Company Valuation: Shiseido Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,562,314 2,585,474 1,699,311 1,112,991 910,125 1,361,920 - -
Change - 0.9% -34.27% -34.5% -18.23% 49.64% - -
Enterprise Value (EV) 1 2,536,903 2,763,626 1,875,607 1,377,672 1,141,445 1,571,774 1,521,771 1,481,883
Change - 8.94% -32.13% -26.55% -17.15% 37.7% -3.18% -2.62%
P/E 60.4x 75.6x 78.1x -103x -22.4x 30.8x 25.1x 22.5x
PBR 4.7x 4.28x 2.75x 1.76x 1.51x 2.17x 2.08x 1.99x
PEG - -3.9x -2.1x 1x -0x -0x 1.1x 1.9x
Capitalization / Revenue 2.48x 2.42x 1.75x 1.12x 0.94x 1.35x 1.3x 1.26x
EV / Revenue 2.45x 2.59x 1.93x 1.39x 1.18x 1.55x 1.46x 1.37x
EV / EBITDA 22.8x 27x 20.4x 16.6x 26.6x 11.6x 10.5x 9.58x
EV / EBIT 61x 59.3x 66.7x 182x -39.7x 24.9x 19.9x 17.4x
EV / FCF 96.9x 509x 35.1x -598x 17.3x 24.5x 21.1x 21.7x
FCF Yield 1.03% 0.2% 2.85% -0.17% 5.76% 4.08% 4.75% 4.61%
Dividend per Share 2 50 100 60 40 40 60 64.99 70.63
Rate of return 0.78% 1.55% 1.41% 1.44% 1.76% 1.76% 1.91% 2.07%
EPS 2 106.2 85.6 54.43 -27.06 -101.8 110.7 135.6 151.8
Distribution rate 47.1% 117% 110% -148% -39.3% 54.2% 47.9% 46.5%
Net sales 1 1,035,165 1,067,355 973,038 990,586 969,992 1,011,620 1,044,384 1,078,119
EBITDA 1 111,434 102,371 91,819 83,241 42,947 135,156 145,394 154,727
EBIT 1 41,586 46,572 28,133 7,575 -28,788 63,121 76,371 84,993
Net income 1 42,439 34,202 21,749 -10,813 -40,680 44,668 54,753 61,519
Net Debt 1 -25,411 178,152 176,296 264,681 231,320 209,854 159,851 119,963
Reference price 2 6,414.00 6,471.00 4,252.00 2,786.50 2,278.00 3,408.00 3,408.00 3,408.00
Nbr of stocks (in thousands) 399,488 399,548 399,650 399,423 399,528 399,624 - -
Announcement Date 09/02/22 10/02/23 09/02/24 10/02/25 10/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.34x4.07x14.92x3.03% 337B
29.11x4.47x18.47x2.05% 229B
18.1x2.7x11.92x3.56% 132B
23.47x3.49x14.68x2.48% 68.01B
51.25x7.42x28.59x0.3% 46.35B
39.11x6.28x27.24x2.4% 46.05B
18.6x2.63x10.97x4.78% 33.92B
32.09x2.44x13.68x1.68% 33.56B
14.6x2.37x10.96x5.29% 32.4B
Average 27.52x 3.99x 16.83x 2.84% 106.53B
Weighted average by Cap. 25.26x 4.04x 16.28x 2.76%

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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