Company Valuation: Kureha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 191,467 164,923 149,524 137,189 150,774 161,484 - -
Change - -13.86% -9.34% -8.25% 9.9% 7.1% - -
Enterprise Value (EV) 1 187,006 154,712 177,414 196,220 240,704 270,814 275,130 277,568
Change - -17.27% 14.67% 10.6% 22.67% 12.51% 1.59% 0.89%
P/E 13.5x 9.78x 15.7x 18.4x -14.8x 18.5x 16.7x 15x
PBR 0.96x 0.77x 0.68x 0.66x 0.91x 0.97x 0.97x 0.98x
PEG - 0.5x -0.4x -1.4x 0x -0x 1.6x 1.3x
Capitalization / Revenue 1.14x 0.86x 0.84x 0.85x 0.93x 0.94x 0.91x 0.9x
EV / Revenue 1.11x 0.81x 1x 1.21x 1.49x 1.57x 1.55x 1.54x
EV / EBITDA 5.9x 4.56x 7.25x 8.87x -38.5x 12.4x 9.36x 9.58x
EV / EBIT 9.28x 6.92x 13.9x 20.8x -12.9x 21.7x 19.5x 18.2x
EV / FCF 10.6x 13.3x -8.41x -13.7x 50.7x 118x 47.8x 33x
FCF Yield 9.41% 7.5% -11.9% -7.29% 1.97% 0.85% 2.09% 3.03%
Dividend per Share 2 70 90 86.67 86.7 214 218.2 196.4 215
Rate of return 2.14% 3.2% 3.19% 3.14% 5.42% 5.17% 4.65% 5.09%
EPS 2 241.9 288.1 173 149.7 -267.1 228.9 253 282.4
Distribution rate 28.9% 31.2% 50.1% 57.9% -80.1% 95.3% 77.6% 76.1%
Net sales 1 168,341 191,277 177,973 162,015 161,688 172,167 177,700 180,000
EBITDA 1 31,700 33,965 24,460 22,112 -6,253 21,800 29,400 28,967
EBIT 1 20,142 22,350 12,800 9,428 -18,592 12,500 14,120 15,233
Net income 1 14,164 16,868 9,734 7,800 -10,693 9,167 10,232 10,867
Net Debt 1 -4,461 -10,211 27,890 59,031 89,930 109,330 113,646 116,084
Reference price 2 3,270.00 2,816.67 2,717.00 2,758.00 3,945.00 4,225.00 4,225.00 4,225.00
Nbr of stocks (in thousands) 58,552 58,553 55,033 49,742 38,219 38,221 - -
Announcement Date 5/12/22 A 5/12/23 A 5/13/24 A 5/12/25 A 5/12/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.4x1.62x12.8x4.92% 1.09B
26.89x4.17x13.38x2.17% 122B
15.87x5.3x26.37x4.18% 55.92B
63.91x1.31x9.32x6.04% 38.37B
11.52x1.19x6.47x2.94% 33.03B
9.95x3.22x7.56x4.36% 26.09B
8.88x0.88x5.41x4.25% 20.97B
15.79x0.77x5.71x1.95% 18.6B
66.95x12.12x44.16x0.07% 17.83B
9.69x1x7.66x4.41% 17.35B
Average 24.88x 3.16x 13.89x 3.53% 35.15B
Weighted average by Cap. 25.97x 3.55x 14.32x 3.27%

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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