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 4,816,019 - -
Change - -7.1% 52.74% -38.69% 0.44% -8.14% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,546,123 4,479,382 4,419,387
Change - -5.28% 48.26% -42.47% -1.37% -6.55% -1.47% -1.34%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12x 10.4x 9.24x
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 -3.4x 0.7x 0.7x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.62x 0.59x 0.57x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.58x 0.55x 0.53x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x 5.23x 5.09x 4.4x 4.18x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 8.61x 7.51x 6.87x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.4x 9.68x 9.18x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.63% 10.3% 10.9%
Dividend per Share 2 41.25 46.25 55 64 67 73.44 78.81 85.1
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.9% 4.18% 4.51%
EPS 2 85.69 104 105 145 163 157.2 181.4 204.1
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 46.7% 43.5% 41.7%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,806,982 8,105,356 8,393,879
EBITDA 1 687,705 790,734 754,868 895,546 930,612 892,699 1,018,177 1,056,562
EBIT 1 341,179 426,099 380,599 518,953 552,538 528,165 596,829 643,517
Net income 1 263,901 314,633 312,791 419,081 443,755 404,599 453,038 491,116
Net Debt 1 105,897 209,791 61,331 -287,147 -377,844 -269,897 -336,637 -396,632
Reference price 2 1,965.00 1,860.75 2,883.00 1,844.00 1,947.50 1,885.00 1,885.00 1,885.00
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.($)
18.48x1.26x9.73x2.01% 42.77B
15.91x0.71x5.21x3.83% 34.61B
11.99x0.57x4.99x3.9% 30.68B
8.86x0.53x6.78x1.69% 27.31B
14.47x2.64x9.09x4.19% 20.45B
30.44x1.2x12.72x0.6% 18.06B
10.47x0.49x4.8x3.04% 17.31B
13.48x1.38x7.11x4.08% 16.44B
47.76x5.22x36.5x0.76% 14.99B
Average 19.09x 1.56x 10.77x 2.68% 24.74B
Weighted average by Cap. 17.59x 1.33x 9.42x 2.75%

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
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