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 3,980,001 - -
Change - -1% 23.31% 36.25% -16.45% -2.23% - -
Enterprise Value (EV) 1 2,749,080 2,944,208 3,588,005 4,889,024 4,430,852 4,287,235 4,201,770 4,116,288
Change - 7.1% 21.87% 36.26% -9.37% -3.24% -1.99% -2.03%
P/E 13.6x 12.1x 13.7x 31.2x 12.6x 12.5x 11.7x 11x
PBR 1.02x 0.93x 1.07x 1.48x 1.17x 1.14x 1.08x 1.02x
PEG - 0.8x 1.2x -0.8x 0x 6.09x 1.74x 1.63x
Capitalization / Revenue 0.83x 0.72x 0.86x 1.08x 0.88x 0.83x 0.81x 0.79x
EV / Revenue 0.78x 0.73x 0.86x 1.08x 0.96x 0.9x 0.85x 0.82x
EV / EBITDA 5.46x 5.08x 5.84x 9.49x 6.38x 6.16x 5.82x 5.43x
EV / EBIT 9.75x 8.33x 9.56x 17.5x 9.73x 9.39x 8.65x 7.98x
EV / FCF 10x 36x 20.4x 13.9x 19.6x 15.5x 14.3x 13x
FCF Yield 9.96% 2.78% 4.9% 7.17% 5.11% 6.46% 7.01% 7.68%
Dividend per Share 2 100 120 140 155 160 162.3 170.3 177.8
Rate of return 3.57% 4.2% 3.87% 3% 3.45% 3.46% 3.63% 3.79%
EPS 2 205.4 236.7 264.2 165.5 367.5 375 400.2 427.3
Distribution rate 48.7% 50.7% 53% 93.6% 43.5% 43.3% 42.5% 41.6%
Net sales 1 3,513,357 4,031,414 4,180,972 4,509,821 4,624,727 4,781,835 4,940,656 5,043,128
EBITDA 1 503,164 579,891 614,042 515,219 694,626 696,423 721,458 757,817
EBIT 1 281,918 353,399 375,366 279,754 455,390 456,517 485,608 515,567
Net income 1 214,718 243,961 264,513 160,025 332,053 329,153 339,060 356,727
Net Debt 1 -180,131 44,407 12,169 17,065 360,178 307,234 221,768 136,287
Reference price 2 2,801.00 2,855.50 3,620.00 5,161.00 4,633.00 4,686.00 4,686.00 4,686.00
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.5x0.9x6.16x3.46% 24.88B
13.07x1.03x5.74x2.48% 7.52B
14.1x0.48x5.78x2.59% 5.98B
37.28x10.97x25.92x0.8% 3.98B
11.21x2.19x7.15x2.11% 2.36B
10.98x0.47x4.99x2.72% 2.04B
13.94x0.68x8.04x2.35% 1.55B
13.66x - - 1.89% 1.05B
12.41x - - 2.8% 580M
Average 15.46x 2.39x 9.11x 2.36% 5.55B
Weighted average by Cap. 14.70x 1.73x 7.73x 2.83%

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