x 2.29x 2.11x 1.38x
PEG - -3.3x 11.81x 1.7x 0.1x -1.32x
Capitalization / Revenue 16.5x 9.26x 8.47x 2.45x 1.88x 1.22x
EV / Revenue 14.8x 7.41x 7.5x 2.06x 1.97x 1.28x
EV / EBITDA 34.2x 19.3x 23x 6.61x 6.17x 4.91x
EV / EBIT 38.4x 21.4x 27x 7.71x 7.35x 6.08x
EV / FCF 84.4x - -32.9x 7.63x 12.8x 11.2x
FCF Yield 1.18% - -3.04% 13.1% 7.79% 8.96%
Dividend per Share 2 - 9 7 12 20.09 23
Rate of return - 0.45% 0.3% 0.96% 1.6% 2.47%
EPS 2 57.41 50.5 52.41 58.8 107.3 99.69
Distribution rate - 17.8% 13.4% 20.4% 18.7% 23.1%
Net sales 1 15,653 15,530 20,021 37,015 46,387 52,827
EBITDA 1 6,791 5,972 6,534 11,537 14,817 13,766
EBIT 1 6,048 5,364 5,562 9,893 12,430 11,119
Net income 1 4,104 3,729 3,856 4,325 7,532 6,937
Net Debt 1 -25,913 -28,727 -19,555 -14,385 4,283 2,938
Reference price 2 3,555.00 1,987.00 2,345.00 1,253.00 1,252.00 930.00
Nbr of stocks (in thousands) 72,591 72,336 72,336 72,355 69,579 69,579
Announcement Date 12/24/21 6/27/22 6/28/23 6/27/24 6/27/25 6/24/26
1JPY in Million2JPY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 459M
22.87x3.72x13.01x2.91% 219B
23.04x4.84x11.86x0.72% 198B
15.68x1.78x9.18x3.02% 136B
-120.79x16.73x92.01x-.--% 108B
-511.15x36.29x149.08x-.--% 106B
16.07x2.9x11.18x5.01% 93.97B
22.61x5.86x14.38x2.51% 67.63B
15.19x2.22x9.42x5.13% 49.56B
24.75x2.06x13.03x1.26% 48.6B
Average -54.64x 8.49x 35.91x 2.28% 102.63B
Weighted average by Cap. -49.03x 8.31x 34.36x 2.09%

Y-o-Y evolution of P/E

Valuation ratios - P/E - CHANGE Holdings,Inc.

Historical PBR trend

Valuation ratios - PBR - CHANGE Holdings,Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - CHANGE Holdings,Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - CHANGE Holdings,Inc.

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