Company Valuation: NOF Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 4,81,197 4,13,070 4,99,336 4,98,345 4,74,805 6,31,187 - -
Change - -14.16% 20.88% -0.2% -4.72% 32.94% - -
Enterprise Value (EV) 1 4,12,472 3,33,269 4,11,659 4,11,766 3,92,055 5,37,837 5,87,661 5,31,320
Change - -19.2% 23.52% 0.03% -4.79% 37.18% 9.26% -9.59%
P/E ratio 20.6x 15.5x 14.8x 14.8x 13.1x 17.6x 15.3x 13.3x
PBR 2.36x 1.87x 2.08x 1.88x 1.69x 2.38x 2.01x 1.9x
PEG - 1x 0.5x 9.51x 1.46x 1.2x 1.73x 0.9x
Capitalization / Revenue 2.79x 2.14x 2.29x 2.24x 1.99x 2.72x 2.05x 1.96x
EV / Revenue 2.39x 1.73x 1.89x 1.85x 1.65x 2.07x 1.91x 1.65x
EV / EBITDA 12.8x 8.03x 8.76x 8.39x 7.36x 7.72x 5.62x 4.95x
EV / EBIT 15.5x 9.36x 10.1x 9.77x 8.65x 11.6x 11x 8.83x
EV / FCF 18.5x 17.9x 18.2x 36.5x 37x 12.9x 42.2x 23.3x
FCF Yield 5.4% 5.59% 5.5% 2.74% 2.7% 7.73% 2.37% 4.3%
Dividend per Share 2 26.67 30 36 38 45 61 61.67 68
Rate of return 1.38% 1.79% 1.75% 1.82% 2.23% 1.97% 2.21% 2.44%
EPS 2 93.5 107.9 139 141.2 153.9 176.3 182 209.4
Distribution rate 28.5% 27.8% 25.9% 26.9% 29.2% 34.6% 33.9% 32.5%
Net sales 1 1,72,645 1,92,642 2,17,709 2,22,252 2,38,310 2,57,967 3,07,950 3,21,500
EBITDA 1 32,155 41,504 46,983 49,081 53,273 69,527 1,04,600 1,07,300
EBIT 1 26,602 35,595 40,624 42,142 45,308 47,411 53,500 60,180
Net income 1 23,302 26,690 33,973 33,990 36,497 40,550 41,300 46,580
Net Debt 1 -68,725 -79,801 -87,677 -86,579 -82,750 -93,350 -43,526 -99,866
Reference price 2 1,930.00 1,673.33 2,056.67 2,085.50 2,020.00 2,787.50 2,787.50 2,787.50
Nbr of stocks (in thousands) 2,49,325 2,46,855 2,42,789 2,38,957 2,35,052 2,26,435 - -
Announcement Date 12/05/21 11/05/22 11/05/23 09/05/24 09/05/25 11/05/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.67x2.07x7.72x1.93% 397.29Cr
25.35x3.96x12.79x2.19% 12TCr
40.41x1.47x9.05x5.38% 4.72TCr
13.88x1.31x7.29x2.27% 3.67TCr
13.6x3.88x9.55x3.29% 3.12TCr
7.39x0.94x5.78x3.72% 2.39TCr
23.93x3.39x13.9x0.47% 2.32TCr
12.26x0.95x8.28x3.03% 2.12TCr
13.44x2.61x19.19x5.18% 2.11TCr
-514.12x3.07x85.93x - 1.79TCr
Average -34.72x 2.37x 17.95x 3.05% 3.44TCr
Weighted average by Cap. -5.95x 2.74x 14.85x 3%

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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  4. Valuation NOF Corporation