Company Valuation: IPS, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 25,973 30,367 32,066 27,648 37,480 54,373 - -
Change - 16.92% 5.6% -13.78% 35.56% 45.07% - -
Enterprise Value (EV) 23,245 30,415 37,933 33,799 46,534 54,373 54,373 54,373
Change - 30.84% 24.72% -10.9% 37.68% 16.85% 0% 0%
P/E 13.7x 13.2x 11.1x 10.8x 8.89x 12.6x 11.6x 9.97x
PBR 3.56x 3.25x 2.84x 1.82x 1.99x 2.4x 2.03x 1.71x
PEG - 0.6x 0.5x -0.9x 0.1x 6.78x 1.24x 0.6x
Capitalization / Revenue 2.42x 2.46x 2.27x 1.81x 2.2x 2.67x 2.22x 1.18x
EV / Revenue 0x 0x 0x 0x 0x 2.67x 2.22x 1.18x
EV / EBITDA - - - 0x 0x 7.25x 6.18x 4.28x
EV / EBIT 0x 0x 0x 0x 0x 8.63x 7.35x 4.81x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 25 35 37 40 40 40 40 40
Rate of return 1.19% 1.43% 1.48% 1.87% 1.4% 0.96% 0.96% 0.96%
EPS 2 152.4 184.5 225.1 197.1 322.4 328.4 359 416.3
Distribution rate 16.4% 19% 16.4% 20.3% 12.4% 12.2% 11.1% 9.61%
Net sales 1 10,728 12,346 14,117 15,264 16,999 20,400 24,500 46,000
EBITDA 1 - - - 5,411 6,309 7,500 8,800 12,700
EBIT 1 2,456 3,311 3,894 4,413 5,370 6,300 7,400 11,300
Net income 1 1,888 2,292 2,835 2,544 4,196 4,300 4,700 5,450
Net Debt -2,728 48 5,867 6,151 9,054 - - -
Reference price 2 2,094.00 2,441.00 2,494.00 2,137.00 2,866.00 4,150.00 4,150.00 4,150.00
Nbr of stocks (in thousands) 12,404 12,440 12,857 12,938 13,077 13,102 - -
Announcement Date 13/05/22 12/05/23 10/05/24 09/05/25 08/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.24x - - 1% 330M
44.44x10.85x15.95x5.61% 2.99B
20.51x1x7.57x1.84% 1.04B
-14.04x - - - 660M
Average 15.79x 5.93x 11.76x 2.81% 1.25B
Weighted average by Cap. 29.67x 8.31x 13.79x 4.36%

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