Company Valuation: HOYA Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,121,819 5,171,784 6,568,676 5,751,253 8,941,378 7,856,073 - -
Change - 0.98% 27.01% -12.44% 55.47% -12.14% - -
Enterprise Value (EV) 1 4,724,015 4,790,478 6,072,753 5,254,569 8,409,527 7,409,229 7,422,340 7,433,066
Change - 1.41% 26.77% -13.47% 60.04% -11.89% 0.18% 0.14%
P/E 31.4x 31x 36.4x 28.9x 35.7x 28.6x 25.2x 22.1x
PBR 6.37x 6.3x 6.79x 5.9x 8.73x 7.76x 7.37x 6.84x
PEG - 5.94x 3.74x 2.3x 1.3x 2.8x 1.9x 1.6x
Capitalization / Revenue 7.74x 7.15x 8.61x 6.64x 9.43x 7.49x 6.94x 6.39x
EV / Revenue 7.14x 6.62x 7.96x 6.07x 8.87x 7.07x 6.55x 6.04x
EV / EBITDA 19.4x 18.4x 15.1x 13.9x 24.5x 18.3x 16.5x 14.7x
EV / EBIT 23.6x 22.7x 17.2x 15.9x 29.5x 21.7x 19.3x 17.2x
EV / FCF 29.4x 31x 32.5x 30.2x 39.5x 31x 29.1x 25.2x
FCF Yield 3.4% 3.22% 3.08% 3.32% 2.53% 3.23% 3.44% 3.97%
Dividend per Share 2 110 110 110 160 295 328.4 370.5 424.8
Rate of return 0.78% 0.76% 0.59% 0.95% 1.11% 1.4% 1.58% 1.81%
EPS 2 446.4 469.8 515.5 581.4 743.9 820.1 931.1 1,060
Distribution rate 24.6% 23.4% 21.3% 27.5% 39.7% 40% 39.8% 40.1%
Net sales 1 661,466 723,582 762,610 866,032 947,749 1,048,630 1,132,498 1,229,999
EBITDA 1 243,353 260,371 401,017 378,331 343,459 405,718 449,967 507,332
EBIT 1 200,334 210,756 353,802 329,754 285,241 341,214 385,132 431,198
Net income 1 164,507 168,638 181,377 202,101 253,085 272,754 306,401 343,127
Net Debt 1 -397,804 -381,306 -495,923 -496,684 -531,851 -446,844 -433,733 -423,007
Reference price 2 14,030.00 14,560.00 18,740.00 16,780.00 26,550.00 23,485.00 23,485.00 23,485.00
Nbr of stocks (in thousands) 365,062 355,205 350,516 342,745 336,775 334,514 - -
Announcement Date 5/6/22 5/8/23 5/15/24 5/1/25 4/30/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.63x3.96x15.31x2.54% 175B
18.72x3.44x12.29x3.18% 113B
16.97x0.2x12.45x0.77% 59.13B
34.54x3.36x11.5x2.19% 48.82B
28.22x6.96x17.98x1.42% 48.69B
35.06x6.17x19.36x-.--% 33.01B
44.75x1.3x12.02x0.21% 30.41B
43.57x7.64x27.42x0.24% 26.29B
55.03x7.36x23.65x0.39% 23.87B
Average 33.94x 4.49x 16.88x 1.22% 62.04B
Weighted average by Cap. 28.96x 3.97x 15.28x 1.88%

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