Company Valuation: MS&AD Insurance Group Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Capitalization 1 2,177,752 2,193,722 4,297,959 4,873,847 5,955,282 6,275,313 - -
Change - 0.73% 95.92% 13.4% 22.19% 5.37% - -
Enterprise Value (EV) 1 2,960,654 2,193,722 5,013,004 5,464,412 5,955,282 7,065,633 7,065,633 6,275,313
Change - -25.9% 128.52% 9% 8.98% 18.64% 0% -11.19%
P/E ratio 8.38x 13.7x 11.7x 7.24x 7.62x 9.35x 8.41x 8.66x
PBR 0.67x 0.73x 0.96x 1.22x 1.23x 1.53x 1.4x 1.44x
PEG - -0.4x 0x 0.1x 0.4x -0.7x 0.7x -3x
Capitalization / Revenue 0.42x 0.42x 0.65x 0.73x 0.78x 0.86x 0.83x 0.8x
EV / Revenue 0.58x 0.42x 0.76x 0.82x 0.78x 0.97x 0.93x 0.8x
EV / EBITDA - - - - - - - -
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 60 66.67 90 145 160 167.8 178.1 197.1
Rate of return 4.52% 4.87% 3.32% 4.5% 3.97% 3.88% 4.12% 4.56%
EPS 2 158.2 99.93 231.8 445.5 528.9 462.4 514.5 499.7
Distribution rate 37.9% 66.7% 38.8% 32.5% 30.3% 36.3% 34.6% 39.5%
Net sales 1 5,132,042 5,251,271 6,572,889 6,660,813 7,653,030 7,277,575 7,566,675 7,839,400
EBITDA - - - - - - - -
EBIT 370,027 235,456 462,263 - - - - -
Net income 1 262,799 161,530 369,266 691,657 787,339 650,628 698,835 662,975
Net Debt 1 782,902 - 715,045 590,565 - 790,320 790,320 -
Reference price 2 1,326.00 1,368.67 2,711.00 3,225.00 4,032.00 4,325.00 4,325.00 4,325.00
Nbr of stocks (in thousands) 1,642,347 1,602,817 1,585,378 1,511,270 1,477,004 1,450,940 - -
Announcement Date 20/05/22 19/05/23 20/05/24 20/05/25 20/05/26 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.35x0.97x - 3.88% 39.16B
18.72x1.6x - 3.11% 81.78B
10.82x - - 1.58% 64.48B
8.02x - - 1.96% 56.89B
11.01x - - 2.59% 40.03B
7.93x - - 0.97% 36.77B
16.68x2.09x - 2.14% 35.03B
9.59x0.88x - 2.54% 32.84B
9.05x2.11x - 0.22% 31.73B
19.22x - - 4.3% 27.23B
Average 12.04x 1.53x 2.33% 44.59B
Weighted average by Cap. 12.32x 1.53x 2.33%

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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