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 1,393,564 - -
Change - -24.32% 39.9% 24.17% -10.45% 13.71% - -
Enterprise Value (EV) 1 844,195 593,018 880,762 1,147,262 980,702 1,132,674 1,102,547 1,072,640
Change - -29.75% 48.52% 30.26% -14.52% 15.5% -2.66% -2.71%
P/E 26.1x 19.7x 23.2x 25.6x 19.1x 20.6x 19.1x 17.6x
PBR 3.48x 2.47x 3.21x 3.69x 3.11x 3.23x 2.97x 2.75x
PEG - 82.97x 1.3x 2x 0.9x 4.14x 2.42x 2.05x
Capitalization / Revenue 1.22x 0.91x 1.13x 1.24x 0.93x 0.99x 0.94x 0.89x
EV / Revenue 0.99x 0.69x 0.9x 1.04x 0.74x 0.81x 0.74x 0.68x
EV / EBITDA 13.2x 9.4x 12.4x 13.9x 9.88x 10.7x 9.78x 8.94x
EV / EBIT 15.1x 10.8x 14x 15.4x 10.9x 11.8x 10.7x 9.59x
EV / FCF 18x 26.8x 17.6x 44.5x 13.7x 20.9x 17.2x 15.3x
FCF Yield 5.57% 3.73% 5.7% 2.25% 7.32% 4.79% 5.8% 6.55%
Dividend per Share 2 60 62.5 67.5 80 90 105 113.4 123.8
Rate of return 2.19% 3.01% 2.32% 2.22% 2.78% 2.86% 3.09% 3.37%
EPS 2 105.3 105.5 125.1 141 169.6 178 192.1 208.5
Distribution rate 57% 59.2% 53.9% 56.7% 53.1% 59% 59.1% 59.4%
Net sales 1 851,894 861,022 977,370 1,107,668 1,322,791 1,406,926 1,482,783 1,566,704
EBITDA 1 63,809 63,058 70,893 82,794 99,283 106,278 112,740 120,032
EBIT 1 55,827 54,768 62,959 74,360 89,943 95,955 103,196 111,845
Net income 1 39,927 40,022 47,448 53,481 64,303 67,510 72,843 79,094
Net Debt 1 -196,716 -194,775 -221,388 -221,275 -244,876 -260,890 -291,018 -320,924
Reference price 2 2,745.00 2,077.50 2,906.50 3,609.00 3,232.00 3,675.00 3,675.00 3,675.00
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.($)
21.86x3.6x12.56x3.04% 210B
22.46x4.73x11.6x0.74% 193B
14.77x1.61x8.44x3.25% 119B
-602.19x42.83x175.97x-.--% 124B
-134.17x18.65x103.28x-.--% 120B
13.47x2.43x9.22x6.1% 78.1B
19.46x5.19x12.74x2.88% 58.18B
-17.53x7.42x12.62x-.--% 49.43B
22.77x1.89x11.94x1.37% 44.75B
Average -71.01x 9.82x 39.82x 1.93% 110.71B
Weighted average by Cap. -78.25x 10.40x 42.93x 1.88%

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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