Company Valuation: TOKAI Corp.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 60,694 69,713 77,103 70,684 75,946 78,200 - -
Change - 14.86% 10.6% -8.33% 7.44% 2.97% - -
Enterprise Value (EV) 1 27,258 35,015 47,242 45,942 54,043 55,061 52,182 49,143
Change - 28.46% 34.92% -2.75% 17.63% 1.88% -5.23% -5.82%
P/E 10.5x 11.4x 13.3x 15x 13.2x 12.2x 11.3x 10.6x
PBR 0.79x 0.85x 0.89x 0.83x 0.91x 0.86x 0.82x 0.78x
PEG - 2.09x -2.77x -1x 0.4x 1x 1.54x 1.55x
Capitalization / Revenue 0.49x 0.54x 0.56x 0.47x 0.48x 0.47x 0.45x 0.44x
EV / Revenue 0.22x 0.27x 0.34x 0.31x 0.34x 0.33x 0.3x 0.28x
EV / EBITDA 2.23x 2.88x 3.7x 3.46x 3.72x 3.83x 3.46x 3.12x
EV / EBIT 3.3x 4.46x 5.85x 5.6x 5.76x 5.96x 5.32x 4.75x
EV / FCF 8.03x 14.9x -38.7x 8.1x 7.5x 7.55x 8.02x 7.14x
FCF Yield 12.5% 6.73% -2.58% 12.3% 13.3% 13.2% 12.5% 14%
Dividend per Share 2 42 60 58 58 68 82 86.5 92
Rate of return 2.44% 3.03% 2.65% 2.78% 2.77% 3.24% 3.42% 3.63%
EPS 2 164.4 173.4 165 139.1 185.6 208 223.3 238.6
Distribution rate 25.5% 34.6% 35.1% 41.7% 36.6% 39.4% 38.7% 38.6%
Net sales 1 123,484 130,184 138,222 149,542 159,664 166,400 172,250 177,935
EBITDA 1 12,205 12,144 12,762 13,297 14,522 14,358 15,074 15,768
EBIT 1 8,252 7,855 8,082 8,205 9,382 9,238 9,802 10,348
Net income 1 5,806 6,106 5,810 4,733 6,069 6,342 6,712 7,066
Net Debt 1 -33,436 -34,698 -29,861 -24,742 -21,903 -23,139 -26,018 -29,057
Reference price 2 1,724.00 1,979.00 2,190.00 2,090.00 2,459.00 2,532.00 2,532.00 2,532.00
Nbr of stocks (in thousands) 35,206 35,227 35,207 33,820 30,885 30,885 - -
Announcement Date 09/05/22 11/05/23 10/05/24 09/05/25 12/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.17x0.33x3.83x3.24% 498M
35.99x6.57x23.34x0.95% 79.19B
37.76x1.26x13.54x0.99% 16.78B
20.02x2.05x10.08x3.68% 13.86B
25.51x2.85x12.19x2.93% 12.04B
24.05x3.37x13.01x2.39% 7.71B
15.54x0.65x9.23x1.38% 6.9B
9.62x1.14x6.07x2.18% 5.74B
20.68x2.23x10.52x-.--% 5.33B
79.4x - - - 5.38B
Average 28.07x 2.27x 11.31x 1.97% 15.34B
Weighted average by Cap. 32.33x 4.41x 17.69x 1.49%

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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