Company Valuation: Kewpie Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,01,337 3,40,143 3,58,628 4,78,166 5,96,116 6,00,069 - -
Change - 12.88% 5.43% 33.33% 24.67% 0.66% - -
Enterprise Value (EV) 1 2,74,721 3,04,783 3,21,809 4,07,798 5,41,312 5,50,483 5,52,474 5,49,621
Change - 10.94% 5.59% 26.72% 32.74% 1.69% 0.36% -0.52%
P/E 18x 21.2x 27.2x 22.3x 20x 23.3x 21x 18.7x
PBR 1.31x 1.27x 1.27x 1.58x 1.89x 1.84x 1.77x 1.69x
PEG - -2.1x -1.5x 0.4x 0.5x -1.7x 1.9x 1.5x
Capitalization / Revenue 0.74x 0.79x 0.79x 0.99x 1.16x 1.13x 1.08x 1.04x
EV / Revenue 0.67x 0.71x 0.71x 0.84x 1.05x 1.03x 1x 0.95x
EV / EBITDA 6.31x 7.31x 8.74x 7.47x 10.2x 9.55x 8.9x 8.17x
EV / EBIT 9.82x 12x 16.3x 11.9x 15.6x 14.2x 13x 11.7x
EV / FCF 10.4x 27.7x 54.7x 10.4x 35.4x 30.1x 25.6x 22.3x
FCF Yield 9.62% 3.61% 1.83% 9.61% 2.82% 3.32% 3.9% 4.49%
Dividend per Share 2 47 47 50 54 64 65 71.43 78.86
Rate of return 2.04% 1.92% 1.94% 1.57% 1.45% 1.47% 1.61% 1.78%
EPS 2 128.2 115.3 94.78 154.1 220.6 190.2 210.9 236.9
Distribution rate 36.7% 40.7% 52.8% 35% 29% 34.2% 33.9% 33.3%
Net sales 1 4,07,039 4,30,304 4,55,086 4,83,985 5,13,417 5,32,244 5,55,035 5,77,147
EBITDA 1 43,506 41,682 36,811 54,592 52,927 57,659 62,077 67,234
EBIT 1 27,972 25,433 19,694 34,329 34,628 38,721 42,465 46,777
Net income 1 18,014 16,033 13,174 21,419 30,506 26,018 28,188 31,008
Net Debt 1 -26,616 -35,360 -36,819 -70,368 -54,804 -49,587 -47,595 -50,448
Reference price 2 2,309.00 2,447.00 2,580.00 3,440.00 4,405.00 4,432.00 4,432.00 4,432.00
Nbr of stocks (in thousands) 1,30,505 1,39,004 1,39,003 1,39,002 1,35,327 1,35,395 - -
Announcement Date 11/01/22 10/01/23 10/01/24 09/01/25 14/01/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.59x5.38x17.13x3.28% 2.9TCr
49.46x3.63x17.43x1.87% 2.19TCr
23.29x1.8x12.71x1.57% 978.54Cr
19.04x2x11.58x1.57% 513.18Cr
23.31x1.03x9.55x1.47% 381.32Cr
18.74x1.66x8.29x3.63% 327.56Cr
12x0.71x5.49x3.46% 307.02Cr
15.15x - - 4.13% 274.19Cr
Average 23.32x 2.32x 11.74x 2.62% 984.03Cr
Weighted average by Cap. 30.22x 3.62x 15.04x 2.53%

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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  5. Valuation Kewpie Corporation