Company Valuation: Kirin Holdings Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,029,969 1,539,639 1,628,570 1,673,206 1,659,700 2,001,476 2,001,476 -
Change - -24.15% 5.78% 2.74% -0.81% 20.59% 0% -
Enterprise Value (EV) 1 2,502,997 1,941,623 2,063,631 2,198,205 2,398,653 2,763,666 2,719,509 2,681,127
Change - -22.43% 6.28% 6.52% 9.12% 15.22% -1.6% -1.41%
P/E ratio 28.4x 25.7x 14.9x 14.8x 28.5x 13.5x 12.5x 11.6x
PBR 2.42x 1.72x 1.66x 1.48x 1.4x 1.61x 1.52x 1.41x
PEG - -1.6x 0.2x 4.9x -0.6x 0x 1.54x 1.51x
Capitalization / Revenue 1.1x 0.85x 0.82x 0.78x 0.71x 0.83x 0.81x 0.79x
EV / Revenue 1.35x 1.07x 1.04x 1.03x 1.03x 1.14x 1.1x 1.06x
EV / EBITDA 10.3x 7.9x 7.43x 7.5x 7.76x 8.85x 8.05x 7.65x
EV / EBIT 24.3x 28.5x 17.8x 14.6x 19.1x 13.6x 11.7x 11.3x
EV / FCF 54.4x 14.6x 55.6x 26.3x 48.7x 23.4x 17.1x 17x
FCF Yield 1.84% 6.85% 1.8% 3.8% 2.05% 4.28% 5.84% 5.88%
Dividend per Share 2 65 65 69 71 71 74.88 80.8 85.76
Rate of return 2.67% 3.52% 3.43% 3.44% 3.47% 3.03% 3.27% 3.47%
EPS 2 85.57 71.73 135.1 139.2 71.87 183.3 198.1 213.4
Distribution rate 76% 90.6% 51.1% 51% 98.8% 40.9% 40.8% 40.2%
Net sales 1 1,849,545 1,821,570 1,989,468 2,134,393 2,338,385 2,416,444 2,463,318 2,519,520
EBITDA 1 244,000 245,900 277,700 293,000 309,000 312,452 337,912 350,494
EBIT 1 102,919 68,084 116,019 150,294 125,340 202,597 231,737 237,926
Net income 1 71,935 59,790 111,007 112,697 58,214 148,441 159,861 171,911
Net Debt 1 473,028 401,984 435,061 524,999 738,953 762,190 718,032 679,650
Reference price 2 2,434.00 1,847.00 2,011.00 2,066.00 2,049.00 2,470.50 2,470.50 2,470.50
Nbr of stocks (in thousands) 834,005 833,589 809,831 809,877 810,005 810,150 810,150 -
Announcement Date 15/02/21 14/02/22 14/02/23 14/02/24 14/02/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.48x1.14x8.85x3.03% 12.75B
22.45x3.47x9.71x1.66% 148B
19.62x1.92x8.69x2.55% 48.14B
15.69x2.49x7.59x5.71% 46.07B
15.96x4.34x11.76x2.49% 28.49B
19.47x - - - 21.86B
15.8x2.03x9.54x3.23% 20.77B
15.14x1.29x9.08x2.95% 16.09B
22.75x1.95x7.06x5.03% 13.87B
Average 17.82x 2.33x 9.03x 3.33% 39.59B
Weighted average by Cap. 19.47x 2.84x 9.26x 2.77%
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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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