Company Valuation: Sysmex Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,866,735 1,808,504 1,659,187 1,769,142 852,822 1,081,198 - -
Change - -3.12% -8.26% 6.63% -51.79% 26.78% - -
Enterprise Value (EV) 1 1,813,764 1,761,635 1,637,709 1,744,307 839,186 1,103,567 1,102,742 1,090,293
Change - -2.87% -7.03% 6.51% -51.89% 31.5% -0.07% -1.13%
P/E 42.3x 39.5x 33.6x 33x 24.1x 26.9x 21.1x 18.1x
PBR 5.36x 4.67x 3.84x 3.81x 1.68x 2.12x 2.02x 1.89x
PEG - 10.48x 3.87x 3.85x -0.7x 1.6x 0.8x 1.1x
Capitalization / Revenue 5.13x 4.41x 3.6x 3.48x 1.71x 1.98x 1.89x 1.79x
EV / Revenue 4.99x 4.29x 3.55x 3.43x 1.68x 2.02x 1.92x 1.8x
EV / EBITDA 19.1x 16.7x 14.3x 13.8x 8.54x 10x 8.75x 7.82x
EV / EBIT 26.9x 23.9x 20.9x 19.9x 16.2x 17.6x 14x 12x
EV / FCF 76.6x 103x 183x 48.8x 36.7x 37x 26.2x 22.4x
FCF Yield 1.31% 0.97% 0.55% 2.05% 2.73% 2.7% 3.82% 4.47%
Dividend per Share 2 25.33 27.33 28 32 38 40.62 41.25 43.56
Rate of return 0.85% 0.95% 1.05% 1.13% 2.78% 2.27% 2.31% 2.44%
EPS 2 70.29 72.94 79.27 86.07 56.89 66.49 84.78 98.69
Distribution rate 36% 37.5% 35.3% 37.2% 66.8% 61.1% 48.7% 44.1%
Net sales 1 363,780 410,502 461,510 508,643 500,006 546,430 573,166 604,756
EBITDA 1 94,847 105,486 114,270 126,616 98,268 110,066 126,027 139,490
EBIT 1 67,416 73,679 78,382 87,583 51,831 62,772 78,819 90,727
Net income 1 44,093 45,784 49,639 53,669 35,457 41,188 51,736 60,026
Net Debt 1 -52,971 -46,869 -21,478 -24,835 -13,636 22,368 21,544 9,094
Reference price 2 2,974.33 2,881.00 2,661.50 2,837.00 1,368.50 1,786.50 1,786.50 1,786.50
Nbr of stocks (in thousands) 627,615 627,735 623,403 623,596 623,180 605,205 - -
Announcement Date 5/12/22 5/11/23 5/9/24 5/14/25 5/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.87x2.02x10.03x2.27% 7.04B
28.88x3.99x15.42x2.52% 176B
19.24x3.52x12.58x3.12% 116B
17.61x0.2x12.86x0.74% 61.36B
27.83x6.83x17.6x1.44% 49.42B
34.27x3.34x11.43x2.21% 48.44B
33.28x5.85x18.35x-.--% 31.33B
42x1.24x11.46x0.22% 28.54B
40.38x7.07x25.37x0.26% 24.37B
16.74x2.67x9.46x1.65% 21.57B
Average 28.71x 3.67x 14.46x 1.44% 56.48B
Weighted average by Cap. 26.96x 3.70x 14.50x 1.94%

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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