Company Valuation: INES Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 31,638 33,964 28,532 32,496 34,384 40,273
Change - 7.35% -15.99% 13.89% 5.81% 17.13%
Enterprise Value (EV) 1 18,736 21,719 16,856 31,016 33,761 35,435
Change - 15.92% -22.39% 84.01% 8.85% 4.96%
P/E 22.1x 28.5x 11.2x 18.1x 14.1x -21.8x
PBR 0.82x 0.98x 0.79x 0.86x 0.88x 1.09x
PEG - -5.83x 0x -0.6x 0.4x 0x
Capitalization / Revenue 0.76x 0.85x 0.67x 0.8x 0.85x 1.1x
EV / Revenue 0.45x 0.54x 0.4x 0.76x 0.83x 0.97x
EV / EBITDA 3.74x 4.42x 2.88x 6.37x 6.19x 29.6x
EV / EBIT 6.72x 11.1x 4.43x 10.8x 9.54x -54.8x
EV / FCF -34.5x 4.33x -242x -4.65x -12.8x 18.5x
FCF Yield -2.9% 23.1% -0.41% -21.5% -7.84% 5.41%
Dividend per Share 2 40 40 45 50 55 -
Rate of return 3.01% 2.45% 3.28% 3.2% 3.33% -
EPS 2 60.15 57.21 122.2 86.29 117.1 -88.56
Distribution rate 66.5% 69.9% 36.8% 57.9% 47% -
Net sales 1 41,573 40,033 42,404 40,557 40,563 36,616
EBITDA 1 5,014 4,912 5,854 4,872 5,454 1,197
EBIT 1 2,787 1,963 3,802 2,879 3,537 -647
Net income 1 1,432 1,300 2,541 1,795 2,436 -1,843
Net Debt 1 -12,902 -12,245 -11,676 -1,480 -623 -4,838
Reference price 2 1,329.00 1,631.00 1,372.00 1,562.00 1,653.00 1,935.00
Nbr of stocks (in thousands) 23,806 20,824 20,796 20,804 20,801 20,813
Announcement Date 6/25/21 6/24/22 6/23/23 6/25/24 6/25/25 6/22/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 278M
28.15x4.51x15.75x2.33% 272B
-91.12x14.39x83.34x-.--% 90.17B
10.21x1.12x5.88x4.73% 84.05B
13.47x2.45x9.09x6.14% 79.55B
18.39x4.85x11.97x3.1% 54.92B
13.6x1.99x8.34x5.73% 44.51B
18.97x1.52x9.56x1.51% 35.78B
19.31x1.42x9.05x1.03% 34.28B
15.52x1.98x9.21x5.57% 32.37B
Average 5.17x 3.80x 18.02x 3.35% 72.8B
Weighted average by Cap. 6.64x 4.59x 20.61x 3.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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