Company Valuation: Kaneka Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 231,272 224,812 247,581 239,651 288,782 371,259 - -
Change - -2.79% 10.13% -3.2% 20.5% 28.56% - -
Enterprise Value (EV) 1 317,939 358,887 398,707 417,070 469,122 571,659 578,331 596,817
Change - 12.88% 11.1% 4.61% 12.48% 21.86% 1.17% 3.2%
P/E 8.73x 9.87x 10.7x 9.5x 9.57x 12.6x 11.9x 11x
PBR 0.6x 0.54x 0.54x 0.51x 0.58x 0.73x 0.71x 0.66x
PEG - -0.7x 4.5x 0.8x 0.4x -4.43x 2.16x 1.27x
Capitalization / Revenue 0.33x 0.3x 0.32x 0.3x 0.36x 0.43x 0.42x 0.41x
EV / Revenue 0.46x 0.47x 0.52x 0.52x 0.58x 0.66x 0.65x 0.65x
EV / EBITDA 3.9x 4.81x 5.44x 4.97x 5.84x 6.33x 6.21x 5.92x
EV / EBIT 7.3x 10.2x 12.2x 10.4x 14.3x 14.5x 13.1x 11.8x
EV / FCF -57.9x -27.1x 127x - 19.5x 57.4x 46.8x 81.2x
FCF Yield -1.73% -3.69% 0.79% - 5.12% 1.74% 2.14% 1.23%
Dividend per Share 2 110 110 110 130 160 190 195 216.7
Rate of return 3.1% 3.19% 2.88% 3.41% 3.34% 3.1% 3.18% 3.53%
EPS 2 406 349.6 357.9 400.9 501.3 487 513.9 558.4
Distribution rate 27.1% 31.5% 30.7% 32.4% 31.9% 39% 37.9% 38.8%
Net sales 1 691,530 755,821 762,302 807,200 811,638 862,100 884,580 912,500
EBITDA 1 81,515 74,543 73,358 83,987 80,321 90,300 93,060 100,767
EBIT 1 43,562 35,087 32,579 40,050 32,894 39,340 44,300 50,500
Net income 1 26,487 23,008 23,220 25,309 30,977 28,617 30,050 31,167
Net Debt 1 86,667 134,075 151,126 177,419 180,340 200,400 207,071 225,557
Reference price 2 3,545.00 3,450.00 3,814.00 3,808.00 4,795.00 6,135.00 6,135.00 6,135.00
Nbr of stocks (in thousands) 65,239 65,163 64,914 62,934 60,226 60,142 - -
Announcement Date 12/05/22 12/05/23 14/05/24 14/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.6x0.66x6.31x3.1% 2.32B
19.64x3.5x9.9x2.02% 69.63B
12.27x0.93x7.75x4.4% 51.94B
58.8x9.44x40.2x0.93% 17.61B
13.18x0.87x6.15x2.78% 13.73B
15.78x0.71x7.74x3.13% 10.19B
12.72x0.73x5.03x2.83% 9.65B
37.51x1.7x9x2.05% 9.5B
32.21x4.4x18.82x0.36% 8.04B
5.17x0.67x3.17x-.--% 7.2B
Average 21.99x 2.36x 11.41x 2.16% 19.98B
Weighted average by Cap. 20.95x 2.71x 11.44x 2.56%

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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