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 4,901,259 - -
Change - -7.1% 52.74% -38.69% 0.44% -6.51% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,594,139 4,593,732 4,537,975
Change - -5.28% 48.26% -42.47% -1.37% -5.56% -0.01% -1.21%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12.6x 10.7x 9.5x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.91x 0.86x 0.81x
PEG - 0.8x 29.56x 0.3x 1x -2.5x 0.6x 0.7x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.63x 0.61x 0.59x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.59x 0.57x 0.54x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x 5.23x 5.13x 4.55x 4.33x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 8.69x 7.68x 7.01x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.4x 9.95x 9.43x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.62% 10.1% 10.6%
Dividend per Share 2 41.25 46.25 55 64 67 73.44 78.81 84.97
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.76% 4.03% 4.35%
EPS 2 85.69 104 105 145 163 154.8 182.1 205.8
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 47.5% 43.3% 41.3%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,778,733 8,065,577 8,333,545
EBITDA 1 687,705 790,734 754,868 895,546 930,612 895,299 1,010,638 1,048,205
EBIT 1 341,179 426,099 380,599 518,953 552,538 528,685 598,208 647,024
Net income 1 263,901 314,633 312,791 419,081 443,755 404,926 454,111 493,868
Net Debt 1 105,897 209,791 61,331 -287,147 -377,844 -307,120 -307,527 -363,283
Reference price 2 1,965.00 1,860.75 2,883.00 1,844.00 1,947.50 1,955.00 1,955.00 1,955.00
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.63x0.59x5.13x3.76% 30.8B
21.09x1.42x10.95x1.74% 46.78B
18.04x0.79x5.84x3.22% 38.11B
11.62x0.72x9.15x1.28% 34.51B
14.51x2.62x9.15x4.12% 21.07B
11.01x0.52x5.13x2.81% 18.66B
31.23x1.23x13.03x0.59% 18.54B
13.25x1.35x6.84x4.18% 16.07B
47.48x5.09x35.95x0.78% 14.52B
14.76x1.07x7.12x0.96% 13.98B
Average 19.56x 1.54x 10.83x 2.34% 25.3B
Weighted average by Cap. 18.43x 1.34x 9.76x 2.4%

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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