Company Valuation: Nichias Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 167,623 176,510 267,404 296,880 545,808 643,774 - -
Change - 5.3% 51.5% 11.02% 83.85% 17.95% - -
Enterprise Value (EV) 1 137,557 141,585 233,795 248,243 497,835 573,174 569,374 565,474
Change - 2.93% 65.13% 6.18% 100.54% 15.13% -0.66% -0.68%
P/E 7.61x 8.25x 10x 9.39x 17.4x 18.1x 16.4x 15.7x
PBR 1.09x 1.02x 1.34x 1.38x 2.29x 2.47x 2.36x 2.17x
PEG - -2.86x 0.4x 0.5x 15.8x 1.3x 1.5x 3.53x
Capitalization / Revenue 0.78x 0.74x 1.07x 1.16x 2.17x 2.26x 2.13x 2.07x
EV / Revenue 0.64x 0.59x 0.94x 0.97x 1.98x 2.01x 1.88x 1.82x
EV / EBITDA 4.18x 3.78x 5.46x 5.24x 11.2x 9.89x 8.94x 8.58x
EV / EBIT 5.24x 4.73x 6.64x 6.25x 13.4x 11.6x 10.4x 9.88x
EV / FCF 7.04x 14.2x 29x 8.18x 38.6x 23.6x 19.7x 18x
FCF Yield 14.2% 7.06% 3.44% 12.2% 2.59% 4.23% 5.06% 5.55%
Dividend per Share 2 28.67 30.67 32.67 36 54.67 66 71.6 78.5
Rate of return 3.4% 3.46% 2.41% 2.34% 1.89% 1.92% 2.09% 2.29%
EPS 2 110.7 107.5 135.5 163.8 165.6 189.5 209.7 219.1
Distribution rate 25.9% 28.5% 24.1% 22% 33% 34.8% 34.1% 35.8%
Net sales 1 216,236 238,116 249,391 256,512 251,910 285,481 302,207 310,666
EBITDA 1 32,880 37,408 42,801 47,358 44,328 57,945 63,700 65,900
EBIT 1 26,264 29,954 35,208 39,732 37,014 49,528 54,848 57,224
Net income 1 22,034 21,398 26,961 32,073 31,634 35,516 39,109 40,868
Net Debt 1 -30,066 -34,925 -33,609 -48,637 -47,973 -70,600 -74,400 -78,300
Reference price 2 842.33 887.00 1,356.67 1,538.33 2,886.50 3,430.00 3,430.00 3,430.00
Nbr of stocks (in thousands) 198,999 198,996 197,103 192,988 189,090 187,689 - -
Announcement Date 5/9/22 5/8/23 5/7/24 5/12/25 5/11/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.05x2x9.86x1.93% 4.08B
13.01x0.63x6.48x1.74% 7.2B
6.29x0.11x2.09x3.14% 6.48B
14.09x0.5x6.85x4.89% 4.69B
12.27x0.47x4.99x3.15% 1.51B
19.7x0.47x16.48x1.28% 988M
10.26x - - - 707M
Average 13.38x 0.70x 7.79x 2.69% 3.67B
Weighted average by Cap. 12.45x 0.68x 6.27x 2.79%

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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