Company Valuation: Shimadzu Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,247,857 1,219,940 1,246,677 1,081,847 1,065,901 1,187,544 - -
Change - -2.24% 2.19% -13.22% -1.47% 11.41% - -
Enterprise Value (EV) 1 1,091,600 1,071,936 1,093,306 950,180 909,068 1,117,518 1,097,077 1,068,011
Change - -1.8% 1.99% -13.09% -4.33% 22.93% -1.83% -2.65%
P/E 26.4x 23.4x 21.9x 20.3x 17.6x 19.6x 18.3x 16.2x
PBR 3.27x 2.88x 2.53x 2.16x 1.89x 1.99x 1.86x 1.69x
PEG - 2.3x 2.29x -3.93x 1.3x 417.76x 2.54x 1.3x
Capitalization / Revenue 2.91x 2.53x 2.44x 2.01x 1.9x 1.94x 1.81x 1.7x
EV / Revenue 2.55x 2.22x 2.14x 1.76x 1.62x 1.83x 1.67x 1.53x
EV / EBITDA 13.6x 12.5x 12x 10.4x 9.66x 10.5x 9.33x 8.26x
EV / EBIT 17.1x 15.7x 15x 13.2x 12.3x 14x 12.6x 10.8x
EV / FCF 19x 41.6x 77.4x 33x 23.4x -59.6x 25.7x 19.4x
FCF Yield 5.25% 2.41% 1.29% 3.03% 4.27% -1.68% 3.9% 5.15%
Dividend per Share 2 48 54 60 66 69 70.5 76.6 83.42
Rate of return 1.13% 1.3% 1.42% 1.77% 1.87% 1.72% 1.86% 2.03%
EPS 2 160.5 176.6 193.5 183.6 209.4 209.5 224.6 253.1
Distribution rate 29.9% 30.6% 31% 36% 33% 33.7% 34.1% 33%
Net sales 1 428,175 482,240 511,895 539,047 560,728 612,304 657,380 697,651
EBITDA 1 80,011 85,743 91,304 91,615 94,083 106,374 117,631 129,265
EBIT 1 63,806 68,219 72,753 71,720 73,702 80,102 86,837 98,488
Net income 1 47,289 52,048 57,037 53,776 60,499 60,377 64,727 72,852
Net Debt 1 -156,257 -148,004 -153,371 -131,667 -156,833 -70,026 -90,467 -119,532
Reference price 2 4,235.00 4,140.00 4,230.00 3,730.00 3,689.00 4,110.00 4,110.00 4,110.00
Nbr of stocks (in thousands) 294,653 294,672 294,723 290,039 288,940 288,940 - -
Announcement Date 10/05/22 10/05/23 10/05/24 12/05/25 12/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.62x1.83x10.51x1.72% 7.45B
30.04x7.1x22.48x-.--% 28.02B
259.65x - - - 3.32B
40.49x2.54x15.54x1.59% 2.88B
16.78x1.93x10.27x1.81% 2.2B
39x9.21x36.28x1.15% 1.76B
41.1x7.43x30.1x0.22% 1.35B
14.27x - - - 874M
23.93x2.55x12.52x1.09% 840M
Average 53.87x 4.65x 19.67x 1.08% 5.41B
Weighted average by Cap. 44.36x 5.68x 20.02x 0.55%

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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