Company Valuation: AS ONE Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 270,685 203,012 190,188 166,033 157,071 175,570 - -
Change - -25% -6.32% -12.7% -5.4% 11.78% - -
Enterprise Value (EV) 1 254,568 190,587 180,606 150,647 141,787 156,073 152,703 148,723
Change - -25.13% -5.24% -16.59% -5.88% 10.08% -2.16% -2.61%
P/E 37.6x 25.6x 25.6x 20.2x 17.2x 18.5x 16.7x 15.5x
PBR 4.09x 3.17x 2.94x 2.49x 2.21x 2.37x 2.22x 2.06x
PEG - 1.9x -4.83x 1.9x 1.5x 4.76x 1.6x 1.98x
Capitalization / Revenue 3.11x 2.22x 1.99x 1.6x 1.42x 1.47x 1.38x 1.3x
EV / Revenue 2.93x 2.08x 1.89x 1.45x 1.28x 1.31x 1.2x 1.1x
EV / EBITDA 23x 14.6x 14.7x 11.2x 9.67x 9.96x 8.89x 8.05x
EV / EBIT 27.3x 16.7x 17.3x 13x 11x 11.6x 10.3x 9.31x
EV / FCF 33.1x 30.1x 39.5x 14.8x 35.5x 15.4x 16.6x 14.4x
FCF Yield 3.02% 3.32% 2.53% 6.74% 2.82% 6.49% 6.04% 6.93%
Dividend per Share 2 48.5 55.5 56 62 65 67.75 74 78
Rate of return 1.34% 1.98% 2.11% 2.68% 2.95% 2.75% 3% 3.17%
EPS 2 96.34 109.4 103.6 114.9 128.4 133.3 147.4 159
Distribution rate 50.3% 50.7% 54% 54% 50.6% 50.8% 50.2% 49.1%
Net sales 1 86,954 91,421 95,536 103,751 110,698 119,254 126,998 135,362
EBITDA 1 11,066 13,042 12,261 13,394 14,664 15,673 17,183 18,476
EBIT 1 9,341 11,396 10,435 11,593 12,838 13,488 14,790 15,967
Net income 1 7,202 8,112 7,500 8,229 9,179 9,511 10,510 11,324
Net Debt 1 -16,117 -12,425 -9,582 -15,386 -15,284 -19,498 -22,868 -26,848
Reference price 2 3,620.00 2,805.00 2,656.00 2,317.50 2,204.00 2,463.00 2,463.00 2,463.00
Nbr of stocks (in thousands) 74,775 72,375 71,607 71,643 71,266 71,283 - -
Announcement Date 13/05/22 12/05/23 14/05/24 14/05/25 13/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.47x1.31x9.96x2.75% 1.14B
22.17x0.93x10.92x-.--% 9.85B
13.81x0.23x5.18x2.68% 1.43B
Average 18.15x 0.82x 8.69x 1.81% 4.14B
Weighted average by Cap. 20.86x 0.89x 10.17x 0.56%

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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