Company Valuation: TOKAI Corp.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 60,694 69,713 77,103 70,684 75,946 77,520 - -
Change - 14.86% 10.6% -8.33% 7.44% 2.07% - -
Enterprise Value (EV) 1 27,258 35,015 47,242 45,942 54,043 54,381 51,502 48,463
Change - 28.46% 34.92% -2.75% 17.63% 0.63% -5.29% -5.9%
P/E 10.5x 11.4x 13.3x 15x 13.2x 12.1x 11.2x 10.5x
PBR 0.79x 0.85x 0.89x 0.83x 0.91x 0.85x 0.81x 0.77x
PEG - 2.09x -2.77x -1x 0.4x 1x 1.53x 1.53x
Capitalization / Revenue 0.49x 0.54x 0.56x 0.47x 0.48x 0.47x 0.45x 0.44x
EV / Revenue 0.22x 0.27x 0.34x 0.31x 0.34x 0.33x 0.3x 0.27x
EV / EBITDA 2.23x 2.88x 3.7x 3.46x 3.72x 3.79x 3.42x 3.07x
EV / EBIT 3.3x 4.46x 5.85x 5.6x 5.76x 5.89x 5.25x 4.68x
EV / FCF 8.03x 14.9x -38.7x 8.1x 7.5x 7.46x 7.92x 7.04x
FCF Yield 12.5% 6.73% -2.58% 12.3% 13.3% 13.4% 12.6% 14.2%
Dividend per Share 2 42 60 58 58 68 82 86.5 92
Rate of return 2.44% 3.03% 2.65% 2.78% 2.77% 3.27% 3.45% 3.67%
EPS 2 164.4 173.4 165 139.1 185.6 208 223.3 238.6
Distribution rate 25.5% 34.6% 35.1% 41.7% 36.6% 39.4% 38.7% 38.6%
Net sales 1 1,23,484 1,30,184 1,38,222 1,49,542 1,59,664 1,66,400 1,72,250 1,77,935
EBITDA 1 12,205 12,144 12,762 13,297 14,522 14,358 15,074 15,768
EBIT 1 8,252 7,855 8,082 8,205 9,382 9,238 9,802 10,348
Net income 1 5,806 6,106 5,810 4,733 6,069 6,342 6,712 7,066
Net Debt 1 -33,436 -34,698 -29,861 -24,742 -21,903 -23,139 -26,018 -29,057
Reference price 2 1,724.00 1,979.00 2,190.00 2,090.00 2,459.00 2,510.00 2,510.00 2,510.00
Nbr of stocks (in thousands) 35,206 35,227 35,207 33,820 30,885 30,885 - -
Announcement Date 09/05/22 11/05/23 10/05/24 09/05/25 12/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.06x0.33x3.79x3.27% 49Cr
28.79x14.68x20.86x0.75% 66TCr
35.02x6.42x22.78x1.03% 7.71TCr
23.5x4.6x10.13x0.72% 6.73TCr
-106.62x24.05x57.83x-.--% 6.66TCr
10.38x1.38x7.12x1.06% 4.52TCr
45.17x1.67x9.32x-.--% 4.49TCr
19.68x3.36x8.01x1.61% 3.16TCr
19.79x6.06x11.56x-.--% 2.59TCr
9.41x2.53x6.09x-.--% 2.36TCr
Average 9.72x 6.51x 15.75x 0.84% 10.45TCr
Weighted average by Cap. 19.24x 12.04x 20.61x 0.69%

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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