Company Valuation: Advantest Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,859,608 2,237,070 5,033,620 4,748,144 14,755,312 23,203,126 - -
Change - 20.3% 125.01% -5.67% 210.76% 57.25% - -
Enterprise Value (EV) 1 1,786,489 2,202,377 5,021,361 4,579,103 14,435,538 22,642,941 22,341,198 21,885,490
Change - 23.28% 128% -8.81% 215.25% 56.86% -1.33% -2.04%
P/E 21.5x 17.4x 80.7x 29.6x 39.5x 34.5x 27.2x 23.8x
PBR 6.23x 6.07x 11.7x 9.37x 18.5x 18.4x 12.2x 8.73x
PEG - 0.3x -1.6x 0x 0x 0.4x 1x 1.7x
Capitalization / Revenue 4.46x 3.99x 10.3x 6.09x 13.1x 13.2x 10.5x 9.03x
EV / Revenue 4.29x 3.93x 10.3x 5.87x 12.8x 12.9x 10.1x 8.52x
EV / EBITDA 13.8x 11.6x 46.6x 17.9x 27.5x 25x 19.5x 16.7x
EV / EBIT 15.6x 13.1x 61.5x 20.1x 28.9x 25.6x 19.5x 16.5x
EV / FCF 55.9x 50.6x 1,062x 17.1x 48.3x 44.4x 29.3x 21.1x
FCF Yield 1.79% 1.98% 0.09% 5.86% 2.07% 2.25% 3.41% 4.73%
Dividend per Share 2 30 33.75 34.25 39 59 86.68 104 139.2
Rate of return 1.24% 1.11% 0.5% 0.6% 0.29% 0.27% 0.32% 0.43%
EPS 2 112.4 174.4 84.45 218.7 515.2 929.4 1,179 1,345
Distribution rate 26.7% 19.4% 40.6% 17.8% 11.5% 9.33% 8.82% 10.4%
Net sales 1 416,901 560,191 486,507 779,707 1,128,610 1,757,363 2,210,512 2,569,946
EBITDA 1 129,702 189,083 107,732 255,236 524,732 904,452 1,144,867 1,306,600
EBIT 1 114,734 167,687 81,628 228,161 499,120 883,344 1,145,079 1,323,781
Net income 1 87,301 130,400 62,290 161,177 375,353 673,515 852,038 969,242
Net Debt 1 -73,119 -34,693 -12,259 -169,041 -319,774 -560,185 -861,928 -1,317,636
Reference price 2 2,417.50 3,040.00 6,819.00 6,472.00 20,330.00 32,050.00 32,050.00 32,050.00
Nbr of stocks (in thousands) 769,228 735,878 738,176 733,644 725,790 723,966 - -
Announcement Date 27/04/22 26/04/23 26/04/24 25/04/25 27/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.9x12.91x26.78x0.54% 231B
34.48x12.88x25.03x0.27% 148B
41.84x11.13x31.39x0.14% 58.08B
50.8x20.34x39.96x1.39% 36.97B
88.78x24.9x76.37x0.14% 26.41B
58.56x3.2x15.59x0.13% 13.9B
80.76x42.68x92.34x0.36% 12.21B
32.43x8.77x17.14x1.69% 11.76B
56.34x3.42x18.4x0.26% 8.95B
Average 52.99x 15.58x 38.11x 0.55% 60.82B
Weighted average by Cap. 40.27x 13.97x 30.92x 0.47%

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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