Company Valuation: Pilot Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 173,551 189,555 165,727 187,382 181,272 224,143 - -
Change - 9.22% -12.57% 13.07% -3.26% 23.65% - -
Enterprise Value (EV) 136,445 147,892 129,187 148,260 146,028 224,143 224,143 224,143
Change - 8.39% -12.65% 14.76% -1.51% 53.49% 0% 0%
P/E 12.2x 12x 12.1x 12.5x 15.4x 15.3x 13.5x 13x
PBR 1.72x 1.63x 1.27x 1.34x 1.25x 1.43x 1.3x 1.18x
PEG - 1.1x -0.9x 1x -0.8x 0.5x 1x 3.11x
Capitalization / Revenue 1.68x 1.68x 1.4x 1.49x 1.43x 1.64x 1.59x 1.52x
EV / Revenue 0x 0x 0x 0x 0x 1.64x 1.59x 1.52x
EV / EBITDA - - - 0x - 8.35x 7.86x 7.59x
EV / EBIT 0x 0x 0x 0x 0x 11.2x 10.7x 10.2x
EV / FCF - 0x -0x 0x 0x 27.7x 29.3x 34.2x
FCF Yield - 4.04% -0.67% 5.63% 4.94% 3.6% 3.42% 2.92%
Dividend per Share 2 20 30 33.33 39 40 47.5 56.5 65
Rate of return 1.36% 1.87% 2.38% 2.41% 2.46% 2.23% 2.65% 3.05%
EPS 2 120.6 133.3 115.4 129.5 105.7 139.7 158.1 164.7
Distribution rate 16.6% 22.5% 28.9% 30.1% 37.9% 34% 35.7% 39.5%
Net sales 1 103,057 112,850 118,590 126,168 126,391 137,000 141,000 147,000
EBITDA 1 - - - 22,895 - 26,830 28,530 29,530
EBIT 1 19,325 21,244 19,003 17,805 16,649 20,000 21,000 22,000
Net income 1 14,270 15,773 13,661 15,181 12,064 15,700 16,600 17,300
Net Debt -37,106 -41,663 -36,540 -39,122 -35,244 - - -
Reference price 2 1,466.67 1,601.67 1,400.33 1,620.67 1,624.33 2,134.50 2,134.50 2,134.50
Nbr of stocks (in thousands) 118,330 118,348 118,348 115,620 111,598 105,010 - -
Announcement Date 14/02/22 13/02/23 13/02/24 14/02/25 13/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.79x0.81x10.16x4.61% 3.18B
18.45x0.68x7.08x2.74% 2.43B
60.42x4.9x33.27x0.17% 1.42B
15.08x - - 2.25% 1.38B
18.5x1.45x7.6x1.73% 994M
30.77x0.55x26.25x3.12% 846M
7.47x1.02x5.52x7.26% 608M
Average 23.64x 1.57x 14.98x 3.13% 1.55B
Weighted average by Cap. 22.80x 1.45x 13.71x 3.08%

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