Company Valuation: Yamaha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 917,758 871,014 546,212 523,994 485,207 585,942 - -
Change - -5.09% -37.29% -4.07% -7.4% 20.76% - -
Enterprise Value (EV) 1 768,808 784,795 462,558 444,132 392,908 479,200 474,106 445,374
Change - 2.08% -41.06% -3.98% -11.53% 21.96% -1.06% -6.06%
P/E 24.9x 22.9x 18.6x 41.9x 20.9x 17.3x 17.6x 15.2x
PBR 2.21x 1.9x 1.06x 1.17x 1.01x 1.16x 1.14x 1.07x
PEG - 6.31x -0.9x -0.8x 0.2x 0.4x -9.43x 1x
Capitalization / Revenue 2.25x 1.93x 1.18x 1.13x 1.04x 1.2x 1.17x 1.13x
EV / Revenue 1.88x 1.74x 1x 0.96x 0.84x 0.98x 0.94x 0.86x
EV / EBITDA 11.5x 11.9x 10.8x 10.5x 7.89x 7.48x 7.58x 6.41x
EV / EBIT 15.6x 16.9x 16x 21.5x 13.4x 13x 11.2x 9.28x
EV / FCF 9.64x -21.6x 22.1x 13.7x 12.4x 12.9x 15.1x 12.1x
FCF Yield 10.4% -4.64% 4.52% 7.28% 8.05% 7.77% 6.64% 8.28%
Dividend per Share 2 22 22 24.67 25.33 26 26.86 28 29.33
Rate of return 1.23% 1.3% 2.27% 2.19% 2.36% 2.02% 2.1% 2.2%
EPS 2 71.6 74.2 58.56 27.58 52.7 77.17 75.73 87.57
Distribution rate 30.7% 29.6% 42.1% 91.9% 49.3% 34.8% 37% 33.5%
Net sales 1 408,200 451,400 462,866 462,080 465,330 488,471 501,814 520,033
EBITDA 1 66,634 65,754 42,799 42,190 49,808 64,100 62,560 69,500
EBIT 1 49,300 46,500 28,999 20,695 29,274 36,750 42,383 47,980
Net income 1 37,300 38,200 29,642 13,351 23,720 33,767 32,986 37,767
Net Debt 1 -148,950 -86,219 -83,654 -79,862 -92,299 -106,742 -111,837 -140,569
Reference price 2 1,783.33 1,696.67 1,087.00 1,156.50 1,103.00 1,332.00 1,332.00 1,332.00
Nbr of stocks (in thousands) 514,631 513,368 502,495 453,086 439,897 439,897 - -
Announcement Date 11/05/22 09/05/23 08/05/24 08/05/25 11/05/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.26x0.98x7.48x2.02% 3.66B
11.36x1x6.66x4.5% 623M
Average 14.31x 0.99x 7.07x 3.26% 2.14B
Weighted average by Cap. 16.40x 0.98x 7.36x 2.38%

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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