Company Valuation: Olympus Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,977,530 2,906,166 2,578,960 2,196,310 1,638,938 2,143,707 - -
Change - -2.4% -11.26% -14.84% -25.38% 30.8% - -
Enterprise Value (EV) 1 3,061,085 3,076,894 2,537,643 2,172,880 1,690,476 2,225,420 2,207,793 2,193,521
Change - 0.52% -17.53% -14.37% -22.2% 31.64% -0.79% -0.65%
P/E 25.9x 20.5x 11.1x 18.9x 24.3x 20.6x 17.7x 16.2x
PBR 5.84x 4.54x 3.41x 2.92x 2.02x 2.55x 2.39x 2.2x
PEG - 0.8x 0.1x -0.4x -0.6x 0.3x 1.1x 1.72x
Capitalization / Revenue 3.43x 3.3x 2.75x 2.2x 1.62x 1.99x 1.92x 1.85x
EV / Revenue 3.52x 3.49x 2.71x 2.18x 1.67x 2.06x 1.98x 1.89x
EV / EBITDA 14x 12.1x 23.2x 9.49x 10.3x 9.94x 9.11x 8.47x
EV / EBIT 19.9x 16.5x 58.2x 13.4x 17.4x 15x 12.9x 11.8x
EV / FCF 31x 76.8x -66.1x 20.6x 128x 33.6x 25.5x 23x
FCF Yield 3.22% 1.3% -1.51% 4.86% 0.78% 2.98% 3.93% 4.34%
Dividend per Share 2 14 16 18 20 30 30.83 32.25 34
Rate of return 0.6% 0.69% 0.81% 1.03% 2.02% 1.53% 1.6% 1.69%
EPS 2 90.22 113.2 199.9 103 61.32 98.09 113.7 124.4
Distribution rate 15.5% 14.1% 9% 19.4% 48.9% 31.4% 28.4% 27.3%
Net sales 1 868,867 881,923 936,210 997,332 1,010,676 1,079,250 1,116,897 1,161,185
EBITDA 1 218,513 253,350 109,538 228,918 164,336 223,774 242,468 258,981
EBIT 1 153,898 186,609 43,598 162,462 97,120 148,770 170,734 185,625
Net income 1 115,742 143,432 242,566 117,855 68,172 104,959 121,686 131,826
Net Debt 1 83,555 170,728 -41,317 -23,430 51,538 81,713 64,086 49,814
Reference price 2 2,339.00 2,318.50 2,212.50 1,947.50 1,488.50 2,017.00 2,017.00 2,017.00
Nbr of stocks (in thousands) 1,272,993 1,253,468 1,165,632 1,127,759 1,101,067 1,062,820 - -
Announcement Date 11/5/22 12/5/23 10/5/24 13/5/25 12/5/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
30.5x5.4x20.72x0.3% 227B
35.03x6.31x20.02x0.69% 146B
40.22x10.44x23.09x-.--% 130B
17.84x3.65x11.85x-.--% 69.27B
35.52x7.13x22.55x-.--% 51.82B
19.37x2.33x11.69x2.63% 49.99B
29.39x5.8x19.69x0.68% 42.53B
71.67x6.84x20.83x-.--% 40.22B
44.12x7.18x25.33x-.--% 32.95B
Average 35.96x 6.12x 19.53x 0.48% 87.69B
Weighted average by Cap. 34.05x 6.33x 19.89x 0.42%

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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