Company Valuation: Shiseido Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 25,62,314 25,85,474 16,99,311 11,12,991 9,10,125 12,22,637 - -
Change - 0.9% -34.27% -34.5% -18.23% 34.34% - -
Enterprise Value (EV) 1 25,36,903 27,63,626 18,75,607 13,77,672 11,41,445 14,26,874 13,90,131 13,51,698
Change - 8.94% -32.13% -26.55% -17.15% 25.01% -2.58% -2.76%
P/E 60.4x 75.6x 78.1x -103x -22.4x 29.8x 23.9x 21x
PBR 4.7x 4.28x 2.75x 1.76x 1.51x 1.97x 1.89x 1.81x
PEG - -3.9x -2.1x 1x -0x -0x 1x 1.5x
Capitalization / Revenue 2.48x 2.42x 1.75x 1.12x 0.94x 1.22x 1.19x 1.15x
EV / Revenue 2.45x 2.59x 1.93x 1.39x 1.18x 1.43x 1.35x 1.27x
EV / EBITDA 22.8x 27x 20.4x 16.6x 26.6x 11x 9.85x 8.9x
EV / EBIT 61x 59.3x 66.7x 182x -39.7x 23.6x 18.6x 16.3x
EV / FCF 96.9x 509x 35.1x -598x 17.3x 19x 18.9x 18.9x
FCF Yield 1.03% 0.2% 2.85% -0.17% 5.76% 5.27% 5.28% 5.28%
Dividend per Share 2 50 100 60 40 40 60 65.21 71.08
Rate of return 0.78% 1.55% 1.41% 1.44% 1.76% 1.96% 2.13% 2.32%
EPS 2 106.2 85.6 54.43 -27.06 -101.8 102.8 128 145.5
Distribution rate 47.1% 117% 110% -148% -39.3% 58.4% 50.9% 48.8%
Net sales 1 10,35,165 10,67,355 9,73,038 9,90,586 9,69,992 10,01,284 10,31,158 10,62,610
EBITDA 1 1,11,434 1,02,371 91,819 83,241 42,947 1,29,638 1,41,073 1,51,838
EBIT 1 41,586 46,572 28,133 7,575 -28,788 60,345 74,722 83,170
Net income 1 42,439 34,202 21,749 -10,813 -40,680 41,396 52,351 58,597
Net Debt 1 -25,411 1,78,152 1,76,296 2,64,681 2,31,320 2,04,236 1,67,494 1,29,060
Reference price 2 6,414.00 6,471.00 4,252.00 2,786.50 2,278.00 3,060.00 3,060.00 3,060.00
Nbr of stocks (in thousands) 3,99,488 3,99,548 3,99,650 3,99,423 3,99,528 3,99,555 - -
Announcement Date 09/02/22 10/02/23 09/02/24 10/02/25 10/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.41x1.41x10.9x1.98% 743.75Cr
28.93x4.52x18.69x2.03% 23TCr
56.66x8.07x31.59x0.27% 4.93TCr
26.24x4.9x18.88x1.18% 993.28Cr
21.55x1.53x9.68x1.29% 519.1Cr
39.41x2.59x12.78x-.--% 439.02Cr
25.3x2.49x13x2.61% 393.02Cr
14.99x1.68x9.38x2.89% 348.68Cr
20.64x2.55x12.48x3.74% 266.63Cr
-4.58x0.9x6.12x-.--% 219.24Cr
Average 25.86x 3.06x 14.35x 1.6% 3.21TCr
Weighted average by Cap. 32.65x 4.83x 19.96x 1.71%

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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