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 4,547,767 - -
Change - 31.23% 31.44% -1.52% 55.4% 24% - -
Enterprise Value (EV) 1 2,367,740 2,865,586 3,380,591 3,182,231 4,743,762 5,850,402 5,714,465 5,646,681
Change - 21.03% 17.97% -5.87% 49.07% 23.33% -2.32% -1.19%
P/E 6.51x 4.35x 6.63x 5.71x 9.45x 8.61x 9.26x 9.58x
PBR 0.44x 0.48x 0.58x 0.49x 0.77x 0.89x 0.83x 0.77x
PEG - 0x -0.6x 0.3x -2.25x 0.2x -1.32x -2.85x
Capitalization / Revenue 1.12x 0.78x 1.11x 1.04x 1.82x 2.01x 2.04x 2.11x
EV / Revenue 1.9x 1.23x 1.56x 1.4x 2.36x 2.58x 2.57x 2.62x
EV / EBITDA 2.98x 1.86x 2.46x 1.95x 3.19x 3.5x 3.44x 3.73x
EV / EBIT 4.01x 2.3x 3.01x 2.5x 4.18x 4.13x 4.33x 4.59x
EV / FCF 8.64x 12.7x 5.92x 9x 189x 20.1x 20.7x 25.8x
FCF Yield 11.6% 7.88% 16.9% 11.1% 0.53% 4.96% 4.83% 3.87%
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% 2.91% 3.04% 3.15%
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 3,913.00 3,913.00 3,913.00
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.($)
12.43x2.43x5.38x2.58% 158B
12.43x3.31x6.34x3.59% 102B
8.43x2.59x4.5x2.86% 75.65B
9.88x1.47x4.78x1.91% 60.06B
7.25x2.48x3.94x1.74% 58.82B
9.19x2.56x5.04x2.29% 55.9B
11.37x3.44x4.94x2.27% 53.88B
12.38x3.38x5.14x5.91% 43.81B
5.7x1.65x3.96x4.74% 35.99B
Average 9.90x 2.59x 4.89x 3.1% 71.62B
Weighted average by Cap. 10.50x 2.62x 5.08x 2.93%

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

-40%: Exceptional extension
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