Company Valuation: Subaru Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,493,979 1,621,784 2,592,189 1,933,586 1,776,767 1,852,329 - -
Change - 8.55% 59.84% -25.41% -8.11% 4.25% - -
Enterprise Value (EV) 1 701,746 1,072,755 1,943,689 1,391,626 1,155,933 1,360,996 1,259,716 1,238,830
Change - 52.87% 81.19% -28.4% -16.94% 17.74% -7.44% -1.66%
P/E 21.3x 8.09x 6.77x 5.77x 19.8x 11x 9.07x 8.12x
PBR 0.79x 0.77x 1.01x 0.71x 0.64x 0.64x 0.61x 0.58x
PEG - 0x 0.1x -0.6x -0.3x 0.1x 0.4x 0.7x
Capitalization / Revenue 0.54x 0.43x 0.55x 0.41x 0.37x 0.36x 0.35x 0.34x
EV / Revenue 0.26x 0.28x 0.41x 0.3x 0.24x 0.26x 0.24x 0.23x
EV / EBITDA 2.23x 2.11x 2.83x 2.18x 3.71x 4.66x 3.7x 3.32x
EV / EBIT 7.76x 4.01x 4.15x 3.43x 28.8x 7.94x 5.69x 4.96x
EV / FCF 7.43x 2.91x 3.35x 15.8x 4.75x 31.1x 5.82x 8.81x
FCF Yield 13.5% 34.4% 29.8% 6.33% 21.1% 3.22% 17.2% 11.4%
Dividend per Share 2 56 76 106 115 115.5 120.8 126.1 131.8
Rate of return 2.87% 3.59% 3.07% 4.35% 4.65% 4.6% 4.8% 5.01%
EPS 2 91.28 261.3 509.2 458 125.5 239.5 290 323.8
Distribution rate 61.3% 29.1% 20.8% 25.1% 92% 50.4% 43.5% 40.7%
Net sales 1 2,744,520 3,774,468 4,702,947 4,685,763 4,784,965 5,146,803 5,301,950 5,409,845
EBITDA 1 314,507 507,289 685,978 637,849 311,226 292,015 340,471 373,090
EBIT 1 90,452 267,483 468,198 405,308 40,120 171,506 221,354 249,979
Net income 1 70,007 200,431 385,084 338,062 90,842 163,996 200,349 224,512
Net Debt 1 -792,233 -549,029 -648,500 -541,960 -620,834 -491,333 -592,613 -613,499
Reference price 2 1,948.00 2,114.50 3,448.00 2,645.00 2,483.50 2,629.00 2,629.00 2,629.00
Nbr of stocks (in thousands) 766,929 766,982 751,795 731,034 715,429 704,576 - -
Announcement Date 5/12/22 5/11/23 5/13/24 5/14/25 5/15/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.06x0.27x4.71x4.56% 12.07B
9.67x1.22x11.17x3.38% 231B
8.16x0.37x3.01x0.82% 76.48B
8.82x1.24x14.01x2.96% 63.61B
17.37x0.31x3.97x4.35% 55.27B
8.66x0.11x1.08x6.78% 49.76B
23.46x1.36x7.57x2.33% 47.32B
4.78x0.01x0.12x6.46% 47.04B
9.34x-0.05x-0.46x3.95% 43.35B
10.93x0.64x8.25x4.24% 42.29B
Average 11.22x 0.55x 5.34x 3.98% 66.84B
Weighted average by Cap. 10.69x 0.76x 7.07x 3.64%

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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