Company Valuation: Canon Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,929,211 2,899,801 3,575,836 4,871,959 4,070,674 3,778,708 - -
Change - -1% 23.31% 36.25% -16.45% -7.17% - -
Enterprise Value (EV) 1 2,749,080 2,944,208 3,588,005 4,889,024 4,430,852 4,082,475 4,047,142 3,911,195
Change - 7.1% 21.87% 36.26% -9.37% -7.86% -0.87% -3.36%
P/E 13.6x 12.1x 13.7x 31.2x 12.6x 11.8x 11.3x 10.5x
PBR 1.02x 0.93x 1.07x 1.48x 1.17x 1.08x 1.02x 0.97x
PEG - 0.8x 1.2x -0.8x 0x 4.86x 2.41x 1.37x
Capitalization / Revenue 0.83x 0.72x 0.86x 1.08x 0.88x 0.79x 0.77x 0.75x
EV / Revenue 0.78x 0.73x 0.86x 1.08x 0.96x 0.86x 0.82x 0.78x
EV / EBITDA 5.46x 5.08x 5.84x 9.49x 6.38x 5.87x 5.63x 5.17x
EV / EBIT 9.75x 8.33x 9.56x 17.5x 9.73x 8.89x 8.47x 7.66x
EV / FCF 10x 36x 20.4x 13.9x 19.6x 14.7x 13.7x 12.4x
FCF Yield 9.96% 2.78% 4.9% 7.17% 5.11% 6.79% 7.28% 8.08%
Dividend per Share 2 100 120 140 155 160 160.6 167.3 173.9
Rate of return 3.57% 4.2% 3.87% 3% 3.45% 3.61% 3.76% 3.91%
EPS 2 205.4 236.7 264.2 165.5 367.5 376.4 394.1 424.2
Distribution rate 48.7% 50.7% 53% 93.6% 43.5% 42.7% 42.4% 41%
Net sales 1 3,513,357 4,031,414 4,180,972 4,509,821 4,624,727 4,774,248 4,936,037 5,038,719
EBITDA 1 503,164 579,891 614,042 515,219 694,626 695,806 718,507 756,367
EBIT 1 281,918 353,399 375,366 279,754 455,390 459,245 477,659 510,425
Net income 1 214,718 243,961 264,513 160,025 332,053 330,363 332,516 351,567
Net Debt 1 -180,131 44,407 12,169 17,065 360,178 303,767 268,434 132,487
Reference price 2 2,801.00 2,855.50 3,620.00 5,161.00 4,633.00 4,449.00 4,449.00 4,449.00
Nbr of stocks (in thousands) 1,045,773 1,015,514 987,800 943,995 878,626 849,339 - -
Announcement Date 27/1/22 30/1/23 30/1/24 30/1/25 29/1/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.76x0.85x5.84x3.63% 24.23B
11.63x0.93x5.27x2.49% 7.16B
13.48x0.46x5.59x2.71% 5.9B
36.27x10.67x25.22x0.83% 3.88B
11.28x2.2x7.18x2.1% 2.37B
10.36x0.45x4.8x2.89% 1.99B
12.64x0.63x7.42x2.6% 1.45B
12.26x - - 2.1% 975M
11.09x - - 3.01% 557M
Average 14.53x 2.31x 8.76x 2.48% 5.39B
Weighted average by Cap. 13.85x 1.67x 7.39x 2.95%

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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