Company Valuation: T&D Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 8,41,851 9,43,897 8,97,787 13,76,586 16,25,358 19,86,578 - -
Change - 12.12% -4.89% 53.33% 18.07% 22.22% - -
Enterprise Value (EV) 1 8,41,851 9,43,897 8,97,787 13,76,586 16,25,358 25,70,759 26,07,824 26,49,624
Change - 12.12% -4.89% 53.33% 18.07% 58.17% 1.44% 1.6%
P/E ratio 5.25x 68.5x -6.92x 14.2x 13.1x 14.1x 14.2x 11.9x
PBR 0.54x 0.68x 0.91x 0.98x 1.25x 1.18x 1.31x 1.27x
PEG - -0.8x 0x -0x 0.4x 0.9x 1.4x 0.6x
Capitalization / Revenue 0.35x 0.36x 0.28x 0.43x 0.44x 0.55x 0.63x 0.59x
EV / Revenue 0.35x 0.36x 0.28x 0.43x 0.44x 0.79x 0.82x 0.78x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 46 56 62 70 80 130 165.3 187.5
Rate of return 3.23% 3.35% 3.78% 2.69% 2.52% 3.29% 3.99% 4.53%
EPS 2 271.6 24.39 -237.3 183.1 241.7 279.6 291 347.8
Distribution rate 16.9% 230% -26.1% 38.2% 33.1% 46.5% 56.8% 53.9%
Net sales 1 24,13,953 26,14,377 32,14,110 32,07,991 37,30,479 34,82,214 31,74,400 33,94,120
EBITDA - - - - - - - -
EBIT - - - - - - - -
Net income 1 1,62,316 14,180 -1,32,150 98,777 1,26,411 1,38,968 1,49,079 1,66,715
Net Debt 1 - - - - - 5,84,181 6,21,247 6,63,046
Reference price 2 1,426.00 1,671.00 1,641.00 2,597.50 3,174.00 4,140.00 4,140.00 4,140.00
Nbr of stocks (in thousands) 5,90,358 5,64,869 5,47,097 5,29,966 5,12,085 4,79,850 - -
Announcement Date 14/05/21 13/05/22 15/05/23 15/05/24 15/05/25 15/05/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.73x0.79x - 3.08% 1.25TCr
6.2x1.51x - 3.36% 13TCr
9.96x0.48x11.79x1.5% 5.24TCr
11.33x - - 3.95% 4.25TCr
17.41x10.41x98.98x2.39% 3.51TCr
9.27x2.19x10.44x5.56% 2.29TCr
70.94x1.45x - 0.17% 1.94TCr
66.89x1.22x - 0.36% 1.35TCr
9.69x2.39x9.04x0.85% 1.2TCr
9.13x - - 5.33% 1.16TCr
Average 22.65x 2.55x 32.56x 2.66% 3.55TCr
Weighted average by Cap. 15.06x 2.40x 36.27x 2.89%

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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