Company Valuation: Tokyu Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 958,592 1,062,448 1,104,456 977,945 1,062,583 960,285 - -
Change - 10.83% 3.95% -11.45% 8.65% -9.63% - -
Enterprise Value (EV) 1 2,102,073 2,280,625 2,316,631 2,207,536 2,363,783 2,304,918 2,327,031 2,316,604
Change - 8.49% 1.58% -4.71% 7.08% -2.49% 0.96% -0.45%
P/E 109x 41x 17.4x 12.5x 12.2x 10.6x 9.95x 9.78x
PBR 1.36x 1.46x 1.4x 1.17x 1.16x 1.02x 0.95x 0.88x
PEG - 0x 0x 0.5x 0.9x 1.83x 1.59x 5.55x
Capitalization / Revenue 1.09x 1.14x 1.06x 0.93x 0.98x 0.85x 0.83x 0.82x
EV / Revenue 2.39x 2.45x 2.23x 2.09x 2.18x 2.03x 2.01x 1.97x
EV / EBITDA 18.2x 17.9x 12.8x 11.6x 12.3x 11.4x 11x 10.6x
EV / EBIT 66.6x 51.1x 24.4x 21.3x 22.9x 20.9x 20.1x 19.5x
EV / FCF 311x -38.6x 52.3x 76.8x -45.2x -156x 312x 229x
FCF Yield 0.32% -2.59% 1.91% 1.3% -2.21% -0.64% 0.32% 0.44%
Dividend per Share 2 15 15 17.5 24 30 32.43 34.5 38.71
Rate of return 0.94% 0.85% 0.95% 1.42% 1.61% 1.9% 2.03% 2.27%
EPS 2 14.58 42.94 105.8 134.8 152.2 161.1 171.2 174.2
Distribution rate 103% 34.9% 16.5% 17.8% 19.7% 20.1% 20.2% 22.2%
Net sales 1 879,112 931,293 1,037,819 1,054,900 1,086,179 1,135,917 1,156,733 1,175,371
EBITDA 1 115,735 127,576 181,600 190,000 191,700 202,953 211,789 219,201
EBIT 1 31,544 44,603 94,905 103,400 103,193 110,042 115,717 118,671
Net income 1 8,782 25,995 63,763 79,600 87,071 91,117 96,060 95,929
Net Debt 1 1,143,481 1,218,177 1,212,175 1,229,591 1,301,200 1,344,634 1,366,747 1,356,319
Reference price 2 1,592.00 1,762.00 1,844.00 1,685.00 1,861.50 1,702.50 1,702.50 1,702.50
Nbr of stocks (in thousands) 602,131 602,978 598,946 580,383 570,821 564,044 - -
Announcement Date 5/13/22 5/11/23 5/13/24 5/14/25 5/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.57x2.03x11.36x1.9% 5.95B
7.08x3.76x7.85x0.89% 21.3B
12.89x1.56x8.02x3.37% 8.13B
13.2x1.99x12.57x2.26% 6.62B
28.11x7.3x21.25x1.97% 4.22B
13.68x0.93x10.66x1.91% 4.07B
13.54x2.84x14.28x1.9% 3.68B
14.68x2.88x12.73x3.53% 3.61B
9.93x1.95x10.33x2.57% 3.53B
10.18x1.75x9.95x2.98% 2.67B
Average 13.39x 2.70x 11.90x 2.33% 6.38B
Weighted average by Cap. 11.69x 2.90x 10.63x 1.97%

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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