Company Valuation: Yamaha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 917,758 871,014 546,212 523,994 485,207 528,756 - -
Change - -5.09% -37.29% -4.07% -7.4% 8.98% - -
Enterprise Value (EV) 1 768,808 784,795 462,558 444,132 392,908 407,815 415,637 386,168
Change - 2.08% -41.06% -3.98% -11.53% 3.79% 1.92% -7.09%
P/E 24.9x 22.9x 18.6x 41.9x 20.9x 15.6x 15.8x 13.6x
PBR 2.21x 1.9x 1.06x 1.17x 1.01x 1.05x 1.02x 0.96x
PEG - 6.31x -0.9x -0.8x 0.2x 0.3x -12.68x 0.8x
Capitalization / Revenue 2.25x 1.93x 1.18x 1.13x 1.04x 1.08x 1.05x 1.01x
EV / Revenue 1.88x 1.74x 1x 0.96x 0.84x 0.83x 0.82x 0.74x
EV / EBITDA 11.5x 11.9x 10.8x 10.5x 7.89x 6.06x 6.61x 5.5x
EV / EBIT 15.6x 16.9x 16x 21.5x 13.4x 10.4x 9.73x 7.98x
EV / FCF 9.64x -21.6x 22.1x 13.7x 12.4x 9.9x 13.8x 10.4x
FCF Yield 10.4% -4.64% 4.52% 7.28% 8.05% 10.1% 7.23% 9.6%
Dividend per Share 2 22 22 24.67 25.33 26 26.86 28 29.33
Rate of return 1.23% 1.3% 2.27% 2.19% 2.36% 2.23% 2.33% 2.44%
EPS 2 71.6 74.2 58.56 27.58 52.7 77 76.04 88.29
Distribution rate 30.7% 29.6% 42.1% 91.9% 49.3% 34.9% 36.8% 33.2%
Net sales 1 408,200 451,400 462,866 462,080 465,330 490,691 504,300 522,967
EBITDA 1 66,634 65,754 42,799 42,190 49,808 67,244 62,900 70,200
EBIT 1 49,300 46,500 28,999 20,695 29,274 39,250 42,717 48,380
Net income 1 37,300 38,200 29,642 13,351 23,720 33,078 32,943 37,833
Net Debt 1 -148,950 -86,219 -83,654 -79,862 -92,299 -120,941 -113,119 -142,587
Reference price 2 1,783.33 1,696.67 1,087.00 1,156.50 1,103.00 1,202.00 1,202.00 1,202.00
Nbr of stocks (in thousands) 514,631 513,368 502,495 453,086 439,897 439,897 - -
Announcement Date 5/11/22 5/9/23 5/8/24 5/8/25 5/11/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
30.67x2.12x12.66x2.08% 9.42B
14.84x1.31x10.8x3.15% 5.87B
-139x8.93x-216.46x - 5.8B
20.91x2.13x12.25x1.13% 4.89B
16.18x1.02x8.07x2.69% 4.24B
14.54x0.71x7.5x4.01% 4.07B
27.03x0.84x7.56x1.22% 3.98B
17.92x1.91x8.15x3.88% 3.74B
18.43x0.41x7.27x3.07% 3.59B
Average 2.39x 2.15x -15.80x 2.65% 5.07B
Weighted average by Cap. 0.88x 2.39x -18.90x 2.56%

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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