Company Valuation: NTN Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 113,605 178,912 166,566 128,439 189,826 232,634 - -
Change - 57.49% -6.9% -22.89% 47.8% 22.55% - -
Enterprise Value (EV) 1 378,992 438,546 398,593 350,914 376,368 422,502 405,628 387,459
Change - 15.71% -9.11% -11.96% 7.25% 12.26% -3.99% -4.48%
P/E 15.5x 17.3x 15.8x -5.4x 13.6x 15.4x 10.8x 8.63x
PBR 0.57x 0.81x 0.63x 0.55x 0.64x 0.81x 0.78x 0.7x
PEG - 0.4x 8.12x 0x -0x 1.85x 0.3x 0.3x
Capitalization / Revenue 0.18x 0.23x 0.2x 0.16x 0.23x 0.27x 0.27x 0.26x
EV / Revenue 0.59x 0.57x 0.48x 0.43x 0.46x 0.49x 0.46x 0.43x
EV / EBITDA 8.46x 7.41x 5.7x 5.37x 5.26x 5.55x 4.96x 4.25x
EV / EBIT 55.1x 25.6x 14.2x 15.3x 12.1x 11.4x 9.21x 7.5x
EV / FCF 33x 21.5x 9.93x 17.8x 17.4x 32.5x 15.1x 11.7x
FCF Yield 3.03% 4.64% 10.1% 5.6% 5.75% 3.08% 6.64% 8.52%
Dividend per Share 2 - 5 10 11 11 13 16 19
Rate of return - 1.48% 3.19% 4.53% 3.45% 3.32% 4.09% 4.86%
EPS 2 13.83 19.53 19.91 -44.9 23.4 25.35 36.07 45.35
Distribution rate - 25.6% 50.2% -24.5% 47% 51.3% 44.4% 41.9%
Net sales 1 642,023 773,960 836,285 825,587 826,344 858,100 875,200 898,900
EBITDA 1 44,778 59,193 69,951 65,338 71,527 76,133 81,700 91,150
EBIT 1 6,880 17,145 28,149 22,959 31,034 37,133 44,033 51,650
Net income 1 7,341 10,367 10,568 -23,801 12,871 15,067 21,433 26,950
Net Debt 1 265,387 259,634 232,027 222,475 186,542 189,867 172,994 154,824
Reference price 2 214.00 337.00 313.70 242.60 319.30 391.30 391.30 391.30
Nbr of stocks (in thousands) 530,865 530,896 530,972 529,426 594,507 594,517 - -
Announcement Date 13/05/22 12/05/23 14/05/24 14/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.44x0.49x5.55x3.32% 1.48B
31.28x5.45x19.7x0.83% 123B
27.1x4.99x17.46x2.22% 35.49B
20.34x1.74x12.52x2.31% 29.59B
30.02x4.01x15.14x0.11% 29.52B
19.95x3.42x10.95x1.53% 27.81B
21.19x3.07x13.25x1.1% 25.84B
22.4x2.74x11.81x1.69% 23.96B
97.35x34.29x75.13x0.44% 23.67B
26.38x3.3x16.14x1.72% 23.48B
Average 31.14x 6.35x 19.77x 1.53% 34.42B
Weighted average by Cap. 31.65x 6.24x 20.23x 1.22%

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 NTN Corporation