Company Valuation: Joshin Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 82,402 51,452 51,625 60,749 55,131 72,955
Change - -37.56% 0.34% 17.67% -9.25% 32.33%
Enterprise Value (EV) 1 110,516 90,266 95,477 110,473 94,573 107,781
Change - -18.32% 5.77% 15.71% -14.39% 13.97%
P/E 9.53x 8.05x 10.5x 12.5x 16.3x 22.2x
PBR 0.85x 0.52x 0.51x 0.58x 0.53x 0.69x
PEG - -0.3x -0.5x -27.24x -0.6x -6.76x
Capitalization / Revenue 0.18x 0.13x 0.13x 0.15x 0.14x 0.17x
EV / Revenue 0.25x 0.22x 0.23x 0.27x 0.23x 0.25x
EV / EBITDA 5.05x 6.27x 6.81x 7.82x 9.94x 9.61x
EV / EBIT 6.68x 10.2x 11.3x 13.2x 25.6x 19.9x
EV / FCF 9.8x -7.48x -16.6x -19.9x 10x 13x
FCF Yield 10.2% -13.4% -6.03% -5.02% 9.97% 7.7%
Dividend per Share 2 75 75 75 90 100 100
Rate of return 2.37% 3.9% 3.84% 3.87% 4.69% 3.55%
EPS 2 331.6 238.8 186.7 185.9 131.1 126.8
Distribution rate 22.6% 31.4% 40.2% 48.4% 76.3% 78.9%
Net sales 1 449,121 409,508 408,460 403,692 403,259 436,650
EBITDA 1 21,880 14,407 14,012 14,128 9,513 11,214
EBIT 1 16,550 8,884 8,440 8,365 3,688 5,422
Net income 1 8,873 6,391 4,972 4,891 3,407 3,280
Net Debt 1 28,114 38,814 43,852 49,724 39,442 34,826
Reference price 2 3,160.00 1,922.00 1,954.00 2,328.00 2,133.00 2,819.00
Nbr of stocks (in thousands) 26,077 26,770 26,420 26,095 25,847 25,880
Announcement Date 6/25/21 6/27/22 6/29/23 6/27/24 6/26/25 6/23/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 584M
13.72x0.43x9.29x2.51% 2.97B
12.29x0.39x6.81x2.73% 1.72B
15.15x - - 1.96% 1.62B
70.47x3.19x36.78x0.18% 863M
13.23x0.36x5.67x - 694M
13.5x0.6x8.28x - 350M
Average 23.06x 0.99x 13.37x 1.85% 1.26B
Weighted average by Cap. 19.61x 0.78x 11.81x 2.16%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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