Company Valuation: NTN Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 113,605 178,912 166,566 128,439 189,826 228,770 - -
Change - 57.49% -6.9% -22.89% 47.8% 20.52% - -
Enterprise Value (EV) 1 378,992 438,546 398,593 350,914 376,368 418,637 401,764 383,594
Change - 15.71% -9.11% -11.96% 7.25% 11.23% -4.03% -4.52%
P/E 15.5x 17.3x 15.8x -5.4x 13.6x 15.2x 10.7x 8.49x
PBR 0.57x 0.81x 0.63x 0.55x 0.64x 0.79x 0.76x 0.69x
PEG - 0.4x 8.12x 0x -0x 1.82x 0.3x 0.3x
Capitalization / Revenue 0.18x 0.23x 0.2x 0.16x 0.23x 0.27x 0.26x 0.25x
EV / Revenue 0.59x 0.57x 0.48x 0.43x 0.46x 0.49x 0.46x 0.43x
EV / EBITDA 8.46x 7.41x 5.7x 5.37x 5.26x 5.5x 4.92x 4.21x
EV / EBIT 55.1x 25.6x 14.2x 15.3x 12.1x 11.3x 9.12x 7.43x
EV / FCF 33x 21.5x 9.93x 17.8x 17.4x 32.2x 14.9x 11.6x
FCF Yield 3.03% 4.64% 10.1% 5.6% 5.75% 3.11% 6.71% 8.6%
Dividend per Share 2 - 5 10 11 11 13 16 19
Rate of return - 1.48% 3.19% 4.53% 3.45% 3.38% 4.16% 4.94%
EPS 2 13.83 19.53 19.91 -44.9 23.4 25.35 36.07 45.35
Distribution rate - 25.6% 50.2% -24.5% 47% 51.3% 44.4% 41.9%
Net sales 1 642,023 773,960 836,285 825,587 826,344 858,100 875,200 898,900
EBITDA 1 44,778 59,193 69,951 65,338 71,527 76,133 81,700 91,150
EBIT 1 6,880 17,145 28,149 22,959 31,034 37,133 44,033 51,650
Net income 1 7,341 10,367 10,568 -23,801 12,871 15,067 21,433 26,950
Net Debt 1 265,387 259,634 232,027 222,475 186,542 189,867 172,994 154,824
Reference price 2 214.00 337.00 313.70 242.60 319.30 384.80 384.80 384.80
Nbr of stocks (in thousands) 530,865 530,896 530,972 529,426 594,507 594,517 - -
Announcement Date 5/13/22 5/12/23 5/14/24 5/14/25 5/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
29.61x5.07x18.46x0.88% 117B
26.23x4.8x16.82x2.29% 34.7B
20.58x1.76x12.67x2.28% 29.93B
28.67x3.84x14.52x0.12% 28.19B
19.06x3.24x10.37x1.6% 26.84B
102.54x36.09x79.07x0.41% 24.93B
20.9x3.03x13.08x1.12% 25.49B
23.49x2.87x12.36x1.61% 25.12B
26.07x3.26x15.94x1.74% 23.41B
Average 33.02x 7.11x 21.48x 1.34% 37.25B
Weighted average by Cap. 31.59x 6.36x 20.26x 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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