Company Valuation: Daiwa House Industry Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 2,119,873 2,098,244 2,051,729 2,897,122 3,054,570 2,954,290 - -
Change - -1.02% -2.22% 41.2% 5.43% -3.28% - -
Enterprise Value (EV) 1 2,980,533 3,287,091 3,642,146 4,650,722 5,030,448 5,136,965 5,131,969 5,170,715
Change - 10.29% 10.8% 27.69% 8.16% 2.12% -0.1% 0.76%
P/E ratio 10.9x 9.31x 6.64x 9.9x 9.61x 9.87x 8.98x 8.31x
PBR 1.16x 1.04x 0.9x 1.19x 1.17x 1.07x 0.99x 0.92x
PEG - 0.6x 0.2x -3.88x 0.8x -1.65x 0.9x 1.04x
Capitalization / Revenue 0.51x 0.47x 0.42x 0.56x 0.56x 0.53x 0.5x 0.49x
EV / Revenue 0.72x 0.74x 0.74x 0.89x 0.93x 0.92x 0.86x 0.85x
EV / EBITDA 6.84x 6.8x 6.29x 8.34x 7.42x 7.72x 7.41x 7.16x
EV / EBIT 8.35x 8.58x 7.83x 10.6x 9.21x 9.8x 9.6x 9.17x
EV / FCF 73.9x -25.1x -12.7x -572x -69.1x -27.9x 201x 161x
FCF Yield 1.35% -3.98% -7.9% -0.17% -1.45% -3.58% 0.5% 0.62%
Dividend per Share 2 116 126 130 143 150 175 195.8 211.4
Rate of return 3.58% 3.94% 4.17% 3.16% 3.04% 3.67% 4.1% 4.43%
EPS 2 297.2 343.8 469.1 457.2 514 483.3 531.4 574
Distribution rate 39% 36.6% 27.7% 31.3% 29.2% 36.2% 36.8% 36.8%
Net sales 1 4,126,769 4,439,536 4,908,199 5,202,919 5,434,819 5,607,845 5,967,247 6,083,555
EBITDA 1 435,524 483,584 578,834 557,414 678,065 665,595 693,036 721,885
EBIT 1 357,121 383,256 465,370 440,210 546,279 524,093 534,583 563,992
Net income 1 195,076 225,272 308,399 298,752 325,058 298,541 326,351 346,145
Net Debt 1 860,660 1,188,847 1,590,417 1,753,600 1,975,878 2,182,675 2,177,679 2,216,426
Reference price 2 3,241.00 3,201.00 3,114.00 4,528.00 4,938.00 4,770.00 4,770.00 4,770.00
Nbr of stocks (in thousands) 654,080 655,497 658,872 639,824 618,584 619,348 - -
Announcement Date 14/05/21 13/05/22 12/05/23 10/05/24 13/05/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.88x0.92x7.72x3.67% 18.87B
13.96x1.32x10.15x1.21% 41.86B
11.73x1.35x8.08x0.86% 22.39B
9.65x0.81x8.57x4.31% 14.1B
10.86x1.33x7.89x0.74% 13.07B
13.43x0.72x5.69x3.39% 6.09B
11.39x0.98x8.52x-.--% 5.61B
8.36x0.79x10.13x3.85% 5.11B
10.43x0.54x5.24x5.52% 5.03B
10.93x0.9x6.69x5.65% 4.87B
Average 11.06x 0.96x 7.87x 2.92% 13.7B
Weighted average by Cap. 11.72x 1.11x 8.53x 2.23%

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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