Company Valuation: Zensho Holdings Co., Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 430,695 435,226 597,077 1,008,923 1,261,303 1,212,583 - -
Change - 1.05% 37.19% 68.98% 25.01% -3.86% - -
Enterprise Value (EV) 1 621,420 622,868 785,262 1,256,740 1,481,313 1,435,783 1,425,883 1,410,283
Change - 0.23% 26.07% 60.04% 17.87% -3.07% -0.69% -1.09%
P/E ratio 191x 31.4x 45x 33x 33.5x 33.3x 24.9x 19.6x
PBR 5.05x 4.21x 5.15x 5.5x 6.03x 5.51x 4.47x 3.58x
PEG - 0x -10.6x 0x 1.5x 2.3x 2.4x 0.7x
Capitalization / Revenue 0.72x 0.66x 0.77x 1.04x 1.11x 1.14x 0.88x 0.81x
EV / Revenue 1.04x 0.95x 1.01x 1.3x 1.3x 1.15x 1.03x 0.94x
EV / EBITDA 16.9x 15.9x 14.6x 14x 12x 10.7x 9.1x 8.32x
EV / EBIT 51.4x 67.5x 36.1x 23.4x 19.7x 17.1x 14.5x 12.7x
EV / FCF 101x 44.9x 43.9x -31.9x 119x 74x 58x 36.2x
FCF Yield 0.99% 2.23% 2.28% -3.14% 0.84% 1.35% 1.73% 2.77%
Dividend per Share 2 20 22 24 50 70 75 89.75 100.5
Rate of return 0.71% 0.77% 0.61% 0.78% 0.87% 0.82% 1.16% 1.3%
EPS 2 14.82 91.17 87.3 195.4 240.4 275.8 311 395.5
Distribution rate 135% 24.1% 27.5% 25.6% 29.1% 27.2% 28.9% 25.4%
Net sales 1 595,048 658,503 779,964 965,778 1,136,684 1,264,053 1,377,750 1,494,900
EBITDA 1 36,863 39,115 53,753 89,914 123,088 133,850 156,700 169,450
EBIT 1 12,088 9,232 21,734 53,707 75,128 81,440 98,625 111,325
Net income 1 2,259 13,869 13,265 30,693 39,290 45,812 54,400 63,225
Net Debt 1 190,725 187,642 188,185 247,817 220,010 223,200 213,300 197,700
Reference price 2 2,831.00 2,861.00 3,925.00 6,440.00 8,051.00 7,750.00 7,750.00 7,750.00
Nbr of stocks (in thousands) 152,135 152,124 152,122 156,665 156,664 156,462 - -
Announcement Date 14/05/21 13/05/22 12/05/23 14/05/24 13/05/25 12/05/26 - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.51x1.15x10.73x0.93% 7.64B
52.85x3.53x23.57x2.36% 122B
23.59x1.22x12.02x2.29% 54.34B
18.6x1.85x11.32x3.06% 22.44B
13.9x2.03x9.05x3% 12.93B
15.45x1.4x7.91x5.75% 10.45B
144.19x5.9x46.09x-.--% 8.95B
23.37x0.42x7.63x3.87% 8.01B
38.11x2.55x14.43x0.39% 7.4B
14.47x2.6x10.32x3.21% 7.06B
Average 37.20x 2.26x 15.31x 2.49% 26.1B
Weighted average by Cap. 40.41x 2.61x 18.06x 2.46%

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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