Company Valuation: Kewpie Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 301,337 340,143 358,628 478,166 596,116 632,397 - -
Change - 12.88% 5.43% 33.33% 24.67% 6.09% - -
Enterprise Value (EV) 1 274,721 304,783 321,809 407,798 541,312 584,270 585,962 583,561
Change - 10.94% 5.59% 26.72% 32.74% 7.94% 0.29% -0.41%
P/E 18x 21.2x 27.2x 22.3x 20x 24.4x 22x 19.5x
PBR 1.31x 1.27x 1.27x 1.58x 1.89x 1.93x 1.86x 1.78x
PEG - -2.1x -1.5x 0.4x 0.5x -1.8x 2x 1.6x
Capitalization / Revenue 0.74x 0.79x 0.79x 0.99x 1.16x 1.19x 1.14x 1.1x
EV / Revenue 0.67x 0.71x 0.71x 0.84x 1.05x 1.1x 1.06x 1.01x
EV / EBITDA 6.31x 7.31x 8.74x 7.47x 10.2x 10.1x 9.42x 8.67x
EV / EBIT 9.82x 12x 16.3x 11.9x 15.6x 15x 13.8x 12.4x
EV / FCF 10.4x 27.7x 54.7x 10.4x 35.4x 31.1x 26.1x 23.6x
FCF Yield 9.62% 3.61% 1.83% 9.61% 2.82% 3.21% 3.83% 4.23%
Dividend per Share 2 47 47 50 54 64 65 71.57 78
Rate of return 2.04% 1.92% 1.94% 1.57% 1.45% 1.4% 1.54% 1.68%
EPS 2 128.2 115.3 94.78 154.1 220.6 190.6 211.8 238.1
Distribution rate 36.7% 40.7% 52.8% 35% 29% 34.1% 33.8% 32.8%
Net sales 1 407,039 430,304 455,086 483,985 513,417 531,994 553,535 575,147
EBITDA 1 43,506 41,682 36,811 54,592 52,927 57,784 62,227 67,339
EBIT 1 27,972 25,433 19,694 34,329 34,628 38,846 42,615 46,962
Net income 1 18,014 16,033 13,174 21,419 30,506 26,106 28,313 31,150
Net Debt 1 -26,616 -35,360 -36,819 -70,368 -54,804 -48,127 -46,435 -48,836
Reference price 2 2,309.00 2,447.00 2,580.00 3,440.00 4,405.00 4,650.00 4,650.00 4,650.00
Nbr of stocks (in thousands) 130,505 139,004 139,003 139,002 135,327 135,999 - -
Announcement Date 11/01/22 10/01/23 10/01/24 09/01/25 14/01/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.39x1.1x10.11x1.4% 4.12B
25.91x5.46x17.4x3.24% 29.44B
48.66x3.59x17.22x1.9% 21.51B
23.75x1.84x12.98x1.54% 10.23B
19.95x2.08x12.08x1.49% 5.38B
18.68x1.66x8.27x3.65% 3.34B
12.88x0.77x5.91x3.22% 3.3B
15.26x - - 4.1% 2.76B
Average 23.69x 2.36x 12.00x 2.57% 10.01B
Weighted average by Cap. 30.06x 3.63x 15.12x 2.5%

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

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