Company Valuation: Path Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 4,612 2,364 2,992 9,011 7,191 5,540
Change - -48.74% 26.54% 201.17% -20.19% -22.96%
Enterprise Value (EV) 1 4,407 2,519 2,820 8,715 7,150 5,433
Change - -42.84% 11.92% 209.04% -17.95% -24.02%
P/E -8.17x -3.06x -10.8x -50.1x -22.5x -4.06x
PBR 7.05x 5.04x 2.77x 7.75x 2.91x 2.91x
PEG - -0.2x 0.1x 1.3x -0.7x -0x
Capitalization / Revenue 2.09x 1.12x 1.5x 3.88x 3.19x 2.34x
EV / Revenue 2x 1.19x 1.42x 3.76x 3.17x 2.29x
EV / EBITDA -8.43x -3.96x -14.4x -63.1x -43.3x -6.89x
EV / EBIT -8.18x -3.78x -12.8x -50.7x -34.2x -5.96x
EV / FCF -14.1x -4.39x -7.31x -94.2x -9.16x -6.48x
FCF Yield -7.1% -22.8% -13.7% -1.06% -10.9% -15.4%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -18.35 -20.93 -5.464 -3.293 -4.35 -16.52
Distribution rate - - - - - -
Net sales 1 2,208 2,114 1,991 2,320 2,253 2,370
EBITDA 1 -523 -637 -196 -138 -165 -789
EBIT 1 -539 -666 -221 -172 -209 -911
Net income 1 -538 -745 -256 -175 -276 -1,276
Net Debt 1 -205 155 -172 -296 -41 -107
Reference price 2 150.00 64.00 59.00 165.00 98.00 67.00
Nbr of stocks (in thousands) 30,750 36,945 50,710 54,610 73,377 82,680
Announcement Date 30/6/21 30/6/22 30/6/23 28/6/24 27/6/25 25/6/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 29.21M
29.14x4.51x18.56x2.03% 237B
56.74x8.09x31.07x0.27% 49.77B
24.76x4.53x17.56x1.34% 10.33B
32.95x1.59x11.97x1.74% 8.83B
22.34x1.6x10.24x1.2% 5.92B
53.94x3.26x15.89x-.--% 5.88B
23.95x2.42x13.01x2.73% 3.75B
13.79x1.5x8.34x3.18% 3.24B
19.83x2.57x12.4x3.93% 2.68B
Average 30.83x 3.34x 15.45x 1.83% 32.78B
Weighted average by Cap. 33.33x 4.83x 19.84x 1.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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