Company Valuation: INES Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 31,638 33,964 28,532 32,496 34,384 40,273
Change - 7.35% -15.99% 13.89% 5.81% 17.13%
Enterprise Value (EV) 1 18,736 21,719 16,856 31,016 33,761 35,435
Change - 15.92% -22.39% 84.01% 8.85% 4.96%
P/E 22.1x 28.5x 11.2x 18.1x 14.1x -21.8x
PBR 0.82x 0.98x 0.79x 0.86x 0.88x 1.09x
PEG - -5.83x 0x -0.6x 0.4x 0x
Capitalization / Revenue 0.76x 0.85x 0.67x 0.8x 0.85x 1.1x
EV / Revenue 0.45x 0.54x 0.4x 0.76x 0.83x 0.97x
EV / EBITDA 3.74x 4.42x 2.88x 6.37x 6.19x 29.6x
EV / EBIT 6.72x 11.1x 4.43x 10.8x 9.54x -54.8x
EV / FCF -34.5x 4.33x -242x -4.65x -12.8x 18.5x
FCF Yield -2.9% 23.1% -0.41% -21.5% -7.84% 5.41%
Dividend per Share 2 40 40 45 50 55 50
Rate of return 3.01% 2.45% 3.28% 3.2% 3.33% 2.58%
EPS 2 60.15 57.21 122.2 86.29 117.1 -88.56
Distribution rate 66.5% 69.9% 36.8% 57.9% 47% -56.5%
Net sales 1 41,573 40,033 42,404 40,557 40,563 36,616
EBITDA 1 5,014 4,912 5,854 4,872 5,454 1,197
EBIT 1 2,787 1,963 3,802 2,879 3,537 -647
Net income 1 1,432 1,300 2,541 1,795 2,436 -1,843
Net Debt 1 -12,902 -12,245 -11,676 -1,480 -623 -4,838
Reference price 2 1,329.00 1,631.00 1,372.00 1,562.00 1,653.00 1,935.00
Nbr of stocks (in thousands) 23,806 20,824 20,796 20,804 20,801 20,813
Announcement Date 6/25/21 A 6/24/22 A 6/23/23 A 6/25/24 A 6/25/25 A 6/22/26 A
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 307M
23.09x3.73x13.03x2.9% 219B
-114.18x18.14x104.54x-.--% 113B
12.82x1.41x7.43x3.73% 106B
14.77x2.7x10.18x5.57% 86.1B
19.89x5.24x12.87x2.86% 60.07B
14.6x2.12x9.01x5.33% 47.13B
20.29x1.66x10.25x1.44% 39.14B
20.58x1.57x9.93x0.92% 38.64B
17.68x2.29x10.64x4.89% 36.66B
Average 3.28x 4.32x 20.87x 3.07% 74.58B
Weighted average by Cap. -1.43x 5.19x 25.05x 2.96%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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