Company Valuation: Taisei Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 713,045 771,360 1,037,992 1,144,867 2,617,131 2,054,724 - -
Change - 8.18% 34.57% 10.3% 128.6% -21.49% - -
Enterprise Value (EV) 1 439,165 558,172 981,809 1,162,137 2,802,275 2,139,624 2,176,807 2,146,460
Change - 27.1% 75.9% 18.37% 141.13% -23.65% 1.74% -1.39%
P/E 10.1x 17x 26x 9.68x 15.7x 12.2x 12.5x 11.5x
PBR 0.82x 0.93x 1.12x 1.31x 2.76x 2.05x 1.94x 1.8x
PEG - -0.5x -2.5x 0x 0.3x 14.14x -4.39x 1.27x
Capitalization / Revenue 0.46x 0.47x 0.59x 0.53x 1.25x 0.85x 0.83x 0.8x
EV / Revenue 0.28x 0.34x 0.56x 0.54x 1.34x 0.88x 0.88x 0.84x
EV / EBITDA 4.1x 8.43x 24.8x 8.51x 13.7x 9.99x 9.49x 8.76x
EV / EBIT 4.57x 10.2x 37.1x 9.67x 14.9x 10.9x 10.3x 9.24x
EV / FCF 10.3x 34.8x -10x -351x -57.7x 14.5x 14.5x 14.5x
FCF Yield 9.75% 2.87% -10% -0.28% -1.73% 6.9% 6.9% 6.9%
Dividend per Share 2 130 130 130 210 310 420 428.3 444
Rate of return 3.68% 3.17% 2.31% 3.18% 1.93% 3.33% 3.4% 3.52%
EPS 2 350.9 241.2 215.8 682.8 1,026 1,034 1,005 1,096
Distribution rate 37% 53.9% 60.3% 30.8% 30.2% 40.6% 42.6% 40.5%
Net sales 1 1,543,240 1,642,712 1,765,023 2,154,223 2,089,091 2,418,499 2,487,069 2,565,300
EBITDA 1 106,984 66,218 39,590 136,551 204,739 214,213 229,366 245,167
EBIT 1 96,077 54,740 26,480 120,160 187,973 196,251 211,696 232,300
Net income 1 71,436 47,124 40,272 123,824 170,004 168,075 160,961 172,000
Net Debt 1 -273,880 -213,188 -56,183 17,270 185,144 84,900 122,083 91,737
Reference price 2 3,535.00 4,095.00 5,620.00 6,609.00 16,055.00 12,605.00 12,605.00 12,605.00
Nbr of stocks (in thousands) 201,710 188,366 184,696 173,229 163,010 163,009 - -
Announcement Date 13/05/22 12/05/23 13/05/24 13/05/25 14/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.19x0.88x9.99x3.33% 12.95B
53.31x2.44x23.32x0.07% 91.83B
12.27x1.05x5.77x4.76% 71.68B
26.81x2.06x20.21x1.14% 58.09B
32.12x4.03x21.86x0.21% 54.82B
51.32x4.14x26.28x1.73% 41.6B
28.38x0.7x11.56x2.18% 35.6B
23.02x0.47x7.41x2.56% 31.65B
22.42x1.53x14.09x0.21% 32.39B
4.99x0.32x5.8x5.89% 26.56B
Average 26.68x 1.76x 14.63x 2.21% 45.72B
Weighted average by Cap. 30.59x 2.01x 16.20x 1.89%

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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