Company Valuation: IPS, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 35,220 25,973 30,367 32,066 27,648 47,880 - -
Change - -26.26% 16.92% 5.6% -13.78% 73.18% - -
Enterprise Value (EV) 33,554 23,245 30,415 37,933 33,799 47,880 47,880 47,880
Change - -30.72% 30.84% 24.72% -10.9% 41.66% 0% 0%
P/E Ratio 27x 13.7x 13.2x 11.1x 10.8x 8.89x 11.3x 10.2x
PBR 6.64x 3.56x 3.25x 2.84x 1.82x 1.99x 2.12x 1.79x
PEG - 0.3x 0.6x 0.5x -0.9x 0.1x 0.4x 1x
Capitalization / Revenue 3.7x 2.42x 2.46x 2.27x 1.81x 2.2x 2.38x 1.95x
EV / Revenue 0x 0x 0x 0x 0x 2.78x 2.38x 1.95x
EV / EBITDA - - - - 0x 7.6x 6.47x 5.44x
EV / EBIT 0x 0x 0x 0x 0x 9.03x 7.72x 6.47x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 10 25 35 37 40 40 40 40
Rate of return 0.35% 1.19% 1.43% 1.48% 1.87% 1.4% 1.09% 1.09%
EPS 2 105.4 152.4 184.5 225.1 197.1 322.4 324.9 359.3
Distribution rate 9.49% 16.4% 19% 16.4% 20.3% 12.4% 12.3% 11.1%
Net sales 1 9,515 10,728 12,346 14,117 15,264 16,999 20,100 24,500
EBITDA 1 - - - - 5,411 6,309 7,400 8,800
EBIT 1 1,920 2,456 3,311 3,894 4,413 5,370 6,200 7,400
Net income 1 1,303 1,888 2,292 2,835 2,544 4,196 4,250 4,700
Net Debt -1,666 -2,728 48 5,867 6,151 - - -
Reference price 2 2,845.00 2,094.00 2,441.00 2,494.00 2,137.00 3,660.00 3,660.00 3,660.00
Nbr of stocks (in thousands) 12,380 12,404 12,440 12,857 12,938 13,082 - -
Announcement Date 5/14/21 5/13/22 5/12/23 5/10/24 5/9/25 5/8/26 - -
1JPY in Million2JPY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.49x - - 1.09% 299M
42.6x11.11x15.98x5.52% 3.01B
33.88x1.33x10.62x1.11% 1.15B
-16.91x - - - 911M
Average 18.52x 6.22x 13.30x 2.57% 1.34B
Weighted average by Cap. 29.07x 8.40x 14.49x 4.08%

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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