Company Valuation: Kao Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,852,283 2,442,686 2,696,205 2,967,136 2,831,960 3,146,748 - -
Change - -14.36% 10.38% 10.05% -4.56% 11.12% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,958,198 2,922,194 2,875,904
Change - -12.92% 10.46% 7.76% 0.41% 7.5% -1.22% -1.58%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 22.5x 20.9x 19.3x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.78x 2.65x 2.49x
PEG - -1.4x -1.3x 0x 2x 1.2x 2.79x 2.25x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.74x 1.68x 1.62x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.64x 1.56x 1.48x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10.5x 9.83x 9.13x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 15.4x 14.2x 12.9x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 22.9x 20.8x 18.6x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.37% 4.81% 5.39%
Dividend per Share 2 72 74 75 76 77 78.12 79.5 81
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.25% 2.29% 2.33%
EPS 2 115.3 91.64 47.18 116 130.2 154.8 166.4 180.6
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 50.5% 47.8% 44.8%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,806,444 1,873,692 1,937,881
EBITDA 1 230,851 199,809 149,630 235,066 249,910 282,352 297,259 315,064
EBIT 1 143,510 110,071 60,035 146,644 164,069 191,661 205,305 222,939
Net income 1 109,636 86,038 43,870 107,767 120,081 138,515 147,890 159,567
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -188,550 -224,555 -270,844
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,478.00 3,478.00 3,478.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,758 - -
Announcement Date 2/3/22 2/2/23 2/7/24 2/6/25 2/5/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.51x4.11x15.02x3% 340B
18.22x2.71x11.94x3.55% 133B
23.79x3.57x15.01x2.43% 69.73B
40.21x6.46x28.01x2.33% 47.31B
18.76x2.65x11.04x4.74% 34.21B
31.66x2.51x13.91x1.7% 33.8B
22.47x1.64x10.48x2.25% 20.05B
19.59x1.24x8.12x1.34% 18.58B
15.32x1.48x8.33x3.47% 17.98B
Average 23.50x 2.93x 13.54x 2.76% 79.42B
Weighted average by Cap. 22.52x 3.59x 14.59x 2.97%

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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