Company Valuation: The Yokohama Rubber Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 296,015 330,717 519,696 542,238 948,904 1,173,782 - -
Change - 11.72% 57.14% 4.34% 75% 23.7% - -
Enterprise Value (EV) 1 425,744 493,846 891,439 980,238 1,377,283 1,627,725 1,521,079 1,444,377
Change - 16% 80.51% 9.96% 40.5% 18.18% -6.55% -5.04%
P/E 4.51x 7.19x 7.71x 7.27x 9x 9.72x 8.98x 7.92x
PBR 0.56x 0.54x 0.7x 0.61x 0.92x 1.05x 0.95x 0.86x
PEG - -0.2x 0.2x 0.6x 0.2x 0.7x 1.09x 0.6x
Capitalization / Revenue 0.44x 0.38x 0.53x 0.5x 0.77x 0.89x 0.85x 0.81x
EV / Revenue 0.63x 0.57x 0.9x 0.9x 1.12x 1.23x 1.1x 1x
EV / EBITDA 3.3x 4.16x 5.58x 5.29x 6.08x 6.01x 5.4x 4.73x
EV / EBIT 5.09x 7.17x 8.88x 8.22x 9.01x 8.32x 7.54x 6.49x
EV / FCF 6.67x -69.3x -4.84x 10.5x - 22.4x 14.4x 11.3x
FCF Yield 15% -1.44% -20.7% 9.5% - 4.47% 6.93% 8.83%
Dividend per Share 2 65 66 84 50 134 218 249.8 299.6
Rate of return 3.53% 3.21% 2.6% 1.47% 2.23% 2.93% 3.36% 4.03%
EPS 2 408.5 286.4 419.3 467.8 668.6 765.9 829.3 940.1
Distribution rate 15.9% 23% 20% 10.7% 20% 28.5% 30.1% 31.9%
Net sales 1 670,809 860,477 985,333 1,094,700 1,234,959 1,324,551 1,384,524 1,442,194
EBITDA 1 129,196 118,765 159,845 185,314 226,523 270,732 281,913 305,201
EBIT 1 83,636 68,851 100,351 119,200 152,901 195,704 201,764 222,580
Net income 1 65,500 45,918 67,234 74,900 105,398 120,247 129,028 143,941
Net Debt 1 129,729 163,129 371,743 438,000 428,379 453,944 347,297 270,595
Reference price 2 1,843.00 2,058.00 3,233.00 3,400.00 6,017.00 7,443.00 7,443.00 7,443.00
Nbr of stocks (in thousands) 160,616 160,698 160,747 159,482 157,704 157,703 - -
Announcement Date 2/17/22 2/17/23 2/16/24 2/19/25 2/19/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.72x1.23x6.01x2.93% 7.23B
12.77x0.96x5.14x3.71% 27.55B
13.82x1.03x5.73x3.86% 27.02B
9.44x - - 3.23% 6.16B
9.71x0.99x5.78x2.91% 6.07B
12.94x - - 5.42% 4.49B
8.78x0.88x4.01x3.63% 3.7B
10.02x0.65x5.09x4.08% 3.54B
121.13x - - - 2.35B
39.52x1.69x9.92x2.09% 2.09B
Average 24.78x 1.06x 5.95x 3.54% 9.02B
Weighted average by Cap. 15.58x 1.01x 5.55x 3.67%

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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