Company Valuation: NEC Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,403,157 1,358,384 2,928,366 4,191,365 5,109,408 6,386,338 - -
Change - -3.19% 115.58% 43.13% 21.9% 24.99% - -
Enterprise Value (EV) 1 1,552,201 1,484,571 2,984,791 4,273,109 4,939,589 6,125,491 5,915,531 5,753,221
Change - -4.36% 101.05% 43.16% 15.6% 24.01% -3.43% -2.74%
P/E 9.93x 12x 19.6x 23.9x 19x 20.9x 18.4x 16.4x
PBR 0.93x 0.84x 1.53x 2.15x 2.32x 2.62x 2.38x 2.12x
PEG - -0.7x 0.6x 1.4x 0.3x 1.5x 1.3x 1.4x
Capitalization / Revenue 0.47x 0.41x 0.84x 1.22x 1.43x 1.66x 1.58x 1.51x
EV / Revenue 0.51x 0.45x 0.86x 1.25x 1.38x 1.59x 1.47x 1.36x
EV / EBITDA 4.96x 4.2x 7.94x 9.68x 9.6x 10.1x 8.77x 7.9x
EV / EBIT 11.7x 8.71x 15.9x 16.7x 13.7x 13.8x 11.6x 10.2x
EV / FCF 18.4x 14.5x 17.1x 20x 12.2x 28.4x 18.7x 16.7x
FCF Yield 5.42% 6.91% 5.85% 4.99% 8.19% 3.52% 5.35% 6%
Dividend per Share 2 20 22 24 28 38 43.01 48.55 54.38
Rate of return 1.94% 2.16% 1.09% 0.89% 0.99% 0.89% 1.01% 1.13%
EPS 2 103.7 84.9 112.2 131.5 203 230.4 262 293.2
Distribution rate 19.3% 25.9% 21.4% 21.3% 18.7% 18.7% 18.5% 18.5%
Net sales 1 3,014,095 3,313,018 3,477,262 3,423,400 3,582,733 3,841,862 4,034,881 4,218,311
EBITDA 1 313,064 353,745 375,712 441,600 514,415 605,013 674,417 728,125
EBIT 1 132,525 170,447 188,012 256,500 359,913 445,471 509,777 564,483
Net income 1 141,277 114,500 149,521 175,183 270,228 305,182 351,171 392,239
Net Debt 1 149,044 126,187 56,425 81,744 -169,819 -260,847 -470,806 -633,117
Reference price 2 1,030.00 1,020.00 2,198.00 3,145.00 3,846.00 4,815.00 4,815.00 4,815.00
Nbr of stocks (in thousands) 1,362,288 1,331,749 1,332,286 1,332,707 1,328,499 1,326,342 - -
Announcement Date 28/04/22 28/04/23 26/04/24 28/04/25 28/04/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.15x3.63x12.69x3% 212B
-131.72x18.37x101.87x-.--% 118B
13.08x1.46x7.67x3.67% 108B
13.48x2.45x9.24x6.1% 78.59B
19.72x5.2x12.78x2.88% 58.2B
22.67x1.87x11.67x1.29% 44.4B
13.12x1.89x8x5.94% 42.26B
20.9x1.59x10.12x0.89% 40.58B
17.14x2.21x10.28x5.04% 35.52B
Average 1.17x 4.30x 20.48x 3.2% 82.02B
Weighted average by Cap. -5.77x 5.29x 25.32x 2.98%

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