Company Valuation: Inpex Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,389,291 1,823,168 2,396,325 2,359,995 3,667,424 4,433,869 - -
Change - 31.23% 31.44% -1.52% 55.4% 20.9% - -
Enterprise Value (EV) 1 2,367,740 2,865,586 3,380,591 3,182,231 4,743,762 5,736,504 5,600,568 5,532,783
Change - 21.03% 17.97% -5.87% 49.07% 20.93% -2.37% -1.21%
P/E 6.51x 4.35x 6.63x 5.71x 9.45x 8.39x 9.03x 9.34x
PBR 0.44x 0.48x 0.58x 0.49x 0.77x 0.87x 0.81x 0.76x
PEG - 0x -0.6x 0.3x -2.25x 0.2x -1.29x -2.78x
Capitalization / Revenue 1.12x 0.78x 1.11x 1.04x 1.82x 1.96x 1.99x 2.06x
EV / Revenue 1.9x 1.23x 1.56x 1.4x 2.36x 2.53x 2.52x 2.57x
EV / EBITDA 2.98x 1.86x 2.46x 1.95x 3.19x 3.43x 3.38x 3.66x
EV / EBIT 4.01x 2.3x 3.01x 2.5x 4.18x 4.05x 4.24x 4.49x
EV / FCF 8.64x 12.7x 5.92x 9x 189x 19.8x 20.3x 25.3x
FCF Yield 11.6% 7.88% 16.9% 11.1% 0.53% 5.06% 4.93% 3.95%
Dividend per Share 2 48 62 74 86 100 113.9 118.8 123.4
Rate of return 4.79% 4.44% 3.89% 4.36% 3.2% 2.99% 3.11% 3.24%
EPS 2 153.9 320.7 287 345.3 330.8 454.5 422.6 408.4
Distribution rate 31.2% 19.3% 25.8% 24.9% 30.2% 25.1% 28.1% 30.2%
Net sales 1 1,244,369 2,324,660 2,165,702 2,265,837 2,011,351 2,265,913 2,224,297 2,155,239
EBITDA 1 793,841 1,538,968 1,374,129 1,631,019 1,486,812 1,672,937 1,658,795 1,513,602
EBIT 1 590,657 1,246,408 1,121,844 1,271,789 1,135,440 1,415,869 1,319,918 1,231,532
Net income 1 223,048 438,276 371,531 427,344 393,836 523,657 475,641 450,876
Net Debt 1 978,449 1,042,418 984,266 822,236 1,076,338 1,302,635 1,166,699 1,098,914
Reference price 2 1,002.00 1,396.00 1,904.50 1,970.50 3,127.00 3,815.00 3,815.00 3,815.00
Nbr of stocks (in thousands) 1,386,518 1,305,994 1,258,244 1,197,663 1,172,825 1,162,220 - -
Announcement Date 2/9/22 2/9/23 2/13/24 2/13/25 2/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12x2.34x5.19x2.67% 153B
11.93x3.17x6.17x3.71% 97.94B
8.31x2.51x4.39x2.94% 73.62B
9.49x1.42x4.6x1.99% 57.13B
7.05x2.42x3.82x1.8% 56.84B
9.04x2.46x4.91x2.36% 54.1B
11.28x3.36x4.79x2.34% 52.27B
12.08x3.25x4.93x6.2% 42.35B
5.57x1.63x3.9x4.85% 34.14B
Average 9.64x 2.51x 4.74x 3.21% 69.04B
Weighted average by Cap. 10.20x 2.53x 4.92x 3.03%

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