Company Valuation: Obayashi Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 645,286 726,269 1,335,413 1,417,360 2,581,962 2,055,731 - -
Change - 12.55% 83.87% 6.14% 82.17% -20.38% - -
Enterprise Value (EV) 1 655,128 643,941 1,320,698 1,384,855 2,497,764 1,935,131 1,846,270 1,779,420
Change - -1.71% 105.1% 4.86% 80.36% -22.53% -4.59% -3.62%
P/E 16.5x 9.35x 17.8x 9.73x 15.1x 12.6x 12.3x 11.3x
PBR 0.68x 0.73x 1.16x 1.22x 2.05x 1.58x 1.49x 1.39x
PEG - 0.1x -5.28x 0.1x 0.7x -2.63x 4.54x 1.39x
Capitalization / Revenue 0.34x 0.37x 0.57x 0.54x 1x 0.7x 0.68x 0.66x
EV / Revenue 0.34x 0.32x 0.57x 0.53x 0.97x 0.66x 0.61x 0.57x
EV / EBITDA 10.6x 5.47x 12.4x 7.87x 10.8x 8.39x 7.21x 6.55x
EV / EBIT 16x 6.87x 16.6x 9.65x 12.8x 10.3x 8.69x 7.71x
EV / FCF 33x 5.08x -49.3x 18.2x 14.8x 14.5x 12.5x 11.1x
FCF Yield 3.03% 19.7% -2.03% 5.49% 6.75% 6.89% 7.98% 9.02%
Dividend per Share 2 32 42 75 81 88 94.88 103 109.6
Rate of return 3.56% 4.15% 4.03% 4.08% 2.34% 3.17% 3.44% 3.66%
EPS 2 54.55 108.3 104.7 203.9 249.4 237.5 243.9 263.8
Distribution rate 58.7% 38.8% 71.6% 39.7% 35.3% 40% 42.2% 41.5%
Net sales 1 1,922,884 1,983,888 2,325,162 2,620,101 2,586,258 2,947,273 3,014,144 3,108,171
EBITDA 1 61,742 117,741 106,498 175,899 231,031 230,515 255,991 271,650
EBIT 1 41,051 93,800 79,381 143,442 194,678 188,544 212,575 230,657
Net income 1 39,127 77,671 75,059 146,052 173,759 162,731 165,841 178,400
Net Debt 1 9,842 -82,328 -14,715 -32,505 -84,198 -120,600 -209,461 -276,311
Reference price 2 900.00 1,013.00 1,862.50 1,984.00 3,756.00 2,990.50 2,990.50 2,990.50
Nbr of stocks (in thousands) 716,985 716,948 717,000 714,395 687,423 687,421 - -
Announcement Date 5/12/22 5/11/23 5/13/24 5/13/25 5/13/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.59x0.66x8.39x3.17% 12.85B
52.61x2.41x23.03x0.07% 90.61B
12.58x1.07x5.88x4.65% 73.54B
27.06x2.07x20.34x1.12% 58.17B
31.27x3.92x21.26x0.22% 53.36B
52.3x4.2x26.71x1.7% 42.45B
29.64x0.73x12.09x2.09% 37.23B
24.15x0.49x7.79x2.44% 33.25B
22.6x1.54x14.21x0.2% 32.65B
4.54x0.3x6x6.2% 27.39B
Average 26.93x 1.74x 14.57x 2.19% 46.15B
Weighted average by Cap. 30.52x 1.98x 16.07x 1.89%

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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