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 3,274,319 - -
Change - -14.36% 10.38% 10.05% -4.56% 15.62% - -
Enterprise Value (EV) 1 2,643,951 2,302,274 2,543,022 2,740,482 2,751,820 3,086,155 3,069,018 3,031,442
Change - -12.92% 10.46% 7.76% 0.41% 12.15% -0.56% -1.22%
P/E 26.1x 28.7x 61.5x 27.5x 24.1x 23.5x 22.1x 20.4x
PBR 2.96x 2.51x 2.74x 2.78x 2.66x 2.89x 2.77x 2.6x
PEG - -1.4x -1.3x 0x 2x 1.3x 3.32x 2.57x
Capitalization / Revenue 2.01x 1.57x 1.76x 1.82x 1.68x 1.82x 1.76x 1.7x
EV / Revenue 1.86x 1.48x 1.66x 1.68x 1.63x 1.72x 1.65x 1.58x
EV / EBITDA 11.5x 11.5x 17x 11.7x 11x 11x 10.4x 9.73x
EV / EBIT 18.4x 20.9x 42.4x 18.7x 16.8x 16.3x 15.2x 13.9x
EV / FCF 24.4x - 23.3x 25.4x 27.9x 24x 22.5x 20.4x
FCF Yield 4.1% - 4.3% 3.94% 3.58% 4.17% 4.45% 4.9%
Dividend per Share 2 72 74 75 76 77 78.12 79.42 80.73
Rate of return 2.39% 2.82% 2.59% 2.38% 2.46% 2.16% 2.19% 2.23%
EPS 2 115.3 91.64 47.18 116 130.2 153.7 164 177
Distribution rate 62.4% 80.8% 159% 65.5% 59.2% 50.8% 48.4% 45.6%
Net sales 1 1,418,768 1,551,059 1,532,579 1,628,448 1,688,633 1,797,188 1,862,456 1,923,877
EBITDA 1 230,851 199,809 149,630 235,066 249,910 280,929 294,237 311,552
EBIT 1 143,510 110,071 60,035 146,644 164,069 189,724 202,514 218,369
Net income 1 109,636 86,038 43,870 107,767 120,081 137,051 147,437 158,196
Net Debt 1 -208,332 -140,412 -153,183 -226,654 -80,140 -188,164 -205,301 -242,877
Reference price 2 3,009.50 2,627.50 2,900.00 3,194.00 3,130.50 3,619.00 3,619.00 3,619.00
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.($)
23.54x1.72x10.99x2.16% 20.55B
20.84x4.02x14.68x3.08% 333B
18.5x2.77x12.23x3.45% 139B
24.74x3.7x15.55x2.33% 72.51B
41.67x6.71x29.12x2.21% 49.42B
35.82x2.72x14.87x1.52% 38.43B
20.19x2.82x11.75x4.4% 36.88B
16.2x1.55x8.88x3.28% 19.93B
39.55x5.58x27.33x1.81% 9.89B
32.56x4.18x22.28x2.14% 7.17B
Average 27.36x 3.58x 16.77x 2.64% 72.65B
Weighted average by Cap. 23.28x 3.69x 15.13x 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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