Company Valuation: KOSE Holdings Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 744,501 822,717 603,383 409,669 299,070 331,763 - -
Change - 10.51% -26.66% -32.1% -27% 10.93% - -
Enterprise Value (EV) 1 640,636 716,164 568,383 306,921 217,263 250,599 245,662 246,186
Change - 11.79% -20.64% -46% -29.21% 15.34% -1.97% 0.21%
P/E 55.8x 43.8x 51.7x 54.5x 19.8x 26.2x 24.1x 21.6x
PBR 3.52x 3.18x 2.27x 1.5x 1.05x 1.15x 1.14x 1.11x
PEG - 1.1x -1.4x -1.5x 0x -1.7x 2.83x 1.8x
Capitalization / Revenue 3.31x 2.85x 2.01x 1.27x 0.91x 0.96x 0.93x 0.9x
EV / Revenue 2.85x 2.48x 1.89x 0.95x 0.66x 0.73x 0.69x 0.67x
EV / EBITDA 23.5x 21.8x 21.4x 11.4x 7.4x 8.09x 7.09x 6.65x
EV / EBIT 34x 32.4x 35.6x 17.7x 11.8x 13.7x 11.8x 10.5x
EV / FCF 49x 51.3x 29.6x 32.5x -21.5x -30.2x 20.5x 15.1x
FCF Yield 2.04% 1.95% 3.38% 3.08% -4.64% -3.32% 4.88% 6.6%
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% 2.55% 2.57% 2.64%
EPS 2 233.9 329 204.4 131.6 264.8 223.4 242.4 271
Distribution rate 51.3% 42.5% 68.5% 106% 52.9% 66.8% 61.9% 56.9%
Net sales 1 224,983 289,136 300,406 322,700 330,193 343,916 355,461 367,192
EBITDA 1 27,279 32,822 26,567 27,000 29,346 30,981 34,647 37,026
EBIT 1 18,852 22,120 15,985 17,300 18,467 18,306 20,880 23,375
Net income 1 13,341 18,771 11,663 7,500 15,114 12,385 13,806 15,427
Net Debt 1 -103,865 -106,553 -35,000 -102,748 -81,807 -81,164 -86,101 -85,577
Reference price 2 13,050.00 14,420.00 10,575.00 7,179.00 5,240.00 5,846.00 5,846.00 5,846.00
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.($)
26.25x0.73x8.12x2.54% 2.08B
29.66x4.58x18.91x2% 240B
56.26x8.02x30.81x0.22% 49.34B
29.8x5.47x21.22x1.11% 12.54B
34.41x1.69x12.54x1.62% 9.41B
25.28x1.82x11.67x1.06% 6.74B
56.35x3.39x16.54x-.--% 6.14B
24.11x2.44x13.1x2.72% 3.77B
12.91x1.62x8.99x3.5% 3.57B
21.74x2.82x13.67x3.6% 2.91B
Average 31.68x 3.26x 15.56x 1.84% 33.65B
Weighted average by Cap. 33.77x 4.87x 20.09x 1.68%

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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