Company Valuation: Shimadzu Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 11,80,056 12,47,857 12,19,940 12,46,677 10,81,847 12,05,460 - -
Change - 5.75% -2.24% 2.19% -13.22% 11.43% - -
Enterprise Value (EV) 1 10,69,039 10,91,600 10,71,936 10,93,306 9,50,180 10,58,081 10,25,719 10,01,071
Change - 2.11% -1.8% 1.99% -13.09% 11.36% -3.06% -2.4%
P/E ratio 32.7x 26.4x 23.4x 21.9x 20.3x 22.1x 19.9x 18.7x
PBR 3.52x 3.27x 2.88x 2.53x 2.16x 2.33x 2.15x 2x
PEG - 0.9x 2.3x 2.29x -3.93x 7.36x 1.9x 2.86x
Capitalization / Revenue 3x 2.91x 2.53x 2.44x 2.01x 2.18x 2.07x 1.99x
EV / Revenue 2.72x 2.55x 2.22x 2.14x 1.76x 1.92x 1.76x 1.65x
EV / EBITDA 16.4x 13.6x 12.5x 12x 10.4x 11.3x 9.92x 9.14x
EV / EBIT 21.5x 17.1x 15.7x 15x 13.2x 14.6x 12.9x 11.8x
EV / FCF 21.4x 19x 41.6x 77.4x 33x 23.3x 23x 19.7x
FCF Yield 4.67% 5.25% 2.41% 1.29% 3.03% 4.29% 4.34% 5.09%
Dividend per Share 2 34 48 54 60 66 65.56 72.04 78.22
Rate of return 0.85% 1.13% 1.3% 1.42% 1.77% 1.57% 1.73% 1.87%
EPS 2 122.5 160.5 176.6 193.5 183.6 189.1 209.3 223
Distribution rate 27.8% 29.9% 30.6% 31% 36% 34.7% 34.4% 35.1%
Net sales 1 3,93,499 4,28,175 4,82,240 5,11,895 5,39,047 5,51,977 5,83,624 6,06,564
EBITDA 1 65,278 80,011 85,743 91,304 91,615 93,674 1,03,364 1,09,555
EBIT 1 49,742 63,806 68,219 72,753 71,720 72,557 79,814 84,995
Net income 1 36,097 47,289 52,048 57,037 53,776 54,896 60,669 64,501
Net Debt 1 -1,11,017 -1,56,257 -1,48,004 -1,53,371 -1,31,667 -1,47,378 -1,79,741 -2,04,388
Reference price 2 4,005.00 4,235.00 4,140.00 4,230.00 3,730.00 4,172.00 4,172.00 4,172.00
Nbr of stocks (in thousands) 2,94,646 2,94,653 2,94,672 2,94,723 2,90,039 2,88,940 - -
Announcement Date 11/05/21 10/05/22 10/05/23 10/05/24 12/05/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.9x1.91x11.15x1.58% 785.4Cr
29.94x7.01x22.41x-.--% 2.77TCr
301.63x - - - 282.23Cr
24.71x1.77x11.49x2.36% 214.38Cr
16.65x1.56x9.32x1.77% 210.25Cr
53.43x12.72x - 0.84% 199.94Cr
43.08x8.35x30.91x0.2% 123.85Cr
26.63x - - 0.38% 102.59Cr
Average 64.75x 5.55x 17.06x 1.02% 585.6Cr
Weighted average by Cap. 45.40x 5.86x 19.27x 0.53%

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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