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 5,264,089 - -
Change - -7.1% 52.74% -38.69% 0.44% 0.41% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,974,730 4,933,653 4,875,067
Change - -5.28% 48.26% -42.47% -1.37% 2.26% -0.83% -1.19%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12.2x 10.5x 9.37x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.92x 0.88x 0.82x
PEG - 0.8x 29.56x 0.3x 1x -6.2x 0.6x 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 0.6x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x - 5.42x 4.77x 4.58x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 9.06x 7.92x 7.29x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.7x 10.1x 9.8x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.36% 9.87% 10.2%
Dividend per Share 2 41.25 46.25 55 64 67 72.89 78.12 84.54
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.73% 4% 4.32%
EPS 2 85.69 104 105 145 163 159.8 186.8 208.7
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 45.6% 41.8% 40.5%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,694,602 7,922,978 8,178,131
EBITDA 1 687,705 790,734 754,868 895,546 - 918,624 1,033,773 1,064,625
EBIT 1 341,179 426,099 380,599 518,953 552,538 549,203 622,573 669,127
Net income 1 263,901 314,633 312,791 419,081 443,755 414,699 470,665 507,866
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 1,955.50 1,955.50 1,955.50
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.($)
12.24x0.65x5.42x3.73% 32.64B
24.14x1.61x12.51x1.57% 51.53B
10.44x0.64x8.42x1.41% 28.78B
12.82x2.36x8.32x4.56% 19.03B
12.64x1.1x6.3x4% 17.38B
10.46x0.49x4.82x3.11% 17.31B
38.03x1.33x14.6x0.57% 16.21B
33.75x3.13x18.62x0.91% 15.98B
19.65x2.78x11.05x1.89% 13.33B
12.66x1x6.6x1.05% 13.03B
Average 18.68x 1.51x 9.67x 2.28% 22.52B
Weighted average by Cap. 18.52x 1.41x 9.69x 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

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