Company Valuation: DENSO Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,999,765 5,573,487 8,513,199 5,219,690 5,242,566 4,732,034 - -
Change - -7.1% 52.74% -38.69% 0.44% -9.74% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,431,914 4,429,007 4,373,084
Change - -5.28% 48.26% -42.47% -1.37% -8.9% -0.07% -1.26%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12.2x 10.4x 9.17x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.88x 0.83x 0.79x
PEG - 0.8x 29.56x 0.3x 1x -2.43x 0.6x 0.7x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.61x 0.59x 0.57x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.57x 0.55x 0.52x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x 5.23x 4.95x 4.38x 4.17x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 8.38x 7.4x 6.76x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.1x 9.57x 9.09x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.88% 10.4% 11%
Dividend per Share 2 41.25 46.25 55 64 67 73.44 78.81 84.97
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.89% 4.18% 4.5%
EPS 2 85.69 104 105 145 163 154.8 182.1 205.8
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 47.5% 43.3% 41.3%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,780,062 8,073,472 8,342,920
EBITDA 1 687,705 790,734 754,868 895,546 930,612 895,299 1,010,638 1,048,205
EBIT 1 341,179 426,099 380,599 518,953 552,538 528,685 598,208 647,024
Net income 1 263,901 314,633 312,791 419,081 443,755 404,926 454,111 493,868
Net Debt 1 105,897 209,791 61,331 -287,147 -377,844 -300,120 -303,027 -358,950
Reference price 2 1,965.00 1,860.75 2,883.00 1,844.00 1,947.50 1,887.50 1,887.50 1,887.50
Nbr of stocks (in thousands) 3,053,316 2,995,290 2,952,896 2,830,635 2,691,947 2,507,038 - -
Announcement Date 4/28/22 4/27/23 4/26/24 4/25/25 4/28/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.54x1.32x10.18x1.88% 43.5B
16.6x0.74x5.46x3.5% 36.21B
10.81x0.67x8.48x1.37% 32.65B
12.2x0.57x4.95x3.89% 29.86B
15.07x2.8x9.63x3.96% 21.74B
31.61x1.24x13.18x0.58% 18.77B
11.1x0.53x5.15x2.79% 18.82B
12.82x1.32x6.8x4.26% 15.65B
47.52x5.2x36.32x0.76% 14.92B
Average 19.70x 1.60x 11.13x 2.56% 25.79B
Weighted average by Cap. 18.13x 1.36x 9.77x 2.57%

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