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 3,115,082 - -
Change - -14.36% 10.38% 10.05% -4.56% 10% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,926,531 2,890,527 2,844,237
Change - -12.92% 10.46% 7.76% 0.41% 6.35% -1.23% -1.6%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 22.2x 20.7x 19.1x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.75x 2.63x 2.46x
PEG - -1.4x -1.3x 0x 2x 1.2x 2.76x 2.23x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.72x 1.66x 1.61x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.62x 1.54x 1.47x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10.4x 9.72x 9.03x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 15.3x 14.1x 12.8x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 22.6x 20.6x 18.3x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.42% 4.86% 5.45%
Dividend per Share 2 72 74 75 76 77 78.12 79.5 81
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.27% 2.31% 2.35%
EPS 2 115.3 91.64 47.18 116 130.2 154.8 166.4 180.6
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 50.5% 47.8% 44.8%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,806,444 1,873,692 1,937,881
EBITDA 1 230,851 199,809 149,630 235,066 249,910 282,352 297,259 315,064
EBIT 1 143,510 110,071 60,035 146,644 164,069 191,661 205,305 222,939
Net income 1 109,636 86,038 43,870 107,767 120,081 138,515 147,890 159,567
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -188,550 -224,555 -270,844
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,443.00 3,443.00 3,443.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,758 - -
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.($)
22.32x1.63x10.4x2.26% 20.22B
21.47x4.1x15x3.01% 339B
18.55x2.75x12.12x3.48% 136B
23.9x3.59x15.07x2.42% 70.06B
40.05x6.43x27.9x2.33% 47.24B
33.13x2.61x14.47x1.63% 35.54B
18.87x2.66x11.1x4.71% 34.4B
19.71x1.25x8.19x1.33% 18.81B
15.49x1.49x8.56x3.43% 18.54B
37.37x5.25x25.79x1.93% 9.23B
Average 25.08x 3.18x 14.86x 2.65% 72.98B
Weighted average by Cap. 22.83x 3.61x 14.76x 2.94%

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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