Company Valuation: Yamaha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 917,758 871,014 546,212 523,994 485,207 522,817 - -
Change - -5.09% -37.29% -4.07% -7.4% 7.75% - -
Enterprise Value (EV) 1 768,808 784,795 462,558 444,132 392,908 408,534 409,749 380,296
Change - 2.08% -41.06% -3.98% -11.53% 3.98% 0.3% -7.19%
P/E 24.9x 22.9x 18.6x 41.9x 20.9x 15.7x 15.6x 13.5x
PBR 2.21x 1.9x 1.06x 1.17x 1.01x 1.04x 1.01x 0.95x
PEG - 6.31x -0.9x -0.8x 0.2x 0.4x 34.06x 0.8x
Capitalization / Revenue 2.25x 1.93x 1.18x 1.13x 1.04x 1.07x 1.04x 1x
EV / Revenue 1.88x 1.74x 1x 0.96x 0.84x 0.83x 0.81x 0.73x
EV / EBITDA 11.5x 11.9x 10.8x 10.5x 7.89x 6.08x 6.51x 5.42x
EV / EBIT 15.6x 16.9x 16x 21.5x 13.4x 10.4x 9.59x 7.86x
EV / FCF 9.64x -21.6x 22.1x 13.7x 12.4x 9.91x 13.6x 10.3x
FCF Yield 10.4% -4.64% 4.52% 7.28% 8.05% 10.1% 7.33% 9.74%
Dividend per Share 2 22 22 24.67 25.33 26 26.86 28 29.33
Rate of return 1.23% 1.3% 2.27% 2.19% 2.36% 2.26% 2.36% 2.47%
EPS 2 71.6 74.2 58.56 27.58 52.7 75.69 76.04 88.29
Distribution rate 30.7% 29.6% 42.1% 91.9% 49.3% 35.5% 36.8% 33.2%
Net sales 1 408,200 451,400 462,866 462,080 465,330 490,691 504,300 522,967
EBITDA 1 66,634 65,754 42,799 42,190 49,808 67,244 62,900 70,200
EBIT 1 49,300 46,500 28,999 20,695 29,274 39,250 42,717 48,380
Net income 1 37,300 38,200 29,642 13,351 23,720 33,078 32,943 37,833
Net Debt 1 -148,950 -86,219 -83,654 -79,862 -92,299 -114,283 -113,069 -142,521
Reference price 2 1,783.33 1,696.67 1,087.00 1,156.50 1,103.00 1,188.50 1,188.50 1,188.50
Nbr of stocks (in thousands) 514,631 513,368 502,495 453,086 439,897 439,897 - -
Announcement Date 5/11/22 A 5/9/23 A 5/8/24 A 5/8/25 A 5/11/26 A - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.48x0.82x6x2.25% 3.32B
30.66x2.11x12.66x2.08% 9.39B
14.17x1.26x10.4x3.3% 5.6B
20.14x2.06x11.86x1.17% 4.71B
15.67x0.99x7.89x2.78% 4.11B
14.54x0.71x7.5x4.01% 4.07B
29.56x0.83x7.53x1.23% 3.96B
17.47x1.88x8.04x3.96% 3.64B
17.44x0.39x6.93x3.24% 3.4B
13.65x1.39x7.81x-.--% 2.88B
Average 18.88x 1.25x 8.66x 2.4% 4.51B
Weighted average by Cap. 20.32x 1.37x 9.34x 2.42%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Yamaha Corporation

Historical PBR trend

Valuation ratios - PBR - Yamaha Corporation

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Yamaha Corporation

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Yamaha Corporation


Year-on-year evolution of the Yield

Valuation ratios - Yield - Yamaha Corporation
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