Company Valuation: M3, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 3,033,456 2,241,071 1,451,044 1,155,714 1,071,551 1,162,997 - -
Change - -26.12% -35.25% -20.35% -7.28% 8.53% - -
Enterprise Value (EV) 1 2,892,240 2,133,134 1,311,648 1,045,201 948,523 1,024,535 995,601 964,594
Change - -26.25% -38.51% -20.31% -9.25% 8.01% -2.82% -3.11%
P/E 47.5x 45.7x 32x 28.5x 22.1x 22x 19.7x 17.7x
PBR 11.8x 7.43x 4.14x 3.07x 2.64x 2.67x 2.45x 2.22x
PEG - -2x -4.17x -2.7x 1x 2.4x 1.7x 1.6x
Capitalization / Revenue 14.6x 9.71x 6.07x 4.06x 3.05x 2.99x 2.73x 2.5x
EV / Revenue 13.9x 9.24x 5.49x 3.67x 2.7x 2.63x 2.34x 2.07x
EV / EBITDA 28.5x 26.9x 17.9x 13.9x 10.4x 10.7x 9.36x 8.19x
EV / EBIT 30.4x 29.6x 20.4x 16.6x 12.9x 12.8x 11.2x 9.83x
EV / FCF 101x 60.6x 25.5x 83x 17.4x 20.9x 17x 15.1x
FCF Yield 0.99% 1.65% 3.91% 1.2% 5.73% 4.78% 5.87% 6.61%
Dividend per Share 2 16 19 21 21 22 23.51 26.41 28.17
Rate of return 0.36% 0.58% 0.98% 1.23% 1.37% 1.35% 1.52% 1.62%
EPS 2 94.06 72.22 66.68 59.62 72.53 79.17 88.61 98.22
Distribution rate 17% 26.3% 31.5% 35.2% 30.3% 29.7% 29.8% 28.7%
Net sales 1 208,159 230,818 238,883 284,900 351,363 389,195 425,497 465,571
EBITDA 1 101,415 79,417 73,259 75,176 90,776 96,120 106,379 117,736
EBIT 1 95,141 71,983 64,381 62,971 73,547 79,815 88,871 98,100
Net income 1 63,845 49,028 45,271 40,484 49,100 52,481 58,459 64,776
Net Debt 1 -141,216 -107,937 -139,396 -110,513 -123,028 -138,461 -167,396 -198,403
Reference price 2 4,469.00 3,301.00 2,137.00 1,702.00 1,605.50 1,742.50 1,742.50 1,742.50
Nbr of stocks (in thousands) 678,777 678,907 679,010 679,033 667,425 667,430 - -
Announcement Date 4/27/22 4/28/23 4/26/24 5/2/25 5/1/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.41x6.63x19.91x-.--% 334B
22.18x2.6x13.22x-.--% 148B
39.51x4.64x30.64x-.--% 114B
2.69x70.34x1.96x0.15% 97.83B
32.13x6.3x17.71x-.--% 101B
78.68x4.67x22.23x-.--% 88.19B
10.12x7.35x88.36x0.68% 87.6B
7.75x2.97x61.59x0.77% 33.77B
188.46x2.94x85.75x-.--% 31.03B
Average 44.88x 12.05x 37.93x 0.18% 115.13B
Weighted average by Cap. 31.59x 11.48x 27.54x 0.1%

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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