Company Valuation: ASICS Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,66,756 5,33,755 8,09,538 22,25,941 26,60,881 29,51,905 - -
Change - 14.35% 51.67% 174.96% 19.54% 10.94% - -
Enterprise Value (EV) 1 4,80,931 6,06,170 8,27,650 21,56,196 26,47,143 28,71,233 28,18,759 27,62,031
Change - 26.04% 36.54% 160.52% 22.77% 8.47% -1.83% -2.01%
P/E 49.6x 26.8x 22.9x 35.2x 27.2x 23x 19.9x 17.8x
PBR 3.2x 3.13x 3.95x 9.55x 9.8x 8.56x 6.7x 5.39x
PEG - 0x 0.3x 0.4x 0.5x 0.7x 1.3x 1.5x
Capitalization / Revenue 1.16x 1.1x 1.42x 3.28x 3.28x 2.87x 2.58x 2.33x
EV / Revenue 1.19x 1.25x 1.45x 3.18x 3.26x 2.79x 2.46x 2.18x
EV / EBITDA 13.4x 12.1x 11.7x 17.8x 15.7x 12.8x 11.3x 10.1x
EV / EBIT 21.9x 17.8x 15.3x 21.5x 18.6x 14.8x 12.8x 11.3x
EV / FCF 12.3x -16.9x 11.1x 26.8x 33.5x 30.2x 21x 18.3x
FCF Yield 8.1% -5.92% 9.01% 3.73% 2.98% 3.31% 4.76% 5.48%
Dividend per Share 2 6 10 16.25 20 28 44 48.08 54
Rate of return 0.94% 1.37% 1.47% 0.64% 0.75% 1.06% 1.15% 1.3%
EPS 2 12.84 27.15 48.13 88.3 138.1 180.7 209 233.3
Distribution rate 46.7% 36.8% 33.8% 22.7% 20.3% 24.4% 23% 23.1%
Net sales 1 4,04,082 4,84,601 5,70,463 6,78,526 8,10,916 10,29,942 11,45,904 12,64,946
EBITDA 1 35,996 50,002 70,719 1,21,353 1,68,442 2,23,968 2,48,508 2,72,478
EBIT 1 21,945 34,002 54,215 1,00,111 1,42,519 1,94,586 2,19,801 2,44,928
Net income 1 9,402 19,887 35,272 63,806 98,719 1,27,651 1,45,411 1,63,356
Net Debt 1 14,175 72,415 18,112 -69,745 -13,738 -80,672 -1,33,146 -1,89,874
Reference price 2 637.50 728.50 1,104.50 3,110.00 3,755.00 4,164.00 4,164.00 4,164.00
Nbr of stocks (in thousands) 7,32,167 7,32,677 7,32,945 7,15,737 7,08,624 7,08,911 - -
Announcement Date 10/02/22 10/02/23 09/02/24 14/02/25 13/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.31x1.29x15.07x4.22% 5.7TCr
15.82x1.1x8.26x2.43% 3.02TCr
23.61x2.86x13.14x0.95% 1.94TCr
18.74x1.8x9.03x-.--% 935.47Cr
13.79x0.83x7.78x4.98% 215.05Cr
5.6x0.33x1.96x7.82% 122.88Cr
7.03x0.34x2.24x7.56% 119.55Cr
6.59x1.18x5.42x11.84% 80Cr
Average 14.19x 1.22x 7.86x 4.97% 1.52TCr
Weighted average by Cap. 20.05x 1.50x 12.15x 3.06%

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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