Company Valuation: Kewpie Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 301,337 340,143 358,628 478,166 596,116 596,007 - -
Change - 12.88% 5.43% 33.33% 24.67% -0.02% - -
Enterprise Value (EV) 1 274,721 304,783 321,809 407,798 541,312 546,421 548,412 545,559
Change - 10.94% 5.59% 26.72% 32.74% 0.94% 0.36% -0.52%
P/E 18x 21.2x 27.2x 22.3x 20x 23.1x 20.9x 18.6x
PBR 1.31x 1.27x 1.27x 1.58x 1.89x 1.83x 1.76x 1.68x
PEG - -2.1x -1.5x 0.4x 0.5x -1.7x 1.9x 1.5x
Capitalization / Revenue 0.74x 0.79x 0.79x 0.99x 1.16x 1.12x 1.07x 1.03x
EV / Revenue 0.67x 0.71x 0.71x 0.84x 1.05x 1.03x 0.99x 0.95x
EV / EBITDA 6.31x 7.31x 8.74x 7.47x 10.2x 9.48x 8.83x 8.11x
EV / EBIT 9.82x 12x 16.3x 11.9x 15.6x 14.1x 12.9x 11.7x
EV / FCF 10.4x 27.7x 54.7x 10.4x 35.4x 29.9x 25.4x 22.1x
FCF Yield 9.62% 3.61% 1.83% 9.61% 2.82% 3.35% 3.93% 4.53%
Dividend per Share 2 47 47 50 54 64 65 71.43 78.86
Rate of return 2.04% 1.92% 1.94% 1.57% 1.45% 1.48% 1.62% 1.79%
EPS 2 128.2 115.3 94.78 154.1 220.6 190.2 210.9 236.9
Distribution rate 36.7% 40.7% 52.8% 35% 29% 34.2% 33.9% 33.3%
Net sales 1 407,039 430,304 455,086 483,985 513,417 532,244 555,035 577,147
EBITDA 1 43,506 41,682 36,811 54,592 52,927 57,659 62,077 67,234
EBIT 1 27,972 25,433 19,694 34,329 34,628 38,721 42,465 46,777
Net income 1 18,014 16,033 13,174 21,419 30,506 26,018 28,188 31,008
Net Debt 1 -26,616 -35,360 -36,819 -70,368 -54,804 -49,587 -47,595 -50,448
Reference price 2 2,309.00 2,447.00 2,580.00 3,440.00 4,405.00 4,402.00 4,402.00 4,402.00
Nbr of stocks (in thousands) 130,505 139,004 139,003 139,002 135,327 135,395 - -
Announcement Date 1/11/22 A 1/10/23 A 1/10/24 A 1/9/25 A 1/14/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
23.17x1.03x9.49x1.47% 3.79B
20.05x2.75x13.71x4.12% 234B
18.46x2.4x14.31x3.47% 73.8B
15.62x1.66x9.43x4% 42.88B
14.7x0.53x9.46x2.63% 38.26B
19.54x2.99x12.15x3.58% 31.67B
34.08x2.96x17.22x1.09% 31.05B
24.87x5.2x16.58x3.37% 28.41B
-8.26x1.82x9.06x6.84% 26.94B
61.89x9.49x39.37x1.23% 26.39B
Average 22.41x 3.08x 15.08x 3.18% 53.75B
Weighted average by Cap. 20.79x 2.88x 14.41x 3.64%

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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