Company Valuation: Otsuka Holdings Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 2,261,269 2,336,038 2,870,266 4,618,997 4,686,110 5,378,470 - -
Change - 3.31% 22.87% 60.93% 1.45% 14.77% - -
Enterprise Value (EV) 1 1,986,216 2,058,563 2,495,550 4,382,207 4,357,534 4,906,389 4,771,314 4,596,220
Change - 3.64% 21.23% 75.6% -0.56% 12.6% -2.75% -3.67%
P/E ratio 18x 17.4x 23.6x 13.6x 13x 18.6x 17.1x 14.6x
PBR 1.12x 1.05x 1.2x 1.69x 1.54x 1.66x 1.56x 1.45x
PEG - 2.57x -2.54x 0x 1.61x -0.9x 1.89x 0.9x
Capitalization / Revenue 1.51x 1.34x 1.42x 1.98x 1.9x 2.14x 2.07x 1.98x
EV / Revenue 1.33x 1.18x 1.24x 1.88x 1.76x 1.95x 1.84x 1.69x
EV / EBITDA 8.3x 8.43x 10.5x 10.2x 7.32x 9.56x 8.84x 7.6x
EV / EBIT 12.9x 13.7x 17.9x 13.5x 9.09x 12.7x 11.4x 9.54x
EV / FCF 16.9x 15.8x 34.5x 49.3x 39.2x 17.2x 19.2x 15.9x
FCF Yield 5.91% 6.33% 2.89% 2.03% 2.55% 5.81% 5.22% 6.31%
Dividend per Share 2 100 100 110 120 140 142.7 153.5 162.8
Rate of return 2.4% 2.32% 2.08% 1.4% 1.58% 1.4% 1.51% 1.6%
EPS 2 231.3 247 224.1 633.8 685.1 547.2 596.8 695.8
Distribution rate 43.2% 40.5% 49.1% 18.9% 20.4% 26.1% 25.7% 23.4%
Net sales 1 1,498,276 1,737,998 2,018,568 2,329,861 2,468,892 2,514,531 2,592,313 2,715,990
EBITDA 1 239,352 244,084 237,389 431,543 595,542 513,301 539,874 604,958
EBIT 1 154,497 150,323 139,612 323,564 479,375 385,422 416,889 481,675
Net income 1 125,463 134,019 121,616 343,120 363,150 288,525 310,449 363,165
Net Debt 1 -275,053 -277,475 -374,716 -236,790 -328,576 -472,081 -607,156 -782,250
Reference price 2 4,169.00 4,305.00 5,289.00 8,600.00 8,873.00 10,190.00 10,190.00 10,190.00
Nbr of stocks (in thousands) 542,401 542,634 542,686 537,093 528,131 527,818 - -
Announcement Date 10/02/22 14/02/23 14/02/24 14/02/25 13/02/26 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
18.62x1.95x9.56x1.4% 34.11B
37.27x7.1x24.31x0.82% 47.36B
25.71x3.47x16.4x1.03% 11.73B
20.44x3.54x13.2x0.88% 10.11B
89.72x - - 1% 8.76B
18.7x3.2x11.87x3.59% 8.16B
16.33x2.11x7.97x3.24% 7.18B
35.11x3.82x17.36x0.13% 6.84B
9.41x2.05x5.55x4.52% 6.46B
Average 30.14x 3.40x 13.27x 1.85% 15.63B
Weighted average by Cap. 30.31x 4.24x 16.00x 1.41%

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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