Company Valuation: SPK Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 12,974 13,406 17,383 20,777 20,957 25,464
Change - 3.33% 29.66% 19.53% 0.87% 21.5%
Enterprise Value (EV) 1 8,023 9,548 14,125 18,141 20,673 24,195
Change - 19% 47.93% 28.43% 13.96% 17.03%
P/E 9.38x 8.25x 8.44x 8.69x 8.38x 9.46x
PBR 0.69x 0.66x 0.78x 0.85x 0.78x 0.87x
PEG - 0.5x 0.3x 0.5x 2.05x 1.25x
Capitalization / Revenue 0.31x 0.28x 0.32x 0.33x 0.3x 0.34x
EV / Revenue 0.19x 0.2x 0.26x 0.29x 0.3x 0.32x
EV / EBITDA 3.5x 4.06x 4.47x 4.87x 5.12x 5.35x
EV / EBIT 3.93x 4.69x 5.19x 5.77x 6.24x 6.74x
EV / FCF 4.82x -18.1x -34x -58.9x -15.8x 15.3x
FCF Yield 20.8% -5.52% -2.94% -1.7% -6.31% 6.52%
Dividend per Share 2 18.5 20 22 25 30 36.5
Rate of return 2.86% 3% 2.54% 2.42% 2.89% 2.89%
EPS 2 68.86 80.91 102.5 119.1 124 133.3
Distribution rate 26.9% 24.7% 21.5% 21% 24.2% 27.4%
Net sales 1 41,902 47,686 54,695 63,302 68,720 75,246
EBITDA 1 2,295 2,350 3,158 3,726 4,040 4,522
EBIT 1 2,044 2,035 2,720 3,145 3,311 3,588
Net income 1 1,383 1,625 2,059 2,392 2,497 2,692
Net Debt 1 -4,951 -3,858 -3,258 -2,636 -284 -1,269
Reference price 2 646.00 667.50 865.50 1,034.50 1,038.50 1,261.00
Nbr of stocks (in thousands) 20,084 20,084 20,084 20,084 20,180 20,193
Announcement Date 22/6/21 22/6/22 22/6/23 26/6/24 25/6/25 18/6/26
1JPY in Million2JPY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 168M
17.68x0.81x9.74x3.52% 16.59B
11.17x0.69x6.48x - 6.42B
9.7x0.37x4.99x4.29% 3.84B
13.61x0.65x9.08x0.16% 3.29B
11.5x - - - 946M
29.26x3.48x17.7x2.45% 962M
12.17x - - 2.99% 714M
Average 15.01x 1.20x 9.60x 2.68% 4.12B
Weighted average by Cap. 15.10x 0.80x 8.66x 3.15%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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