Company Valuation: ASICS Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 466,756 533,755 809,538 2,225,941 2,660,881 3,098,650 - -
Change - 14.35% 51.67% 174.96% 19.54% 16.45% - -
Enterprise Value (EV) 1 480,931 606,170 827,650 2,156,196 2,647,143 3,003,653 2,946,721 2,889,284
Change - 26.04% 36.54% 160.52% 22.77% 13.47% -1.9% -1.95%
P/E 49.6x 26.8x 22.9x 35.2x 27.2x 24.3x 21x 18.8x
PBR 3.2x 3.13x 3.95x 9.55x 9.8x 8.47x 6.83x 5.5x
PEG - 0x 0.3x 0.4x 0.5x 0.8x 1.3x 1.6x
Capitalization / Revenue 1.16x 1.1x 1.42x 3.28x 3.28x 3.02x 2.72x 2.46x
EV / Revenue 1.19x 1.25x 1.45x 3.18x 3.26x 2.93x 2.58x 2.3x
EV / EBITDA 13.4x 12.1x 11.7x 17.8x 15.7x 13.5x 11.9x 10.7x
EV / EBIT 21.9x 17.8x 15.3x 21.5x 18.6x 15.5x 13.5x 11.9x
EV / FCF 12.3x -16.9x 11.1x 26.8x 33.5x 31.1x 21.8x 19.1x
FCF Yield 8.1% -5.92% 9.01% 3.73% 2.98% 3.22% 4.59% 5.25%
Dividend per Share 2 6 10 16.25 20 28 44 48.08 54
Rate of return 0.94% 1.37% 1.47% 0.64% 0.75% 1.01% 1.1% 1.24%
EPS 2 12.84 27.15 48.13 88.3 138.1 179.7 208.3 232.2
Distribution rate 46.7% 36.8% 33.8% 22.7% 20.3% 24.5% 23.1% 23.3%
Net sales 1 404,082 484,601 570,463 678,526 810,916 1,025,011 1,140,204 1,257,988
EBITDA 1 35,996 50,002 70,719 121,353 168,442 223,252 246,997 269,275
EBIT 1 21,945 34,002 54,215 100,111 142,519 193,409 218,531 243,378
Net income 1 9,402 19,887 35,272 63,806 98,719 127,421 144,911 162,589
Net Debt 1 14,175 72,415 18,112 -69,745 -13,738 -94,997 -151,928 -209,366
Reference price 2 637.50 728.50 1,104.50 3,110.00 3,755.00 4,371.00 4,371.00 4,371.00
Nbr of stocks (in thousands) 732,167 732,677 732,945 715,737 708,624 708,911 - -
Announcement Date 10/2/22 10/2/23 9/2/24 14/2/25 13/2/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.33x2.93x13.45x1.01% 19.36B
22.15x1.28x14.97x4.25% 56.55B
15.74x1.09x8.22x2.48% 29.84B
18.6x1.79x8.96x-.--% 9.27B
13.67x0.82x7.71x5.02% 2.13B
7.71x0.4x2.67x6.89% 1.31B
5.67x0.34x2.01x7.71% 1.24B
6.8x1.21x5.57x11.48% 819M
13.19x0.35x5.24x1.67% 132M
Average 14.21x 1.13x 7.64x 4.5% 13.41B
Weighted average by Cap. 20.05x 1.51x 12.12x 3.09%

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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