Company Valuation: Pilot Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,73,551 1,89,555 1,65,727 1,87,382 1,81,272 2,23,355 - -
Change - 9.22% -12.57% 13.07% -3.26% 23.22% - -
Enterprise Value (EV) 1,36,445 1,47,892 1,29,187 1,48,260 1,46,028 2,23,355 2,23,355 2,23,355
Change - 8.39% -12.65% 14.76% -1.51% 52.95% 0% 0%
P/E 12.2x 12x 12.1x 12.5x 15.4x 14.6x 13.6x 12.6x
PBR 1.72x 1.63x 1.27x 1.34x 1.25x 1.48x 1.37x 1.26x
PEG - 1.1x -0.9x 1x -0.8x 0.4x 1.78x 1.63x
Capitalization / Revenue 1.68x 1.68x 1.4x 1.49x 1.43x 1.62x 1.56x 1.49x
EV / Revenue 0x 0x 0x 0x 0x 1.62x 1.56x 1.49x
EV / EBITDA - - - 0x - 8.2x 7.71x 7.27x
EV / EBIT 0x 0x 0x 0x 0x 10.9x 10.3x 9.56x
EV / FCF - 0x -0x 0x 0x 21.2x 26.7x 30.5x
FCF Yield - 4.04% -0.67% 5.63% 4.94% 4.72% 3.74% 3.28%
Dividend per Share 2 20 30 33.33 39 40 47.5 56.5 65
Rate of return 1.36% 1.87% 2.38% 2.41% 2.46% 2.23% 2.66% 3.06%
EPS 2 120.6 133.3 115.4 129.5 105.7 145.5 156.6 168.7
Distribution rate 16.6% 22.5% 28.9% 30.1% 37.9% 32.6% 36.1% 38.5%
Net sales 1 1,03,057 1,12,850 1,18,590 1,26,168 1,26,391 1,37,975 1,43,470 1,50,010
EBITDA 1 - - - 22,895 - 27,240 28,970 30,740
EBIT 1 19,325 21,244 19,003 17,805 16,649 20,405 21,685 23,355
Net income 1 14,270 15,773 13,661 15,181 12,064 15,510 16,350 17,515
Net Debt -37,106 -41,663 -36,540 -39,122 -35,244 - - -
Reference price 2 1,466.67 1,601.67 1,400.33 1,620.67 1,624.33 2,127.00 2,127.00 2,127.00
Nbr of stocks (in thousands) 1,18,330 1,18,348 1,18,348 1,15,620 1,11,598 1,05,010 - -
Announcement Date 14/02/22 13/02/23 13/02/24 14/02/25 13/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.64x - - 2.23% 142.07Cr
14.42x0.88x11.28x4.82% 293.6Cr
17.82x0.65x6.72x2.84% 238.23Cr
55.41x4.49x30.52x0.18% 129.39Cr
19.64x1.54x8x1.69% 107.39Cr
32.66x0.58x27.99x2.94% 91Cr
7.72x1.04x5.85x6.9% 61Cr
Average 23.19x 1.53x 15.06x 3.09% 151.94Cr
Weighted average by Cap. 21.90x 1.39x 13.72x 3.11%

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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