Company Valuation: IPS, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 25,973 30,367 32,066 27,648 37,480 53,914 - -
Change - 16.92% 5.6% -13.78% 35.56% 43.85% - -
Enterprise Value (EV) 23,245 30,415 37,933 33,799 46,534 53,914 53,914 53,914
Change - 30.84% 24.72% -10.9% 37.68% 15.86% 0% 0%
P/E 13.7x 13.2x 11.1x 10.8x 8.89x 12.5x 11.5x 9.88x
PBR 3.56x 3.25x 2.84x 1.82x 1.99x 2.38x 2.01x 1.7x
PEG - 0.6x 0.5x -0.9x 0.1x 6.73x 1.23x 0.6x
Capitalization / Revenue 2.42x 2.46x 2.27x 1.81x 2.2x 2.64x 2.2x 1.17x
EV / Revenue 0x 0x 0x 0x 0x 2.64x 2.2x 1.17x
EV / EBITDA - - - 0x 0x 7.19x 6.13x 4.25x
EV / EBIT 0x 0x 0x 0x 0x 8.56x 7.29x 4.77x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 25 35 37 40 40 40 40 40
Rate of return 1.19% 1.43% 1.48% 1.87% 1.4% 0.97% 0.97% 0.97%
EPS 2 152.4 184.5 225.1 197.1 322.4 328.4 359 416.3
Distribution rate 16.4% 19% 16.4% 20.3% 12.4% 12.2% 11.1% 9.61%
Net sales 1 10,728 12,346 14,117 15,264 16,999 20,400 24,500 46,000
EBITDA 1 - - - 5,411 6,309 7,500 8,800 12,700
EBIT 1 2,456 3,311 3,894 4,413 5,370 6,300 7,400 11,300
Net income 1 1,888 2,292 2,835 2,544 4,196 4,300 4,700 5,450
Net Debt -2,728 48 5,867 6,151 9,054 - - -
Reference price 2 2,094.00 2,441.00 2,494.00 2,137.00 2,866.00 4,115.00 4,115.00 4,115.00
Nbr of stocks (in thousands) 12,404 12,440 12,857 12,938 13,077 13,102 - -
Announcement Date 13/05/22 12/05/23 10/05/24 09/05/25 08/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.53x - - 0.97% 343M
43.53x10.74x15.78x5.73% 2.92B
18.97x0.93x7.06x1.99% 953M
-13.97x - - - 682M
Average 15.27x 5.83x 11.42x 2.9% 1.22B
Weighted average by Cap. 28.57x 8.32x 13.63x 4.5%

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