Company Valuation: Kobayashi Pharmaceutical Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 704,427 650,295 503,841 463,131 403,511 514,423 - -
Change - -7.68% -22.52% -8.08% -12.87% 27.49% - -
Enterprise Value (EV) 1 596,011 546,554 424,992 398,232 333,575 452,011 443,830 434,800
Change - -8.3% -22.24% -6.3% -16.24% 35.5% -1.81% -2.03%
P/E 35.8x 34.8x 25.3x 46x 110x 49.4x 38.2x 30.9x
PBR 3.59x 3.47x 2.47x 2.18x 1.92x 2.45x 2.37x 2.29x
PEG - 12.08x 7.7x -0.9x -1.7x 0x 1.3x 1.3x
Capitalization / Revenue 4.54x 3.91x 2.9x 2.8x 2.43x 3x 2.87x 2.76x
EV / Revenue 3.84x 3.29x 2.45x 2.4x 2.01x 2.63x 2.48x 2.33x
EV / EBITDA 19.3x 17.1x 13.3x 12.1x 14.1x 20.5x 16.3x 13.9x
EV / EBIT 22.9x 20.5x 16.5x 16x 22.4x 35.5x 25.4x 20.3x
EV / FCF 31.8x 31.1x -350x -29.2x 68.5x 31.4x 29.2x 25.4x
FCF Yield 3.15% 3.22% -0.29% -3.42% 1.46% 3.18% 3.43% 3.94%
Dividend per Share 2 83 90 101 102 104 106 109.5 114.3
Rate of return 0.92% 1% 1.49% 1.64% 1.92% 1.53% 1.58% 1.65%
EPS 2 252.4 259.6 268.2 135.4 49.19 140.1 181.4 223.7
Distribution rate 32.9% 34.7% 37.7% 75.3% 211% 75.6% 60.4% 51.1%
Net sales 1 155,252 166,258 173,455 165,600 165,742 171,748 179,252 186,553
EBITDA 1 30,900 32,027 31,837 32,800 23,600 22,065 27,283 31,225
EBIT 1 26,065 26,669 25,780 24,860 14,923 12,743 17,443 21,425
Net income 1 19,715 20,022 20,338 10,067 3,656 10,524 13,655 16,488
Net Debt 1 -108,416 -103,741 -78,849 -64,899 -69,936 -62,413 -70,594 -79,623
Reference price 2 9,040.00 9,030.00 6,790.00 6,230.00 5,428.00 6,920.00 6,920.00 6,920.00
Nbr of stocks (in thousands) 77,923 72,015 74,203 74,339 74,339 74,339 - -
Announcement Date 2/4/22 2/14/23 2/9/24 2/10/25 2/10/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.48x4.1x15.01x3.01% 340B
18.23x2.72x11.99x3.53% 133B
23.4x3.52x14.79x2.47% 68.6B
40.44x6.49x28.17x2.32% 47.63B
18.75x2.65x11.04x4.74% 34.19B
32.33x2.52x13.99x1.69% 34.18B
22.73x1.66x10.59x2.22% 20.2B
20.71x1.34x8.75x1.27% 19.52B
15.09x1.45x8.2x3.54% 17.7B
Average 23.69x 2.94x 13.61x 2.75% 79.41B
Weighted average by Cap. 22.57x 3.59x 14.60x 2.97%

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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