Company Valuation: Yamaha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 917,758 871,014 546,212 523,994 485,207 511,820 - -
Change - -5.09% -37.29% -4.07% -7.4% 5.48% - -
Enterprise Value (EV) 1 768,808 784,795 462,558 444,132 392,908 405,078 401,617 368,905
Change - 2.08% -41.06% -3.98% -11.53% 3.1% -0.85% -8.15%
P/E 24.9x 22.9x 18.6x 41.9x 20.9x 16.8x 15.3x 13x
PBR 2.21x 1.9x 1.06x 1.17x 1.01x 1.03x 1.02x 0.93x
PEG - 6.31x -0.9x -0.8x 0.2x 0.5x 1.6x 0.8x
Capitalization / Revenue 2.25x 1.93x 1.18x 1.13x 1.04x 1.07x 1.04x 1x
EV / Revenue 1.88x 1.74x 1x 0.96x 0.84x 0.85x 0.82x 0.72x
EV / EBITDA 11.5x 11.9x 10.8x 10.5x 7.89x 6.6x 6.56x 4.98x
EV / EBIT 15.6x 16.9x 16x 21.5x 13.4x 10.2x 9.52x 7.53x
EV / FCF 9.64x -21.6x 22.1x 13.7x 12.4x 12.8x 12.1x 8.87x
FCF Yield 10.4% -4.64% 4.52% 7.28% 8.05% 7.83% 8.29% 11.3%
Dividend per Share 2 22 22 24.67 25.33 26 27 28.48 31.33
Rate of return 1.23% 1.3% 2.27% 2.19% 2.36% 2.32% 2.45% 2.69%
EPS 2 71.6 74.2 58.56 27.58 52.7 69.43 76.06 89.2
Distribution rate 30.7% 29.6% 42.1% 91.9% 49.3% 38.9% 37.4% 35.1%
Net sales 1 408,200 451,400 462,866 462,080 465,330 477,867 491,967 512,367
EBITDA 1 66,634 65,754 42,799 42,190 49,808 61,400 61,200 74,100
EBIT 1 49,300 46,500 28,999 20,695 29,274 39,767 42,180 49,000
Net income 1 37,300 38,200 29,642 13,351 23,720 30,067 32,900 37,933
Net Debt 1 -148,950 -86,219 -83,654 -79,862 -92,299 -106,742 -110,203 -142,915
Reference price 2 1,783.33 1,696.67 1,087.00 1,156.50 1,103.00 1,163.50 1,163.50 1,163.50
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.($)
16.76x0.85x6.6x2.32% 3.17B
14.61x1.14x9.01x3.99% 697M
Average 15.68x 1.00x 7.80x 3.15% 1.94B
Weighted average by Cap. 16.37x 0.90x 7.03x 2.62%

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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