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 1,088,421 - -
Change - -1.68% 65.61% -27.96% -0.76% -5.76% - -
Enterprise Value (EV) 1 2,739,703 2,718,996 3,202,576 2,757,327 2,946,498 2,968,710 3,000,373 3,004,110
Change - -0.76% 17.79% -13.9% 6.86% 0.75% 1.07% 0.12%
P/E 3.44x 5.99x 7.86x 12.7x 16.5x 8.29x 7.94x 7.34x
PBR 0.5x 0.46x 0.66x 0.46x 0.44x 0.4x 0.39x 0.38x
PEG - -0.1x 0.5x -0.2x -0.7x 0.1x 1.78x 0.91x
Capitalization / Revenue 0.23x 0.19x 0.31x 0.24x 0.25x 0.22x 0.22x 0.22x
EV / Revenue 0.63x 0.52x 0.62x 0.57x 0.65x 0.61x 0.6x 0.6x
EV / EBITDA 4.87x 5.5x 5.71x 6.52x 7.62x 6.25x 6.09x 5.89x
EV / EBIT 8.84x 12.1x 11.2x 16.7x 31.1x 15x 13.9x 13.1x
EV / FCF 256x 22.4x 20.8x 43x -40x -185x 567x 46.5x
FCF Yield 0.39% 4.47% 4.8% 2.33% -2.5% -0.54% 0.18% 2.15%
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% 4.68% 4.68% 4.68%
EPS 2 500.3 280.5 323.3 144.4 110.3 206.4 215.6 233.1
Distribution rate 28% 28.5% 30.9% 69.2% 72.5% 38.8% 37.1% 34.3%
Net sales 1 4,365,145 5,268,794 5,174,632 4,859,647 4,539,270 4,889,853 4,960,657 5,034,498
EBITDA 1 562,322 494,686 561,104 422,706 386,495 474,802 492,321 509,715
EBIT 1 310,039 225,086 287,003 165,068 94,841 198,041 216,029 228,758
Net income 1 288,058 162,621 197,421 91,867 70,165 131,293 137,159 148,266
Net Debt 1 1,747,627 1,743,574 1,587,198 1,593,609 1,791,578 1,880,289 1,911,951 1,915,688
Reference price 2 1,723.00 1,679.00 2,540.00 1,829.50 1,815.50 1,711.00 1,711.00 1,711.00
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.($)
8.29x0.61x6.25x4.68% 6.9B
8.53x1.8x4.66x7.45% 58.62B
13.09x1.43x7.47x0.93% 54.54B
14.73x0.84x6.87x0.97% 48.61B
13.87x2.33x5.32x4.43% 34.61B
13.96x1.5x8.69x0.91% 33.25B
20.08x1.77x9.78x0.58% 31.23B
12.82x1.15x6.93x2.34% 23.26B
11.39x0.75x6.63x3.75% 21.29B
17.17x1.24x11.27x1.24% 20.44B
Average 13.39x 1.34x 7.39x 2.73% 33.27B
Weighted average by Cap. 13.37x 1.45x 7.12x 2.79%

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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