Company Valuation: Matsuya R&D Co.,Ltd

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 15,227 5,929 7,191 15,790 14,464 23,394
Change - -61.06% 21.28% 119.58% -8.39% 61.74%
Enterprise Value (EV) 1 15,164 6,244 7,934 16,381 12,811 21,462
Change - -58.82% 27.06% 106.46% -21.79% 67.52%
P/E 27.3x 36.3x 17x 16.7x 9.36x 15.2x
PBR 5.44x 1.83x 1.91x 3.04x 2.09x 2.87x
PEG - -0.5x 0x 0x 0.1x -16.97x
Capitalization / Revenue 1.46x 1.05x 1x 1.87x 1.51x 2.39x
EV / Revenue 1.46x 1.11x 1.11x 1.94x 1.34x 2.2x
EV / EBITDA 14.4x 10.7x 9.02x 10.5x 5.97x 9.27x
EV / EBIT 18.1x 17.6x 13x 12.8x 6.56x 10.1x
EV / FCF 24.4x -13.7x -16.2x -37.8x 6.83x 51.6x
FCF Yield 4.11% -7.31% -6.17% -2.64% 14.6% 1.94%
Dividend per Share 2 1.25 1.25 1.25 2.5 10 -
Rate of return 0.17% 0.44% 0.37% 0.34% 1.47% -
EPS 2 26.81 7.748 20.02 44.43 72.55 71.9
Distribution rate 4.66% 16.1% 6.24% 5.63% 13.8% -
Net sales 1 10,401 5,640 7,164 8,433 9,567 9,771
EBITDA 1 1,051 584 880 1,558 2,146 2,316
EBIT 1 837 355 612 1,283 1,954 2,131
Net income 1 567 165 425 953 1,560 1,549
Net Debt 1 -63 315 743 591 -1,653 -1,932
Reference price 2 732.50 281.00 340.50 744.00 679.00 1,092.00
Nbr of stocks (in thousands) 20,788 21,101 21,118 21,222 21,302 21,423
Announcement Date 6/30/21 6/30/22 6/30/23 6/28/24 6/23/25 6/26/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 145M
35.87x6.15x22.84x0.75% 123B
32.85x6.16x21.34x1.87% 41.78B
33.57x4.38x16.45x0.1% 32.35B
21.67x1.79x13.17x2.24% 30.77B
24.33x3.8x12.77x1.5% 27.81B
22.6x3.28x14.14x1.04% 27.56B
25.73x3.11x13.38x1.46% 27.31B
26.24x3.3x16.12x1.73% 24.42B
Average 27.86x 4.00x 16.28x 1.33% 37.25B
Weighted average by Cap. 30.39x 4.70x 18.34x 1.18%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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