Company Valuation: ENEOS Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,470,733 1,310,537 2,185,601 2,104,164 3,794,127 3,806,973 - -
Change - -10.89% 66.77% -3.73% 80.32% 0.34% - -
Enterprise Value (EV) 1 4,020,277 4,559,554 4,677,929 4,384,825 5,532,561 5,758,101 5,784,402 5,311,504
Change - 13.41% 2.6% -6.27% 26.18% 4.08% 0.46% -8.18%
P/E 2.74x 9.99x 7.65x 9.78x 14.7x 8.09x 11.2x 9.94x
PBR 0.51x 0.49x 0.68x 0.68x 1.13x 1.06x 1x 0.9x
PEG - -0.1x 0x -0.6x 0.7x 0.1x -0.4x 0.8x
Capitalization / Revenue 0.13x 0.09x 0.16x 0.17x 0.32x 0.3x 0.32x 0.32x
EV / Revenue 0.37x 0.3x 0.34x 0.36x 0.47x 0.45x 0.48x 0.45x
EV / EBITDA 3.6x 7.22x 5.85x 9.31x 6.95x 5.82x 6.35x 5.05x
EV / EBIT 5.12x 16.2x 10.1x 41.3x 11.9x 9.32x 11.1x 9.68x
EV / FCF -28.6x -20.2x 6.08x 22x 34x -39.7x 24.5x 13.3x
FCF Yield -3.49% -4.96% 16.4% 4.56% 2.94% -2.52% 4.08% 7.49%
Dividend per Share 2 22 22 22 26 34 38 41.43 45.6
Rate of return 4.8% 4.73% 3.01% 3.32% 2.41% 2.66% 2.9% 3.19%
EPS 2 167.3 46.57 95.64 79.96 96.18 176.5 127.2 143.7
Distribution rate 13.2% 47.2% 23% 32.5% 35.4% 21.5% 32.6% 31.7%
Net sales 1 10,921,800 15,016,554 13,856,662 12,322,494 11,765,470 12,902,888 12,077,862 11,765,367
EBITDA 1 1,117,900 631,467 799,000 471,010 795,822 990,200 911,350 1,051,150
EBIT 1 785,900 281,285 464,946 106,093 466,627 617,675 521,600 548,717
Net income 1 537,100 143,766 288,121 226,071 258,726 422,200 313,175 347,483
Net Debt 1 2,549,544 3,249,017 2,492,328 2,280,661 1,738,434 1,951,129 1,977,430 1,504,532
Reference price 2 458.00 465.20 731.30 782.30 1,410.50 1,428.50 1,428.50 1,428.50
Nbr of stocks (in thousands) 3,211,206 2,817,148 2,988,652 2,689,716 2,689,916 2,665,014 - -
Announcement Date 5/13/22 A 5/11/23 A 5/14/24 A 5/12/25 A 5/14/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.14x0.45x5.84x2.65% 24.32B
13.66x1.63x6.91x2.58% 660B
19.11x1.58x9.23x0.48% 173B
7.26x0.58x2.63x4.61% 114B
7.74x0.75x5.05x1.25% 111B
6.92x0.8x4.9x1.04% 111B
8.74x0.69x6.35x1.99% 102B
10.52x0.34x5.22x6.7% 90.29B
9.73x1.9x4.87x2.51% 79.89B
11.7x1.44x7.62x1.98% 59.43B
Average 10.35x 1.02x 5.86x 2.58% 152.57B
Weighted average by Cap. 11.99x 1.27x 6.34x 2.46%

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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