Company Valuation: Ryoden Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 35,858 37,084 40,841 59,250 54,038 70,600
Change - 3.42% 10.13% 45.07% -8.8% 30.65%
Enterprise Value (EV) 1 15,136 26,267 32,459 43,145 23,343 39,252
Change - 73.54% 23.57% 32.92% -45.9% 68.15%
P/E 15.4x 7.45x 7.64x 10.4x 11.7x 13.4x
PBR 0.51x 0.5x 0.51x 0.68x 0.61x 0.75x
PEG - 0x 1.09x 1.53x -0.6x 1x
Capitalization / Revenue 0.18x 0.16x 0.16x 0.23x 0.25x 0.33x
EV / Revenue 0.08x 0.11x 0.12x 0.17x 0.11x 0.18x
EV / EBITDA 3.95x 3.54x 3.26x 4.81x 3.73x 6.49x
EV / EBIT 4.43x 3.74x 3.46x 5.18x 4.26x 7.48x
EV / FCF 9.86x -3.02x -7.98x 4.99x 1.47x 112x
FCF Yield 10.1% -33.1% -12.5% 20% 68% 0.89%
Dividend per Share 2 56 56 74 106 106 138
Rate of return 3.4% 3.29% 3.96% 3.91% 4.22% 4.21%
EPS 2 107.2 228.7 244.7 261.3 214 244.2
Distribution rate 52.2% 24.5% 30.2% 40.6% 49.5% 56.5%
Net sales 1 1,96,841 2,29,126 2,60,303 2,59,008 2,15,790 2,12,772
EBITDA 1 3,830 7,430 9,952 8,974 6,261 6,045
EBIT 1 3,416 7,021 9,380 8,326 5,484 5,245
Net income 1 2,343 5,004 5,366 5,736 4,700 5,275
Net Debt 1 -20,722 -10,817 -8,382 -16,105 -30,695 -31,348
Reference price 2 1,649.00 1,704.00 1,870.00 2,710.00 2,512.00 3,275.00
Nbr of stocks (in thousands) 21,746 21,763 21,840 21,864 21,512 21,557
Announcement Date 24/06/21 23/06/22 23/06/23 25/06/24 23/06/25 24/06/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 63Cr
22.04x0.86x12.36x0.55% 1.76TCr
15.48x0.72x8.71x3.27% 1.26TCr
10.76x - - 3.36% 98Cr
83.07x - - - 85Cr
12.91x - - 2.36% 73Cr
17.19x1.34x9.88x2.89% 42Cr
Average 26.91x 0.97x 10.32x 2.49% 484.02Cr
Weighted average by Cap. 20.52x 0.81x 10.82x 1.77%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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