Company Valuation: DENSO Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,999,765 5,573,487 8,513,199 5,219,690 5,242,566 4,612,949 - -
Change - -7.1% 52.74% -38.69% 0.44% -12.01% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,343,053 4,276,312 4,216,317
Change - -5.28% 48.26% -42.47% -1.37% -10.72% -1.54% -1.4%
P/E 22.9x 17.9x 27.5x 12.7x 12x 11.8x 10.2x 9.01x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.86x 0.81x 0.77x
PEG - 0.8x 29.56x 0.3x 1x -3x 0.6x 0.7x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.59x 0.57x 0.55x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.56x 0.53x 0.5x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x 5.23x 4.88x 4.21x 4x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 8.26x 7.18x 6.56x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 9.92x 9.24x 8.76x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 10.1% 10.8% 11.4%
Dividend per Share 2 41.25 46.25 55 64 67 73.44 78.81 85.1
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.99% 4.28% 4.63%
EPS 2 85.69 104 105 145 163 156.6 181.2 204.1
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 46.9% 43.5% 41.7%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,793,549 8,091,790 8,378,979
EBITDA 1 687,705 790,734 754,868 895,546 930,612 889,195 1,016,381 1,054,662
EBIT 1 341,179 426,099 380,599 518,953 552,538 525,951 595,938 643,030
Net income 1 263,901 314,633 312,791 419,081 443,755 402,897 452,682 491,145
Net Debt 1 105,897 209,791 61,331 -287,147 -377,844 -269,897 -336,637 -396,632
Reference price 2 1,965.00 1,860.75 2,883.00 1,844.00 1,947.50 1,840.00 1,840.00 1,840.00
Nbr of stocks (in thousands) 3,053,316 2,995,290 2,952,896 2,830,635 2,691,947 2,507,038 - -
Announcement Date 28/04/22 27/04/23 26/04/24 25/04/25 28/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.75x0.56x4.88x3.99% 29.29B
18.08x1.98x10.87x1.62% 71.17B
20.49x1.4x10.78x1.81% 46.93B
14.44x0.65x4.7x4% 32.15B
8.23x0.49x6.24x1.83% 24.79B
14.38x2.6x8.96x4.24% 20.21B
29.23x1.16x12.24x0.63% 17.23B
19.53x0.86x10.34x3.39% 17.25B
10.33x0.49x4.75x3.08% 17.08B
12.78x1.33x6.86x4.3% 15.18B
Average 15.92x 1.15x 8.06x 2.89% 29.13B
Weighted average by Cap. 16.35x 1.28x 8.53x 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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