Company Valuation: Path Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 4,612 2,364 2,992 9,011 7,191 5,540
Change - -48.74% 26.54% 201.17% -20.19% -22.96%
Enterprise Value (EV) 1 4,407 2,519 2,820 8,715 7,150 5,433
Change - -42.84% 11.92% 209.04% -17.95% -24.02%
P/E -8.17x -3.06x -10.8x -50.1x -22.5x -4.06x
PBR 7.05x 5.04x 2.77x 7.75x 2.91x 2.91x
PEG - -0.2x 0.1x 1.3x -0.7x -0x
Capitalization / Revenue 2.09x 1.12x 1.5x 3.88x 3.19x 2.34x
EV / Revenue 2x 1.19x 1.42x 3.76x 3.17x 2.29x
EV / EBITDA -8.43x -3.96x -14.4x -63.1x -43.3x -6.89x
EV / EBIT -8.18x -3.78x -12.8x -50.7x -34.2x -5.96x
EV / FCF -14.1x -4.39x -7.31x -94.2x -9.16x -6.48x
FCF Yield -7.1% -22.8% -13.7% -1.06% -10.9% -15.4%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -18.35 -20.93 -5.464 -3.293 -4.35 -16.52
Distribution rate - - - - - -
Net sales 1 2,208 2,114 1,991 2,320 2,253 2,370
EBITDA 1 -523 -637 -196 -138 -165 -789
EBIT 1 -539 -666 -221 -172 -209 -911
Net income 1 -538 -745 -256 -175 -276 -1,276
Net Debt 1 -205 155 -172 -296 -41 -107
Reference price 2 150.00 64.00 59.00 165.00 98.00 67.00
Nbr of stocks (in thousands) 30,750 36,945 50,710 54,610 73,377 82,680
Announcement Date 6/30/21 A 6/30/22 A 6/30/23 A 6/28/24 A 6/27/25 A 6/25/26 A
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 27.75M
29.04x4.46x18.78x2.02% 233B
57.9x8.1x31.33x0.27% 50.65B
21.7x3.99x15.43x1.48% 8.39B
33.85x1.59x12.3x1.72% 8.49B
21.03x1.5x9.49x1.31% 5.21B
42.8x2.79x13.8x-.--% 4.77B
26.04x2.58x13.46x2.52% 4.07B
15.31x1.71x9.55x2.84% 3.54B
-5.02x0.93x6.37x-.--% 2.4B
Average 26.96x 3.07x 14.50x 1.35% 32.05B
Weighted average by Cap. 33.17x 4.79x 20.02x 1.68%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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