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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 442M
23.14x3.77x13.17x2.87% 222B
-116.79x18.57x106.98x-.--% 115B
13.73x1.52x7.97x3.49% 113B
14.91x2.72x10.28x5.51% 87.05B
20.45x5.36x13.17x2.79% 62.19B
14.69x2.13x9.06x5.31% 47.45B
20.59x1.68x10.33x1.42% 39.79B
20.4x1.55x9.86x0.92% 38.85B
17.74x2.3x10.68x4.87% 36.84B
Average 3.21x 4.40x 21.28x 3.02% 76.34B
Weighted average by Cap. -1.63x 5.29x 25.56x 2.9%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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