Company Valuation: Recruit Holdings Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 8,826,247 8,846,811 5,771,525 10,355,096 11,259,197 9,480,286 - -
Change - 0.23% -34.76% 79.42% 8.73% -15.8% - -
Enterprise Value (EV) 1 8,703,929 8,237,911 4,929,525 9,219,696 10,451,583 8,840,374 8,568,735 8,260,539
Change - -5.35% -40.16% 87.03% 13.36% -15.42% -3.07% -3.6%
P/E ratio 67.7x 29.8x 21.7x 29.7x 28.2x 20.8x 18.1x 15.7x
PBR 8.09x 6.39x 3.54x 5.18x 6.94x 6.73x 5.66x 4.89x
PEG - 0x -3.01x 0.9x 1.4x 1x 1.2x 1x
Capitalization / Revenue 3.89x 3.08x 1.68x 3.03x 3.16x 2.6x 2.46x 2.33x
EV / Revenue 3.84x 2.87x 1.44x 2.7x 2.94x 2.43x 2.23x 2.03x
EV / EBITDA 36x 17.2x 9.04x 15.4x 15.4x 12x 10.7x 9.4x
EV / EBIT 53.5x 21.7x 14.3x 22.9x 21.3x 14.9x 12.6x 10.8x
EV / FCF 35.3x 22.3x 12.2x 19.8x 19.2x 18.3x 16.1x 13.6x
FCF Yield 2.83% 4.48% 8.23% 5.05% 5.22% 5.46% 6.22% 7.37%
Dividend per Share 2 20 21 22 23 24 26.91 31.41 35.75
Rate of return 0.37% 0.39% 0.6% 0.34% 0.31% 0.4% 0.46% 0.53%
EPS 2 79.83 181.7 168.6 226 271.4 327.4 376.7 434.1
Distribution rate 25.1% 11.6% 13% 10.2% 8.84% 8.22% 8.34% 8.23%
Net sales 1 2,269,346 2,871,705 3,429,519 3,416,492 3,557,478 3,643,278 3,849,282 4,077,507
EBITDA 1 241,658 479,370 545,043 598,397 678,889 735,431 803,345 878,415
EBIT 1 162,823 378,929 344,303 402,526 490,542 592,259 679,248 767,339
Net income 1 131,393 296,833 269,799 353,654 408,504 469,693 528,225 598,958
Net Debt 1 -122,318 -608,900 -842,000 -1,135,400 -807,614 -639,912 -911,551 -1,219,747
Reference price 2 5,401.00 5,414.00 3,650.00 6,707.00 7,657.00 6,805.00 6,805.00 6,805.00
Nbr of stocks (in thousands) 1,634,188 1,634,062 1,581,240 1,543,924 1,470,445 1,393,135 - -
Announcement Date 17/05/21 16/05/22 15/05/23 15/05/24 09/05/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.48x2.64x13.07x0.37% 66.88B
18.97x5.85x12.69x4.64% 34.04B
13.92x2.25x6.26x2.38% 2.17B
19.74x1.62x10.9x5.08% 1.79B
13.23x0.87x7.9x4.42% 1.08B
21.61x2.12x12.4x1.68% 956M
15.21x - - 1% 821M
19.11x - - 0.82% 806M
19.43x0.57x8.54x5.05% 801M
Average 18.19x 2.27x 10.25x 2.82% 12.15B
Weighted average by Cap. 20.97x 3.59x 12.69x 1.91%

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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