Company Valuation: OSG Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,60,712 1,85,149 1,76,606 1,50,871 1,88,828 2,77,906 - -
Change - 15.21% -4.61% -14.57% 25.16% 47.17% - -
Enterprise Value (EV) 1 1,44,566 1,64,021 1,47,311 1,21,902 1,81,433 2,67,806 2,79,206 2,70,406
Change - 13.46% -10.19% -17.25% 48.83% 47.61% 4.26% -3.15%
P/E 14.6x 11.3x 12.3x 11.8x 13.4x 13.2x 11.9x 11.3x
PBR 1.12x 1.12x 0.97x 0.89x 1.04x 1.47x 1.4x 1.33x
PEG - 0.2x -0.9x -50.33x 0.9x 0.3x 1.1x 1.88x
Capitalization / Revenue 1.27x 1.3x 1.2x 0.97x 1.18x 1.5x 1.41x 1.35x
EV / Revenue 1.15x 1.15x 1x 0.78x 1.13x 1.45x 1.41x 1.31x
EV / EBITDA 5.26x 5.06x 4.64x 3.85x 5.51x 6.44x 6.26x 5.7x
EV / EBIT 8.98x 7.49x 7.44x 6.46x 8.92x 9.01x 8.53x 7.73x
EV / FCF 4.26x 20.5x 9.96x 9.86x 14.6x 19.7x 18.2x 13.9x
FCF Yield 23.5% 4.88% 10% 10.1% 6.84% 5.08% 5.48% 7.2%
Dividend per Share 2 36 60 60 60 88 121.7 125.5 134.5
Rate of return 2.19% 3.1% 3.26% 3.42% 3.83% 3.6% 3.71% 3.98%
EPS 2 112.6 171.5 149.3 148.9 172.1 255.6 283.2 300.2
Distribution rate 32% 35% 40.2% 40.3% 51.1% 47.6% 44.3% 44.8%
Net sales 1 1,26,156 1,42,525 1,47,703 1,55,517 1,60,619 1,84,875 1,97,400 2,05,775
EBITDA 1 27,491 32,396 31,740 31,697 32,928 41,600 44,633 47,400
EBIT 1 16,105 21,898 19,800 18,868 20,330 29,725 32,725 34,975
Net income 1 10,989 16,534 14,307 13,439 14,334 21,650 23,550 25,025
Net Debt 1 -16,146 -21,128 -29,295 -28,969 -7,395 -10,100 1,300 -7,500
Reference price 2 1,646.00 1,936.00 1,841.00 1,753.00 2,298.50 3,382.00 3,382.00 3,382.00
Nbr of stocks (in thousands) 97,638 95,635 95,930 86,065 82,153 82,172 - -
Announcement Date 12/01/22 12/01/23 11/01/24 09/01/25 08/01/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
51.9x11.3x36.24x1.08% 375.39Cr
31.65x - - - 292.83Cr
25.81x1.17x9.25x3.8% 253.97Cr
11.84x2.28x7.28x3.75% 236.17Cr
5.97x0.85x4.07x2.71% 224.39Cr
11.5x1.01x6.66x2.37% 222.06Cr
22.12x - - - 206.65Cr
Average 22.97x 3.32x 12.70x 2.74% 258.78Cr
Weighted average by Cap. 25.71x 4.19x 15.29x 2.58%

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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