Company Valuation: Asahi Group Holdings, Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 2,150,506 2,267,161 2,087,025 2,664,130 2,490,230 2,416,312 2,416,312 -
Change - 5.42% -7.95% 27.65% -6.53% -2.97% 0% -
Enterprise Value (EV) 1 3,925,670 3,810,621 3,546,896 4,014,983 3,685,445 3,648,558 3,819,709 3,754,963
Change - -2.93% -6.92% 13.2% -8.21% -1% 4.69% -1.7%
P/E ratio 21.6x 14.8x 13.8x 16.2x 13.1x 15.6x 12.7x 11.2x
PBR 1.42x 1.29x 1.01x 1.08x 0.93x 0.92x 0.87x 0.83x
PEG - 0.3x -10.94x 1.96x 0.8x -1x 0.6x 0.9x
Capitalization / Revenue 1.06x 1.01x 0.83x 0.96x 0.85x 0.83x 0.78x 0.75x
EV / Revenue 1.94x 1.7x 1.41x 1.45x 1.25x 1.26x 1.24x 1.17x
EV / EBITDA 15.2x 11x 9.92x 10.2x 8.63x 9.06x 8.53x 7.77x
EV / EBIT 29x 18x 16.3x 16.4x 13.7x 14.4x 13.1x 11.7x
EV / FCF -4.06x 14.8x 18x 20.3x 12.9x 20x 15.5x 15.3x
FCF Yield -24.6% 6.74% 5.55% 4.94% 7.73% 5% 6.46% 6.52%
Dividend per Share 2 35.33 36.33 37.67 40.33 49 50.55 56.52 63.8
Rate of return 2.5% 2.44% 2.74% 2.3% 2.96% 3.06% 3.42% 3.86%
EPS 2 65.51 101 99.7 107.9 126.7 106.2 130.4 147.3
Distribution rate 53.9% 36% 37.8% 37.4% 38.7% 47.6% 43.3% 43.3%
Net sales 1 2,027,762 2,236,076 2,511,108 2,769,091 2,939,422 2,896,191 3,089,147 3,211,999
EBITDA 1 258,444 346,715 357,467 392,991 426,987 402,780 447,773 483,433
EBIT 1 135,167 211,900 217,048 244,999 269,052 252,969 290,951 321,620
Net income 1 92,826 153,500 151,555 164,073 192,080 157,861 190,965 211,631
Net Debt 1 1,775,164 1,543,460 1,459,871 1,350,853 1,195,215 1,232,246 1,403,397 1,338,651
Reference price 2 1,414.67 1,491.33 1,373.00 1,752.67 1,657.00 1,652.00 1,652.00 1,652.00
Nbr of stocks (in thousands) 1,520,150 1,520,224 1,520,048 1,520,044 1,502,855 1,462,658 1,462,658 -
Announcement Date 2/12/21 2/15/22 2/14/23 2/13/24 2/13/25 - - -
1JPY in Million2JPY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
15.56x1.26x9.06x3.06% 15.28B
17.48x3.27x9.01x1.88% 149B
15.25x2.38x7.18x5.91% 47.93B
15.09x1.78x7.89x2.92% 44.93B
15.71x4.29x11.64x2.52% 28.14B
12.57x - - - 20.79B
13.91x1.87x8.74x3.7% 18.31B
11.98x1.16x8.04x3.07% 13.29B
19.93x1.65x6.03x5.95% 12.49B
Average 15.27x 2.21x 8.45x 3.62% 38.88B
Weighted average by Cap. 16.04x 2.71x 8.65x 3.02%

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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