Company Valuation: Kao Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,852,283 2,442,686 2,696,205 2,967,136 2,831,960 2,992,538 - -
Change - -14.36% 10.38% 10.05% -4.56% 5.67% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,807,892 2,784,766 2,740,321
Change - -12.92% 10.46% 7.76% 0.41% 2.04% -0.82% -1.6%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 21.9x 20.4x 18.8x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.67x 2.54x 2.38x
PEG - -1.4x -1.3x 0x 2x 1.4x 2.82x 2.16x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.68x 1.62x 1.57x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.58x 1.51x 1.44x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10.1x 9.61x 8.93x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 15.1x 14x 12.7x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 21.8x 19.9x 17.8x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.59% 5.02% 5.61%
Dividend per Share 2 72 74 75 76 77 78.08 79.29 80.41
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.36% 2.4% 2.43%
EPS 2 115.3 91.64 47.18 116 130.2 151 161.9 176
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 51.7% 49% 45.7%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,778,554 1,845,391 1,903,987
EBITDA 1 230,851 199,809 149,630 235,066 249,910 278,407 289,768 306,934
EBIT 1 143,510 110,071 60,035 146,644 164,069 186,562 199,594 215,225
Net income 1 109,636 86,038 43,870 107,767 120,081 136,206 145,128 156,616
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -184,646 -207,773 -252,217
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,308.00 3,308.00 3,308.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,637 - -
Announcement Date 2/3/22 A 2/2/23 A 2/7/24 A 2/6/25 A 2/5/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.76x1.57x10.01x2.38% 18.29B
22.32x4.33x15.86x2.82% 353B
17.99x2.72x12.06x3.47% 134B
26.49x3.82x16.06x2.26% 75.27B
43.66x7x30.38x2.16% 51.17B
19.96x2.81x11.66x4.46% 36.52B
78.27x2.38x14.46x1.7% 29.97B
18.55x1.35x8.07x1.27% 19.99B
15.92x1.52x8.58x3.37% 19.11B
51.53x7.17x35.15x1.25% 11.23B
Average 31.65x 3.47x 16.23x 2.51% 74.87B
Weighted average by Cap. 25.70x 3.84x 15.68x 2.81%

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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