Company Valuation: KOSE Holdings Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 744,501 822,717 603,383 409,669 299,070 325,634 - -
Change - 10.51% -26.66% -32.1% -27% 8.88% - -
Enterprise Value (EV) 1 640,636 716,164 568,383 306,921 217,263 244,470 239,533 232,304
Change - 11.79% -20.64% -46% -29.21% 12.52% -2.02% -3.02%
P/E 55.8x 43.8x 51.7x 54.5x 19.8x 25.2x 23.7x 21.2x
PBR 3.52x 3.18x 2.27x 1.5x 1.05x 1.14x 1.12x 1.1x
PEG - 1.1x -1.4x -1.5x 0x -1.8x 3.88x 1.8x
Capitalization / Revenue 3.31x 2.85x 2.01x 1.27x 0.91x 0.95x 0.92x 0.89x
EV / Revenue 2.85x 2.48x 1.89x 0.95x 0.66x 0.71x 0.67x 0.63x
EV / EBITDA 23.5x 21.8x 21.4x 11.4x 7.4x 7.85x 6.89x 6.23x
EV / EBIT 34x 32.4x 35.6x 17.7x 11.8x 13.5x 11.6x 10x
EV / FCF 49x 51.3x 29.6x 32.5x -21.5x -32.3x 21x 14.8x
FCF Yield 2.04% 1.95% 3.38% 3.08% -4.64% -3.09% 4.77% 6.76%
Dividend per Share 2 120 140 140 140 140 149.2 150.2 154.2
Rate of return 0.92% 0.97% 1.32% 1.95% 2.67% 2.6% 2.62% 2.69%
EPS 2 233.9 329 204.4 131.6 264.8 227.8 241.7 271
Distribution rate 51.3% 42.5% 68.5% 106% 52.9% 65.5% 62.1% 56.9%
Net sales 1 224,983 289,136 300,406 322,700 330,193 343,826 355,764 367,417
EBITDA 1 27,279 32,822 26,567 27,000 29,346 31,147 34,787 37,295
EBIT 1 18,852 22,120 15,985 17,300 18,467 18,091 20,724 23,231
Net income 1 13,341 18,771 11,663 7,500 15,114 12,398 13,715 15,328
Net Debt 1 -103,865 -106,553 -35,000 -102,748 -81,807 -81,164 -86,101 -93,330
Reference price 2 13,050.00 14,420.00 10,575.00 7,179.00 5,240.00 5,738.00 5,738.00 5,738.00
Nbr of stocks (in thousands) 57,050 57,054 57,058 57,065 57,074 56,750 - -
Announcement Date 2/14/22 2/13/23 2/13/24 2/12/25 2/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.18x0.71x7.85x2.6% 2.07B
28.85x4.44x18.33x2.07% 230B
50.89x7.3x27.95x0.31% 44.79B
23.72x4.31x16.77x1.43% 9.89B
32.01x1.62x12.02x1.71% 9.07B
24.11x1.71x11.01x1.13% 6.35B
51.57x3.16x15.38x-.--% 5.69B
23.03x2.33x12.49x2.84% 3.6B
11.79x1.43x7.93x3.46% 3.26B
21.69x2.86x13.72x3.43% 2.93B
Average 29.28x 2.99x 14.35x 1.9% 31.72B
Weighted average by Cap. 31.88x 4.59x 18.97x 1.77%

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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-40%: Exceptional extension
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