Company Valuation: Fast Retailing Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: August 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 7,406,445 8,373,801 10,266,710 14,308,569 14,272,649 22,905,587 - -
Change - 13.06% 22.61% 39.37% -0.25% 60.49% - -
Enterprise Value (EV) 1 6,633,209 7,867,587 9,129,493 13,122,517 13,671,423 21,843,408 21,519,434 21,103,843
Change - 18.61% 16.04% 43.74% 4.18% 59.77% -1.48% -1.93%
P/E ratio 43.6x 30.6x 34.7x 38.5x 33x 47.3x 42.9x 38.3x
PBR 6.63x 5.36x 5.64x 7.1x 6.28x 9.06x 8x 7.07x
PEG - 0.5x 4.16x 1.5x 2x 4x 4.2x 3.2x
Capitalization / Revenue 3.47x 3.64x 3.71x 4.61x 4.2x 5.89x 5.41x 4.92x
EV / Revenue 3.11x 3.42x 3.3x 4.23x 4.02x 5.62x 5.08x 4.54x
EV / EBITDA 15.5x 16.5x 16.1x 18.6x 17.5x 23.8x 21.8x 19.5x
EV / EBIT 26.6x 26.5x 24x 26.2x 24.2x 31.9x 28.5x 24.9x
EV / FCF 19.2x 36x -82.1x 23.1x 8,061x 34.6x 32.6x 28.2x
FCF Yield 5.22% 2.78% -1.22% 4.34% 0.01% 2.89% 3.07% 3.54%
Dividend per Share 2 160 206.7 290 450 500 576.9 627 684.9
Rate of return 0.66% 0.76% 0.87% 0.96% 1.07% 0.77% 0.84% 0.92%
EPS 2 554.4 891.8 966.1 1,213 1,411 1,579 1,740 1,951
Distribution rate 28.9% 23.2% 30% 37.1% 35.4% 36.5% 36% 35.1%
Net sales 1 2,132,992 2,301,122 2,766,557 3,103,836 3,400,539 3,886,464 4,232,348 4,651,159
EBITDA 1 426,921 477,600 567,962 705,292 780,757 917,907 989,132 1,083,858
EBIT 1 249,011 297,325 381,090 500,904 564,265 685,336 754,889 846,552
Net income 1 169,847 273,335 296,229 371,999 433,009 484,527 533,924 598,507
Net Debt 1 -773,236 -506,214 -1,137,217 -1,186,052 -601,226 -1,062,179 -1,386,153 -1,801,743
Reference price 2 24,173.33 27,316.67 33,480.00 46,650.00 46,520.00 74,650.00 74,650.00 74,650.00
Nbr of stocks (in thousands) 306,389 306,545 306,652 306,722 306,807 306,840 - -
Announcement Date 14/10/21 13/10/22 12/10/23 10/10/24 09/10/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
47.27x5.62x23.8x0.77% 144B
24.85x3.69x13.11x3.56% 199B
31.05x2.88x19.63x0.79% 73.53B
46.89x2.76x11.12x1.36% 35.86B
24.07x4.16x17.22x1.03% 31.1B
21.37x1.51x8.32x4.15% 31.13B
30.61x1.78x15.24x-.--% 21.85B
17.09x2.4x10.85x2.1% 21.1B
17.15x1.87x8.38x3.61% 12.38B
11.29x0.55x5.14x2.5% 9.96B
Average 27.16x 2.72x 13.28x 1.99% 58.07B
Weighted average by Cap. 31.88x 3.71x 16.19x 2.07%

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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