Company Valuation: NOF Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 413,070 499,336 498,345 474,805 702,176 588,804 - -
Change - 20.88% -0.2% -4.72% 47.89% -16.15% - -
Enterprise Value (EV) 1 333,269 411,659 411,766 392,055 618,951 525,807 510,658 493,362
Change - 23.52% 0.03% -4.79% 57.87% -15.05% -2.88% -3.39%
P/E 15.5x 14.8x 14.8x 13.1x 17.6x 14.3x 12.5x 11.8x
PBR 1.87x 2.08x 1.88x 1.69x 2.38x 1.92x 1.76x 1.65x
PEG - 0.5x 9.51x 1.46x 1.2x 3.4x 0.9x 2.11x
Capitalization / Revenue 2.14x 2.29x 2.24x 1.99x 2.72x 1.94x 1.81x 1.91x
EV / Revenue 1.73x 1.89x 1.85x 1.65x 2.4x 1.73x 1.57x 1.6x
EV / EBITDA 8.03x 8.76x 8.39x 7.36x 8.9x 5.47x 4.33x 5.89x
EV / EBIT 9.36x 10.1x 9.77x 8.65x 13.1x 9.94x 8.49x 8.33x
EV / FCF 17.9x 18.2x 36.5x 37x - 37.8x 22.4x 11.4x
FCF Yield 5.59% 5.5% 2.74% 2.7% - 2.65% 4.47% 8.74%
Dividend per Share 2 30 36 38 45 61 67.75 72 77.5
Rate of return 1.79% 1.75% 1.82% 2.23% 1.97% 2.59% 2.75% 2.96%
EPS 2 107.9 139 141.2 153.9 176.3 183.8 209.6 221.4
Distribution rate 27.8% 25.9% 26.9% 29.2% 34.6% 36.9% 34.3% 35%
Net sales 1 192,642 217,709 222,252 238,310 257,967 303,880 326,083 309,000
EBITDA 1 41,504 46,983 49,081 53,273 69,527 96,150 117,975 83,700
EBIT 1 35,595 40,624 42,142 45,308 47,411 52,917 60,150 59,250
Net income 1 26,690 33,973 33,990 36,497 40,550 41,500 46,567 46,600
Net Debt 1 -79,801 -87,677 -86,579 -82,750 -83,225 -62,998 -78,146 -95,442
Reference price 2 1,673.33 2,056.67 2,085.50 2,020.00 3,101.00 2,620.00 2,620.00 2,620.00
Nbr of stocks (in thousands) 246,855 242,789 238,957 235,052 226,435 224,734 - -
Announcement Date 5/11/22 5/11/23 5/9/24 5/9/25 5/11/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.44x1.76x5.55x2.55% 3.88B
27.16x4.21x13.54x2.13% 124B
17.39x6.24x32.61x2.73% 59.53B
58.2x1.35x9.51x6.06% 39.53B
12.84x1.29x7.03x2.63% 36.79B
10.3x3.33x7.81x4.21% 27B
78.93x14.33x52.14x0.06% 21.26B
8.82x0.88x5.4x4.28% 20.84B
18.35x0.83x6.18x1.68% 21.6B
11.37x1.02x8.22x3.68% 20.04B
Average 25.78x 3.52x 14.80x 3% 37.5B
Weighted average by Cap. 26.70x 3.88x 16.04x 2.9%

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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