Company Valuation: TOKAI Corp.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 85,785 60,694 69,713 77,103 70,684 69,830 - -
Change - -29.25% 14.86% 10.6% -8.33% -1.21% - -
Enterprise Value (EV) 1 53,666 27,258 35,015 47,242 45,942 54,043 49,859 47,772
Change - -49.21% 28.46% 34.92% -2.75% 17.63% -3.78% -4.19%
P/E Ratio 15.7x 10.5x 11.4x 13.3x 15x 13.2x 11.3x 10.4x
PBR 1.17x 0.79x 0.85x 0.89x 0.83x 0.91x 0.74x 0.73x
PEG - 1.55x 2.09x -2.77x -1x 0.4x 1.8x 1.17x
Capitalization / Revenue 0.73x 0.49x 0.54x 0.56x 0.47x 0.48x 0.42x 0.41x
EV / Revenue 0.45x 0.22x 0.27x 0.34x 0.31x 0.34x 0.3x 0.28x
EV / EBITDA 4.91x 2.23x 2.88x 3.7x 3.46x 3.72x 3.48x 3.28x
EV / EBIT 7.36x 3.3x 4.46x 5.85x 5.6x 5.76x 5.49x 5.03x
EV / FCF 9.23x 8.03x 14.9x -38.7x 8.1x 7.5x 5.54x 8.75x
FCF Yield 10.8% 12.5% 6.73% -2.58% 12.3% 13.3% 18.1% 11.4%
Dividend per Share 2 30 42 60 58 58 68 80 76
Rate of return 1.24% 2.44% 3.03% 2.65% 2.78% 2.77% 3.54% 3.36%
EPS 2 154 164.4 173.4 165 139.1 185.6 199.5 217.3
Distribution rate 19.5% 25.5% 34.6% 35.1% 41.7% 36.6% 40.1% 35%
Net sales 1 118,009 123,484 130,184 138,222 149,542 159,664 166,900 169,550
EBITDA 1 10,940 12,205 12,144 12,762 13,297 14,522 14,317 14,574
EBIT 1 7,294 8,252 7,855 8,082 8,205 9,382 9,075 9,505
Net income 1 5,481 5,806 6,106 5,810 4,733 6,069 6,163 6,526
Net Debt 1 -32,119 -33,436 -34,698 -29,861 -24,742 -21,903 -19,971 -22,058
Reference price 2 2,411.00 1,724.00 1,979.00 2,190.00 2,090.00 2,261.00 2,261.00 2,261.00
Nbr of stocks (in thousands) 35,581 35,206 35,227 35,207 33,820 30,885 - -
Announcement Date 5/7/21 5/9/22 5/11/23 5/10/24 5/9/25 5/12/26 - -
1JPY in Million2JPY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.05x0.32x3.73x3.01% 435M
36.16x6.49x23.45x0.95% 70.7B
38.45x4.58x14.96x1.17% 20.66B
28.81x1.19x12.05x1.14% 14.74B
18.29x1.97x9.75x3.8% 13.48B
24.54x2.77x11.88x3.05% 11.7B
26.48x3.63x13.98x2.2% 8.32B
13.67x0.62x8.84x1.58% 6.4B
8.83x1.01x5.35x2.39% 5.31B
17.38x0.38x8.64x4.18% 5.12B
Average 22.47x 2.30x 11.26x 2.35% 15.69B
Weighted average by Cap. 30.33x 4.28x 16.97x 1.65%

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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