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 3,160,320 - -
Change - -14.36% 10.38% 10.05% -4.56% 11.59% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,988,063 2,956,619 2,915,043
Change - -12.92% 10.46% 7.76% 0.41% 8.58% -1.05% -1.41%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 22.9x 21.6x 19.9x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.79x 2.68x 2.52x
PEG - -1.4x -1.3x 0x 2x 1.3x 3.62x 2.34x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.77x 1.71x 1.66x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.67x 1.6x 1.53x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10.7x 10.2x 9.47x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 15.9x 14.8x 13.5x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 23.3x 21.8x 19.7x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.29% 4.59% 5.07%
Dividend per Share 2 72 74 75 76 77 78.08 79.29 80.41
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.24% 2.27% 2.3%
EPS 2 115.3 91.64 47.18 116 130.2 152.8 161.9 175.7
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 51.1% 49% 45.8%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,787,147 1,849,871 1,909,481
EBITDA 1 230,851 199,809 149,630 235,066 249,910 279,013 290,634 307,883
EBIT 1 143,510 110,071 60,035 146,644 164,069 188,103 199,879 215,813
Net income 1 109,636 86,038 43,870 107,767 120,081 134,085 145,203 156,399
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -172,257 -203,701 -245,277
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,493.00 3,493.00 3,493.00
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.($)
23.08x1.7x10.84x2.21% 20.09B
21.03x4.06x14.8x3.05% 336B
17.92x2.7x11.91x3.56% 134B
25.01x3.74x15.72x2.31% 73.3B
43.08x6.94x30.12x2.14% 51.04B
20.19x2.82x11.79x4.41% 36.88B
83.27x2.46x14.82x1.63% 31.15B
16.06x1.54x8.83x3.29% 19.82B
20.65x1.33x8.63x1.28% 19.77B
40.04x5.64x27.65x1.82% 10B
Average 31.03x 3.29x 15.51x 2.57% 73.19B
Weighted average by Cap. 25.17x 3.66x 15.02x 2.93%

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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