Company Valuation: Ushio Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 220,199 190,105 199,687 166,732 226,491 308,739 - -
Change - -13.67% 5.04% -16.5% 35.84% 36.31% - -
Enterprise Value (EV) 1 145,162 131,611 162,767 139,801 226,491 301,426 301,094 296,389
Change - -9.34% 23.67% -14.11% 62.01% 33.09% -0.11% -1.56%
P/E 17.5x 14.4x 20.1x 26.3x 29.7x 28.1x 21.1x 18x
PBR 0.94x 0.8x 0.84x 0.82x 1.13x 1.53x 1.47x 1.41x
PEG - 1.4x -1.3x -0.9x 0.8x 0.6x 0.6x 1x
Capitalization / Revenue 1.48x 1.09x 1.11x 0.94x 1.26x 1.45x 1.36x 1.31x
EV / Revenue 0.98x 0.75x 0.91x 0.79x 1.26x 1.41x 1.33x 1.26x
EV / EBITDA 7.2x 5.57x 7.6x 8.31x 10.9x 12.6x 9.59x 7.82x
EV / EBIT 11.1x 8.3x 12.5x 15.8x 18.9x 20x 14.4x 11.6x
EV / FCF 9.01x -433x -38.2x 25.1x -53.7x -27x 36.1x -
FCF Yield 11.1% -0.23% -2.62% 3.99% -1.86% -3.7% 2.77% -
Dividend per Share 2 50 50 50 70 70 70 85 110
Rate of return 2.74% 3% 2.56% 3.78% 2.49% 1.8% 2.18% 2.83%
EPS 2 104.5 115.7 97.22 70.27 94.88 138.7 184.1 216.5
Distribution rate 47.8% 43.2% 51.4% 99.6% 73.8% 50.5% 46.2% 50.8%
Net sales 1 148,821 175,025 179,420 177,616 179,211 213,460 226,450 235,367
EBITDA 1 20,170 23,645 21,416 16,816 20,719 24,000 31,400 37,900
EBIT 1 13,068 15,861 12,976 8,825 11,959 15,050 20,850 25,500
Net income 1 12,606 13,699 10,785 6,797 7,995 11,436 15,368 18,467
Net Debt 1 -75,037 -58,494 -36,920 -26,931 - -7,313 -7,645 -12,350
Reference price 2 1,826.00 1,665.00 1,949.50 1,851.00 2,815.50 3,891.00 3,891.00 3,891.00
Nbr of stocks (in thousands) 120,591 114,177 102,430 90,077 80,444 79,347 - -
Announcement Date 11/05/22 11/05/23 14/05/24 13/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.06x1.41x12.56x1.8% 1.93B
26.94x3.15x17.16x1.94% 258B
17.77x2.33x10.46x2.88% 257B
31.88x4.08x18.82x1.53% 197B
35.78x5.32x22.65x1.06% 156B
44.55x5.98x26.68x0.96% 150B
42.55x7x28.19x0.1% 98.97B
87.58x11.02x62.54x0.36% 92.77B
31.76x5.13x17.85x1.42% 86.56B
31.12x5.47x21.14x1.29% 55.28B
Average 37.80x 5.09x 23.81x 1.34% 135.44B
Weighted average by Cap. 34.67x 4.73x 21.93x 1.55%

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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