Company Valuation: NOF Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 481,197 413,070 499,336 498,345 474,805 650,803 - -
Change - -14.16% 20.88% -0.2% -4.72% 37.07% - -
Enterprise Value (EV) 1 412,472 333,269 411,659 411,766 392,055 562,859 569,441 527,770
Change - -19.2% 23.52% 0.03% -4.79% 43.57% 1.17% -7.32%
P/E ratio 20.6x 15.5x 14.8x 14.8x 13.1x 17.1x 15.2x 13.6x
PBR 2.36x 1.87x 2.08x 1.88x 1.69x 2.25x 2.08x 1.89x
PEG - 1x 0.5x 9.51x 1.46x 1.99x 1.2x 1.1x
Capitalization / Revenue 2.79x 2.14x 2.29x 2.24x 1.99x 2.52x 2.21x 2x
EV / Revenue 2.39x 1.73x 1.89x 1.85x 1.65x 2.18x 1.94x 1.62x
EV / EBITDA 12.8x 8.03x 8.76x 8.39x 7.36x 8.08x 6.13x 4.57x
EV / EBIT 15.5x 9.36x 10.1x 9.77x 8.65x 12.1x 10.5x 8.62x
EV / FCF 18.5x 17.9x 18.2x 36.5x 37x 27.9x 31.1x 17x
FCF Yield 5.4% 5.59% 5.5% 2.74% 2.7% 3.59% 3.22% 5.88%
Dividend per Share 2 26.67 30 36 38 45 52 57.5 63.2
Rate of return 1.38% 1.79% 1.75% 1.82% 2.23% 1.82% 2.01% 2.21%
EPS 2 93.5 107.9 139 141.2 153.9 167.1 187.9 210.9
Distribution rate 28.5% 27.8% 25.9% 26.9% 29.2% 31.1% 30.6% 30%
Net sales 1 172,645 192,642 217,709 222,252 238,310 258,500 294,067 324,980
EBITDA 1 32,155 41,504 46,983 49,081 53,273 69,700 92,825 115,367
EBIT 1 26,602 35,595 40,624 42,142 45,308 46,683 54,333 61,220
Net income 1 23,302 26,690 33,973 33,990 36,497 38,167 42,650 47,380
Net Debt 1 -68,725 -79,801 -87,677 -86,579 -82,750 -87,944 -81,362 -123,033
Reference price 2 1,930.00 1,673.33 2,056.67 2,085.50 2,020.00 2,861.50 2,861.50 2,861.50
Nbr of stocks (in thousands) 249,325 246,855 242,789 238,957 235,052 227,434 - -
Announcement Date 12/05/21 11/05/22 11/05/23 09/05/24 09/05/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.93x2.3x8.51x1.74% 4.32B
23.75x3.81x12.2x2.3% 112B
-7.94x1.42x9.42x5.13% 47.72B
23.59x1.92x11.69x1.32% 42.21B
17.28x4.61x12.98x2.53% 30.19B
25.67x1.26x11.98x1.88% 25.88B
24.18x1.08x11x8.18% 21.62B
86.64x0.96x11.16x0.54% 21.15B
146.32x2.87x26.12x0.81% 20.5B
Average 39.71x 2.25x 12.79x 2.71% 36.17B
Weighted average by Cap. 30.39x 2.64x 12.46x 2.75%

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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