Company Valuation: TOWA Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 61,496 52,391 266,737 111,460 166,488 158,767 - -
Change - -14.81% 409.12% -58.21% 49.37% -4.64% - -
Enterprise Value (EV) 1 59,507 51,717 259,357 97,371 156,228 148,367 147,118 142,493
Change - -13.09% 401.49% -62.46% 60.45% -5.03% -0.84% -3.14%
P/E 7.56x 7.13x 41.4x 13.7x 36.2x 18.4x 14.4x 12.2x
PBR 1.51x 1.11x 4.56x 1.82x 2.36x 2.06x 1.85x 1.67x
PEG - -0.74x -3.4x 0.5x -0.8x 0.2x 0.5x 0.7x
Capitalization / Revenue 1.21x 0.97x 5.28x 2.08x 3.06x 2.31x 2.07x 1.82x
EV / Revenue 1.17x 0.96x 5.14x 1.82x 2.87x 2.16x 1.91x 1.63x
EV / EBITDA 4.42x 4.13x 23.2x 8.43x 15.6x 10.3x 8.13x 7.27x
EV / EBIT 5.17x 5.15x 29.9x 11x 22.6x 12.2x 9.38x 7.66x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 16.67 13.33 13.33 20 20 24.6 26.6 25.33
Rate of return 2.03% 1.91% 0.37% 1.35% 0.9% 1.16% 1.26% 1.2%
EPS 2 108.4 97.9 85.9 108.3 61.22 115.3 146.9 173.7
Distribution rate 15.4% 13.6% 15.5% 18.5% 32.7% 21.3% 18.1% 14.6%
Net sales 1 50,666 53,822 50,471 53,479 54,365 68,700 76,829 87,400
EBITDA 1 13,455 12,535 11,202 11,553 10,040 14,400 18,100 19,600
EBIT 1 11,505 10,037 8,661 8,880 6,917 12,146 15,686 18,600
Net income 1 8,129 7,346 6,444 8,121 4,593 8,652 11,027 13,031
Net Debt 1 -1,989 -674 -7,380 -14,089 -10,260 -10,400 -11,649 -16,274
Reference price 2 819.67 698.00 3,556.67 1,486.00 2,219.00 2,116.00 2,116.00 2,116.00
Nbr of stocks (in thousands) 75,026 75,059 74,996 75,007 75,028 75,032 - -
Announcement Date 5/12/22 5/11/23 5/10/24 5/9/25 5/11/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.62x10.47x30.37x0.43% 362B
61.76x9.05x47.96x0.15% 68.58B
62.61x18.35x80.45x0.13% 47.63B
35.9x9.42x24.46x0.49% 47.2B
29.93x9.43x19.76x1.32% 36.71B
67.74x20.39x77.5x0.15% 26.78B
35.89x3.37x10.27x0.43% 25.76B
75.84x14.79x71.6x0.33% 19.73B
70.58x18.72x66.46x0.19% 17.51B
Average 52.76x 12.67x 47.65x 0.4% 72.46B
Weighted average by Cap. 42.97x 11.24x 38.21x 0.41%

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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