Company Valuation: Otsuka Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,040,911 787,793 1,102,150 1,368,537 1,225,578 1,349,956 - -
Change - -24.32% 39.9% 24.17% -10.45% 10.15% - -
Enterprise Value (EV) 1 844,195 593,018 880,762 1,147,262 980,702 1,081,906 1,059,031 1,030,637
Change - -29.75% 48.52% 30.26% -14.52% 10.32% -2.11% -2.68%
P/E 26.1x 19.7x 23.2x 25.6x 19.1x 20.1x 18.8x 17.4x
PBR 3.48x 2.47x 3.21x 3.69x 3.11x 3.15x 2.88x 2.67x
PEG - 82.97x 1.3x 2x 0.9x 4.71x 2.71x 2.18x
Capitalization / Revenue 1.22x 0.91x 1.13x 1.24x 0.93x 0.96x 0.92x 0.88x
EV / Revenue 0.99x 0.69x 0.9x 1.04x 0.74x 0.77x 0.72x 0.67x
EV / EBITDA 13.2x 9.4x 12.4x 13.9x 9.88x 10.2x 9.53x 8.74x
EV / EBIT 15.1x 10.8x 14x 15.4x 10.9x 11.3x 10.4x 9.39x
EV / FCF 18x 26.8x 17.6x 44.5x 13.7x 19.9x 16.6x 14.7x
FCF Yield 5.57% 3.73% 5.7% 2.25% 7.32% 5.01% 6.04% 6.82%
Dividend per Share 2 60 62.5 67.5 80 90 102.7 110.5 120.2
Rate of return 2.19% 3.01% 2.32% 2.22% 2.78% 2.89% 3.11% 3.38%
EPS 2 105.3 105.5 125.1 141 169.6 176.8 189.1 204.2
Distribution rate 57% 59.2% 53.9% 56.7% 53.1% 58.1% 58.5% 58.9%
Net sales 1 851,894 861,022 977,370 1,107,668 1,322,791 1,407,551 1,463,712 1,541,482
EBITDA 1 63,809 63,058 70,893 82,794 99,283 105,709 111,147 117,948
EBIT 1 55,827 54,768 62,959 74,360 89,943 95,541 101,822 109,733
Net income 1 39,927 40,022 47,448 53,481 64,303 67,050 71,684 77,421
Net Debt 1 -196,716 -194,775 -221,388 -221,275 -244,876 -268,050 -290,925 -319,319
Reference price 2 2,745.00 2,077.50 2,906.50 3,609.00 3,232.00 3,560.00 3,560.00 3,560.00
Nbr of stocks (in thousands) 379,202 379,202 379,202 379,201 379,201 379,201 - -
Announcement Date 2/1/22 2/1/23 2/1/24 2/3/25 2/2/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.55x8.93x15.85x1.05% 24.86B
20.84x3.84x9.66x1.31% 19.59B
25.24x0.8x7.9x1.42% 13.1B
20.13x0.77x10.23x2.89% 8.47B
16.21x1.46x8.12x1.24% 5.23B
21.78x1.55x10.3x2.29% 4.48B
76.63x2.95x51.81x0.61% 2.32B
39.3x1x17.32x0.53% 1.78B
17.46x - - - 1.57B
Average 29.35x 2.66x 16.40x 1.42% 9.05B
Weighted average by Cap. 24.90x 4.23x 12.69x 1.42%

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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