Company Valuation: Nabtesco Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 408,509 403,819 345,412 337,309 439,208 520,179 - -
Change - -1.15% -14.46% -2.35% 30.21% 18.44% - -
Enterprise Value (EV) 1 315,237 313,800 289,150 294,717 426,096 490,605 472,606 454,367
Change - -0.46% -7.86% 1.93% 44.58% 15.14% -3.67% -3.86%
P/E 6.37x 42.7x 23.7x 33.3x 28.5x 21.1x 19.6x 18.2x
PBR 1.7x 1.62x 1.33x 1.25x 1.62x 1.82x 1.74x 1.63x
PEG - -0.5x 0.4x -1.1x 0.5x 0.4x 2.49x 2.5x
Capitalization / Revenue 1.36x 1.31x 1.04x 1.04x 1.43x 1.5x 1.42x 1.37x
EV / Revenue 1.05x 1.02x 0.87x 0.91x 1.38x 1.41x 1.29x 1.2x
EV / EBITDA 7.28x 9.63x 8.8x 9.43x 11.2x 9.88x 8.79x 8.01x
EV / EBIT 10.5x 17.3x 16.6x 19.9x 20.6x 14.6x 12.7x 11.3x
EV / FCF 3.05x -56.9x -15.6x -141x 18.7x 13.1x 16.8x 15.9x
FCF Yield 32.8% -1.76% -6.4% -0.71% 5.34% 7.65% 5.95% 6.27%
Dividend per Share 2 77 78 80 80 80 82.22 90.49 97.12
Rate of return 2.26% 2.32% 2.78% 2.85% 2.13% 1.85% 2.04% 2.19%
EPS 2 534.7 78.87 121.2 84.25 131.6 210.3 226.8 243.3
Distribution rate 14.4% 98.9% 66% 95% 60.8% 39.1% 39.9% 39.9%
Net sales 1 299,802 308,691 333,631 323,384 307,912 347,110 365,503 378,823
EBITDA 1 43,283 32,580 32,845 31,257 37,984 49,679 53,750 56,722
EBIT 1 30,017 18,097 17,376 14,788 20,726 33,540 37,311 40,299
Net income 1 64,818 9,464 14,554 10,119 15,695 24,392 26,309 28,287
Net Debt 1 -93,272 -90,019 -56,262 -42,592 -13,112 -29,574 -47,573 -65,812
Reference price 2 3,405.00 3,365.00 2,877.50 2,808.00 3,748.00 4,438.00 4,438.00 4,438.00
Nbr of stocks (in thousands) 119,973 120,006 120,039 120,124 117,185 117,210 - -
Announcement Date 2/10/22 2/10/23 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.($)
21.1x1.41x9.88x1.85% 3.39B
30.41x5.2x18.93x0.86% 120B
25.93x4.74x16.62x2.32% 34.85B
20.34x1.74x12.52x2.31% 29.59B
28.78x3.86x14.57x0.12% 28.3B
19.53x3.34x10.67x1.56% 27.9B
20.88x3.03x13.07x1.12% 25.46B
23.3x2.85x12.28x1.62% 24.97B
93.86x35.38x77.15x0.4% 24.45B
25.52x3.21x15.69x1.77% 23.38B
Average 30.97x 6.48x 20.14x 1.39% 34.21B
Weighted average by Cap. 30.94x 6.24x 20.03x 1.24%

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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