Company Valuation: Kao Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,852,283 2,442,686 2,696,205 2,967,136 2,831,960 3,217,319 - -
Change - -14.36% 10.38% 10.05% -4.56% 13.61% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 3,045,063 3,013,619 2,972,043
Change - -12.92% 10.46% 7.76% 0.41% 10.66% -1.03% -1.38%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 23.3x 21.9x 20.2x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.84x 2.72x 2.56x
PEG - -1.4x -1.3x 0x 2x 1.3x 3.58x 2.37x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.8x 1.74x 1.68x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.7x 1.63x 1.55x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 10.9x 10.3x 9.62x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 16.2x 15x 13.7x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 23.7x 22.1x 20x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.23% 4.53% 5%
Dividend per Share 2 72 74 75 76 77 78.08 79.29 80.41
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.2% 2.23% 2.26%
EPS 2 115.3 91.64 47.18 116 130.2 152.9 162.3 176.1
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 51.1% 48.9% 45.7%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,789,855 1,852,986 1,913,398
EBITDA 1 230,851 199,809 149,630 235,066 249,910 279,563 291,584 309,050
EBIT 1 143,510 110,071 60,035 146,644 164,069 188,526 200,337 216,313
Net income 1 109,636 86,038 43,870 107,767 120,081 134,272 145,578 156,854
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -172,257 -203,701 -245,277
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,556.00 3,556.00 3,556.00
Nbr of stocks (in thousands) 947,760 929,661 929,726 928,972 904,635 904,758 - -
Announcement Date 3/2/22 2/2/23 7/2/24 6/2/25 5/2/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.25x1.7x10.89x2.2% 20.24B
21.04x4.06x14.83x3.04% 336B
18.24x2.74x12.09x3.5% 137B
24.77x3.71x15.57x2.33% 72.61B
41.79x6.73x29.21x2.21% 49.48B
34.36x2.62x14.35x1.55% 36.88B
20.05x2.8x11.7x4.44% 36.61B
20.99x1.36x8.84x1.25% 20.26B
15.78x1.52x8.7x3.35% 19.58B
39.98x5.64x27.62x1.79% 9.98B
Average 26.03x 3.29x 15.38x 2.57% 73.93B
Weighted average by Cap. 23.07x 3.64x 14.91x 2.92%

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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