Company Valuation: The Yokohama Rubber Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 296,015 330,717 519,696 542,238 948,904 1,102,023 - -
Change - 11.72% 57.14% 4.34% 75% 16.14% - -
Enterprise Value (EV) 1 425,744 493,846 891,439 980,238 1,377,283 1,504,160 1,440,898 1,360,599
Change - 16% 80.51% 9.96% 40.5% 9.21% -4.21% -5.57%
P/E 4.51x 7.19x 7.71x 7.27x 9x 8.24x 7.98x 7.06x
PBR 0.56x 0.54x 0.7x 0.61x 0.92x 0.96x 0.88x 0.8x
PEG - -0.2x 0.2x 0.6x 0.2x 0.3x 2.42x 0.5x
Capitalization / Revenue 0.44x 0.38x 0.53x 0.5x 0.77x 0.82x 0.79x 0.76x
EV / Revenue 0.63x 0.57x 0.9x 0.9x 1.12x 1.12x 1.04x 0.94x
EV / EBITDA 3.3x 4.16x 5.58x 5.29x 6.08x 5.34x 5.01x 4.38x
EV / EBIT 5.09x 7.17x 8.88x 8.22x 9.01x 7.25x 6.84x 5.88x
EV / FCF 6.67x -69.3x -4.84x 10.5x - 21.3x 13.1x 10.2x
FCF Yield 15% -1.44% -20.7% 9.5% - 4.69% 7.63% 9.84%
Dividend per Share 2 65 66 84 50 134 238.2 271.9 340.4
Rate of return 3.53% 3.21% 2.6% 1.47% 2.23% 3.41% 3.89% 4.87%
EPS 2 408.5 286.4 419.3 467.8 668.6 847.4 875.3 989.2
Distribution rate 15.9% 23% 20% 10.7% 20% 28.1% 31.1% 34.4%
Net sales 1 670,809 860,477 985,333 1,094,700 1,234,959 1,339,196 1,390,535 1,448,580
EBITDA 1 129,196 118,765 159,845 185,314 226,523 281,639 287,851 310,837
EBIT 1 83,636 68,851 100,351 119,200 152,901 207,604 210,696 231,514
Net income 1 65,500 45,918 67,234 74,900 105,398 132,941 136,226 151,392
Net Debt 1 129,729 163,129 371,743 438,000 428,379 402,137 338,876 258,576
Reference price 2 1,843.00 2,058.00 3,233.00 3,400.00 6,017.00 6,986.00 6,986.00 6,986.00
Nbr of stocks (in thousands) 160,616 160,698 160,747 159,482 157,704 157,747 - -
Announcement Date 17/02/22 17/02/23 16/02/24 19/02/25 19/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.24x1.01x5.34x3.46% 30.36B
13.72x1x5.6x4% 26.1B
8.24x1.12x5.34x3.41% 7B
10.04x1.02x5.85x2.95% 6.37B
8.8x - - 3.46% 5.8B
18.44x - - 3.04% 5.07B
8x0.97x4.74x3.6% 3.79B
9.31x0.64x5.16x4.35% 3.4B
35.56x1.9x10.67x1.88% 2.51B
Average 13.93x 1.09x 6.10x 3.35% 10.05B
Weighted average by Cap. 13.03x 1.03x 5.60x 3.55%

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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