Company Valuation: DENSO Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 5,999,765 5,573,487 8,513,199 5,219,690 5,242,566 4,802,231 - -
Change - -7.1% 52.74% -38.69% 0.44% -8.4% - -
Enterprise Value (EV) 1 6,105,662 5,783,278 8,574,530 4,932,543 4,864,722 4,502,111 4,499,204 4,443,281
Change - -5.28% 48.26% -42.47% -1.37% -7.45% -0.06% -1.24%
P/E 22.9x 17.9x 27.5x 12.7x 12x 12.2x 10.5x 9.34x
PBR 1.4x 1.27x 1.52x 1.04x 0.95x 0.89x 0.85x 0.8x
PEG - 0.8x 29.56x 0.3x 1x -3.61x 0.7x 0.7x
Capitalization / Revenue 1.09x 0.87x 1.19x 0.73x 0.7x 0.62x 0.59x 0.57x
EV / Revenue 1.11x 0.9x 1.2x 0.69x 0.65x 0.58x 0.56x 0.53x
EV / EBITDA 8.88x 7.31x 11.4x 5.51x 5.23x 5.04x 4.44x 4.23x
EV / EBIT 17.9x 13.6x 22.5x 9.5x 8.8x 8.51x 7.52x 6.87x
EV / FCF 64.9x 24.2x 18x 7.75x 9.84x 10.3x 9.72x 9.23x
FCF Yield 1.54% 4.13% 5.55% 12.9% 10.2% 9.73% 10.3% 10.8%
Dividend per Share 2 41.25 46.25 55 64 67 73.44 78.81 85.1
Rate of return 2.1% 2.49% 1.91% 3.47% 3.44% 3.83% 4.11% 4.44%
EPS 2 85.69 104 105 145 163 157.4 181.7 205.1
Distribution rate 48.1% 44.5% 52.4% 44.1% 41.1% 46.6% 43.4% 41.5%
Net sales 1 5,515,512 6,401,320 7,144,733 7,161,777 7,539,975 7,796,606 8,098,366 8,386,976
EBITDA 1 687,705 790,734 754,868 895,546 930,612 893,068 1,012,322 1,050,205
EBIT 1 341,179 426,099 380,599 518,953 552,538 529,138 597,961 646,449
Net income 1 263,901 314,633 312,791 419,081 443,755 405,221 453,756 493,108
Net Debt 1 105,897 209,791 61,331 -287,147 -377,844 -300,120 -303,027 -358,950
Reference price 2 1,965.00 1,860.75 2,883.00 1,844.00 1,947.50 1,915.50 1,915.50 1,915.50
Nbr of stocks (in thousands) 3,053,316 2,995,290 2,952,896 2,830,635 2,691,947 2,507,038 - -
Announcement Date 4/28/22 A 4/27/23 A 4/26/24 A 4/25/25 A 4/28/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.17x0.58x5.04x3.83% 30.02B
18.76x1.29x9.76x1.96% 42.51B
16.49x0.74x5.34x3.49% 35.63B
9.6x0.58x7.38x1.56% 28.91B
15.22x2.76x9.6x3.99% 21.35B
30.68x1.21x12.81x0.6% 18.21B
10.33x0.49x4.85x3.01% 17.48B
13.37x1.37x7.06x4.09% 16.25B
47.78x5.23x36.52x0.76% 15.01B
13.39x1x6.68x1.03% 13.05B
Average 18.78x 1.52x 10.50x 2.43% 23.84B
Weighted average by Cap. 17.62x 1.34x 9.41x 2.55%

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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