Company Valuation: TOKAI Holdings Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 112,915 114,271 129,058 128,419 150,352 170,404 - -
Change - 1.2% 12.94% -0.5% 17.08% 13.34% - -
Enterprise Value (EV) 169,425 174,822 188,829 187,877 211,780 170,404 170,404 170,404
Change - 3.19% 8.01% -0.5% 12.72% -19.54% 0% 0%
P/E 12.6x 17.7x 15.2x 13.9x 14.1x 15.3x 13.3x 11.5x
PBR 1.46x 1.42x 1.45x 1.37x 1.47x 1.59x 1.53x 1.46x
PEG - -0.6x 0.5x 1.61x 0.8x 3.1x 0.9x 0.7x
Capitalization / Revenue 0.54x 0.5x 0.56x 0.53x 0.61x 0.66x 0.65x 0.64x
EV / Revenue 0x 0x 0x 0x 0x 0.66x 0.65x 0.64x
EV / EBITDA 0x 0x 0x 0x 0x 4.61x 4.36x 4.09x
EV / EBIT 0x 0x 0x 0x 0x 8.92x 8.04x 7.13x
EV / FCF 0x 0x 0x 0x 0x 13.4x 12x 11.3x
FCF Yield 5.51% 6.16% 6.23% 4.58% 3.72% 7.45% 8.33% 8.86%
Dividend per Share 2 32 32 33 34 36 38 44 51
Rate of return 3.71% 3.67% 3.34% 3.46% 3.09% 2.87% 3.33% 3.86%
EPS 2 68.49 49.41 64.94 70.55 82.53 86.6 99.7 115.3
Distribution rate 46.7% 64.8% 50.8% 48.2% 43.6% 43.9% 44.1% 44.2%
Net sales 1 210,691 230,190 231,513 243,482 244,838 258,000 261,200 265,100
EBITDA 1 31,726 31,143 32,206 34,761 36,423 37,000 39,100 41,700
EBIT 1 15,794 14,919 15,511 16,841 18,699 19,100 21,200 23,900
Net income 1 8,969 6,465 8,481 9,216 10,749 11,000 12,300 13,800
Net Debt 56,510 60,551 59,771 59,458 61,428 - - -
Reference price 2 862.00 873.00 988.00 983.00 1,164.00 1,322.00 1,322.00 1,322.00
Nbr of stocks (in thousands) 130,992 130,894 130,626 130,640 129,169 128,898 - -
Announcement Date 5/10/22 5/9/23 5/9/24 5/8/25 5/8/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.27x - - 2.87% 1.11B
17.22x0.4x8.25x5.42% 5.04B
16.54x0.18x6.98x3.52% 4.47B
10.61x0.68x6.7x6.02% 4.31B
7.03x0.3x6.74x8.51% 3.58B
11.96x0.05x5.19x2.53% 1.8B
10.64x0.48x6.49x7.11% 1.71B
5.63x0.57x7.74x4.3% 1.66B
Average 11.86x 0.38x 6.87x 5.04% 2.96B
Weighted average by Cap. 12.57x 0.38x 7.05x 5.34%

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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