Company Valuation: NOF Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 481,197 413,070 499,336 498,345 474,805 596,931 - -
Change - -14.16% 20.88% -0.2% -4.72% 25.72% - -
Enterprise Value (EV) 1 412,472 333,269 411,659 411,766 392,055 503,580 533,068 497,064
Change - -19.2% 23.52% 0.03% -4.79% 28.45% 5.86% -6.75%
P/E ratio 20.6x 15.5x 14.8x 14.8x 13.1x 17.6x 14.5x 12.6x
PBR 2.36x 1.87x 2.08x 1.88x 1.69x 2.38x 1.97x 1.81x
PEG - 1x 0.5x 9.51x 1.46x 1.2x 1.64x 0.8x
Capitalization / Revenue 2.79x 2.14x 2.29x 2.24x 1.99x 2.72x 2.01x 1.86x
EV / Revenue 2.39x 1.73x 1.89x 1.85x 1.65x 1.94x 1.8x 1.55x
EV / EBITDA 12.8x 8.03x 8.76x 8.39x 7.36x 7.22x 5.92x 4.63x
EV / EBIT 15.5x 9.36x 10.1x 9.77x 8.65x 10.9x 9.96x 8.26x
EV / FCF 18.5x 17.9x 18.2x 36.5x 37x 12.1x 38.3x 21.8x
FCF Yield 5.4% 5.59% 5.5% 2.74% 2.7% 8.26% 2.61% 4.59%
Dividend per Share 2 26.67 30 36 38 45 61 61.67 68
Rate of return 1.38% 1.79% 1.75% 1.82% 2.23% 1.97% 2.33% 2.57%
EPS 2 93.5 107.9 139 141.2 153.9 176.3 182 209.4
Distribution rate 28.5% 27.8% 25.9% 26.9% 29.2% 34.6% 33.9% 32.5%
Net sales 1 172,645 192,642 217,709 222,252 238,310 257,967 296,480 321,500
EBITDA 1 32,155 41,504 46,983 49,081 53,273 69,527 90,075 107,300
EBIT 1 26,602 35,595 40,624 42,142 45,308 47,411 53,500 60,180
Net income 1 23,302 26,690 33,973 33,990 36,497 40,550 41,300 46,580
Net Debt 1 -68,725 -79,801 -87,677 -86,579 -82,750 -93,350 -63,863 -99,866
Reference price 2 1,930.00 1,673.33 2,056.67 2,085.50 2,020.00 2,644.00 2,644.00 2,644.00
Nbr of stocks (in thousands) 249,325 246,855 242,789 238,957 235,052 225,768 - -
Announcement Date 12/05/21 11/05/22 11/05/23 09/05/24 09/05/25 11/05/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.81x1.94x7.22x2.03% 3.72B
26.81x4.14x13.4x2.09% 122B
39.82x1.41x8.62x5.61% 44.7B
12.24x1.21x6.75x2.5% 33.49B
10.61x2.92x16.54x4.18% 26.25B
10.9x3.17x7.79x4.1% 25.15B
6.43x0.86x5.31x4.28% 20.82B
33.52x2.64x14.98x0.38% 19.6B
19.59x3.06x11.69x0.61% 18.95B
10.2x0.85x7.45x3.62% 17.62B
Average 18.59x 2.22x 9.98x 2.94% 33.25B
Weighted average by Cap. 22.31x 2.75x 11.01x 2.95%

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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  4. Valuation NOF Corporation