Company Valuation: The Yokohama Rubber Company, Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 296,015 330,717 519,696 542,238 948,904 1,192,885 - -
Change - 11.72% 57.14% 4.34% 75% 25.71% - -
Enterprise Value (EV) 1 425,744 493,846 891,439 980,238 1,377,283 1,580,729 1,532,648 1,453,656
Change - 16% 80.51% 9.96% 40.5% 14.77% -3.04% -5.15%
P/E 4.51x 7.19x 7.71x 7.27x 9x 9.38x 8.81x 7.85x
PBR 0.56x 0.54x 0.7x 0.61x 0.92x 1.05x 0.96x 0.87x
PEG - -0.2x 0.2x 0.6x 0.2x 0.5x 1.36x 0.6x
Capitalization / Revenue 0.44x 0.38x 0.53x 0.5x 0.77x 0.9x 0.86x 0.83x
EV / Revenue 0.63x 0.57x 0.9x 0.9x 1.12x 1.19x 1.11x 1.01x
EV / EBITDA 3.3x 4.16x 5.58x 5.29x 6.08x 5.76x 5.37x 4.71x
EV / EBIT 5.09x 7.17x 8.88x 8.22x 9.01x 7.88x 7.33x 6.4x
EV / FCF 6.67x -69.3x -4.84x 10.5x - 21.1x 14.7x 11.3x
FCF Yield 15% -1.44% -20.7% 9.5% - 4.75% 6.83% 8.86%
Dividend per Share 2 65 66 84 50 134 236.8 257.3 319.6
Rate of return 3.53% 3.21% 2.6% 1.47% 2.23% 3.13% 3.4% 4.23%
EPS 2 408.5 286.4 419.3 467.8 668.6 806 858.4 963.9
Distribution rate 15.9% 23% 20% 10.7% 20% 29.4% 30% 33.2%
Net sales 1 670,809 860,477 985,333 1,094,700 1,234,959 1,326,672 1,384,288 1,444,644
EBITDA 1 129,196 118,765 159,845 185,314 226,523 274,346 285,590 308,789
EBIT 1 83,636 68,851 100,351 119,200 152,901 200,491 209,174 227,278
Net income 1 65,500 45,918 67,234 74,900 105,398 126,314 133,573 147,481
Net Debt 1 129,729 163,129 371,743 438,000 428,379 387,844 339,763 260,771
Reference price 2 1,843.00 2,058.00 3,233.00 3,400.00 6,017.00 7,562.00 7,562.00 7,562.00
Nbr of stocks (in thousands) 160,616 160,698 160,747 159,482 157,704 157,747 - -
Announcement Date 17/02/22 17/02/23 16/02/24 19/02/25 19/02/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.51x1.24x6.05x3.15% 7.51B
14.36x1.08x5.73x3.23% 32.06B
14x1.02x5.7x3.92% 27.29B
10.58x1.06x6.22x2.69% 6.63B
9.97x - - 3.05% 6.56B
17.62x - - 3.18% 4.82B
10.34x0.68x6.02x3.9% 3.8B
8.28x0.86x4.09x3.71% 3.68B
35.23x1.89x10.65x1.9% 2.55B
134.81x - - - 2.63B
Average 26.47x 1.12x 6.35x 3.19% 9.75B
Weighted average by Cap. 16.91x 1.07x 5.88x 3.38%

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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