Company Valuation: East Japan Railway Company

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 29,57,186 26,82,169 27,63,859 32,99,939 33,41,212 42,52,072 - -
Change - -9.3% 3.05% 19.4% 1.25% 27.26% - -
Enterprise Value (EV) 1 63,71,419 65,65,739 70,08,485 75,76,203 67,39,813 86,89,205 92,29,850 93,03,944
Change - 3.05% 6.74% 8.1% -11.04% 28.92% 0.68% 0.8%
P/E ratio -5.12x -28.2x 27.8x 16.8x 14.9x 16.5x 15.6x 14.5x
PBR 1.17x 1.12x 1.12x 0.41x 1.17x 1.34x 1.32x 1.25x
PEG - 0.3x -0x 0.2x 1.1x 1.5x 1.3x 1.88x
Capitalization / Revenue 1.68x 1.36x 1.15x 1.21x 1.16x 1.33x 1.29x 1.24x
EV / Revenue 3.61x 3.32x 2.91x 2.78x 2.33x 2.82x 2.81x 2.72x
EV / EBITDA -48.4x 27.5x 13.2x 10.3x 8.61x 10.3x 10.3x 9.77x
EV / EBIT -12.2x -42.7x 49.8x 21.9x 17.9x 21x 20.5x 18.9x
EV / FCF -7.05x -19.5x 431x -164x -58.8x -42.6x 259x 70.4x
FCF Yield -14.2% -5.12% 0.23% -0.61% -1.7% -2.35% 0.39% 1.42%
Dividend per Share 2 33.33 33.33 33.33 140 60 74 87.75 104.7
Rate of return 1.28% 1.41% 1.36% 4.8% 2.03% 2.04% 2.33% 2.78%
EPS 2 -510.6 -83.9 87.79 173.8 198.3 219.4 241.5 260.2
Distribution rate -6.53% -39.7% 38% 80.5% 30.3% 33.7% 36.3% 40.3%
Net sales 1 17,64,584 19,78,967 24,05,538 27,30,118 28,87,500 30,84,679 32,89,701 34,22,215
EBITDA 1 -1,31,530 2,38,688 5,30,513 7,37,333 7,82,900 8,42,990 8,96,020 9,52,501
EBIT 1 -5,20,358 -1,53,938 1,40,628 3,45,161 3,76,700 4,14,258 4,49,921 4,91,388
Net income 1 -5,77,900 -94,948 99,232 1,96,449 2,24,200 2,47,846 2,71,670 2,93,540
Net Debt 1 34,14,233 38,83,570 42,44,626 42,76,264 33,98,601 45,97,833 49,77,778 50,51,872
Reference price 2 2,613.00 2,370.00 2,445.00 2,919.00 2,952.00 3,766.00 3,766.00 3,766.00
Nbr of stocks (in thousands) 11,31,721 11,31,717 11,30,413 11,30,503 11,31,847 11,29,068 - -
Announcement Date 28/04/21 27/04/22 27/04/23 30/04/24 30/04/25 30/04/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.51x2.99x10.98x1.86% 2.68TCr
11.81x1.98x8.61x3.15% 355.96Cr
11.92x - - 4.94% 296.74Cr
Average 13.75x 2.49x 9.79x 3.31% 1.11TCr
Weighted average by Cap. 16.41x 2.87x 10.70x 2.27%

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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