Company Valuation: Lion Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,46,857 4,30,328 3,72,218 4,87,133 4,56,200 4,76,201 - -
Change - -3.7% -13.5% 30.87% -6.35% 4.38% - -
Enterprise Value (EV) 1 3,51,410 3,61,419 3,17,033 4,14,533 3,96,358 3,96,526 3,84,153 3,61,184
Change - 2.85% -12.28% 30.75% -4.38% 0.04% -3.12% -5.98%
P/E 18.8x 19.7x 25.4x 23x 16.5x 18.7x 17.7x 16.3x
PBR 1.78x 1.63x 1.33x 1.66x 1.41x 1.4x 1.32x 1.24x
PEG - -3.43x -0.8x 0.5x 0.5x -2.49x 3.45x 1.81x
Capitalization / Revenue 1.22x 1.1x 0.92x 1.18x 1.08x 1.08x 1.07x 1.04x
EV / Revenue 0.96x 0.93x 0.79x 1x 0.94x 0.9x 0.86x 0.79x
EV / EBITDA 7.79x 9.06x 8.34x 9.19x 8.04x 6.83x 6.3x 5.63x
EV / EBIT 11.3x 12.5x 15.5x 15.7x 12.9x 10.8x 9.76x 8.49x
EV / FCF -19.5x 16.1x -67.1x 11.5x -141x 14.3x 10.8x 9.5x
FCF Yield -5.12% 6.21% -1.49% 8.68% -0.71% 6.97% 9.24% 10.5%
Dividend per Share 2 24 25 26 27 30 34 36.08 38.18
Rate of return 1.56% 1.65% 1.99% 1.53% 1.82% 1.98% 2.1% 2.22%
EPS 2 81.73 77.04 51.42 76.51 99.74 92.26 97 105.8
Distribution rate 29.4% 32.5% 50.6% 35.3% 30.1% 36.9% 37.2% 36.1%
Net sales 1 3,66,200 3,89,800 4,02,700 4,12,943 4,22,000 4,40,595 4,46,270 4,57,987
EBITDA 1 45,100 39,900 38,000 45,100 49,300 58,061 60,955 64,183
EBIT 1 31,100 28,800 20,500 26,332 30,700 36,652 39,359 42,519
Net income 1 23,700 21,900 14,600 21,197 27,500 25,492 26,665 28,926
Net Debt 1 -95,447 -68,909 -55,185 -72,600 -59,842 -79,675 -92,048 -1,15,017
Reference price 2 1,537.00 1,514.00 1,308.50 1,762.50 1,649.00 1,721.00 1,721.00 1,721.00
Nbr of stocks (in thousands) 2,90,733 2,84,233 2,84,462 2,76,388 2,76,653 2,76,700 - -
Announcement Date 14/02/22 13/02/23 14/02/24 13/02/25 12/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.01x0.92x6.98x1.94% 312.79Cr
17.49x3.12x11.25x4.27% 4.34TCr
25.46x3.88x16.55x1.31% 2.24TCr
15.27x2.02x11.03x5.86% 1.05TCr
13.55x1.58x8.99x4.17% 462.48Cr
14.52x1.68x10.01x10.15% 348.42Cr
30.67x3.78x20.58x - 254.77Cr
27.22x2.09x18.61x1.94% 74Cr
Average 20.40x 2.38x 13.00x 4.24% 1.14TCr
Weighted average by Cap. 19.39x 2.98x 12.54x 3.84%

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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