Company Valuation: Nipro Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,67,011 1,66,195 1,99,874 2,21,565 2,53,125 2,39,515 - -
Change - -0.49% 20.26% 10.85% 14.24% -5.38% - -
Enterprise Value (EV) 1 6,36,521 6,72,257 7,30,303 7,45,971 7,96,341 7,40,426 7,28,725 7,03,275
Change - 5.61% 8.63% 2.15% 6.75% -7.02% -1.58% -3.49%
P/E 12.4x 36.3x 18x 43.3x 18.7x 14.9x 11.3x 9.19x
PBR 0.9x 0.81x 0.86x 0.88x 0.92x 0.84x 0.79x 0.74x
PEG - -0.6x 0x -0.8x 0x 0.9x 0.4x 0.4x
Capitalization / Revenue 0.34x 0.3x 0.34x 0.34x 0.38x 0.34x 0.33x 0.31x
EV / Revenue 1.29x 1.23x 1.24x 1.16x 1.21x 1.06x 1x 0.92x
EV / EBITDA 9.09x 10.1x 8.99x 8.09x 7.86x 7.05x 6.38x 5.67x
EV / EBIT 26.7x 37.9x 32.7x 28x 21.2x 18.5x 15.8x 13.5x
EV / FCF -62.3x -11x -24x -218x -48.4x 35.7x 42.8x 30.2x
FCF Yield -1.61% -9.12% -4.17% -0.46% -2.06% 2.8% 2.34% 3.31%
Dividend per Share 2 27 22 25 25 29 36 45 56
Rate of return 2.64% 2.16% 2.04% 1.84% 1.87% 2.5% 3.12% 3.89%
EPS 2 82.5 28.05 68.12 31.36 82.8 96.9 128 156.9
Distribution rate 32.7% 78.4% 36.7% 79.7% 35% 37.2% 35.2% 35.7%
Net sales 1 4,94,789 5,45,199 5,86,785 6,44,586 6,60,538 7,01,066 7,28,812 7,60,969
EBITDA 1 70,046 66,472 81,207 92,246 1,01,361 1,05,023 1,14,303 1,24,083
EBIT 1 23,882 17,729 22,335 26,598 37,624 39,981 46,073 52,136
Net income 1 13,455 4,574 11,109 5,113 13,504 15,393 19,953 24,140
Net Debt 1 4,69,510 5,06,062 5,30,429 5,24,406 5,43,216 5,00,910 4,89,210 4,63,760
Reference price 2 1,024.00 1,019.00 1,225.50 1,358.50 1,552.00 1,441.00 1,441.00 1,441.00
Nbr of stocks (in thousands) 1,63,097 1,63,097 1,63,096 1,63,096 1,63,096 1,66,215 - -
Announcement Date 11/05/22 11/05/23 10/05/24 12/05/25 12/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.89x1.06x7.05x2.49% 151.47Cr
29.32x4.04x15.63x2.48% 18TCr
18.89x3.46x12.38x3.15% 11TCr
17.1x0.2x12.53x0.76% 5.96TCr
35.17x3.41x11.66x2.15% 4.97TCr
27.56x6.78x17.54x1.45% 4.78TCr
35.17x6.18x19.42x-.--% 3.31TCr
44.28x1.29x11.93x0.21% 3.01TCr
43.83x7.69x27.59x0.24% 2.65TCr
52.43x7.04x22.63x0.4% 2.28TCr
Average 31.87x 4.12x 15.84x 1.34% 5.64TCr
Weighted average by Cap. 29.00x 3.96x 15.30x 1.87%

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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