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 2,937,727 - -
Change - 14.35% 51.67% 174.96% 19.54% 10.4% - -
Enterprise Value (EV) 1 480,931 606,170 827,650 2,156,196 2,647,143 2,862,436 2,812,413 2,756,963
Change - 26.04% 36.54% 160.52% 22.77% 8.13% -1.75% -1.97%
P/E 49.6x 26.8x 22.9x 35.2x 27.2x 22.9x 19.7x 17.7x
PBR 3.2x 3.13x 3.95x 9.55x 9.8x 8.69x 6.83x 5.5x
PEG - 0x 0.3x 0.4x 0.5x 0.7x 1.2x 1.5x
Capitalization / Revenue 1.16x 1.1x 1.42x 3.28x 3.28x 2.84x 2.55x 2.31x
EV / Revenue 1.19x 1.25x 1.45x 3.18x 3.26x 2.77x 2.44x 2.17x
EV / EBITDA 13.4x 12.1x 11.7x 17.8x 15.7x 12.6x 11.2x 10x
EV / EBIT 21.9x 17.8x 15.3x 21.5x 18.6x 14.6x 12.7x 11.2x
EV / FCF 12.3x -16.9x 11.1x 26.8x 33.5x 28.9x 20.8x 18.1x
FCF Yield 8.1% -5.92% 9.01% 3.73% 2.98% 3.46% 4.8% 5.54%
Dividend per Share 2 6 10 16.25 20 28 44.43 48.58 54.55
Rate of return 0.94% 1.37% 1.47% 0.64% 0.75% 1.07% 1.17% 1.32%
EPS 2 12.84 27.15 48.13 88.3 138.1 181.2 210 234.4
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 1,034,039 1,150,371 1,269,126
EBITDA 1 35,996 50,002 70,719 121,353 168,442 226,759 250,724 274,351
EBIT 1 21,945 34,002 54,215 100,111 142,519 196,403 221,172 245,992
Net income 1 9,402 19,887 35,272 63,806 98,719 128,074 146,465 164,204
Net Debt 1 14,175 72,415 18,112 -69,745 -13,738 -75,291 -125,314 -180,764
Reference price 2 637.50 728.50 1,104.50 3,110.00 3,755.00 4,144.00 4,144.00 4,144.00
Nbr of stocks (in thousands) 732,167 732,677 732,945 715,737 708,624 708,911 - -
Announcement Date 2/10/22 2/10/23 2/9/24 2/14/25 2/13/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.3x1.2x14.43x4.71% 53.04B
15.57x1.09x8.26x2.43% 29.05B
22.87x2.77x12.62x1.07% 18.67B
20.27x2.01x10.02x-.--% 10.01B
15.87x0.84x7.9x5.18% 2.16B
5.56x0.33x1.93x7.87% 1.22B
7.01x0.34x2.21x7.62% 1.19B
6.94x1.21x5.69x11.52% 808M
Average 14.43x 1.22x 7.88x 5.05% 14.52B
Weighted average by Cap. 19.52x 1.47x 11.78x 3.27%

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