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 1,409,475 - -
Change - 0.9% -34.27% -34.5% -18.23% 54.87% - -
Enterprise Value (EV) 1 2,536,903 2,763,626 1,875,607 1,377,672 1,141,445 1,618,596 1,565,132 1,524,788
Change - 8.94% -32.13% -26.55% -17.15% 41.8% -3.3% -2.58%
P/E 60.4x 75.6x 78.1x -103x -22.4x 31.7x 26x 23.2x
PBR 4.7x 4.28x 2.75x 1.76x 1.51x 2.25x 2.15x 2.06x
PEG - -3.9x -2.1x 1x -0x -0x 1.2x 2x
Capitalization / Revenue 2.48x 2.42x 1.75x 1.12x 0.94x 1.39x 1.35x 1.31x
EV / Revenue 2.45x 2.59x 1.93x 1.39x 1.18x 1.6x 1.5x 1.41x
EV / EBITDA 22.8x 27x 20.4x 16.6x 26.6x 11.9x 10.7x 9.77x
EV / EBIT 61x 59.3x 66.7x 182x -39.7x 25.4x 20.4x 17.9x
EV / FCF 96.9x 509x 35.1x -598x 17.3x 23.6x 21x 21.9x
FCF Yield 1.03% 0.2% 2.85% -0.17% 5.76% 4.25% 4.76% 4.56%
Dividend per Share 2 50 100 60 40 40 60.79 65.35 71.52
Rate of return 0.78% 1.55% 1.41% 1.44% 1.76% 1.72% 1.85% 2.03%
EPS 2 106.2 85.6 54.43 -27.06 -101.8 111.2 135.8 151.7
Distribution rate 47.1% 117% 110% -148% -39.3% 54.7% 48.1% 47.1%
Net sales 1 1,035,165 1,067,355 973,038 990,586 969,992 1,012,324 1,045,020 1,078,936
EBITDA 1 111,434 102,371 91,819 83,241 42,947 136,176 146,366 156,038
EBIT 1 41,586 46,572 28,133 7,575 -28,788 63,639 76,838 85,331
Net income 1 42,439 34,202 21,749 -10,813 -40,680 44,887 54,871 61,562
Net Debt 1 -25,411 178,152 176,296 264,681 231,320 209,121 155,657 115,313
Reference price 2 6,414.00 6,471.00 4,252.00 2,786.50 2,278.00 3,527.00 3,527.00 3,527.00
Nbr of stocks (in thousands) 399,488 399,548 399,650 399,423 399,528 399,624 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.72x1.6x11.89x1.72% 8.95B
29.54x4.54x18.74x2.02% 233B
51.61x7.37x28.31x0.31% 45.42B
23.81x4.33x16.84x1.43% 10.14B
23.99x1.7x10.95x1.13% 6.45B
54.44x3.32x16.16x-.--% 6.01B
24.14x2.44x13.12x2.71% 3.78B
11.49x1.38x7.72x3.53% 3.19B
22.6x2.99x14.33x3.3% 3.02B
18.36x1.34x9.33x0.68% 2.57B
Average 29.17x 3.10x 14.74x 1.68% 32.26B
Weighted average by Cap. 32.48x 4.67x 19.34x 1.72%

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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