Company Valuation: Yamaha Corporation

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 917,758 871,014 546,212 523,994 485,207 590,561 - -
Change - -5.09% -37.29% -4.07% -7.4% 21.71% - -
Enterprise Value (EV) 1 768,808 784,795 462,558 444,132 392,908 483,819 478,725 449,993
Change - 2.08% -41.06% -3.98% -11.53% 23.14% -1.05% -6%
P/E 24.9x 22.9x 18.6x 41.9x 20.9x 18.5x 17.9x 15.6x
PBR 2.21x 1.9x 1.06x 1.17x 1.01x 1.19x 1.15x 1.08x
PEG - 6.31x -0.9x -0.8x 0.2x 0.5x 5.24x 1x
Capitalization / Revenue 2.25x 1.93x 1.18x 1.13x 1.04x 1.22x 1.19x 1.14x
EV / Revenue 1.88x 1.74x 1x 0.96x 0.84x 1x 0.96x 0.87x
EV / EBITDA 11.5x 11.9x 10.8x 10.5x 7.89x 7.55x 7.65x 6.47x
EV / EBIT 15.6x 16.9x 16x 21.5x 13.4x 12.4x 11.4x 9.54x
EV / FCF 9.64x -21.6x 22.1x 13.7x 12.4x 12x 14.2x 11.6x
FCF Yield 10.4% -4.64% 4.52% 7.28% 8.05% 8.34% 7.05% 8.64%
Dividend per Share 2 22 22 24.67 25.33 26 27.14 28.29 29.67
Rate of return 1.23% 1.3% 2.27% 2.19% 2.36% 2.02% 2.11% 2.21%
EPS 2 71.6 74.2 58.56 27.58 52.7 72.49 74.97 86.26
Distribution rate 30.7% 29.6% 42.1% 91.9% 49.3% 37.4% 37.7% 34.4%
Net sales 1 408,200 451,400 462,866 462,080 465,330 483,900 498,243 516,367
EBITDA 1 66,634 65,754 42,799 42,190 49,808 64,100 62,560 69,500
EBIT 1 49,300 46,500 28,999 20,695 29,274 38,917 41,883 47,180
Net income 1 37,300 38,200 29,642 13,351 23,720 31,825 32,700 37,267
Net Debt 1 -148,950 -86,219 -83,654 -79,862 -92,299 -106,742 -111,837 -140,569
Reference price 2 1,783.33 1,696.67 1,087.00 1,156.50 1,103.00 1,342.50 1,342.50 1,342.50
Nbr of stocks (in thousands) 514,631 513,368 502,495 453,086 439,897 439,897 - -
Announcement Date 5/11/22 5/9/23 5/8/24 5/8/25 5/11/26 - - -
1JPY in Million2JPY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.52x1x7.55x2.02% 3.73B
15.74x1.23x9.88x3.7% 765M
Average 17.13x 1.11x 8.71x 2.86% 2.25B
Weighted average by Cap. 18.05x 1.04x 7.94x 2.31%

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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