Company Valuation: Marutai Co.,Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 7,101 6,222 6,260 7,264 7,904 8,076
Change - -12.38% 0.61% 16.03% 8.82% 2.18%
Enterprise Value (EV) 1 4,979 6,828 6,106 6,712 5,988 6,327
Change - 37.13% -10.57% 9.92% -10.78% 5.66%
P/E 11.1x 12.7x 27.4x 25.7x 16.3x 19x
PBR 0.82x 0.69x 0.68x 0.76x 0.8x 0.78x
PEG - -0.5x -0.5x 1.1x 0.2x -1.5x
Capitalization / Revenue 0.76x 0.78x 0.75x 0.81x 0.82x 0.85x
EV / Revenue 0.53x 0.86x 0.73x 0.75x 0.62x 0.66x
EV / EBITDA 3.93x 6.85x 7.51x 7.58x 5.16x 5.89x
EV / EBIT 5.1x 10.4x 20.3x 18.7x 9.43x 11.5x
EV / FCF -4.69x -2.35x 7.67x 16.1x 5.66x -444x
FCF Yield -21.3% -42.6% 13% 6.23% 17.7% -0.23%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 334.4 257 119.3 147.6 253.8 221.9
Distribution rate - - - - - -
Net sales 1 9,333 7,949 8,332 8,944 9,604 9,552
EBITDA 1 1,268 997 813 886 1,161 1,074
EBIT 1 977 659 301 358 635 551
Net income 1 639 491 228 282 485 424
Net Debt 1 -2,122 606 -154 -552 -1,916 -1,749
Reference price 2 3,715.00 3,255.00 3,275.00 3,800.00 4,135.00 4,225.00
Nbr of stocks (in thousands) 1,911 1,911 1,911 1,911 1,911 1,911
Announcement Date 6/23/21 6/23/22 6/22/23 6/20/24 6/19/25 6/23/26
1JPY in Million2JPY
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 52.8M
19.62x2.7x13.48x4.21% 231B
17.97x2.35x14.01x3.56% 73.72B
15.31x1.63x9.28x4.09% 41.7B
14.73x0.53x9.47x2.62% 38.33B
19.29x2.96x12.01x3.63% 32.01B
36.01x3.11x18.13x1.03% 31.88B
25.03x5.24x16.72x3.35% 28.39B
-7.92x1.77x8.83x7.14% 26.63B
60.39x9.26x38.41x1.26% 26.11B
Average 22.27x 3.28x 15.59x 3.43% 52.99B
Weighted average by Cap. 20.58x 2.86x 14.29x 3.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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