Company Valuation: Kaneka Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,31,272 2,24,812 2,47,581 2,39,651 2,88,782 3,65,666 - -
Change - -2.79% 10.13% -3.2% 20.5% 26.62% - -
Enterprise Value (EV) 1 3,17,939 3,58,887 3,98,707 4,17,070 4,69,122 5,51,321 5,72,737 5,91,224
Change - 12.88% 11.1% 4.61% 12.48% 17.52% 3.88% 3.23%
P/E 8.73x 9.87x 10.7x 9.5x 9.57x 12.3x 11.6x 10.9x
PBR 0.6x 0.54x 0.54x 0.51x 0.58x 0.75x 0.7x 0.65x
PEG - -0.7x 4.5x 0.8x 0.4x -8.95x 1.95x 1.65x
Capitalization / Revenue 0.33x 0.3x 0.32x 0.3x 0.36x 0.42x 0.41x 0.4x
EV / Revenue 0.46x 0.47x 0.52x 0.52x 0.58x 0.64x 0.65x 0.65x
EV / EBITDA 3.9x 4.81x 5.44x 4.97x 5.84x 6.17x 6.09x 5.87x
EV / EBIT 7.3x 10.2x 12.2x 10.4x 14.3x 13.6x 12.6x 11.7x
EV / FCF -57.9x -27.1x 127x - 19.5x 38.8x 67.3x 80.4x
FCF Yield -1.73% -3.69% 0.79% - 5.12% 2.58% 1.48% 1.24%
Dividend per Share 2 110 110 110 130 160 196 202 216.7
Rate of return 3.1% 3.19% 2.88% 3.41% 3.34% 3.22% 3.32% 3.56%
EPS 2 406 349.6 357.9 400.9 501.3 494.4 523.8 558.4
Distribution rate 27.1% 31.5% 30.7% 32.4% 31.9% 39.6% 38.6% 38.8%
Net sales 1 6,91,530 7,55,821 7,62,302 8,07,200 8,11,638 8,64,800 8,87,320 9,12,500
EBITDA 1 81,515 74,543 73,358 83,987 80,321 89,381 94,040 1,00,767
EBIT 1 43,562 35,087 32,579 40,050 32,894 40,589 45,280 50,500
Net income 1 26,487 23,008 23,220 25,309 30,977 29,149 30,649 31,167
Net Debt 1 86,667 1,34,075 1,51,126 1,77,419 1,80,340 1,85,655 2,07,071 2,25,557
Reference price 2 3,545.00 3,450.00 3,814.00 3,808.00 4,795.00 6,080.00 6,080.00 6,080.00
Nbr of stocks (in thousands) 65,239 65,163 64,914 62,934 60,226 60,142 - -
Announcement Date 12/05/22 12/05/23 14/05/24 14/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.33x3.42x9.7x2.05% 6.86TCr
12.33x0.93x7.8x4.37% 5.12TCr
56.59x9.07x38.65x0.96% 1.69TCr
12.9x0.86x6.01x2.82% 1.36TCr
11.88x0.74x4.79x2.83% 1.02TCr
15.42x0.7x7.6x3.2% 973.54Cr
36.64x1.68x8.86x2.06% 914.88Cr
4.69x0.67x2.78x4.69% 893.66Cr
31.56x4.32x18.49x0.37% 786.03Cr
Average 22.37x 2.49x 11.63x 2.59% 2.18TCr
Weighted average by Cap. 20.31x 2.64x 11.07x 2.77%

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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