Company Valuation: Unicharm Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,977,963 3,006,792 3,009,033 2,291,263 1,557,242 1,682,426 - -
Change - 0.97% 0.07% -23.85% -32.04% 8.04% - -
Enterprise Value (EV) 1 2,708,978 2,726,211 2,677,383 2,057,060 1,315,205 1,444,060 1,425,055 1,401,761
Change - 0.64% -1.79% -23.17% -36.06% 9.8% -1.32% -1.63%
P/E 41x 44.6x 35.1x 28.1x 24x 22.7x 19.3x 17.6x
PBR 5.35x 4.86x 4.32x 2.96x 1.96x 2.05x 1.95x 1.86x
PEG - -6.65x 1.3x -6.6x -1.2x 1.5x 1.1x 1.77x
Capitalization / Revenue 3.8x 3.35x 3.2x 2.32x 1.65x 1.67x 1.59x 1.52x
EV / Revenue 3.46x 3.04x 2.84x 2.08x 1.39x 1.44x 1.35x 1.27x
EV / EBITDA 16.9x 16.9x 15.6x 11.1x 8.39x 8.75x 7.83x 7.23x
EV / EBIT 22.1x 22.8x 20.9x 14.9x 12.1x 12.2x 10.5x 9.49x
EV / FCF 39.4x 32x 23.1x 22.3x 13.4x 19.7x 16.3x 14.8x
FCF Yield 2.54% 3.12% 4.33% 4.48% 7.46% 5.07% 6.13% 6.74%
Dividend per Share 2 12 12.67 13.33 14.67 18 21.85 23.77 25.84
Rate of return 0.72% 0.75% 0.78% 1.13% 2.01% 2.23% 2.43% 2.64%
EPS 2 40.59 37.87 48.47 46.41 37.3 43.05 50.58 55.59
Distribution rate 29.6% 33.4% 27.5% 31.6% 48.3% 50.8% 47% 46.5%
Net sales 1 782,723 898,022 941,790 988,981 945,268 1,004,801 1,056,275 1,105,241
EBITDA 1 160,408 161,052 171,227 185,001 156,692 165,118 181,898 193,883
EBIT 1 122,482 119,566 127,974 138,463 108,884 118,076 135,371 147,726
Net income 1 72,745 67,608 86,053 81,842 65,212 74,446 86,995 94,863
Net Debt 1 -268,985 -280,581 -331,650 -234,203 -242,037 -238,366 -257,372 -280,666
Reference price 2 1,666.33 1,689.33 1,699.33 1,302.50 895.00 977.70 977.70 977.70
Nbr of stocks (in thousands) 1,787,135 1,779,869 1,770,714 1,759,127 1,739,935 1,720,800 - -
Announcement Date 15/02/22 08/02/23 07/02/24 13/02/25 12/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.8x1.44x8.79x2.23% 10.65B
15.78x2.51x11.5x4.72% 36.35B
9.34x0.93x5.12x7.49% 3.21B
16.14x2.69x10.24x3.34% 2.42B
22.6x0.78x8.59x1.62% 1.35B
20.27x - - 3.82% 920M
19.16x - - 2.07% 799M
23.76x - - 3.32% 763M
Average 18.73x 1.67x 8.85x 3.58% 7.06B
Weighted average by Cap. 17.14x 2.17x 10.46x 4.2%

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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  4. Valuation Unicharm Corporation