Company Valuation: NEC Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 14,03,157 13,58,384 29,28,366 41,91,365 51,09,408 63,86,338 - -
Change - -3.19% 115.58% 43.13% 21.9% 24.99% - -
Enterprise Value (EV) 1 15,52,201 14,84,571 29,84,791 42,73,109 49,39,589 61,25,491 59,15,531 57,53,221
Change - -4.36% 101.05% 43.16% 15.6% 24.01% -3.43% -2.74%
P/E 9.93x 12x 19.6x 23.9x 19x 20.9x 18.4x 16.4x
PBR 0.93x 0.84x 1.53x 2.15x 2.32x 2.62x 2.38x 2.12x
PEG - -0.7x 0.6x 1.4x 0.3x 1.5x 1.3x 1.4x
Capitalization / Revenue 0.47x 0.41x 0.84x 1.22x 1.43x 1.66x 1.58x 1.51x
EV / Revenue 0.51x 0.45x 0.86x 1.25x 1.38x 1.59x 1.47x 1.36x
EV / EBITDA 4.96x 4.2x 7.94x 9.68x 9.6x 10.1x 8.77x 7.9x
EV / EBIT 11.7x 8.71x 15.9x 16.7x 13.7x 13.8x 11.6x 10.2x
EV / FCF 18.4x 14.5x 17.1x 20x 12.2x 28.4x 18.7x 16.7x
FCF Yield 5.42% 6.91% 5.85% 4.99% 8.19% 3.52% 5.35% 6%
Dividend per Share 2 20 22 24 28 38 43.01 48.55 54.38
Rate of return 1.94% 2.16% 1.09% 0.89% 0.99% 0.89% 1.01% 1.13%
EPS 2 103.7 84.9 112.2 131.5 203 230.4 262 293.2
Distribution rate 19.3% 25.9% 21.4% 21.3% 18.7% 18.7% 18.5% 18.5%
Net sales 1 30,14,095 33,13,018 34,77,262 34,23,400 35,82,733 38,41,862 40,34,881 42,18,311
EBITDA 1 3,13,064 3,53,745 3,75,712 4,41,600 5,14,415 6,05,013 6,74,417 7,28,125
EBIT 1 1,32,525 1,70,447 1,88,012 2,56,500 3,59,913 4,45,471 5,09,777 5,64,483
Net income 1 1,41,277 1,14,500 1,49,521 1,75,183 2,70,228 3,05,182 3,51,171 3,92,239
Net Debt 1 1,49,044 1,26,187 56,425 81,744 -1,69,819 -2,60,847 -4,70,806 -6,33,117
Reference price 2 1,030.00 1,020.00 2,198.00 3,145.00 3,846.00 4,815.00 4,815.00 4,815.00
Nbr of stocks (in thousands) 13,62,288 13,31,749 13,32,286 13,32,707 13,28,499 13,26,342 - -
Announcement Date 28/04/22 28/04/23 26/04/24 28/04/25 28/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.15x3.63x12.69x3% 21TCr
-131.72x18.37x101.87x-.--% 12TCr
13.08x1.46x7.67x3.67% 11TCr
13.48x2.45x9.24x6.1% 7.86TCr
19.72x5.2x12.78x2.88% 5.82TCr
22.67x1.87x11.67x1.29% 4.44TCr
13.12x1.89x8x5.94% 4.23TCr
20.9x1.59x10.12x0.89% 4.06TCr
17.14x2.21x10.28x5.04% 3.55TCr
Average 1.17x 4.30x 20.48x 3.2% 8.2TCr
Weighted average by Cap. -5.77x 5.29x 25.32x 2.98%

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