Company Valuation: Shiseido Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 2,562,314 2,585,474 1,699,311 1,112,991 910,125 1,252,967 - -
Change - 0.9% -34.27% -34.5% -18.23% 37.67% - -
Enterprise Value (EV) 1 2,536,903 2,763,626 1,875,607 1,377,672 1,141,445 1,439,601 1,413,578 1,391,860
Change - 8.94% -32.13% -26.55% -17.15% 26.12% -1.81% -1.54%
P/E ratio 60.4x 75.6x 78.1x -103x -22.4x 30.4x 24.5x 21.6x
PBR 4.7x 4.28x 2.75x 1.76x 1.51x 2.02x 1.93x 1.86x
PEG - -3.9x -2.1x 1x -0x -0x 1x 1.6x
Capitalization / Revenue 2.48x 2.42x 1.75x 1.12x 0.94x 1.25x 1.22x 1.18x
EV / Revenue 2.45x 2.59x 1.93x 1.39x 1.18x 1.44x 1.37x 1.31x
EV / EBITDA 22.8x 27x 20.4x 16.6x 26.6x 11.1x 9.96x 9.08x
EV / EBIT 61x 59.3x 66.7x 182x -39.7x 25.4x 19.9x 17.3x
EV / FCF 96.9x 509x 35.1x -598x 17.3x 22.4x 20.7x 19.4x
FCF Yield 1.03% 0.2% 2.85% -0.17% 5.76% 4.46% 4.83% 5.16%
Dividend per Share 2 50 100 60 40 40 60.67 66.64 69.82
Rate of return 0.78% 1.55% 1.41% 1.44% 1.76% 1.93% 2.13% 2.23%
EPS 2 106.2 85.6 54.43 -27.06 -101.8 103.1 127.8 145.3
Distribution rate 47.1% 117% 110% -148% -39.3% 58.9% 52.2% 48.1%
Net sales 1 1,035,165 1,067,355 973,038 990,586 969,992 1,001,921 1,031,051 1,064,784
EBITDA 1 111,434 102,371 91,819 83,241 42,947 129,518 141,882 153,206
EBIT 1 41,586 46,572 28,133 7,575 -28,788 56,605 71,032 80,239
Net income 1 42,439 34,202 21,749 -10,813 -40,680 41,174 51,051 58,054
Net Debt 1 -25,411 178,152 176,296 264,681 231,320 186,635 160,611 138,893
Reference price 2 6,414.00 6,471.00 4,252.00 2,786.50 2,278.00 3,136.00 3,136.00 3,136.00
Nbr of stocks (in thousands) 399,488 399,548 399,650 399,423 399,528 399,543 - -
Announcement Date 2/9/22 2/10/23 2/9/24 2/10/25 2/10/26 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.32x1.47x11.4x1.88% 8.13B
26.99x4.15x17.13x2.18% 221B
54.74x7.66x29.77x0.3% 46.76B
20.68x1.45x9.39x2.58% 17.27B
22.69x1.63x10.37x1.25% 5.54B
50.51x2.9x14.35x-.--% 4.04B
15.04x1.76x9.57x2.57% 3.47B
20.21x2.01x10.39x3.26% 3.14B
17.48x2.19x10.84x4.35% 2.41B
28.34x2.5x18.29x1.56% 2.27B
Average 28.80x 2.77x 14.15x 1.99% 31.38B
Weighted average by Cap. 30.85x 4.32x 18.09x 1.9%

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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