Company Valuation: Kewpie Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 301,337 340,143 358,628 478,166 596,116 654,072 - -
Change - 12.88% 5.43% 33.33% 24.67% 9.72% - -
Enterprise Value (EV) 1 274,721 304,783 321,809 407,798 541,312 614,122 608,422 606,512
Change - 10.94% 5.59% 26.72% 32.74% 13.45% -0.93% -0.31%
P/E 18x 21.2x 27.2x 22.3x 20x 25.2x 23.2x 20.7x
PBR 1.31x 1.27x 1.27x 1.58x 1.89x 1.99x 1.92x 1.84x
PEG - -2.1x -1.5x 0.4x 0.5x -1.9x 2.82x 1.7x
Capitalization / Revenue 0.74x 0.79x 0.79x 0.99x 1.16x 1.24x 1.19x 1.12x
EV / Revenue 0.67x 0.71x 0.71x 0.84x 1.05x 1.17x 1.11x 1.04x
EV / EBITDA 6.31x 7.31x 8.74x 7.47x 10.2x 10.7x 9.94x 9.22x
EV / EBIT 9.82x 12x 16.3x 11.9x 15.6x 15.9x 14.6x 12.9x
EV / FCF 10.4x 27.7x 54.7x 10.4x 35.4x 32.7x 27.4x 24.9x
FCF Yield 9.62% 3.61% 1.83% 9.61% 2.82% 3.06% 3.64% 4.02%
Dividend per Share 2 47 47 50 54 64 68.99 74.74 82.62
Rate of return 2.04% 1.92% 1.94% 1.57% 1.45% 1.44% 1.56% 1.72%
EPS 2 128.2 115.3 94.78 154.1 220.6 190.7 206.4 232.2
Distribution rate 36.7% 40.7% 52.8% 35% 29% 36.2% 36.2% 35.6%
Net sales 1 407,039 430,304 455,086 483,985 513,417 525,521 550,039 582,526
EBITDA 1 43,506 41,682 36,811 54,592 52,927 57,198 61,207 65,805
EBIT 1 27,972 25,433 19,694 34,329 34,628 38,600 41,720 47,055
Net income 1 18,014 16,033 13,174 21,419 30,506 25,830 27,674 30,452
Net Debt 1 -26,616 -35,360 -36,819 -70,368 -54,804 -39,950 -45,650 -47,560
Reference price 2 2,309.00 2,447.00 2,580.00 3,440.00 4,405.00 4,797.00 4,797.00 4,797.00
Nbr of stocks (in thousands) 130,505 139,004 139,003 139,002 135,327 136,350 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.84x1.15x10.59x1.46% 4.12B
26.27x5.62x17.91x3.22% 30.68B
48.1x3.56x17.06x1.93% 21.28B
25.22x1.96x13.7x1.44% 10.73B
20.37x2.11x12.26x1.47% 5.46B
18.58x1.65x8.24x3.67% 3.34B
12.64x0.75x5.8x3.28% 3.27B
17.71x - - 3.38% 3.1B
21.6x3.55x15.68x4.31% 2.28B
Average 23.92x 2.54x 12.65x 2.68% 9.36B
Weighted average by Cap. 29.92x 3.71x 15.43x 2.52%

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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