Company Valuation: Nichirei Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2026 2027 2028 2029
Market Cap 1 306,757 344,486 529,154 493,593 556,245 - -
Change - 12.3% 53.61% - 12.69% - -
Enterprise Value (EV) 1 388,058 431,220 595,827 555,239 669,225 665,340 656,045
Change - 11.12% 38.17% - 20.53% -0.58% -1.4%
P/E 13.4x 16.1x 21.6x 18.1x 17x 15.8x 14.6x
PBR 1.45x 1.53x 2.09x 1.72x 1.75x 1.65x 1.59x
PEG - -2.97x 1.5x - 0.9x 2.14x 1.78x
Capitalization / Revenue 0.51x 0.52x 0.78x 0.69x 0.72x 0.69x 0.68x
EV / Revenue 0.64x 0.65x 0.88x 0.78x 0.86x 0.83x 0.8x
EV / EBITDA 7.39x 7.82x 9.75x 9.09x 9.39x 8.85x 8.48x
EV / EBIT 12.4x 13.1x 16.1x 14.2x 14.5x 13.4x 12.1x
EV / FCF 44.9x 39.1x 19.3x 66.5x 28.3x 26.3x 25.1x
FCF Yield 2.23% 2.56% 5.18% 1.5% 3.54% 3.81% 3.98%
Dividend per Share 2 25 26 37 47 53 55 56
Rate of return 2.11% 1.94% 1.79% 2.39% 2.39% 2.48% 2.52%
EPS 2 88.36 83.57 95.9 109.1 130.8 140.5 152
Distribution rate 28.3% 31.1% 38.6% 43.1% 40.5% 39.2% 36.8%
Net sales 1 602,696 662,204 680,091 716,144 774,313 804,757 822,250
EBITDA 1 52,499 55,133 61,130 61,086 71,296 75,154 77,400
EBIT 1 31,410 32,935 36,911 38,999 46,258 49,753 54,250
Net income 1 23,382 21,568 24,495 27,332 32,540 34,808 36,650
Net Debt 1 81,301 86,734 66,673 61,646 112,980 109,095 99,800
Reference price 2 1,184.50 1,342.00 2,071.50 1,969.50 2,219.50 2,219.50 2,219.50
Nbr of stocks (in thousands) 258,976 256,696 255,445 250,618 250,617 - -
Announcement Date 10/05/22 09/05/23 14/05/24 12/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.97x0.86x9.39x2.39% 3.53B
20.32x2.78x13.85x4.07% 240B
19.18x2.43x14.47x3.41% 76.9B
15.84x1.67x9.43x3.95% 43.66B
15.02x0.54x9.63x2.57% 39.1B
20.14x3.07x12.48x3.47% 33.43B
34.61x3x17.45x1.07% 30.64B
-8.33x1.83x9.11x6.79% 28.02B
63.23x9.7x40.23x1.2% 27.46B
Average 21.89x 2.87x 15.11x 3.21% 58.03B
Weighted average by Cap. 20.91x 2.80x 14.48x 3.62%

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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