Company Valuation: TOKAI Corp.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 60,694 69,713 77,103 70,684 75,946 76,995 - -
Change - 14.86% 10.6% -8.33% 7.44% 1.38% - -
Enterprise Value (EV) 1 27,258 35,015 47,242 45,942 54,043 53,856 50,977 47,938
Change - 28.46% 34.92% -2.75% 17.63% -0.35% -5.35% -5.96%
P/E 10.5x 11.4x 13.3x 15x 13.2x 12x 11.2x 10.4x
PBR 0.79x 0.85x 0.89x 0.83x 0.91x 0.85x 0.81x 0.77x
PEG - 2.09x -2.77x -1x 0.4x 1x 1.53x 1.52x
Capitalization / Revenue 0.49x 0.54x 0.56x 0.47x 0.48x 0.46x 0.45x 0.43x
EV / Revenue 0.22x 0.27x 0.34x 0.31x 0.34x 0.32x 0.3x 0.27x
EV / EBITDA 2.23x 2.88x 3.7x 3.46x 3.72x 3.75x 3.38x 3.04x
EV / EBIT 3.3x 4.46x 5.85x 5.6x 5.76x 5.83x 5.2x 4.63x
EV / FCF 8.03x 14.9x -38.7x 8.1x 7.5x 7.39x 7.84x 6.97x
FCF Yield 12.5% 6.73% -2.58% 12.3% 13.3% 13.5% 12.8% 14.4%
Dividend per Share 2 42 60 58 58 68 82 86.5 92
Rate of return 2.44% 3.03% 2.65% 2.78% 2.77% 3.29% 3.47% 3.69%
EPS 2 164.4 173.4 165 139.1 185.6 208 223.3 238.6
Distribution rate 25.5% 34.6% 35.1% 41.7% 36.6% 39.4% 38.7% 38.6%
Net sales 1 123,484 130,184 138,222 149,542 159,664 166,400 172,250 177,935
EBITDA 1 12,205 12,144 12,762 13,297 14,522 14,358 15,074 15,768
EBIT 1 8,252 7,855 8,082 8,205 9,382 9,238 9,802 10,348
Net income 1 5,806 6,106 5,810 4,733 6,069 6,342 6,712 7,066
Net Debt 1 -33,436 -34,698 -29,861 -24,742 -21,903 -23,139 -26,018 -29,057
Reference price 2 1,724.00 1,979.00 2,190.00 2,090.00 2,459.00 2,493.00 2,493.00 2,493.00
Nbr of stocks (in thousands) 35,206 35,227 35,207 33,820 30,885 30,885 - -
Announcement Date 9/5/22 11/5/23 10/5/24 9/5/25 12/5/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.98x0.32x3.75x3.29% 493M
36.52x6.66x23.65x0.94% 80.22B
38.51x1.28x13.77x0.97% 17.11B
20x2.05x10.09x3.68% 14.04B
25.49x2.84x12.18x2.93% 12.16B
24.69x3.45x13.32x2.33% 8.03B
15.02x0.64x9.07x1.43% 6.83B
10.52x1.24x6.59x1.99% 6.27B
21.55x2.32x10.96x-.--% 5.55B
18.81x0.4x9.38x3.96% 5.33B
Average 22.31x 2.12x 11.28x 2.15% 15.6B
Weighted average by Cap. 30.58x 4.32x 17.59x 1.56%

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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