Company Valuation: ULVAC, Inc.

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 277,308 227,530 300,025 517,832 261,282 337,775 - -
Change - -17.95% 31.86% 72.6% -49.54% 29.28% - -
Enterprise Value (EV) 1 228,297 152,259 247,519 472,189 201,930 440,363 265,931 256,870
Change - -33.31% 62.56% 90.77% -57.24% 118.08% -6.42% -3.41%
P/E 18.7x 11.3x 21.2x 25.6x 15.7x 29.8x 15.7x 13x
PBR 1.71x 1.2x 1.51x 2.35x 1.17x 2.11x 1.34x 1.25x
PEG - 0.3x -0.7x 0.6x -0.9x 11.64x 2.57x 0.6x
Capitalization / Revenue 1.52x 0.94x 1.32x 1.98x 1.04x 1.89x 1.27x 1.2x
EV / Revenue 1.25x 0.63x 1.09x 1.81x 0.8x 1.64x 1x 0.91x
EV / EBITDA 8.92x 3.94x 8.78x 12.1x 5.41x 14.5x 6.31x 5.24x
EV / EBIT 13.3x 5.07x 12.4x 15.9x 7.61x 22.5x 8.61x 6.93x
EV / FCF 12.3x 5.75x -16.9x -200x 10.6x 34.6x 33.2x 11x
FCF Yield 8.15% 17.4% -5.92% -0.5% 9.46% 2.89% 3.01% 9.08%
Dividend per Share 2 95 124 109 144 164 152 160.1 191.4
Rate of return 1.69% 2.68% 1.79% 1.37% 3.09% 1.47% 2.33% 2.79%
EPS 2 301.1 410.4 287.7 410.7 338.7 347.4 436.6 528.4
Distribution rate 31.5% 30.2% 37.9% 35.1% 48.4% 43.8% 36.7% 36.2%
Net sales 1 183,011 241,260 227,528 261,115 251,184 269,130 266,526 282,504
EBITDA 1 25,583 38,648 28,191 38,952 37,328 30,405 42,112 48,993
EBIT 1 17,197 30,061 19,946 29,771 26,523 19,598 30,896 37,092
Net income 1 14,830 20,211 14,169 20,233 16,687 17,092 21,474 25,976
Net Debt 1 -49,011 -75,271 -52,506 -45,643 -59,352 -68,340 -71,844 -80,904
Reference price 2 5,630.00 4,620.00 6,092.00 10,510.00 5,306.00 6,869.00 6,869.00 6,869.00
Nbr of stocks (in thousands) 49,255 49,249 49,249 49,270 49,243 49,174 - -
Announcement Date 10/08/21 09/08/22 08/08/23 13/08/24 13/08/25 14/08/26 - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.79x1.09x7.88x2.28% 2.19B
38.45x12.93x29.42x0.61% 615B
31.7x10.51x25.93x0.38% 342B
30.08x6.76x20.79x1.62% 150B
33.2x3.59x16.57x1.57% 84.64B
51.39x6.83x23.83x0.29% 19.64B
40.22x12.92x26.83x0.94% 19.99B
19.69x2.84x12.16x1.55% 14.81B
46.34x8.65x25.77x - 12.27B
Average 34.21x 7.35x 21.02x 1.15% 140.07B
Weighted average by Cap. 35.32x 10.64x 26.18x 0.75%

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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