Company Valuation: Calbee, Inc.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 305,175 346,148 428,366 349,012 374,126 366,051 - -
Change - 13.43% 23.75% -18.52% 7.2% -2.16% - -
Enterprise Value (EV) 1 248,153 315,830 411,106 328,811 350,615 357,651 359,832 357,620
Change - 27.27% 30.17% -20.02% 6.63% 2.01% 0.61% -0.61%
P/E 17.3x 24.1x 21.5x 16.7x 22x 20.6x 18.4x 17.4x
PBR 1.73x 1.99x 2.23x 1.7x 1.78x 1.66x 1.61x 1.51x
PEG - -1.6x 0.6x 3.37x -1.4x 4.95x 1.5x 3.16x
Capitalization / Revenue 1.24x 1.24x 1.41x 1.08x 1.1x 1x 0.97x 0.94x
EV / Revenue 1.01x 1.13x 1.36x 1.02x 1.03x 0.98x 0.95x 0.92x
EV / EBITDA 6.87x 9.22x 10.3x 7.58x 8.1x 8.09x 7.48x 7.04x
EV / EBIT 9.87x 14.2x 15.1x 11.3x 13.4x 13.4x 12.1x 11.4x
EV / FCF 25.2x -42.6x -37.5x 31.3x 37.4x 45x 32.9x 20.2x
FCF Yield 3.96% -2.34% -2.67% 3.19% 2.68% 2.22% 3.04% 4.95%
Dividend per Share 2 52 52 56 58 66 69 72.48 75.9
Rate of return 2.21% 1.88% 1.63% 2.08% 2.14% 2.29% 2.41% 2.52%
EPS 2 136.2 115.2 159.2 167.1 140 145.8 163.5 172.5
Distribution rate 38.2% 45.2% 35.2% 34.7% 47.1% 47.3% 44.3% 44%
Net sales 1 245,419 279,315 303,027 322,564 340,151 364,720 376,950 389,183
EBITDA 1 36,143 34,259 39,979 43,362 43,266 44,233 48,082 50,816
EBIT 1 25,135 22,233 27,304 29,066 26,173 26,700 29,767 31,400
Net income 1 18,053 14,772 19,886 20,874 17,329 17,580 19,883 20,867
Net Debt 1 -57,022 -30,318 -17,260 -20,201 -23,511 -8,400 -6,219 -8,431
Reference price 2 2,355.00 2,771.00 3,429.00 2,793.50 3,077.00 3,009.00 3,009.00 3,009.00
Nbr of stocks (in thousands) 129,586 124,918 124,925 124,937 121,588 121,652 - -
Announcement Date 5/10/22 5/9/23 5/9/24 5/12/25 5/14/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.42x2.79x13.91x4.05% 244B
19.88x2.5x14.89x3.3% 79.69B
16.32x1.71x9.67x3.83% 45.83B
16.06x0.57x10.22x2.4% 41.8B
20.98x3.19x12.94x3.33% 34.82B
34.09x2.97x17.2x1.08% 30.91B
-8.67x1.87x9.32x6.52% 29.17B
64.11x9.84x40.79x1.19% 27.94B
Average 22.90x 3.18x 16.12x 3.21% 66.83B
Weighted average by Cap. 21.17x 2.83x 14.69x 3.56%

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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