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 2,975,367 - -
Change - -14.36% 10.38% 10.05% -4.56% 5.06% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 2,790,720 2,753,699 2,707,229
Change - -12.92% 10.46% 7.76% 0.41% 1.41% -1.33% -1.69%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 20.1x 18.9x 17.2x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.36x 2.23x 2.09x
PEG - -1.4x -1.3x 0x 2x 0.8x 2.8x 1.8x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.67x 1.61x 1.56x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.57x 1.49x 1.42x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10x 9.51x 8.86x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 14.9x 13.8x 12.6x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 21.6x 19.7x 17.6x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.62% 5.08% 5.68%
Dividend per Share 2 72 74 75 76 77 84.67 85.96 87.77
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.57% 2.61% 2.67%
EPS 2 115.3 91.64 47.18 116 130.2 163.2 174.3 190.9
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 51.9% 49.3% 46%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,779,062 1,845,521 1,903,987
EBITDA 1 230,851 199,809 149,630 235,066 249,910 278,635 289,607 305,461
EBIT 1 143,510 110,071 60,035 146,644 164,069 186,731 199,394 215,225
Net income 1 109,636 86,038 43,870 107,767 120,081 136,329 144,982 156,616
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -184,646 -221,668 -268,138
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,289.00 3,289.00 3,289.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,642 - -
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.($)
20.15x1.57x10.02x2.57% 18.45B
22.3x4.32x15.82x2.82% 353B
17.78x2.71x12.01x3.55% 133B
25.78x3.86x16.23x2.23% 76.12B
45.78x7.34x31.87x2.06% 54.32B
20.81x2.91x12.06x4.28% 38.07B
81.12x2.44x14.83x1.68% 30.29B
15.63x1.56x8.75x3.3% 19.6B
17.75x1.27x7.61x1.33% 19.13B
52.47x7.3x35.77x1.22% 11.57B
Average 31.96x 3.53x 16.50x 2.5% 75.35B
Weighted average by Cap. 25.95x 3.89x 15.89x 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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