Company Valuation: Kewpie Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 301,337 340,143 358,628 478,166 596,116 583,497 - -
Change - 12.88% 5.43% 33.33% 24.67% -2.12% - -
Enterprise Value (EV) 1 274,721 304,783 321,809 407,798 541,312 534,084 537,627 535,587
Change - 10.94% 5.59% 26.72% 32.74% -1.34% 0.66% -0.38%
P/E 18x 21.2x 27.2x 22.3x 20x 22.7x 20.9x 18.6x
PBR 1.31x 1.27x 1.27x 1.58x 1.89x 1.78x 1.72x 1.64x
PEG - -2.1x -1.5x 0.4x 0.5x -1.6x 2.47x 1.5x
Capitalization / Revenue 0.74x 0.79x 0.79x 0.99x 1.16x 1.11x 1.06x 1.02x
EV / Revenue 0.67x 0.71x 0.71x 0.84x 1.05x 1.02x 0.98x 0.94x
EV / EBITDA 6.31x 7.31x 8.74x 7.47x 10.2x 9.29x 8.83x 8.19x
EV / EBIT 9.82x 12x 16.3x 11.9x 15.6x 13.9x 13x 11.8x
EV / FCF 10.4x 27.7x 54.7x 10.4x 35.4x 29.6x 26.1x 22x
FCF Yield 9.62% 3.61% 1.83% 9.61% 2.82% 3.37% 3.83% 4.55%
Dividend per Share 2 47 47 50 54 64 68.99 74.36 82.67
Rate of return 2.04% 1.92% 1.94% 1.57% 1.45% 1.62% 1.74% 1.94%
EPS 2 128.2 115.3 94.78 154.1 220.6 188.3 204.2 230
Distribution rate 36.7% 40.7% 52.8% 35% 29% 36.6% 36.4% 35.9%
Net sales 1 407,039 430,304 455,086 483,985 513,417 525,458 549,477 570,479
EBITDA 1 43,506 41,682 36,811 54,592 52,927 57,499 60,895 65,390
EBIT 1 27,972 25,433 19,694 34,329 34,628 38,474 41,345 45,554
Net income 1 18,014 16,033 13,174 21,419 30,506 25,855 27,424 30,190
Net Debt 1 -26,616 -35,360 -36,819 -70,368 -54,804 -49,412 -45,870 -47,910
Reference price 2 2,309.00 2,447.00 2,580.00 3,440.00 4,405.00 4,270.00 4,270.00 4,270.00
Nbr of stocks (in thousands) 130,505 139,004 139,003 139,002 135,327 136,650 - -
Announcement Date 1/11/22 1/10/23 1/10/24 1/9/25 1/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.18x1.04x9.52x1.58% 3.67B
24.58x5.33x16.93x3.53% 28.2B
31.29x2.36x12.01x2.03% 20.23B
24.25x1.84x13.18x1.55% 9.52B
17.05x1.86x10.95x1.85% 4.62B
18.27x1.65x8.16x3.67% 3.25B
16.93x - - 3.46% 3.13B
8.94x0.67x4.55x5.04% 3.03B
Average 20.56x 2.11x 10.76x 2.84% 9.46B
Weighted average by Cap. 24.59x 3.24x 13.40x 2.75%

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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