Company Valuation: SAN Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2025 2026 2027 2028
Market Cap 1 12,235 16,771 23,464 24,299 30,726 - -
Change - 37.07% 39.91% - 26.45% - -
Enterprise Value (EV) 5,637 9,682 14,540 29,429 30,726 30,726 30,726
Change - 71.75% 50.17% - 4.41% 0% 0%
P/E 7.82x 8.35x 8.47x 5.14x 7.52x 7.43x 7.22x
PBR 0.43x 0.56x 0.74x 0.65x - - -
PEG - 0.3x 0.2x - -0.3x 6.49x 2.43x
Capitalization / Revenue 0.65x 0.84x 1.08x 0.76x 0.52x 0.7x 0.68x
EV / Revenue 0x 0x 0x 0x 0.52x 0.7x 0.68x
EV / EBITDA - - - 0x 3.33x 4.06x 3.96x
EV / EBIT 0x 0x 0x 0x 4.77x 5.59x 5.47x
EV / FCF 0x - 0x 0x 8.22x 13.1x 8.37x
FCF Yield 9.82% - 9.49% 14.3% 12.2% 7.65% 11.9%
Dividend per Share 2 16.5 19 22 37 57 48.95 50.41
Rate of return 2.99% 2.43% 1.97% 3.11% 4.39% 3.77% 3.88%
EPS 2 70.62 93.8 131.9 231 172.8 174.8 180
Distribution rate 23.4% 20.3% 16.7% 16% 33% 28% 28%
Net sales 1 18,865 20,001 21,663 31,984 59,210 43,810 45,510
EBITDA 1 - - - 5,838 9,220 7,560 7,760
EBIT 1 2,550 3,376 3,868 4,521 6,440 5,500 5,620
Net income 1 1,562 2,040 2,783 4,721 3,530 3,570 3,680
Net Debt -6,598 -7,089 -8,924 5,130 - - -
Reference price 2 552.50 783.00 1,118.00 1,188.00 1,299.00 1,299.00 1,299.00
Nbr of stocks (in thousands) 22,146 21,419 20,988 20,454 23,653 - -
Announcement Date 5/13/21 5/12/22 5/11/23 5/8/25 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
7.52x - - 4.39% 195M
18.44x3.48x11.36x1.82% 10.51B
19x2.71x10.07x - 5.32B
7.16x1.52x5.62x4.45% 5.14B
30.46x2.66x9.93x-.--% 3.9B
14.05x1.41x8.43x-.--% 3.13B
82.13x1x7.5x0.57% 2.19B
12.46x1.93x8.95x - 1.93B
88.33x1.14x9.68x - 1.85B
Average 31.06x 1.98x 8.94x 1.87% 3.8B
Weighted average by Cap. 25.27x 2.40x 9.38x 1.76%

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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  4. Valuation SAN Holdings, Inc.