Company Valuation: Unicharm Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,977,963 3,006,792 3,009,033 2,291,263 1,557,242 1,640,267 - -
Change - 0.97% 0.07% -23.85% -32.04% 5.33% - -
Enterprise Value (EV) 1 2,708,978 2,726,211 2,677,383 2,057,060 1,315,205 1,406,062 1,385,512 1,363,301
Change - 0.64% -1.79% -23.17% -36.06% 6.91% -1.46% -1.6%
P/E 41x 44.6x 35.1x 28.1x 24x 22.3x 19.1x 17.4x
PBR 5.35x 4.86x 4.32x 2.96x 1.96x 2x 1.91x 1.82x
PEG - -6.65x 1.3x -6.6x -1.2x 1.5x 1.1x 1.86x
Capitalization / Revenue 3.8x 3.35x 3.2x 2.32x 1.65x 1.63x 1.55x 1.48x
EV / Revenue 3.46x 3.04x 2.84x 2.08x 1.39x 1.4x 1.31x 1.23x
EV / EBITDA 16.9x 16.9x 15.6x 11.1x 8.39x 8.57x 7.65x 7.07x
EV / EBIT 22.1x 22.8x 20.9x 14.9x 12.1x 11.9x 10.4x 9.38x
EV / FCF 39.4x 32x 23.1x 22.3x 13.4x 18.9x 16.2x 14.8x
FCF Yield 2.54% 3.12% 4.33% 4.48% 7.46% 5.28% 6.17% 6.77%
Dividend per Share 2 12 12.67 13.33 14.67 18 21.85 23.77 25.84
Rate of return 0.72% 0.75% 0.78% 1.13% 2.01% 2.29% 2.49% 2.71%
EPS 2 40.59 37.87 48.47 46.41 37.3 42.69 50.02 54.7
Distribution rate 29.6% 33.4% 27.5% 31.6% 48.3% 51.2% 47.5% 47.2%
Net sales 1 782,723 898,022 941,790 988,981 945,268 1,004,480 1,056,218 1,104,972
EBITDA 1 160,408 161,052 171,227 185,001 156,692 164,099 181,016 192,963
EBIT 1 122,482 119,566 127,974 138,463 108,884 117,865 133,771 145,334
Net income 1 72,745 67,608 86,053 81,842 65,212 73,835 86,059 93,363
Net Debt 1 -268,985 -280,581 -331,650 -234,203 -242,037 -234,205 -254,755 -276,966
Reference price 2 1,666.33 1,689.33 1,699.33 1,302.50 895.00 953.20 953.20 953.20
Nbr of stocks (in thousands) 1,787,135 1,779,869 1,770,714 1,759,127 1,739,935 1,720,800 - -
Announcement Date 2/15/22 2/8/23 2/7/24 2/13/25 2/12/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.75x2.39x11.06x5.24% 32.74B
22.41x1.41x8.61x2.28% 10.46B
8.42x0.84x4.6x8.3% 2.9B
14.39x2.33x8.85x3.75% 2.16B
31.89x - - 2.43% 1.45B
22.05x0.75x8.25x1.66% 1.3B
24.05x - - - 867M
Average 19.71x 1.54x 8.27x 3.94% 7.41B
Weighted average by Cap. 16.74x 2.05x 9.99x 4.57%

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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  5. Valuation Unicharm Corporation