Company Valuation: Kao Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,852,283 2,442,686 2,696,205 2,967,136 2,831,960 2,912,026 - -
Change - -14.36% 10.38% 10.05% -4.56% 2.83% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,727,379 2,690,358 2,643,888
Change - -12.92% 10.46% 7.76% 0.41% -0.89% -1.36% -1.73%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 21.3x 19.9x 18.3x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.6x 2.46x 2.31x
PEG - -1.4x -1.3x 0x 2x 1.3x 2.83x 2.08x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.64x 1.58x 1.53x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.53x 1.46x 1.39x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 9.79x 9.29x 8.66x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 14.6x 13.5x 12.3x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 21.2x 19.2x 17.2x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.73% 5.2% 5.82%
Dividend per Share 2 72 74 75 76 77 78.08 79.29 80.41
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.43% 2.46% 2.5%
EPS 2 115.3 91.64 47.18 116 130.2 151.1 161.8 176
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 51.7% 49% 45.7%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,779,062 1,845,521 1,903,987
EBITDA 1 230,851 199,809 149,630 235,066 249,910 278,635 289,607 305,461
EBIT 1 143,510 110,071 60,035 146,644 164,069 186,731 199,394 215,225
Net income 1 109,636 86,038 43,870 107,767 120,081 136,329 144,982 156,616
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -184,646 -221,668 -268,138
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,219.00 3,219.00 3,219.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,637 - -
Announcement Date 03/02/22 02/02/23 07/02/24 06/02/25 05/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.7x1.56x9.99x2.38% 18.28B
21.62x4.2x15.38x2.9% 342B
17.59x2.68x11.88x3.55% 132B
24.67x3.7x15.59x2.33% 72.83B
44.66x7.15x31.04x2.11% 52.79B
20.13x2.83x11.73x4.42% 36.83B
77.64x2.4x14.61x1.72% 29.66B
15.58x1.55x8.72x3.31% 19.5B
17.8x1.28x7.64x1.33% 19.16B
52.98x7.37x36.11x1.21% 11.66B
Average 31.44x 3.47x 16.27x 2.53% 73.45B
Weighted average by Cap. 25.28x 3.79x 15.50x 2.87%

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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