Company Valuation: Keyence Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,32,90,446 1,46,12,193 1,72,89,660 1,47,77,076 1,43,28,389 1,85,53,169 - -
Change - 9.95% 18.32% -14.53% -3.04% 29.49% - -
Enterprise Value (EV) 1 1,22,85,874 1,36,71,735 1,61,56,884 1,35,57,842 1,28,34,500 1,68,24,818 1,66,09,656 1,63,30,490
Change - 11.28% 18.18% -16.09% -5.34% 31.09% -1.28% -1.68%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 32.8x 29.3x 26.4x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.79x 4.3x 3.87x
PEG - 2.1x 25.43x 4.73x 2.8x 1.2x 2.5x 2.4x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 12.8x 11.4x 10.3x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 11.6x 10.2x 9.1x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 21.2x 18.7x 16.7x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 21.7x 19.1x 17x
EV / FCF 47.2x 95x 111x 34.3x 108x 52.1x 37.1x 30.9x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 1.92% 2.69% 3.24%
Dividend per Share 2 200 300 300 350 550 641.4 738.6 837.5
Rate of return 0.36% 0.5% 0.42% 0.57% 0.93% 0.84% 0.97% 1.09%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,333 2,611 2,895
Distribution rate 16% 20% 19.7% 21.3% 30% 27.5% 28.3% 28.9%
Net sales 1 7,55,174 9,22,422 9,67,288 10,59,145 11,69,289 14,50,073 16,26,631 17,93,936
EBITDA 1 4,26,666 5,10,437 5,08,781 5,64,968 6,12,986 7,94,109 8,88,458 9,80,493
EBIT 1 4,18,045 4,98,914 4,95,014 5,49,775 5,95,759 7,74,178 8,68,007 9,59,276
Net income 1 3,03,360 3,62,963 3,69,642 3,98,656 4,45,185 5,65,408 6,31,574 6,98,587
Net Debt 1 -10,04,572 -9,40,458 -11,32,776 -12,19,234 -14,93,889 -17,28,351 -19,43,513 -22,22,679
Reference price 2 54,800.00 60,250.00 71,290.00 60,930.00 59,080.00 76,500.00 76,500.00 76,500.00
Nbr of stocks (in thousands) 2,42,526 2,42,526 2,42,526 2,42,525 2,42,525 2,42,525 - -
Announcement Date 27/04/22 27/04/23 25/04/24 25/04/25 24/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.7x11.57x21.12x0.84% 12TCr
47.86x7.97x34.68x1.54% 5.36TCr
27.38x1.27x14.42x-.--% 4.16TCr
20.98x1.77x8.7x1.46% 3.48TCr
28.49x2.01x13.96x1.64% 2.88TCr
28.48x4.34x17.31x-.--% 2.76TCr
10.38x5.82x16.14x1.44% 2.62TCr
32.26x4.92x19.68x0.71% 1.89TCr
23.29x2.97x12.44x-.--% 1.63TCr
Average 27.98x 4.74x 17.61x 0.85% 4.09TCr
Weighted average by Cap. 30.53x 6.54x 19.51x 0.9%

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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