Company Valuation: Shiseido Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,562,314 2,585,474 1,699,311 1,112,991 910,125 1,260,196 - -
Change - 0.9% -34.27% -34.5% -18.23% 38.46% - -
Enterprise Value (EV) 1 2,536,903 2,763,626 1,875,607 1,377,672 1,141,445 1,464,432 1,427,689 1,389,256
Change - 8.94% -32.13% -26.55% -17.15% 28.3% -2.51% -2.69%
P/E 60.4x 75.6x 78.1x -103x -22.4x 30.7x 24.6x 21.7x
PBR 4.7x 4.28x 2.75x 1.76x 1.51x 2.03x 1.94x 1.87x
PEG - -3.9x -2.1x 1x -0x -0x 1x 1.6x
Capitalization / Revenue 2.48x 2.42x 1.75x 1.12x 0.94x 1.26x 1.22x 1.19x
EV / Revenue 2.45x 2.59x 1.93x 1.39x 1.18x 1.46x 1.38x 1.31x
EV / EBITDA 22.8x 27x 20.4x 16.6x 26.6x 11.3x 10.1x 9.15x
EV / EBIT 61x 59.3x 66.7x 182x -39.7x 24.3x 19.1x 16.7x
EV / FCF 96.9x 509x 35.1x -598x 17.3x 19.5x 19.4x 19.5x
FCF Yield 1.03% 0.2% 2.85% -0.17% 5.76% 5.13% 5.14% 5.14%
Dividend per Share 2 50 100 60 40 40 60 65.21 71.08
Rate of return 0.78% 1.55% 1.41% 1.44% 1.76% 1.9% 2.07% 2.25%
EPS 2 106.2 85.6 54.43 -27.06 -101.8 102.8 128 145.5
Distribution rate 47.1% 117% 110% -148% -39.3% 58.4% 50.9% 48.8%
Net sales 1 1,035,165 1,067,355 973,038 990,586 969,992 1,001,284 1,031,158 1,062,610
EBITDA 1 111,434 102,371 91,819 83,241 42,947 129,638 141,073 151,838
EBIT 1 41,586 46,572 28,133 7,575 -28,788 60,345 74,722 83,170
Net income 1 42,439 34,202 21,749 -10,813 -40,680 41,396 52,351 58,597
Net Debt 1 -25,411 178,152 176,296 264,681 231,320 204,236 167,494 129,060
Reference price 2 6,414.00 6,471.00 4,252.00 2,786.50 2,278.00 3,154.00 3,154.00 3,154.00
Nbr of stocks (in thousands) 399,488 399,548 399,650 399,423 399,528 399,555 - -
Announcement Date 2/9/22 2/10/23 2/9/24 2/10/25 2/10/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.39x4.58x18.87x2.02% 237B
58.24x8.14x31.51x0.27% 50.95B
21.37x3.93x15.18x1.5% 8.33B
21.88x1.56x10x1.23% 5.6B
43.86x2.86x14.11x-.--% 4.89B
25.54x2.53x13.18x2.57% 3.99B
15.35x1.71x9.58x2.83% 3.56B
18.7x2.42x11.69x4.15% 2.49B
-5.06x0.94x6.39x-.--% 2.42B
Average 25.47x 3.18x 14.50x 1.62% 35.47B
Weighted average by Cap. 33.33x 4.95x 20.24x 1.7%

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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