Company Valuation: Ray Corporation

Data adjusted to current consolidation scope
Fiscal Period: February 2021 2022 2023 2024 2025 2026
Market Cap 1 5,402 4,858 6,520 6,423 5,546 9,130
Change - -10.08% 34.22% -1.48% -13.66% 64.63%
Enterprise Value (EV) 1 4,566 3,302 4,673 4,608 3,447 6,632
Change - -27.69% 41.53% -1.38% -25.2% 92.42%
P/E -14.7x 11.6x 9.12x 7.86x 7.6x 7.04x
PBR 1.05x 0.89x 1.08x 0.97x 0.81x 1.17x
PEG - -0x 0.1x 0.5x -1.35x 0.1x
Capitalization / Revenue 0.77x 0.44x 0.52x 0.57x 0.53x 0.68x
EV / Revenue 0.65x 0.3x 0.38x 0.41x 0.33x 0.49x
EV / EBITDA -41.1x 2.29x 2.5x 2.76x 2.33x 2.69x
EV / EBIT -6.46x 3.55x 3.34x 3.8x 3.59x 3.71x
EV / FCF 8.38x 3.19x 5.64x 16.2x 4.07x 8.09x
FCF Yield 11.9% 31.4% 17.7% 6.17% 24.6% 12.4%
Dividend per Share 2 5 10 15 15 15 20
Rate of return 1.33% 2.95% 3.3% 3.33% 3.65% 2.88%
EPS 2 -25.61 29.24 49.9 57.27 54.05 98.53
Distribution rate -19.5% 34.2% 30.1% 26.2% 27.8% 20.3%
Net sales 1 7,045 11,051 12,450 11,222 10,456 13,419
EBITDA 1 -111 1,443 1,867 1,670 1,481 2,464
EBIT 1 -707 929 1,400 1,212 960 1,787
Net income 1 -367 419 715 818 745 1,303
Net Debt 1 -836 -1,556 -1,847 -1,815 -2,099 -2,498
Reference price 2 377.00 339.00 455.00 450.00 411.00 694.00
Nbr of stocks (in thousands) 14,329 14,329 14,329 14,273 13,493 13,156
Announcement Date 5/28/21 5/30/22 6/30/23 5/30/24 5/30/25 5/29/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 39.96M
12.62x1.37x6.22x4.46% 24.92B
9.27x1.08x5.74x4.22% 23.53B
11.29x4.95x9x7.77% 10.12B
15.74x - - 3.22% 5.17B
17.55x0.63x6.16x1.38% 4.68B
8.79x0.64x3.86x5.3% 4.08B
-34.41x1.38x5.86x-.--% 3.27B
29.58x4x11.24x-.--% 2.92B
Average 8.80x 2.01x 6.87x 3.29% 8.75B
Weighted average by Cap. 10.43x 1.79x 6.50x 4.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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