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 5,258,705 - -
Change - -7.1% 52.74% -38.69% 0.44% 0.31% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,969,347 4,928,269 4,869,683
Change - -5.28% 48.26% -42.47% -1.37% 2.15% -0.83% -1.19%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12.1x 10.5x 9.37x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.92x 0.87x 0.81x
PEG - 0.8x 29.56x 0.3x 1x -9.53x 0.7x 0.8x
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 0.65x 0.62x 0.59x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x - 5.41x 4.77x 4.57x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 9x 7.98x 7.29x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.9x 10.4x 10x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.14% 9.59% 10%
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% 3.75% 4.02% 4.34%
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 1,953.50 1,953.50 1,953.50
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.07x0.64x5.37x3.77% 32.27B
22.25x1.5x11.6x1.69% 47.36B
17.7x0.74x5.45x3.29% 35.89B
9.86x0.6x7.81x1.49% 27.92B
12.8x2.32x8.14x4.56% 18.88B
10.65x0.5x4.9x3.07% 17.58B
12x1.05x5.98x4.18% 16.42B
27.23x1.09x11.34x0.59% 15.58B
29.39x2.72x16.18x1.04% 13.95B
12.77x1.01x6.65x1.05% 13.14B
Average 16.67x 1.22x 8.34x 2.47% 23.9B
Weighted average by Cap. 16.66x 1.14x 8.22x 2.54%

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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