Company Valuation: KOSE Holdings Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 744,501 822,717 603,383 409,669 299,070 310,936 - -
Change - 10.51% -26.66% -32.1% -27% 3.97% - -
Enterprise Value (EV) 1 640,636 716,164 568,383 306,921 217,263 232,368 227,922 221,123
Change - 11.79% -20.64% -46% -29.21% 6.95% -1.91% -2.98%
P/E 55.8x 43.8x 51.7x 54.5x 19.8x 24x 22.6x 20.3x
PBR 3.52x 3.18x 2.27x 1.5x 1.05x 1.09x 1.07x 1.05x
PEG - 1.1x -1.4x -1.5x 0x -1.7x 3.64x 1.8x
Capitalization / Revenue 3.31x 2.85x 2.01x 1.27x 0.91x 0.9x 0.87x 0.85x
EV / Revenue 2.85x 2.48x 1.89x 0.95x 0.66x 0.68x 0.64x 0.6x
EV / EBITDA 23.5x 21.8x 21.4x 11.4x 7.4x 7.44x 6.58x 5.98x
EV / EBIT 34x 32.4x 35.6x 17.7x 11.8x 12.8x 11x 9.58x
EV / FCF 49x 51.3x 29.6x 32.5x -21.5x -28x 19.6x 14.9x
FCF Yield 2.04% 1.95% 3.38% 3.08% -4.64% -3.57% 5.09% 6.72%
Dividend per Share 2 120 140 140 140 140 149.3 149.4 153.1
Rate of return 0.92% 0.97% 1.32% 1.95% 2.67% 2.72% 2.73% 2.79%
EPS 2 233.9 329 204.4 131.6 264.8 228 242.1 269.7
Distribution rate 51.3% 42.5% 68.5% 106% 52.9% 65.5% 61.7% 56.8%
Net sales 1 224,983 289,136 300,406 322,700 330,193 344,196 355,838 367,524
EBITDA 1 27,279 32,822 26,567 27,000 29,346 31,225 34,634 36,986
EBIT 1 18,852 22,120 15,985 17,300 18,467 18,156 20,679 23,075
Net income 1 13,341 18,771 11,663 7,500 15,114 12,441 13,735 15,259
Net Debt 1 -103,865 -106,553 -35,000 -102,748 -81,807 -78,568 -83,013 -89,812
Reference price 2 13,050.00 14,420.00 10,575.00 7,179.00 5,240.00 5,479.00 5,479.00 5,479.00
Nbr of stocks (in thousands) 57,050 57,054 57,058 57,065 57,074 56,750 - -
Announcement Date 2/14/22 A 2/13/23 A 2/13/24 A 2/12/25 A 2/12/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.2x0.67x7.44x2.71% 1.99B
21.34x4.07x14.92x3.03% 337B
29.11x4.47x18.47x2.05% 229B
18.1x2.7x11.92x3.56% 132B
23.47x3.49x14.68x2.48% 68.01B
51.25x7.42x28.59x0.3% 46.35B
39.11x6.28x27.24x2.4% 46.05B
18.6x2.63x10.97x4.78% 33.92B
32.09x2.44x13.68x1.68% 33.56B
14.6x2.37x10.96x5.29% 32.4B
Average 27.19x 3.66x 15.89x 2.83% 96.07B
Weighted average by Cap. 25.26x 4.04x 16.26x 2.76%

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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