Company Valuation: NEC Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,776,673 1,403,157 1,358,384 2,928,366 4,191,365 4,981,748 - -
Change - -21.02% -3.19% 115.58% 43.13% 18.86% - -
Enterprise Value (EV) 1 1,956,184 1,552,201 1,484,571 2,984,791 4,273,109 4,867,121 4,677,596 4,549,190
Change - -20.65% -4.36% 101.05% 43.16% 13.9% -3.89% -2.75%
P/E 11.7x 9.93x 12x 19.6x 23.9x 19x 17.4x 15.3x
PBR 1.36x 0.93x 0.84x 1.53x 2.15x 2.32x 2.06x 1.88x
PEG - -1.43x -0.7x 0.6x 1.4x 0.3x 1.1x 1.1x
Capitalization / Revenue 0.59x 0.47x 0.41x 0.84x 1.22x 1.43x 1.35x 1.28x
EV / Revenue 0.65x 0.51x 0.45x 0.86x 1.25x 1.36x 1.27x 1.17x
EV / EBITDA 6.09x 4.96x 4.2x 7.94x 9.68x 9.71x 8.11x 7.21x
EV / EBIT 12.7x 11.7x 8.71x 15.9x 16.7x 14.1x 11.1x 9.58x
EV / FCF 12.8x 18.4x 14.5x 17.1x 20x 26.5x 15.1x 14.3x
FCF Yield 7.79% 5.42% 6.91% 5.85% 4.99% 7.92% 6.61% 6.99%
Dividend per Share 2 18 20 22 24 28 38 42.54 48.54
Rate of return 1.38% 1.94% 2.16% 1.09% 0.89% 0.99% 1.13% 1.29%
EPS 2 111.4 103.7 84.9 112.2 131.5 203 215.8 245
Distribution rate 16.2% 19.3% 25.9% 21.4% 21.3% 18.7% 19.7% 19.8%
Net sales 1 2,994,023 3,014,095 3,313,018 3,477,262 3,423,400 3,582,733 3,694,169 3,878,251
EBITDA 1 321,372 313,064 353,745 375,712 441,600 514,415 576,961 631,108
EBIT 1 153,759 132,525 170,447 188,012 256,500 359,913 420,490 474,719
Net income 1 149,606 141,277 114,500 149,521 175,183 270,228 287,586 325,911
Net Debt 1 179,511 149,044 126,187 56,425 81,744 -114,627 -304,152 -432,558
Reference price 2 1,304.00 1,030.00 1,020.00 2,198.00 3,145.00 3,756.00 3,756.00 3,756.00
Nbr of stocks (in thousands) 1,362,479 1,362,288 1,331,749 1,332,286 1,332,707 1,326,344 - -
Announcement Date 12/05/21 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.($)
24.22x3.98x13.91x2.71% 234B
14.13x2.59x9.53x5.87% 84.58B
-81.36x12.81x74.17x-.--% 80.51B
9.48x0.98x5.18x5.09% 78.57B
18.46x4.87x12.04x3.08% 54.76B
14.64x2.15x9x5.29% 48.42B
13.26x1.52x10.42x1.22% 36.03B
15.83x2.01x9.48x5.46% 33.35B
19.89x2.3x14.97x3.02% 27.24B
Average 5.39x 3.69x 17.63x 3.53% 75.29B
Weighted average by Cap. 6.39x 4.15x 18.65x 3.34%

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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