Company Valuation: KOSE Holdings Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 744,501 822,717 603,383 409,669 299,070 332,728 - -
Change - 10.51% -26.66% -32.1% -27% 11.25% - -
Enterprise Value (EV) 1 640,636 716,164 568,383 306,921 217,263 251,563 246,627 239,397
Change - 11.79% -20.64% -46% -29.21% 15.79% -1.96% -2.93%
P/E 55.8x 43.8x 51.7x 54.5x 19.8x 25.8x 24.2x 21.6x
PBR 3.52x 3.18x 2.27x 1.5x 1.05x 1.16x 1.14x 1.12x
PEG - 1.1x -1.4x -1.5x 0x -1.8x 3.59x 1.8x
Capitalization / Revenue 3.31x 2.85x 2.01x 1.27x 0.91x 0.97x 0.94x 0.91x
EV / Revenue 2.85x 2.48x 1.89x 0.95x 0.66x 0.73x 0.69x 0.65x
EV / EBITDA 23.5x 21.8x 21.4x 11.4x 7.4x 8.12x 7.12x 6.47x
EV / EBIT 34x 32.4x 35.6x 17.7x 11.8x 13.7x 11.8x 10.2x
EV / FCF 49x 51.3x 29.6x 32.5x -21.5x -30.3x 20.6x 14.7x
FCF Yield 2.04% 1.95% 3.38% 3.08% -4.64% -3.3% 4.86% 6.79%
Dividend per Share 2 120 140 140 140 140 149.2 150.2 154.2
Rate of return 0.92% 0.97% 1.32% 1.95% 2.67% 2.55% 2.56% 2.63%
EPS 2 233.9 329 204.4 131.6 264.8 227.1 242.4 271
Distribution rate 51.3% 42.5% 68.5% 106% 52.9% 65.7% 61.9% 56.9%
Net sales 1 224,983 289,136 300,406 322,700 330,193 343,916 355,461 367,192
EBITDA 1 27,279 32,822 26,567 27,000 29,346 30,981 34,647 37,026
EBIT 1 18,852 22,120 15,985 17,300 18,467 18,306 20,880 23,375
Net income 1 13,341 18,771 11,663 7,500 15,114 12,385 13,806 15,427
Net Debt 1 -103,865 -106,553 -35,000 -102,748 -81,807 -81,164 -86,101 -93,330
Reference price 2 13,050.00 14,420.00 10,575.00 7,179.00 5,240.00 5,863.00 5,863.00 5,863.00
Nbr of stocks (in thousands) 57,050 57,054 57,058 57,065 57,074 56,750 - -
Announcement Date 14/02/22 13/02/23 13/02/24 12/02/25 12/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.17x0.73x8.09x2.55% 2.08B
29.37x4.54x18.73x2.02% 238B
55.22x7.88x30.26x0.23% 48.43B
29.99x5.51x21.36x1.11% 12.7B
34.05x1.67x12.42x1.63% 9.32B
24.71x1.78x11.39x1.09% 6.63B
59.03x3.54x17.26x-.--% 6.43B
24.03x2.43x13.06x2.72% 3.76B
12.7x1.58x8.8x3.56% 3.51B
21.53x2.79x13.53x3.63% 2.89B
Average 31.68x 3.24x 15.49x 1.85% 33.36B
Weighted average by Cap. 33.43x 4.81x 19.87x 1.7%

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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