Company Valuation: Japan Exchange Group, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 13,89,057 12,05,931 10,58,225 21,12,595 15,89,246 18,99,097 - -
Change - -13.18% -12.25% 99.64% -24.77% 19.5% - -
Enterprise Value (EV) 1 12,16,508 10,47,044 10,12,386 20,37,056 15,43,305 17,94,551 18,18,614 17,58,298
Change - -13.93% -3.31% 101.21% -24.24% 16.28% 1.34% -3.32%
P/E ratio 27x 24.2x 22.9x 35.2x 26x 23.5x 23.2x 22.3x
PBR 4.32x 3.82x 3.37x 6.51x 4.66x 5.38x 5.37x 5.06x
PEG - -14.08x -3.42x 1.1x 55.26x 0.8x 5.53x 5.61x
Capitalization / Revenue 10.4x 8.9x 7.9x 13.8x 9.8x 9.34x 8.83x 8.45x
EV / Revenue 9.12x 7.73x 7.56x 13.3x 9.51x 8.96x 8.45x 7.82x
EV / EBITDA 13.3x 11.5x 11.6x 19.3x 14.2x 15.2x 14.8x 13.4x
EV / EBIT 16.3x 14.3x 14.8x 23.3x 17.1x 15.5x 15.8x 14.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 34 36 31.5 45.5 45.5 61 66.79 61.43
Rate of return 2.62% 3.15% 3.12% 2.21% 2.98% 3.38% 3.62% 3.33%
EPS 2 48 47.18 44.02 58.44 58.72 76.81 79.64 82.8
Distribution rate 70.8% 76.3% 71.6% 77.9% 77.5% 79.4% 83.9% 74.2%
Net sales 1 1,33,343 1,35,432 1,33,991 1,52,871 1,62,230 1,98,735 2,15,127 2,24,867
EBITDA 1 91,348 90,998 87,224 1,05,742 1,08,483 1,34,333 1,22,847 1,31,165
EBIT 1 74,565 73,473 68,253 87,444 90,122 1,16,289 1,15,183 1,19,679
Net income 1 51,389 49,955 46,342 60,822 61,092 79,139 81,817 84,659
Net Debt 1 -1,72,549 -1,58,887 -45,839 -75,539 -45,941 -1,04,546 -80,483 -1,40,799
Reference price 2 1,297.50 1,143.00 1,009.25 2,055.00 1,527.50 1,847.50 1,847.50 1,847.50
Nbr of stocks (in thousands) 10,70,564 10,55,057 10,48,527 10,28,027 10,40,423 10,27,928 - -
Announcement Date 28/04/21 26/04/22 27/04/23 30/04/24 28/04/25 28/04/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.17x8.96x15.17x3.3% 1.21TCr
23.78x14.47x20.27x4.08% 10TCr
31.38x8.7x15.88x0.53% 2.34TCr
64.93x30.95x47.68x0.48% 1.69TCr
63.29x36.66x49.93x0.83% 853.21Cr
21.97x8.26x13.72x3.48% 819.33Cr
20.35x-1110.01x-2389.29x - 495.32Cr
36.69x14.11x36.7x1.64% 444.56Cr
21.21x14.56x14.69x4.16% 319.99Cr
19.62x8.14x11x4.67% 184.23Cr
Average 32.74x -96.52x -216.43x 2.58% 1.86TCr
Weighted average by Cap. 30.38x -14.38x -41.00x 3%

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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  4. Valuation Japan Exchange Group, Inc.