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 2,753,277 - -
Change - -14.36% 10.38% 10.05% -4.56% -2.78% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,567,695 2,529,311 2,482,868
Change - -12.92% 10.46% 7.76% 0.41% -6.69% -1.49% -1.84%
P/E Ratio 26.1x 28.7x 61.5x 27.5x 24.1x 20.1x 18.8x 17.3x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.44x 2.32x 2.18x
PEG - -1.4x -1.3x 0x 2x 1.3x 2.53x 2.08x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.55x 1.5x 1.46x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.45x 1.38x 1.32x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 9.27x 8.73x 8.16x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 13.7x 12.7x 11.6x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 19.9x 18.1x 16.3x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 5.03% 5.52% 6.15%
Dividend per Share 2 144 148 150 152 154 156.2 158.4 160.8
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.58% 2.62% 2.66%
EPS 2 230.6 183.3 94.37 231.9 260.3 300.5 322.9 349.7
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 52% 49.1% 46%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,772,546 1,833,223 1,887,314
EBITDA 1 230,851 199,809 149,630 235,066 249,910 277,096 289,661 304,361
EBIT 1 143,510 110,071 60,035 146,644 164,069 187,041 199,331 214,212
Net income 1 109,636 86,038 43,870 107,767 120,081 135,880 144,893 155,850
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -185,582 -223,967 -270,409
Reference price 2 6,019.00 5,255.00 5,800.00 6,388.00 6,261.00 6,055.00 6,055.00 6,055.00
Nbr of stocks (in thousands) 473,880 464,831 464,863 464,486 452,317 452,321 - -
Announcement Date 2/3/22 2/2/23 2/7/24 2/6/25 2/5/26 - - -
1JPY in Million2JPY
Estimates

P/E Ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.15x1.44x9.21x2.58% 17.1B
22.23x4.3x15.72x2.83% 350B
16.66x2.57x11.37x3.75% 127B
24.55x3.69x15.52x2.31% 72.48B
44.84x7.18x31.17x2.12% 53.6B
19.15x2.72x11.25x4.65% 35.04B
87.22x2.6x15.82x1.56% 32.56B
14.86x1.5x8.42x3.47% 19.23B
16.27x1.14x6.79x1.44% 17.91B
50.52x7.03x34.47x1.27% 11.23B
Average 31.64x 3.42x 15.98x 2.6% 73.61B
Weighted average by Cap. 25.92x 3.83x 15.60x 2.87%

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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