Company Valuation: NEC Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,776,673 1,403,157 1,358,384 2,928,366 4,191,365 5,105,098 - -
Change - -21.02% -3.19% 115.58% 43.13% 21.8% - -
Enterprise Value (EV) 1 1,956,184 1,552,201 1,484,571 2,984,791 4,273,109 4,990,471 4,800,946 4,672,540
Change - -20.65% -4.36% 101.05% 43.16% 16.79% -3.8% -2.67%
P/E Ratio 11.7x 9.93x 12x 19.6x 23.9x 19x 17.8x 15.7x
PBR 1.36x 0.93x 0.84x 1.53x 2.15x 2.32x 2.11x 1.93x
PEG - -1.43x -0.7x 0.6x 1.4x 0.3x 1.1x 1.2x
Capitalization / Revenue 0.59x 0.47x 0.41x 0.84x 1.22x 1.43x 1.38x 1.32x
EV / Revenue 0.65x 0.51x 0.45x 0.86x 1.25x 1.4x 1.3x 1.2x
EV / EBITDA 6.09x 4.96x 4.2x 7.94x 9.68x 9.95x 8.32x 7.4x
EV / EBIT 12.7x 11.7x 8.71x 15.9x 16.7x 14.5x 11.4x 9.84x
EV / FCF 12.8x 18.4x 14.5x 17.1x 20x 27.1x 15.5x 14.7x
FCF Yield 7.79% 5.42% 6.91% 5.85% 4.99% 7.92% 6.44% 6.81%
Dividend per Share 2 18 20 22 24 28 38 42.54 48.54
Rate of return 1.38% 1.94% 2.16% 1.09% 0.89% 0.99% 1.11% 1.26%
EPS 2 111.4 103.7 84.9 112.2 131.5 203 215.8 245.1
Distribution rate 16.2% 19.3% 25.9% 21.4% 21.3% 18.7% 19.7% 19.8%
Net sales 1 2,994,023 3,014,095 3,313,018 3,477,262 3,423,400 3,582,733 3,694,036 3,878,097
EBITDA 1 321,372 313,064 353,745 375,712 441,600 514,415 577,045 631,186
EBIT 1 153,759 132,525 170,447 188,012 256,500 359,913 420,552 474,777
Net income 1 149,606 141,277 114,500 149,521 175,183 270,228 287,629 325,951
Net Debt 1 179,511 149,044 126,187 56,425 81,744 -114,627 -304,152 -432,558
Reference price 2 1,304.00 1,030.00 1,020.00 2,198.00 3,145.00 3,849.00 3,849.00 3,849.00
Nbr of stocks (in thousands) 1,362,479 1,362,288 1,331,749 1,332,286 1,332,707 1,326,344 - -
Announcement Date 12/05/21 28/04/22 28/04/23 26/04/24 28/04/25 28/04/26 - -
1JPY in Million2JPY
Estimates

P/E Ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
26.13x4.24x14.81x2.51% 253B
12.29x1.31x6.87x3.93% 102B
-84.33x13.29x77.1x-.--% 83.45B
13.88x2.53x9.34x6.01% 82.77B
19.28x5.05x12.48x2.95% 58.06B
14.73x2.16x9.06x5.26% 48.6B
12.93x1.48x10.14x1.25% 35.31B
15.25x1.93x9.09x5.67% 32.05B
20.23x2.35x15.24x2.97% 27.68B
Average 5.60x 3.82x 18.24x 3.4% 80.22B
Weighted average by Cap. 7.34x 4.29x 19.23x 3.14%

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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