Company Valuation: Shimizu Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 543,681 555,678 718,101 903,082 1,875,752 1,623,924 - -
Change - 2.21% 29.23% 25.76% 107.71% -13.43% - -
Enterprise Value (EV) 1 751,685 746,167 982,032 1,200,270 2,087,170 1,844,577 1,811,811 1,767,920
Change - -0.73% 31.61% 22.22% 73.89% -11.62% -1.78% -2.42%
P/E 11.5x 11.3x 42.4x 14x 14.9x 9.52x 12.3x 11.5x
PBR 0.66x 0.65x 0.8x 1.05x 1.93x 1.56x 1.5x 1.43x
PEG - 3.29x -0.7x 0x 0.2x 0.3x -0.5x 1.67x
Capitalization / Revenue 0.37x 0.29x 0.36x 0.46x 0.91x 0.71x 0.7x 0.7x
EV / Revenue 0.51x 0.39x 0.49x 0.62x 1.01x 0.81x 0.78x 0.76x
EV / EBITDA 11.5x 9.28x 176x 11.5x 13.7x 9.86x 9.06x 8.27x
EV / EBIT 16.7x 13.7x -39.8x 16.9x 17.6x 11.8x 10.8x 9.66x
EV / FCF -65.2x 23.8x -36.9x 9.6x -36.6x 11.9x 15.2x 14.2x
FCF Yield -1.53% 4.21% -2.71% 10.4% -2.73% 8.44% 6.56% 7.06%
Dividend per Share 2 23 21 20 38 72 87.07 86.43 91.83
Rate of return 3.13% 2.8% 2% 2.87% 2.6% 3.64% 3.61% 3.84%
EPS 2 64.09 66.29 23.57 94.8 186.7 251.1 193.7 207.1
Distribution rate 35.9% 31.7% 84.9% 40.1% 38.6% 34.7% 44.6% 44.3%
Net sales 1 1,482,961 1,933,814 2,005,518 1,944,360 2,057,802 2,288,150 2,308,346 2,312,167
EBITDA 1 65,358 80,445 5,571 104,508 152,180 187,104 200,033 213,800
EBIT 1 45,145 54,647 -24,685 71,030 118,669 156,627 167,901 182,950
Net income 1 47,761 49,057 17,163 66,015 126,617 169,771 129,921 137,667
Net Debt 1 208,004 190,489 263,931 297,188 211,418 220,653 187,887 143,995
Reference price 2 735.00 750.00 1,000.50 1,323.50 2,772.50 2,391.50 2,391.50 2,391.50
Nbr of stocks (in thousands) 739,703 740,904 717,742 682,344 676,556 679,040 - -
Announcement Date 5/12/22 5/11/23 5/13/24 5/14/25 5/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.09x0.85x10.37x3.44% 11.2B
54.67x2.5x23.88x0.07% 94.26B
12.31x1.06x5.78x4.75% 72B
33.25x4.18x22.67x0.2% 56.75B
26.37x2.03x19.93x1.16% 56.74B
51.07x4.06x25.83x1.79% 40.75B
30.28x0.74x12.35x2.05% 38.09B
23.03x1.57x14.49x0.2% 33.27B
23.66x0.48x7.63x2.5% 32.62B
5.07x0.31x5.83x5.8% 27.03B
Average 26.98x 1.78x 14.88x 2.2% 46.27B
Weighted average by Cap. 31.22x 2.04x 16.45x 1.86%

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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