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 3,125,939 - -
Change - -14.36% 10.38% 10.05% -4.56% 10.38% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,936,491 2,904,265 2,862,085
Change - -12.92% 10.46% 7.76% 0.41% 6.71% -1.1% -1.45%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 22.2x 21x 19.4x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.77x 2.64x 2.48x
PEG - -1.4x -1.3x 0x 2x 1.1x 3.59x 2.34x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.73x 1.67x 1.62x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.63x 1.55x 1.48x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10.4x 9.85x 9.18x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 15.3x 14.3x 13x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 22.7x 21.1x 19x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.41% 4.74% 5.27%
Dividend per Share 2 72 74 75 76 77 78.12 79.42 80.73
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.26% 2.3% 2.34%
EPS 2 115.3 91.64 47.18 116 130.2 155.3 164.4 178
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 50.3% 48.3% 45.3%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,806,099 1,870,964 1,933,919
EBITDA 1 230,851 199,809 149,630 235,066 249,910 282,038 294,897 311,847
EBIT 1 143,510 110,071 60,035 146,644 164,069 191,411 203,164 219,996
Net income 1 109,636 86,038 43,870 107,767 120,081 138,786 147,915 159,313
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -189,447 -221,674 -263,854
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,455.00 3,455.00 3,455.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.51x1.65x10.54x2.24% 20.26B
21.51x4.11x15.03x3% 340B
18.72x2.77x12.21x3.45% 139B
24.14x3.62x15.21x2.39% 70.77B
40.93x6.59x28.62x2.25% 49.11B
35.03x2.66x14.78x1.54% 37.58B
19.71x2.76x11.52x4.5% 36B
20.15x1.29x8.38x1.3% 19.37B
15.79x1.51x8.7x3.37% 19.28B
37.93x5.33x26.17x1.9% 9.52B
Average 25.64x 3.23x 15.11x 2.59% 74.07B
Weighted average by Cap. 23.18x 3.64x 14.92x 2.91%

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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