Company Valuation: Sysmex Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,866,735 1,808,504 1,659,187 1,769,142 852,822 1,150,494 - -
Change - -3.12% -8.26% 6.63% -51.79% 34.9% - -
Enterprise Value (EV) 1 1,813,764 1,761,635 1,637,709 1,744,307 839,186 1,171,630 1,171,100 1,164,886
Change - -2.87% -7.03% 6.51% -51.89% 39.62% -0.05% -0.53%
P/E 42.3x 39.5x 33.6x 33x 24.1x 28.8x 23.2x 20x
PBR 5.36x 4.67x 3.84x 3.81x 1.68x 2.29x 2.17x 2.04x
PEG - 10.48x 3.87x 3.85x -0.7x 1.8x 1x 1.2x
Capitalization / Revenue 5.13x 4.41x 3.6x 3.48x 1.71x 2.1x 1.99x 1.89x
EV / Revenue 4.99x 4.29x 3.55x 3.43x 1.68x 2.14x 2.03x 1.91x
EV / EBITDA 19.1x 16.7x 14.3x 13.8x 8.54x 10.7x 9.41x 8.48x
EV / EBIT 26.9x 23.9x 20.9x 19.9x 16.2x 18.6x 15.3x 13.2x
EV / FCF 76.6x 103x 183x 48.8x 36.7x 41.6x 27.8x 24.3x
FCF Yield 1.31% 0.97% 0.55% 2.05% 2.73% 2.4% 3.6% 4.11%
Dividend per Share 2 25.33 27.33 28 32 38 40.44 42.02 44.79
Rate of return 0.85% 0.95% 1.05% 1.13% 2.78% 2.13% 2.21% 2.36%
EPS 2 70.29 72.94 79.27 86.07 56.89 65.97 81.99 95.23
Distribution rate 36% 37.5% 35.3% 37.2% 66.8% 61.3% 51.3% 47%
Net sales 1 363,780 410,502 461,510 508,643 500,006 547,521 576,793 608,322
EBITDA 1 94,847 105,486 114,270 126,616 98,268 109,564 124,492 137,342
EBIT 1 67,416 73,679 78,382 87,583 51,831 62,907 76,629 88,030
Net income 1 44,093 45,784 49,639 53,669 35,457 40,725 49,789 57,654
Net Debt 1 -52,971 -46,869 -21,478 -24,835 -13,636 21,136 20,606 14,392
Reference price 2 2,974.33 2,881.00 2,661.50 2,837.00 1,368.50 1,901.00 1,901.00 1,901.00
Nbr of stocks (in thousands) 627,615 627,735 623,403 623,596 623,180 605,205 - -
Announcement Date 12/05/22 11/05/23 09/05/24 14/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.81x2.14x10.69x2.13% 7.31B
28.7x3.97x15.34x2.54% 175B
18.75x3.44x12.31x3.18% 113B
16.81x0.2x12.34x0.77% 58.57B
35.42x3.42x11.72x2.13% 50.07B
28.64x7.07x18.26x1.4% 49.92B
34.72x6.1x19.16x-.--% 32.69B
45.51x1.29x11.97x0.21% 30.44B
43.2x7.58x27.18x0.24% 26.07B
54.38x7.25x23.3x0.39% 23.55B
Average 33.49x 4.25x 16.23x 1.3% 56.73B
Weighted average by Cap. 29.05x 3.96x 15.21x 1.88%

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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