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 1,388,635 - -
Change - -24.32% 39.9% 24.17% -10.45% 13.3% - -
Enterprise Value (EV) 1 844,195 593,018 880,762 1,147,262 980,702 1,127,744 1,097,617 1,067,711
Change - -29.75% 48.52% 30.26% -14.52% 14.99% -2.67% -2.72%
P/E 26.1x 19.7x 23.2x 25.6x 19.1x 20.7x 19.2x 17.7x
PBR 3.48x 2.47x 3.21x 3.69x 3.11x 3.22x 2.96x 2.74x
PEG - 82.97x 1.3x 2x 0.9x 4.55x 2.46x 2.12x
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 0.8x 0.74x 0.68x
EV / EBITDA 13.2x 9.4x 12.4x 13.9x 9.88x 10.6x 9.74x 8.9x
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 20.8x 17.2x 15.2x
FCF Yield 5.57% 3.73% 5.7% 2.25% 7.32% 4.81% 5.83% 6.58%
Dividend per Share 2 60 62.5 67.5 80 90 104.1 112.4 122.7
Rate of return 2.19% 3.01% 2.32% 2.22% 2.78% 2.84% 3.07% 3.35%
EPS 2 105.3 105.5 125.1 141 169.6 177.3 191.1 207.1
Distribution rate 57% 59.2% 53.9% 56.7% 53.1% 58.7% 58.8% 59.3%
Net sales 1 851,894 861,022 977,370 1,107,668 1,322,791 1,407,792 1,483,018 1,564,494
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 95,724 102,986 111,359
Net income 1 39,927 40,022 47,448 53,481 64,303 67,238 72,501 78,543
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 3,662.00 3,662.00 3,662.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.66x0.8x10.61x2.84% 8.82B
23.54x8.05x14.28x1.18% 22.02B
19.63x3.67x9.23x1.41% 18.45B
23.78x0.73x7.26x1.5% 12.56B
15.5x1.39x7.72x1.3% 4.9B
21.63x1.49x9.97x2.31% 4.52B
72.43x2.77x48.72x0.65% 2.24B
23x0.83x9.34x0.8% 1.71B
18.23x - - - 1.63B
Average 26.49x 2.47x 14.64x 1.5% 8.54B
Weighted average by Cap. 22.98x 3.76x 11.67x 1.54%

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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