Company Valuation: IPS, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 25,973 30,367 32,066 27,648 37,480 48,964 - -
Change - 16.92% 5.6% -13.78% 35.56% 30.64% - -
Enterprise Value (EV) 23,245 30,415 37,933 33,799 46,534 48,964 48,964 48,964
Change - 30.84% 24.72% -10.9% 37.68% 5.22% 0% 0%
P/E 13.7x 13.2x 11.1x 10.8x 8.89x 11.5x 10.4x 8.9x
PBR 3.56x 3.25x 2.84x 1.82x 1.99x 2.17x 1.83x 1.54x
PEG - 0.6x 0.5x -0.9x 0.1x 14.89x 1x 0.5x
Capitalization / Revenue 2.42x 2.46x 2.27x 1.81x 2.2x 2.44x 2x 1.69x
EV / Revenue 0x 0x 0x 0x 0x 2.44x 2x 1.69x
EV / EBITDA - - - 0x 0x 6.62x 5.56x 4.71x
EV / EBIT 0x 0x 0x 0x 0x 7.9x 6.62x 5.44x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 25 35 37 40 40 40 40 40
Rate of return 1.19% 1.43% 1.48% 1.87% 1.4% 1.07% 1.07% 1.07%
EPS 2 152.4 184.5 225.1 197.1 322.4 324.9 359.3 420.4
Distribution rate 16.4% 19% 16.4% 20.3% 12.4% 12.3% 11.1% 9.51%
Net sales 1 10,728 12,346 14,117 15,264 16,999 20,100 24,500 29,000
EBITDA 1 - - - 5,411 6,309 7,400 8,800 10,400
EBIT 1 2,456 3,311 3,894 4,413 5,370 6,200 7,400 9,000
Net income 1 1,888 2,292 2,835 2,544 4,196 4,250 4,700 5,500
Net Debt -2,728 48 5,867 6,151 9,054 - - -
Reference price 2 2,094.00 2,441.00 2,494.00 2,137.00 2,866.00 3,740.00 3,740.00 3,740.00
Nbr of stocks (in thousands) 12,404 12,440 12,857 12,938 13,077 13,092 - -
Announcement Date 13/05/22 12/05/23 10/05/24 09/05/25 08/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.51x - - 1.07% 31Cr
44.44x10.92x16.05x5.61% 296.73Cr
29.1x1.26x10.03x1.27% 108.68Cr
-15.24x - - - 72Cr
Average 17.45x 6.09x 13.04x 2.65% 126.95Cr
Weighted average by Cap. 30.74x 8.33x 14.44x 4.21%

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