Company Valuation: JFE Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 992,076 975,422 1,615,378 1,163,718 1,154,920 1,205,469 - -
Change - -1.68% 65.61% -27.96% -0.76% 4.38% - -
Enterprise Value (EV) 1 2,739,703 2,718,996 3,202,576 2,757,327 2,946,498 3,139,184 3,047,841 3,056,650
Change - -0.76% 17.79% -13.9% 6.86% 6.54% -2.91% 0.29%
P/E 3.44x 5.99x 7.86x 12.7x 16.5x 9.37x 8.9x 8.46x
PBR 0.5x 0.46x 0.66x 0.46x 0.44x 0.45x 0.43x 0.42x
PEG - -0.1x 0.5x -0.2x -0.7x 0.1x 1.69x 1.64x
Capitalization / Revenue 0.23x 0.19x 0.31x 0.24x 0.25x 0.25x 0.24x 0.24x
EV / Revenue 0.63x 0.52x 0.62x 0.57x 0.65x 0.64x 0.62x 0.61x
EV / EBITDA 4.87x 5.5x 5.71x 6.52x 7.62x 6.68x 6.27x 6.07x
EV / EBIT 8.84x 12.1x 11.2x 16.7x 31.1x 15.2x 14.2x 13.4x
EV / FCF 256x 22.4x 20.8x 43x -40x -110x -117x 47.6x
FCF Yield 0.39% 4.47% 4.8% 2.33% -2.5% -0.91% -0.85% 2.1%
Dividend per Share 2 140 80 100 100 80 80 80 80
Rate of return 8.13% 4.76% 3.94% 5.47% 4.41% 4.22% 4.22% 4.22%
EPS 2 500.3 280.5 323.3 144.4 110.3 202.3 212.9 223.9
Distribution rate 28% 28.5% 30.9% 69.2% 72.5% 39.6% 37.6% 35.7%
Net sales 1 4,365,145 5,268,794 5,174,632 4,859,647 4,539,270 4,879,233 4,924,181 4,984,576
EBITDA 1 562,322 494,686 561,104 422,706 386,495 469,768 486,144 503,689
EBIT 1 310,039 225,086 287,003 165,068 94,841 206,971 214,300 227,803
Net income 1 288,058 162,621 197,421 91,867 70,165 128,671 135,448 142,447
Net Debt 1 1,747,627 1,743,574 1,587,198 1,593,609 1,791,578 1,933,714 1,842,372 1,851,181
Reference price 2 1,723.00 1,679.00 2,540.00 1,829.50 1,815.50 1,895.00 1,895.00 1,895.00
Nbr of stocks (in thousands) 575,784 580,954 635,976 636,085 636,145 636,132 - -
Announcement Date 5/6/22 5/8/23 5/7/24 5/8/25 5/8/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.18x0.64x6.63x4.31% 7.62B
13.85x1.55x7.97x0.86% 59.14B
16.89x0.95x7.74x0.84% 56.28B
13.64x1.53x8.77x0.89% 34.15B
13.09x1.16x7.04x2.29% 23.79B
12.1x0.78x6.91x3.53% 23.01B
30.71x5.88x20.01x0.2% 20.41B
11.91x0.56x5.44x3.01% 18.05B
-21.23x0.16x3.48x0.98% 10.98B
14.26x0.95x7.14x2.69% 10.78B
Average 11.44x 1.42x 8.11x 1.96% 26.42B
Weighted average by Cap. 13.84x 1.48x 8.35x 1.5%

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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