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 5,534,629 - -
Change - -7.1% 52.74% -38.69% 0.44% 5.57% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 5,245,270 5,204,193 5,145,607
Change - -5.28% 48.26% -42.47% -1.37% 7.82% -0.78% -1.13%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12.8x 11.1x 9.86x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.97x 0.92x 0.86x
PEG - 0.8x 29.56x 0.3x 1x -10.08x 0.7x 0.8x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.72x 0.7x 0.68x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.68x 0.66x 0.63x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x 5.23x 5.71x 5.03x 4.83x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 9.5x 8.43x 7.7x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 11.6x 11x 10.2x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 8.66% 9.08% 9.82%
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% 3.56% 3.82% 4.12%
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 1 687,705 790,734 754,868 895,546 930,612 918,624 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 2,056.00 2,056.00 2,056.00
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.($)
22.35x1.51x11.65x1.68% 47.05B
17.35x0.73x5.39x3.36% 35.61B
10.13x0.63x8.15x1.46% 29.43B
14.34x2.62x9.14x4.17% 20.66B
10.85x0.51x4.97x3.01% 17.89B
11.72x1.03x5.87x4.29% 15.96B
27.92x1.11x11.58x0.58% 15.92B
12.84x1.01x6.71x1.04% 13.21B
47.42x - - 1.06% 12.79B
Average 19.43x 1.14x 7.93x 2.3% 23.17B
Weighted average by Cap. 18.54x 1.15x 8.30x 2.33%

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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  5. Valuation DENSO Corporation