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 1,369,295 - -
Change - -24.32% 39.9% 24.17% -10.45% 11.73% - -
Enterprise Value (EV) 1 844,195 593,018 880,762 1,147,262 980,702 1,101,245 1,078,370 1,049,977
Change - -29.75% 48.52% 30.26% -14.52% 12.29% -2.08% -2.63%
P/E 26.1x 19.7x 23.2x 25.6x 19.1x 20.4x 19.1x 17.7x
PBR 3.48x 2.47x 3.21x 3.69x 3.11x 3.19x 2.92x 2.71x
PEG - 82.97x 1.3x 2x 0.9x 4.78x 2.76x 2.22x
Capitalization / Revenue 1.22x 0.91x 1.13x 1.24x 0.93x 0.97x 0.94x 0.89x
EV / Revenue 0.99x 0.69x 0.9x 1.04x 0.74x 0.78x 0.74x 0.68x
EV / EBITDA 13.2x 9.4x 12.4x 13.9x 9.88x 10.4x 9.71x 8.89x
EV / EBIT 15.1x 10.8x 14x 15.4x 10.9x 11.5x 10.6x 9.57x
EV / FCF 18x 26.8x 17.6x 44.5x 13.7x 20.3x 16.9x 14.9x
FCF Yield 5.57% 3.73% 5.7% 2.25% 7.32% 4.93% 5.93% 6.69%
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% 2.84% 3.06% 3.33%
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 1,407,540 1,463,748 1,541,462
EBITDA 1 63,809 63,058 70,893 82,794 99,283 105,729 111,080 118,048
EBIT 1 55,827 54,768 62,959 74,360 89,943 95,519 101,849 109,753
Net income 1 39,927 40,022 47,448 53,481 64,303 67,061 71,711 77,441
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 3,611.00 3,611.00 3,611.00
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.($)
26.65x8.96x15.9x1.04% 24.96B
20.83x3.84x9.65x1.31% 19.57B
26.21x0.84x8.38x1.36% 13.64B
20.65x0.79x10.56x2.81% 8.66B
16.37x1.48x8.21x1.23% 5.27B
22.26x1.59x10.55x2.24% 4.56B
77.54x2.99x52.47x0.61% 2.36B
39.35x1x17.35x0.53% 1.78B
17.32x - - - 1.56B
Average 29.69x 2.69x 16.63x 1.39% 9.15B
Weighted average by Cap. 25.22x 4.22x 12.84x 1.41%

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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