Company Valuation: NEC Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 1,403,157 1,358,384 2,928,366 4,191,365 5,109,408 6,509,687 - -
Change - -3.19% 115.58% 43.13% 21.9% 27.41% - -
Enterprise Value (EV) 1 1,552,201 1,484,571 2,984,791 4,273,109 4,939,589 6,139,993 5,901,932 5,635,611
Change - -4.36% 101.05% 43.16% 15.6% 24.3% -3.88% -4.51%
P/E 9.93x 12x 19.6x 23.9x 19x 21.3x 18.9x 17x
PBR 0.93x 0.84x 1.53x 2.15x 2.32x 2.68x 2.42x 2.17x
PEG - -0.7x 0.6x 1.4x 0.3x 1.6x 1.5x 1.5x
Capitalization / Revenue 0.47x 0.41x 0.84x 1.22x 1.43x 1.71x 1.63x 1.57x
EV / Revenue 0.51x 0.45x 0.86x 1.25x 1.38x 1.62x 1.48x 1.36x
EV / EBITDA 4.96x 4.2x 7.94x 9.68x 9.6x 10.3x 8.82x 7.85x
EV / EBIT 11.7x 8.71x 15.9x 16.7x 13.7x 14.1x 11.8x 10.2x
EV / FCF 18.4x 14.5x 17.1x 20x 12.2x 23.4x 18.3x 15.7x
FCF Yield 5.42% 6.91% 5.85% 4.99% 8.19% 4.27% 5.46% 6.38%
Dividend per Share 2 20 22 24 28 38 42.73 48.09 53.9
Rate of return 1.94% 2.16% 1.09% 0.89% 0.99% 0.87% 0.98% 1.1%
EPS 2 103.7 84.9 112.2 131.5 203 230.3 259.5 289.5
Distribution rate 19.3% 25.9% 21.4% 21.3% 18.7% 18.5% 18.5% 18.6%
Net sales 1 3,014,095 3,313,018 3,477,262 3,423,400 3,582,733 3,795,852 3,985,259 4,136,905
EBITDA 1 313,064 353,745 375,712 441,600 514,415 598,092 669,176 718,172
EBIT 1 132,525 170,447 188,012 256,500 359,913 436,872 501,906 551,936
Net income 1 141,277 114,500 149,521 175,183 270,228 307,519 346,151 385,283
Net Debt 1 149,044 126,187 56,425 81,744 -169,819 -369,694 -607,755 -874,077
Reference price 2 1,030.00 1,020.00 2,198.00 3,145.00 3,846.00 4,908.00 4,908.00 4,908.00
Nbr of stocks (in thousands) 1,362,288 1,331,749 1,332,286 1,332,707 1,328,499 1,326,342 - -
Announcement Date 28/4/22 28/4/23 26/4/24 28/4/25 28/4/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.31x1.62x10.27x0.87% 40.69B
23.13x3.77x13.16x2.87% 222B
14.09x1.55x8.16x3.41% 116B
-114.74x18.24x105.52x-.--% 114B
15.17x2.77x10.47x5.42% 88.66B
20.92x5.47x13.43x2.72% 63.28B
14.99x2.19x9.28x5.2% 48.47B
22.03x1.81x11.13x1.37% 42.34B
18.17x2.3x11.01x4.81% 37.26B
84.77x8.19x30.61x-.--% 29.06B
Average 11.98x 4.79x 22.30x 2.67% 80.14B
Weighted average by Cap. 2.57x 5.31x 25.31x 2.76%

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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