Company Valuation: NTT, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 12,554,530 13,508,769 15,117,862 11,972,239 12,799,794 14,501,718 - -
Change - 7.6% 11.91% -20.81% 6.91% 13.3% - -
Enterprise Value (EV) 1 19,841,020 21,865,382 24,848,999 21,982,339 27,797,451 28,413,048 28,666,319 28,611,333
Change - 10.2% 13.65% -11.54% 26.45% 2.21% 0.89% -0.19%
P/E 10.8x 11.4x 11.9x 12.1x 12.5x 14x 13x 12x
PBR 1.52x 1.58x 1.54x 1.17x 1.32x 1.43x 1.36x 1.29x
PEG - 2.01x 1.42x -0.6x 2.3x 15.11x 1.63x 1.48x
Capitalization / Revenue 1.03x 1.03x 1.13x 0.87x 0.89x 0.96x 0.92x 0.89x
EV / Revenue 1.63x 1.66x 1.86x 1.6x 1.93x 1.87x 1.83x 1.76x
EV / EBITDA 5.96x 6.65x 7x 6.52x 7.95x 8.16x 7.92x 7.59x
EV / EBIT 11.2x 12x 12.9x 13.3x 16.3x 16.3x 15.4x 14.5x
EV / FCF 15.1x 41.7x 64.6x 79.5x -33.1x 46.6x 72.1x 64.2x
FCF Yield 6.61% 2.4% 1.55% 1.26% -3.02% 2.15% 1.39% 1.56%
Dividend per Share 2 4.6 4.8 5.1 5.2 5.3 5.343 5.634 5.866
Rate of return 3.24% 3.03% 2.84% 3.59% 3.37% 3% 3.16% 3.29%
EPS 2 13.17 13.92 15.09 11.96 12.61 12.73 13.74 14.85
Distribution rate 34.9% 34.5% 33.8% 43.5% 42% 42% 41% 39.5%
Net sales 1 12,156,447 13,136,200 13,374,569 13,704,727 14,409,121 15,178,263 15,689,918 16,219,863
EBITDA 1 3,329,776 3,290,200 3,551,496 3,371,606 3,497,204 3,480,012 3,620,102 3,767,635
EBIT 1 1,768,593 1,829,000 1,922,910 1,649,571 1,706,221 1,745,544 1,864,723 1,975,134
Net income 1 1,181,083 1,213,100 1,279,521 1,000,016 1,037,032 1,029,079 1,096,082 1,165,891
Net Debt 1 7,286,490 8,356,613 9,731,137 10,010,100 14,997,657 13,911,329 14,164,601 14,109,615
Reference price 2 141.80 158.48 179.80 144.70 157.20 178.10 178.10 178.10
Nbr of stocks (in thousands) 88,536,882 85,239,584 84,081,549 82,738,351 81,423,625 81,424,583 - -
Announcement Date 5/12/22 5/12/23 5/10/24 5/9/25 5/8/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.01x1.87x8.17x3% 93.92B
11.07x1.31x4.16x7.01% 223B
11.29x2.62x6.94x5.51% 213B
14.07x2.19x5.66x3.9% 160B
12.03x0.89x3.33x6.42% 80.52B
11.78x1.8x4.55x2.78% 69.52B
15.37x2.7x8.42x5.03% 58.31B
24.03x5.42x19.8x4.54% 57.29B
15.26x2.82x6.31x4.31% 52.04B
11.75x1.77x5.38x4.97% 48.46B
Average 14.07x 2.34x 7.27x 4.75% 105.64B
Weighted average by Cap. 13.13x 2.15x 6.51x 5.09%

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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