Company Valuation: Yamaha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,056,555 917,758 871,014 546,212 523,994 483,227 - -
Change - -13.14% -5.09% -37.29% -4.07% -7.78% - -
Enterprise Value (EV) 1 955,738 768,808 784,795 462,558 444,132 392,908 393,482 376,625
Change - -19.56% 2.08% -41.06% -3.98% -11.53% -3.25% -4.28%
P/E Ratio 39.7x 24.9x 22.9x 18.6x 41.9x 20.9x 15.8x 14.2x
PBR 2.67x 2.21x 1.9x 1.06x 1.17x 1.01x 1x 0.97x
PEG - 0.6x 6.31x -0.9x -0.8x 0.2x 0.6x 1.3x
Capitalization / Revenue 2.84x 2.25x 1.93x 1.18x 1.13x 1.04x 1.02x 0.99x
EV / Revenue 2.57x 1.88x 1.74x 1x 0.96x 0.84x 0.83x 0.77x
EV / EBITDA 18.3x 11.5x 11.9x 10.8x 10.5x 7.89x 6.37x 6.03x
EV / EBIT 27.3x 15.6x 16.9x 16x 21.5x 13.4x 9.89x 8.93x
EV / FCF 18.2x 9.64x -21.6x 22.1x 13.7x 12.4x 12x 11.2x
FCF Yield 5.49% 10.4% -4.64% 4.52% 7.28% 8.05% 8.35% 8.95%
Dividend per Share 2 22 22 22 24.67 25.33 26 27 28.48
Rate of return 1.1% 1.23% 1.3% 2.27% 2.19% 2.36% 2.46% 2.59%
EPS 2 50.47 71.6 74.2 58.56 27.58 52.7 69.47 77.09
Distribution rate 43.6% 30.7% 29.6% 42.1% 91.9% 49.3% 38.9% 36.9%
Net sales 1 372,600 408,200 451,400 462,866 462,080 465,330 474,983 489,217
EBITDA 1 52,095 66,634 65,754 42,799 42,190 49,808 61,800 62,467
EBIT 1 35,000 49,300 46,500 28,999 20,695 29,274 39,767 42,180
Net income 1 26,600 37,300 38,200 29,642 13,351 23,720 30,067 33,271
Net Debt 1 -100,817 -148,950 -86,219 -83,654 -79,862 -92,299 -89,745 -106,602
Reference price 2 2,003.33 1,783.33 1,696.67 1,087.00 1,156.50 1,098.50 1,098.50 1,098.50
Nbr of stocks (in thousands) 527,399 514,631 513,368 502,495 453,086 439,897 - -
Announcement Date 10/05/21 11/05/22 09/05/23 08/05/24 08/05/25 11/05/26 - -
1JPY in Million2JPY
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.8x1.16x9.11x3.94% 710M
Average 14.80x 1.16x 9.11x 3.94% 710.07M
Weighted average by Cap. 14.80x 1.16x 9.11x 3.94%

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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