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 1,74,18,154 - -
Change - 9.95% 18.32% -14.53% -3.04% 21.56% - -
Enterprise Value (EV) 1 1,22,85,874 1,36,71,735 1,61,56,884 1,35,57,842 1,28,34,500 1,56,66,920 1,54,71,805 1,51,68,571
Change - 11.28% 18.18% -16.09% -5.34% 22.07% -1.25% -1.96%
P/E 43.8x 40.3x 46.8x 37.1x 32.2x 33.8x 30.6x 27.5x
PBR 6.11x 5.86x 6.16x 4.75x 4.13x 4.57x 4.17x 3.78x
PEG - 2.1x 25.43x 4.73x 2.8x 2.2x 2.9x 2.4x
Capitalization / Revenue 17.6x 15.8x 17.9x 14x 12.3x 12.9x 11.7x 10.6x
EV / Revenue 16.3x 14.8x 16.7x 12.8x 11x 11.6x 10.4x 9.22x
EV / EBITDA 28.8x 26.8x 31.8x 24x 20.9x 21.6x 19.3x 17.1x
EV / EBIT 29.4x 27.4x 32.6x 24.7x 21.5x 22.2x 19.8x 17.5x
EV / FCF 47.2x 95x 111x 34.3x 108x 35.6x 30.6x 27.3x
FCF Yield 2.12% 1.05% 0.9% 2.91% 0.92% 2.81% 3.27% 3.67%
Dividend per Share 2 200 300 300 350 550 603.6 707.9 759.2
Rate of return 0.36% 0.5% 0.42% 0.57% 0.93% 0.84% 0.99% 1.06%
EPS 2 1,251 1,497 1,524 1,644 1,836 2,123 2,350 2,615
Distribution rate 16% 20% 19.7% 21.3% 30% 28.4% 30.1% 29%
Net sales 1 7,55,174 9,22,422 9,67,288 10,59,145 11,69,289 13,54,802 14,93,192 16,44,824
EBITDA 1 4,26,666 5,10,437 5,08,781 5,64,968 6,12,986 7,26,396 8,02,333 8,87,904
EBIT 1 4,18,045 4,98,914 4,95,014 5,49,775 5,95,759 7,06,880 7,82,303 8,67,001
Net income 1 3,03,360 3,62,963 3,69,642 3,98,656 4,45,185 5,14,078 5,68,353 6,30,900
Net Debt 1 -10,04,572 -9,40,458 -11,32,776 -12,19,234 -14,93,889 -17,51,234 -19,46,349 -22,49,583
Reference price 2 54,800.00 60,250.00 71,290.00 60,930.00 59,080.00 71,820.00 71,820.00 71,820.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
34.04x11.64x21.71x0.84% 11TCr
31.67x1.47x16.86x-.--% 4.69TCr
48.91x7.33x34.41x1.62% 4.49TCr
25.72x2.09x10.06x1.29% 3.61TCr
31.15x4.76x18.95x-.--% 3.02TCr
34.78x2.24x16.05x1.5% 2.96TCr
8.94x5.18x10.31x2.17% 2.19TCr
31.9x4.88x19.48x0.72% 1.83TCr
28.24x1.56x13.64x0.44% 1.38TCr
20.8x2.38x10.73x-.--% 1.22TCr
Average 29.61x 4.35x 17.22x 0.86% 3.61TCr
Weighted average by Cap. 32.27x 6.05x 19.31x 0.89%

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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