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 2,959,988 - -
Change - -14.36% 10.38% 10.05% -4.56% 4.52% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,775,575 2,738,797 2,692,578
Change - -12.92% 10.46% 7.76% 0.41% 0.86% -1.33% -1.69%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 21.7x 20.3x 18.6x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.64x 2.51x 2.35x
PEG - -1.4x -1.3x 0x 2x 1.4x 2.89x 2.12x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.66x 1.6x 1.55x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.56x 1.48x 1.41x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 9.96x 9.46x 8.81x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 14.8x 13.7x 12.5x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 21.5x 19.6x 17.5x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.65% 5.1% 5.71%
Dividend per Share 2 72 74 75 76 77 78.08 79.21 80.41
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.39% 2.42% 2.46%
EPS 2 115.3 91.64 47.18 116 130.2 150.9 161.5 175.7
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 51.7% 49% 45.8%
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 60,035 146,644 164,069 187,697 199,471 215,308
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 -184,413 -221,191 -267,409
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,272.00 3,272.00 3,272.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,642 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.68x1.56x9.96x2.39% 18.31B
22.02x4.26x15.58x2.86% 347B
17.6x2.69x11.9x3.55% 131B
24.96x3.74x15.75x2.27% 73.67B
45.22x7.24x31.44x2.1% 54.15B
20.07x2.82x11.7x4.43% 36.73B
78.05x2.36x14.37x1.75% 29.14B
15.61x1.56x8.72x3.3% 19.46B
17.52x1.25x7.47x1.35% 18.82B
50.41x7.02x34.4x1.27% 11.22B
Average 31.31x 3.45x 16.13x 2.53% 74B
Weighted average by Cap. 25.47x 3.83x 15.63x 2.84%

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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