Company Valuation: Kaneka Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 231,272 224,812 247,581 239,651 288,782 363,922 - -
Change - -2.79% 10.13% -3.2% 20.5% 26.02% - -
Enterprise Value (EV) 1 317,939 358,887 398,707 417,070 469,122 558,407 571,161 589,823
Change - 12.88% 11.1% 4.61% 12.48% 19.03% 2.28% 3.27%
P/E 8.73x 9.87x 10.7x 9.5x 9.57x 11.9x 11.6x 10.7x
PBR 0.6x 0.54x 0.54x 0.51x 0.58x 0.73x 0.69x 0.64x
PEG - -0.7x 4.5x 0.8x 0.4x 8.37x 3.86x 1.36x
Capitalization / Revenue 0.33x 0.3x 0.32x 0.3x 0.36x 0.42x 0.41x 0.4x
EV / Revenue 0.46x 0.47x 0.52x 0.52x 0.58x 0.65x 0.64x 0.64x
EV / EBITDA 3.9x 4.81x 5.44x 4.97x 5.84x 6.16x 6.07x 5.84x
EV / EBIT 7.3x 10.2x 12.2x 10.4x 14.3x 13.3x 12.6x 11.6x
EV / FCF -57.9x -27.1x 127x - 19.5x 39.3x 67.2x 80.3x
FCF Yield -1.73% -3.69% 0.79% - 5.12% 2.54% 1.49% 1.25%
Dividend per Share 2 110 110 110 130 160 200 204 223.3
Rate of return 3.1% 3.19% 2.88% 3.41% 3.34% 3.31% 3.37% 3.69%
EPS 2 406 349.6 357.9 400.9 501.3 508.4 523.7 565
Distribution rate 27.1% 31.5% 30.7% 32.4% 31.9% 39.3% 39% 39.5%
Net sales 1 691,530 755,821 762,302 807,200 811,638 865,600 889,720 916,500
EBITDA 1 81,515 74,543 73,358 83,987 80,321 90,661 94,040 100,933
EBIT 1 43,562 35,087 32,579 40,050 32,894 41,889 45,280 50,667
Net income 1 26,487 23,008 23,220 25,309 30,977 30,189 30,649 31,267
Net Debt 1 86,667 134,075 151,126 177,419 180,340 194,485 207,239 225,901
Reference price 2 3,545.00 3,450.00 3,814.00 3,808.00 4,795.00 6,051.00 6,051.00 6,051.00
Nbr of stocks (in thousands) 65,239 65,163 64,914 62,934 60,226 60,142 - -
Announcement Date 12/05/22 12/05/23 14/05/24 14/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.96x0.65x6.18x3.29% 2.33B
19.71x3.48x9.9x2.03% 70.35B
11.86x0.91x7.57x4.54% 49.06B
52.21x8.35x35.55x1.04% 15.55B
13.18x0.88x6.12x2.72% 14.2B
11.17x0.72x4.8x2.92% 10.15B
15.42x0.7x7.63x3.2% 9.7B
36.31x1.67x8.8x2.08% 9.04B
4.65x0.66x2.75x4.73% 8.84B
30.74x4.21x18.03x0.38% 7.65B
Average 20.72x 2.22x 10.73x 2.69% 19.69B
Weighted average by Cap. 19.62x 2.54x 10.60x 2.8%

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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