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 1,147,463 - -
Change - -24.32% 39.9% 24.17% -10.45% -6.37% - -
Enterprise Value (EV) 1 844,195 593,018 880,762 1,147,262 980,702 889,657 864,906 824,141
Change - -29.75% 48.52% 30.26% -14.52% -9.28% -2.78% -4.71%
P/E 26.1x 19.7x 23.2x 25.6x 19.1x 17.9x 16.7x 15.4x
PBR 3.48x 2.47x 3.21x 3.69x 3.11x 2.69x 2.5x 2.28x
PEG - 82.97x 1.3x 2x 0.9x -41.4x 2.35x 1.72x
Capitalization / Revenue 1.22x 0.91x 1.13x 1.24x 0.93x 0.86x 0.82x 0.77x
EV / Revenue 0.99x 0.69x 0.9x 1.04x 0.74x 0.67x 0.62x 0.56x
EV / EBITDA 13.2x 9.4x 12.4x 13.9x 9.88x 8.84x 8.1x 7.08x
EV / EBIT 15.1x 10.8x 14x 15.4x 10.9x 9.78x 8.89x 7.77x
EV / FCF 18x 26.8x 17.6x 44.5x 13.7x 15.5x 13x 11.4x
FCF Yield 5.57% 3.73% 5.7% 2.25% 7.32% 6.47% 7.69% 8.78%
Dividend per Share 2 60 62.5 67.5 80 90 95.83 101.3 109.4
Rate of return 2.19% 3.01% 2.32% 2.22% 2.78% 3.17% 3.35% 3.61%
EPS 2 105.3 105.5 125.1 141 169.6 168.8 180.8 197
Distribution rate 57% 59.2% 53.9% 56.7% 53.1% 56.8% 56% 55.5%
Net sales 1 851,894 861,022 977,370 1,107,668 1,322,791 1,337,357 1,398,402 1,481,313
EBITDA 1 63,809 63,058 70,893 82,794 99,283 100,617 106,807 116,394
EBIT 1 55,827 54,768 62,959 74,360 89,943 90,967 97,294 106,031
Net income 1 39,927 40,022 47,448 53,481 64,303 64,057 68,598 74,737
Net Debt 1 -196,716 -194,775 -221,388 -221,275 -244,876 -257,805 -282,557 -323,322
Reference price 2 2,745.00 2,077.50 2,906.50 3,609.00 3,232.00 3,026.00 3,026.00 3,026.00
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.($)
17.92x0.67x8.84x3.17% 7.01B
27.51x9.37x16.61x0.99% 26.38B
18.44x3.58x8.99x1.48% 17.79B
22.6x0.69x6.62x1.59% 11.1B
21.42x1.47x9.83x2.34% 4.25B
13.53x1.18x6.53x1.5% 4.24B
69.6x2.66x46.64x0.68% 2B
22.42x0.87x10.29x0.48% 1.69B
15.92x - - 2.17% 1.2B
Average 25.49x 2.56x 14.30x 1.6% 8.41B
Weighted average by Cap. 23.46x 4.58x 12.27x 1.5%

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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