Company Valuation: Kewpie Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 301,337 340,143 358,628 478,166 596,116 613,560 - -
Change - 12.88% 5.43% 33.33% 24.67% 2.93% - -
Enterprise Value (EV) 1 274,721 304,783 321,809 407,798 541,312 564,147 567,690 565,650
Change - 10.94% 5.59% 26.72% 32.74% 4.22% 0.63% -0.36%
P/E 18x 21.2x 27.2x 22.3x 20x 23.8x 22x 19.5x
PBR 1.31x 1.27x 1.27x 1.58x 1.89x 1.87x 1.8x 1.73x
PEG - -2.1x -1.5x 0.4x 0.5x -1.6x 2.6x 1.5x
Capitalization / Revenue 0.74x 0.79x 0.79x 0.99x 1.16x 1.17x 1.12x 1.08x
EV / Revenue 0.67x 0.71x 0.71x 0.84x 1.05x 1.07x 1.03x 0.99x
EV / EBITDA 6.31x 7.31x 8.74x 7.47x 10.2x 9.81x 9.32x 8.65x
EV / EBIT 9.82x 12x 16.3x 11.9x 15.6x 14.7x 13.7x 12.4x
EV / FCF 10.4x 27.7x 54.7x 10.4x 35.4x 31.3x 27.6x 23.2x
FCF Yield 9.62% 3.61% 1.83% 9.61% 2.82% 3.19% 3.63% 4.31%
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% 1.54% 1.66% 1.84%
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 4,490.00 4,490.00 4,490.00
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.($)
24.44x1.1x10.08x1.5% 3.87B
25.28x5.5x17.47x3.44% 28.93B
31.18x2.35x11.98x2.06% 20.15B
24.47x1.85x13.31x1.54% 9.6B
17.47x1.9x11.19x1.81% 4.73B
9.89x0.74x5.07x4.55% 3.35B
18.52x1.66x8.24x3.62% 3.32B
16.63x - - 3.52% 3.08B
Average 20.99x 2.16x 11.05x 2.76% 9.63B
Weighted average by Cap. 24.90x 3.32x 13.67x 2.7%

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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