Company Valuation: Forval Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 22,378 22,969 30,518 33,835 37,427 28,883
Change - 2.64% 32.87% 10.87% 10.62% -22.83%
Enterprise Value (EV) 1 15,367 15,423 21,850 26,445 28,744 18,808
Change - 0.36% 41.67% 21.03% 8.69% -34.57%
P/E 16.4x 12.5x 18.2x 16.8x 17.3x 19.5x
PBR 1.8x 1.71x 2.08x 2.09x 2.13x 1.53x
PEG - 0.4x -2.07x 0.9x 2.79x -0.6x
Capitalization / Revenue 0.45x 0.45x 0.51x 0.53x 0.52x 0.4x
EV / Revenue 0.31x 0.3x 0.37x 0.42x 0.4x 0.26x
EV / EBITDA 4.97x 3.88x 5.55x 5.28x 4.92x 3.25x
EV / EBIT 6.41x 5.87x 8.94x 7.96x 7.68x 5.12x
EV / FCF 7.98x 7.92x 7.9x 37.6x 7.56x 6.36x
FCF Yield 12.5% 12.6% 12.7% 2.66% 13.2% 15.7%
Dividend per Share 2 26 26 27 28 30 31
Rate of return 2.97% 2.9% 2.27% 2.13% 2.09% 2.8%
EPS 2 53.31 71.68 65.39 78.2 83.04 56.61
Distribution rate 48.8% 36.3% 41.3% 35.8% 36.1% 54.8%
Net sales 1 49,788 51,535 59,538 63,527 72,629 71,524
EBITDA 1 3,092 3,980 3,934 5,007 5,847 5,791
EBIT 1 2,399 2,626 2,443 3,324 3,741 3,670
Net income 1 1,357 1,836 1,679 2,011 2,168 1,477
Net Debt 1 -7,011 -7,546 -8,668 -7,390 -8,683 -10,075
Reference price 2 875.00 896.00 1,187.00 1,316.00 1,437.00 1,106.00
Nbr of stocks (in thousands) 25,575 25,635 25,710 25,710 26,045 26,115
Announcement Date 6/28/21 6/27/22 6/23/23 6/21/24 6/20/25 6/19/26
1JPY in Million2JPY
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 156M
16.4x0.87x7.29x2.48% 4.54B
-6.91x0.35x10.81x8.64% 169M
Average 4.74x 0.61x 9.05x 5.56% 1.62B
Weighted average by Cap. 15.56x 0.85x 7.41x 2.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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