Company Valuation: FP Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,38,626 2,68,461 2,22,826 2,28,080 1,90,384 2,32,197 - -
Change - 12.5% -17% 2.36% -16.53% 21.96% - -
Enterprise Value (EV) 1 2,97,046 3,46,366 2,91,903 2,89,573 2,45,533 2,97,686 3,08,142 3,08,826
Change - 16.6% -15.72% -0.8% -15.21% 21.24% 3.51% 0.22%
P/E 21.3x 23.3x 19.2x 18.3x 12.8x 14.7x 13.5x 14.8x
PBR 1.81x 1.93x 1.54x 1.49x 1.16x 1.35x 1.28x 1.22x
PEG - 8.16x 10.28x 2.4x 0.7x 2.42x 1.44x -1.67x
Capitalization / Revenue 1.22x 1.27x 1x 0.97x 0.79x 0.91x 0.89x 0.91x
EV / Revenue 1.52x 1.64x 1.31x 1.23x 1.02x 1.17x 1.18x 1.21x
EV / EBITDA 10.1x 11.2x 9.27x 8.72x 6.78x 7.85x 7.6x 8.2x
EV / EBIT 18.7x 20.7x 17.8x 15.7x 11.4x 12.9x 12.3x 13.3x
EV / FCF 1,053x -45x 15.8x 22.3x 18.3x -28.2x 42.2x -98x
FCF Yield 0.09% -2.22% 6.33% 4.49% 5.45% -3.54% 2.37% -1.02%
Dividend per Share 2 47 47 57 61.5 73 76.67 81.8 82.75
Rate of return 1.61% 1.43% 2.07% 2.18% 3.1% 2.67% 2.85% 2.88%
EPS 2 137 140.9 143.5 154.5 183.9 195 213.3 194.4
Distribution rate 34.3% 33.4% 39.7% 39.8% 39.7% 39.3% 38.4% 42.6%
Net sales 1 1,95,700 2,11,285 2,22,100 2,35,628 2,40,490 2,55,399 2,61,299 2,55,028
EBITDA 1 29,520 30,883 31,481 33,222 36,208 37,900 40,533 37,654
EBIT 1 15,884 16,703 16,429 18,471 21,614 23,075 25,150 23,191
Net income 1 11,206 11,529 11,724 12,486 14,869 15,775 16,210 15,850
Net Debt 1 58,420 77,905 69,077 61,493 55,149 65,488 75,945 76,629
Reference price 2 2,916.00 3,280.00 2,757.00 2,821.00 2,354.00 2,871.00 2,871.00 2,871.00
Nbr of stocks (in thousands) 81,833 81,848 80,822 80,851 80,877 80,877 - -
Announcement Date 28/04/22 28/04/23 30/04/24 30/04/25 30/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.54x1.39x8.48x5.8% 2.09TCr
23.89x2.13x10.24x1.53% 810.09Cr
73.03x - - - 257.6Cr
14.72x1.17x7.85x2.67% 148.79Cr
9.55x1.5x7.88x3.67% 139.69Cr
10.18x - - - 138.04Cr
23.39x - - - 119.66Cr
Average 24.19x 1.54x 8.61x 3.42% 528.51Cr
Weighted average by Cap. 20.60x 1.57x 8.87x 4.47%

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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