Company Valuation: NOF Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 413,070 499,336 498,345 474,805 702,176 553,721 - -
Change - 20.88% -0.2% -4.72% 47.89% -21.14% - -
Enterprise Value (EV) 1 333,269 411,659 411,766 392,055 618,951 490,818 488,328 458,210
Change - 23.52% 0.03% -4.79% 57.87% -20.7% -0.51% -6.17%
P/E 15.5x 14.8x 14.8x 13.1x 17.6x 13.6x 12.1x 11.7x
PBR 1.87x 2.08x 1.88x 1.69x 2.38x 1.82x 1.66x 1.56x
PEG - 0.5x 9.51x 1.46x 1.2x 3.54x 1x 2.99x
Capitalization / Revenue 2.14x 2.29x 2.24x 1.99x 2.72x 1.78x 1.69x 1.78x
EV / Revenue 1.73x 1.89x 1.85x 1.65x 2.4x 1.58x 1.49x 1.47x
EV / EBITDA 8.03x 8.76x 8.39x 7.36x 8.9x 4.47x 4.09x 5.47x
EV / EBIT 9.36x 10.1x 9.77x 8.65x 13.1x 9.32x 8.34x 7.85x
EV / FCF 17.9x 18.2x 36.5x 37x - 112x 21.4x 10.6x
FCF Yield 5.59% 5.5% 2.74% 2.7% - 0.9% 4.67% 9.41%
Dividend per Share 2 30 36 38 45 61 69 71.67 77.67
Rate of return 1.79% 1.75% 1.82% 2.23% 1.97% 2.78% 2.89% 3.13%
EPS 2 107.9 139 141.2 153.9 176.3 183.1 205.1 213.2
Distribution rate 27.8% 25.9% 26.9% 29.2% 34.6% 37.7% 34.9% 36.4%
Net sales 1 192,642 217,709 222,252 238,310 257,967 310,380 326,900 311,000
EBITDA 1 41,504 46,983 49,081 53,273 69,527 109,925 119,325 83,700
EBIT 1 35,595 40,624 42,142 45,308 47,411 52,667 58,533 58,367
Net income 1 26,690 33,973 33,990 36,497 40,550 41,217 45,367 45,667
Net Debt 1 -79,801 -87,677 -86,579 -82,750 -83,225 -62,902 -65,392 -95,511
Reference price 2 1,673.33 2,056.67 2,085.50 2,020.00 3,101.00 2,484.00 2,484.00 2,484.00
Nbr of stocks (in thousands) 246,855 242,789 238,957 235,052 226,435 222,915 - -
Announcement Date 11/5/22 11/5/23 9/5/24 9/5/25 11/5/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.56x1.58x4.47x2.78% 3.51B
28.9x6.64x16.98x1.36% 218B
27.29x4.24x13.66x2.12% 122B
29.59x3.6x18.45x0.97% 79.75B
82.4x6.21x14.44x2.59% 62.17B
18.11x5.84x29.01x3.79% 61.47B
62.51x1.28x8.53x6.36% 37.07B
10.79x1.15x6.26x3.07% 31.56B
9.02x3.02x7.09x4.68% 24.29B
44.34x5.63x30.14x1.29% 24.14B
Average 32.65x 3.92x 14.90x 2.9% 66.4B
Weighted average by Cap. 33.47x 4.97x 16.49x 2.28%

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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  4. Valuation NOF Corporation