Company Valuation: Sumitomo Rubber Industries, Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,08,232 3,02,986 4,02,944 4,69,111 6,34,356 5,21,882 - -
Change - -1.7% 32.99% 16.42% 35.23% -17.73% - -
Enterprise Value (EV) 1 4,71,784 5,40,942 6,26,749 7,00,320 8,57,765 8,16,935 7,71,570 7,40,278
Change - 14.66% 15.86% 11.74% 22.48% -4.76% -5.55% -4.06%
P/E 10.5x 32.2x 10.9x 47.5x 12.6x 9.08x 7.17x 6.28x
PBR 0.61x 0.55x 0.65x 0.71x 0.89x 0.7x 0.66x 0.62x
PEG - -0.5x 0x -0.6x 0x 0.6x 0.3x 0.4x
Capitalization / Revenue 0.33x 0.28x 0.34x 0.39x 0.53x 0.4x 0.38x 0.37x
EV / Revenue 0.5x 0.49x 0.53x 0.58x 0.71x 0.63x 0.56x 0.52x
EV / EBITDA 4.04x 5.99x 4.38x 7.42x 5.32x 5.08x 3.99x 3.5x
EV / EBIT 9.59x 36.1x 9.72x 62.6x 10.4x 8.96x 6.59x 5.58x
EV / FCF 52x -10.6x 6.31x 26.7x -23.7x 29.5x 14.1x 11.3x
FCF Yield 1.92% -9.4% 15.9% 3.75% -4.21% 3.39% 7.1% 8.89%
Dividend per Share 2 55 35 58 58 77 88.47 109.1 126.7
Rate of return 4.69% 3.04% 3.79% 3.25% 3.19% 4.46% 5.5% 6.38%
EPS 2 112 35.8 140.9 37.51 191.6 218.6 277 316.1
Distribution rate 49.1% 97.8% 41.2% 155% 40.2% 40.5% 39.4% 40.1%
Net sales 1 9,36,000 10,98,700 11,77,400 12,11,856 12,07,061 13,04,078 13,65,964 14,21,892
EBITDA 1 1,16,893 90,336 1,43,049 94,354 1,61,253 1,60,767 1,93,618 2,11,484
EBIT 1 49,200 15,000 64,500 11,186 82,584 91,173 1,17,146 1,32,781
Net income 1 29,500 9,400 37,000 9,865 50,379 55,468 72,765 82,714
Net Debt 1 1,63,552 2,37,956 2,23,805 2,31,209 2,23,409 2,95,054 2,49,688 2,18,396
Reference price 2 1,172.00 1,152.00 1,532.00 1,783.50 2,413.50 1,985.50 1,985.50 1,985.50
Nbr of stocks (in thousands) 2,62,996 2,63,009 2,63,018 2,63,028 2,62,837 2,62,846 - -
Announcement Date 09/02/22 14/02/23 14/02/24 13/02/25 12/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.08x0.63x5.08x4.46% 332.47Cr
12.87x0.98x5.19x3.57% 2.96TCr
13.43x0.98x5.5x4.09% 2.57TCr
8.05x1.1x5.25x3.49% 685.88Cr
10.26x1.04x5.96x2.89% 651.68Cr
8.92x - - 3.41% 588.62Cr
17.88x - - 3.13% 490.32Cr
7.87x0.96x4.66x3.66% 373.23Cr
35.32x1.9x10.68x1.89% 251.02Cr
103.6x - - - 204.17Cr
Average 22.73x 1.08x 6.05x 3.4% 910.56Cr
Weighted average by Cap. 14.80x 1.01x 5.51x 3.62%

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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-40%: Exceptional extension
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