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 1,376,706 - -
Change - 0.9% -34.27% -34.5% -18.23% 51.27% - -
Enterprise Value (EV) 1 2,536,903 2,763,626 1,875,607 1,377,672 1,141,445 1,569,745 1,526,397 1,492,296
Change - 8.94% -32.13% -26.55% -17.15% 37.52% -2.76% -2.23%
P/E 60.4x 75.6x 78.1x -103x -22.4x 31.1x 25.5x 22.8x
PBR 4.7x 4.28x 2.75x 1.76x 1.51x 2.2x 2.1x 2.01x
PEG - -3.9x -2.1x 1x -0x -0x 1.2x 1.9x
Capitalization / Revenue 2.48x 2.42x 1.75x 1.12x 0.94x 1.36x 1.32x 1.28x
EV / Revenue 2.45x 2.59x 1.93x 1.39x 1.18x 1.55x 1.47x 1.39x
EV / EBITDA 22.8x 27x 20.4x 16.6x 26.6x 11.6x 10.5x 9.58x
EV / EBIT 61x 59.3x 66.7x 182x -39.7x 24.8x 19.9x 17.5x
EV / FCF 96.9x 509x 35.1x -598x 17.3x 22.8x 20.5x 21.5x
FCF Yield 1.03% 0.2% 2.85% -0.17% 5.76% 4.38% 4.88% 4.66%
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% 1.76% 1.9% 2.08%
EPS 2 106.2 85.6 54.43 -27.06 -101.8 110.8 135.3 151.1
Distribution rate 47.1% 117% 110% -148% -39.3% 54.9% 48.3% 47.3%
Net sales 1 1,035,165 1,067,355 973,038 990,586 969,992 1,009,705 1,040,244 1,073,373
EBITDA 1 111,434 102,371 91,819 83,241 42,947 135,795 146,055 155,773
EBIT 1 41,586 46,572 28,133 7,575 -28,788 63,361 76,617 85,170
Net income 1 42,439 34,202 21,749 -10,813 -40,680 44,725 54,070 60,409
Net Debt 1 -25,411 178,152 176,296 264,681 231,320 193,039 149,692 115,590
Reference price 2 6,414.00 6,471.00 4,252.00 2,786.50 2,278.00 3,445.00 3,445.00 3,445.00
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.($)
30.91x1.55x11.5x1.78% 8.79B
28.9x4.47x18.44x2.05% 234B
53.62x7.66x29.41x0.23% 47.03B
26.22x4.8x18.6x1.27% 11.2B
23.92x1.72x11.01x1.12% 6.48B
58.14x3.49x17.02x-.--% 6.34B
13.19x1.66x9.11x3.55% 3.66B
23.33x2.36x12.66x2.81% 3.65B
21.23x2.75x13.33x3.69% 2.85B
18.72x1.36x9.37x0.66% 2.62B
Average 29.82x 3.18x 15.05x 1.72% 32.68B
Weighted average by Cap. 32.50x 4.69x 19.38x 1.73%

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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