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 5,204,867 - -
Change - -7.1% 52.74% -38.69% 0.44% -0.72% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,915,508 4,874,430 4,815,844
Change - -5.28% 48.26% -42.47% -1.37% 1.04% -0.84% -1.2%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12x 10.4x 9.28x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.91x 0.86x 0.81x
PEG - 0.8x 29.56x 0.3x 1x -9.45x 0.7x 0.7x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.68x 0.66x 0.64x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.64x 0.61x 0.59x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x - 5.35x 4.72x 4.52x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 8.91x 7.89x 7.21x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.8x 10.3x 9.89x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.24% 9.7% 10.1%
Dividend per Share 2 41.25 46.25 55 64 67 73.22 78.48 84.79
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.79% 4.06% 4.39%
EPS 2 85.69 104 105 145 163 160.9 185.3 208.4
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 45.5% 42.4% 40.7%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,704,129 7,926,616 8,188,189
EBITDA 1 687,705 790,734 754,868 895,546 - 918,624 1,033,773 1,064,625
EBIT 1 341,179 426,099 380,599 518,953 552,538 551,929 617,418 668,319
Net income 1 263,901 314,633 312,791 419,081 443,755 417,663 466,847 508,383
Net Debt 1 105,897 209,791 61,331 -287,147 -377,844 -289,359 -330,437 -389,022
Reference price 2 1,965.00 1,860.75 2,883.00 1,844.00 1,947.50 1,933.50 1,933.50 1,933.50
Nbr of stocks (in thousands) 3,053,316 2,995,290 2,952,896 2,830,635 2,691,947 2,691,940 - -
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.($)
23.37x1.57x12.17x1.61% 49.87B
17.79x0.74x5.44x3.28% 35.81B
10.33x0.63x8.21x1.43% 28.98B
12.79x2.32x8.16x4.57% 18.96B
10.62x0.5x4.89x3.08% 17.53B
12.19x1.06x6.05x4.12% 16.66B
27.48x1.1x11.53x0.59% 15.81B
31.01x2.87x17.09x0.99% 14.7B
12.96x1.02x6.74x1.03% 13.33B
Average 17.61x 1.31x 8.92x 2.3% 23.52B
Weighted average by Cap. 17.94x 1.26x 9.00x 2.29%

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