Company Valuation: NTN Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 113,605 178,912 166,566 128,439 189,826 222,349 - -
Change - 57.49% -6.9% -22.89% 47.8% 17.13% - -
Enterprise Value (EV) 1 378,992 438,546 398,593 350,914 376,368 412,217 395,343 377,173
Change - 15.71% -9.11% -11.96% 7.25% 9.52% -4.09% -4.6%
P/E 15.5x 17.3x 15.8x -5.4x 13.6x 14.8x 10.4x 8.25x
PBR 0.57x 0.81x 0.63x 0.55x 0.64x 0.77x 0.74x 0.67x
PEG - 0.4x 8.12x 0x -0x 1.77x 0.2x 0.3x
Capitalization / Revenue 0.18x 0.23x 0.2x 0.16x 0.23x 0.26x 0.25x 0.25x
EV / Revenue 0.59x 0.57x 0.48x 0.43x 0.46x 0.48x 0.45x 0.42x
EV / EBITDA 8.46x 7.41x 5.7x 5.37x 5.26x 5.41x 4.84x 4.14x
EV / EBIT 55.1x 25.6x 14.2x 15.3x 12.1x 11.1x 8.98x 7.3x
EV / FCF 33x 21.5x 9.93x 17.8x 17.4x 31.7x 14.7x 11.4x
FCF Yield 3.03% 4.64% 10.1% 5.6% 5.75% 3.16% 6.82% 8.75%
Dividend per Share 2 - 5 10 11 11 13 16 19
Rate of return - 1.48% 3.19% 4.53% 3.45% 3.48% 4.28% 5.08%
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 2 214.00 337.00 313.70 242.60 319.30 374.00 374.00 374.00
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.($)
14.75x0.48x5.41x3.48% 1.4B
32.06x5.47x20.04x0.79% 126B
27.48x5.06x17.63x2.19% 35.42B
22.95x1.97x14.1x2.04% 33.38B
31.77x4.22x15.94x0.11% 31.24B
21.45x3.61x11.42x1.51% 28.11B
22.3x3.23x13.93x1.05% 27.19B
24.71x3.01x12.98x1.53% 26.48B
105.01x37.81x86.48x0.35% 26.05B
26.13x3.28x16.05x1.73% 24.5B
Average 32.86x 6.81x 21.40x 1.48% 36B
Weighted average by Cap. 33.44x 6.67x 21.72x 1.16%

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