Company Valuation: NOF Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 413,070 499,336 498,345 474,805 702,176 618,357 - -
Change - 20.88% -0.2% -4.72% 47.89% -11.94% - -
Enterprise Value (EV) 1 333,269 411,659 411,766 392,055 618,951 555,359 540,210 522,914
Change - 23.52% 0.03% -4.79% 57.87% -10.27% -2.73% -3.2%
P/E 15.5x 14.8x 14.8x 13.1x 17.6x 15x 13.1x 12.4x
PBR 1.87x 2.08x 1.88x 1.69x 2.38x 2.02x 1.85x 1.73x
PEG - 0.5x 9.51x 1.46x 1.2x 3.57x 0.9x 2.22x
Capitalization / Revenue 2.14x 2.29x 2.24x 1.99x 2.72x 2.03x 1.9x 2x
EV / Revenue 1.73x 1.89x 1.85x 1.65x 2.4x 1.83x 1.66x 1.69x
EV / EBITDA 8.03x 8.76x 8.39x 7.36x 8.9x 5.78x 4.58x 6.25x
EV / EBIT 9.36x 10.1x 9.77x 8.65x 13.1x 10.5x 8.98x 8.83x
EV / FCF 17.9x 18.2x 36.5x 37x - 39.9x 23.7x 12.1x
FCF Yield 5.59% 5.5% 2.74% 2.7% - 2.51% 4.22% 8.24%
Dividend per Share 2 30 36 38 45 61 67.75 72 77.5
Rate of return 1.79% 1.75% 1.82% 2.23% 1.97% 2.46% 2.62% 2.82%
EPS 2 107.9 139 141.2 153.9 176.3 183.8 209.6 221.4
Distribution rate 27.8% 25.9% 26.9% 29.2% 34.6% 36.9% 34.3% 35%
Net sales 1 192,642 217,709 222,252 238,310 257,967 303,880 326,083 309,000
EBITDA 1 41,504 46,983 49,081 53,273 69,527 96,150 117,975 83,700
EBIT 1 35,595 40,624 42,142 45,308 47,411 52,917 60,150 59,250
Net income 1 26,690 33,973 33,990 36,497 40,550 41,500 46,567 46,600
Net Debt 1 -79,801 -87,677 -86,579 -82,750 -83,225 -62,998 -78,146 -95,442
Reference price 2 1,673.33 2,056.67 2,085.50 2,020.00 3,101.00 2,751.50 2,751.50 2,751.50
Nbr of stocks (in thousands) 246,855 242,789 238,957 235,052 226,435 224,734 - -
Announcement Date 11/05/22 11/05/23 09/05/24 09/05/25 11/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.76x1.8x5.68x2.5% 3.82B
27.13x4.24x13.62x2.16% 125B
18.02x6.71x42.93x2.07% 60.65B
58.16x1.35x9.5x5.97% 39.5B
12.42x1.26x6.79x2.72% 35.53B
10.22x3.3x7.75x4.25% 26.74B
20.16x0.87x6.68x1.15% 21.13B
11.52x1.03x8.28x3.64% 20.26B
8.9x0.88x5.43x4.24% 21.02B
70.88x12.86x46.8x0.07% 19.12B
Average 25.22x 3.43x 15.35x 2.88% 37.31B
Weighted average by Cap. 26.17x 3.85x 17.35x 2.79%

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