Company Valuation: ITOCHU Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 5,326,410 6,089,921 6,261,808 9,303,534 9,792,107 13,860,997 - -
Change - 14.33% 2.82% 48.58% 5.25% 41.55% - -
Enterprise Value (EV) 1 8,991,384 8,372,921 8,652,977 12,045,134 13,342,907 16,993,480 17,220,529 17,283,992
Change - -6.88% 3.34% 39.2% 10.77% 27.36% 1.34% 0.37%
P/E ratio 13.3x 7.5x 7.88x 11.7x 11.2x 15.4x 14.3x 13.6x
PBR 1.61x 1.45x 1.3x 1.71x 1.7x 2.09x 2.01x 1.85x
PEG - 0x -6.44x 9.26x 1x 3.89x 1.94x 2.79x
Capitalization / Revenue 0.51x 0.5x 0.45x 0.66x 0.67x 0.93x 0.9x 0.85x
EV / Revenue 0.87x 0.68x 0.62x 0.86x 0.91x 1.12x 1.12x 1.06x
EV / EBITDA 10.9x 8.49x 7.78x 10.7x 11.8x 13.2x 11.2x 12.3x
EV / EBIT 22.3x 14.4x 12.3x 17.1x 19.5x 24x 21.5x 20.4x
EV / FCF 13.1x 9.97x 17.9x 15.6x 27.7x 36.2x 37x 29.3x
FCF Yield 7.66% 10% 5.6% 6.41% 3.6% 2.77% 2.7% 3.41%
Dividend per Share 2 17.6 22 28 32 40 42 44.6 47.83
Rate of return 2.45% 2.65% 3.26% 2.47% 2.9% 2.13% 2.25% 2.41%
EPS 2 53.97 110.6 109.2 110.6 123.1 128 138.7 145.4
Distribution rate 32.6% 19.9% 25.6% 28.9% 32.5% 32.8% 32.2% 32.9%
Net sales 1 10,362,628 12,293,348 13,945,633 14,029,910 14,724,234 14,823,087 15,364,850 16,346,201
EBITDA 1 827,711 986,706 1,111,875 1,123,243 1,133,922 1,176,044 1,533,062 1,405,493
EBIT 1 403,414 582,522 701,913 702,900 683,915 717,348 802,658 845,354
Net income 1 401,433 820,269 800,519 801,770 880,251 900,283 951,899 993,461
Net Debt 1 3,664,974 2,283,000 2,391,169 2,741,600 3,550,800 3,132,483 3,359,532 3,422,996
Reference price 2 717.40 828.80 860.20 1,293.20 1,380.20 1,983.00 1,983.00 1,983.00
Nbr of stocks (in thousands) 7,424,603 7,347,878 7,279,479 7,194,196 7,094,702 6,989,913 - -
Announcement Date 10/05/21 10/05/22 09/05/23 08/05/24 02/05/25 01/05/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.56x1.13x13.37x2.1% 89.71B
26.79x1.3x26.72x2.1% 123B
18.86x1.38x25.45x2.08% 101B
16.29x1.35x19.38x1.97% 56.67B
15.02x1.63x19.54x1.95% 53.93B
24.79x1.5x13.83x0.7% 47.13B
18.88x0.74x11.68x1.79% 45.46B
27.83x3.95x22.55x0.05% 34.54B
16.78x0.82x8.52x3.21% 10.47B
41.88x4.08x23.6x1.04% 9.57B
Average 22.27x 1.79x 18.46x 1.7% 57.08B
Weighted average by Cap. 20.81x 1.50x 20.09x 1.81%

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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