Calbee, Inc.

TSE:2229 Stock Report

Market Cap: JP¥404.2b

Calbee Valuation

Is 2229 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2229 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2229 (¥3237) is trading below our estimate of fair value (¥6839.75)

Significantly Below Fair Value: 2229 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2229?

Other financial metrics that can be useful for relative valuation.

2229 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.3x
Enterprise Value/EBITDA10x
PEG Ratio5.5x

Price to Earnings Ratio vs Peers

How does 2229's PE Ratio compare to its peers?

The above table shows the PE ratio for 2229 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.7x
2809 Kewpie
22.7x7.1%JP¥495.7b
2871 Nichirei
20.9x6.7%JP¥542.3b
2212 Yamazaki Baking
15.6x3.0%JP¥595.6b
2002 Nisshin Seifun Group
15.7x4.3%JP¥530.1b
2229 Calbee
19.5x3.5%JP¥404.2b

Price-To-Earnings vs Peers: 2229 is expensive based on its Price-To-Earnings Ratio (19.5x) compared to the peer average (18.7x).

Price to Earnings Ratio vs Industry

How does 2229's PE Ratio compare vs other companies in the JP Food Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a5.9%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a5.9%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: 2229 is expensive based on its Price-To-Earnings Ratio (19.5x) compared to the JP Food industry average (16x).

Price to Earnings Ratio vs Fair Ratio

What is 2229's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2229 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.5x
Fair PE Ratio18.2x

Price-To-Earnings vs Fair Ratio: 2229 is expensive based on its Price-To-Earnings Ratio (19.5x) compared to the estimated Fair Price-To-Earnings Ratio (18.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2229 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥3,237.00
JP¥3,550.00
+9.7%
12.0%JP¥4,100.00JP¥3,000.00n/a4
Oct ’25JP¥3,497.00
JP¥3,550.00
+1.5%
12.0%JP¥4,100.00JP¥3,000.00n/a4
Sep ’25JP¥3,236.00
JP¥3,475.00
+7.4%
11.6%JP¥4,100.00JP¥3,000.00n/a4
Aug ’25JP¥3,360.00
JP¥3,325.00
-1.0%
8.1%JP¥3,600.00JP¥2,900.00n/a4
Jul ’25JP¥3,093.00
JP¥3,325.00
+7.5%
8.1%JP¥3,600.00JP¥2,900.00n/a4
Jun ’25JP¥3,092.00
JP¥3,470.00
+12.2%
11.0%JP¥4,000.00JP¥2,850.00n/a5
May ’25JP¥3,438.00
JP¥3,470.00
+0.9%
11.0%JP¥4,000.00JP¥2,850.00n/a5
Apr ’25JP¥3,446.00
JP¥3,320.00
-3.7%
11.3%JP¥3,600.00JP¥2,600.00n/a5
Mar ’25JP¥3,223.00
JP¥3,033.33
-5.9%
9.6%JP¥3,500.00JP¥2,600.00n/a6
Feb ’25JP¥3,096.00
JP¥2,916.67
-5.8%
10.4%JP¥3,500.00JP¥2,500.00n/a6
Jan ’25JP¥2,833.50
JP¥2,850.00
+0.6%
10.4%JP¥3,400.00JP¥2,450.00n/a6
Dec ’24JP¥2,783.00
JP¥2,942.86
+5.7%
12.1%JP¥3,500.00JP¥2,450.00n/a7
Nov ’24JP¥2,673.50
JP¥2,957.14
+10.6%
9.1%JP¥3,400.00JP¥2,650.00JP¥3,237.007
Oct ’24JP¥2,844.00
JP¥3,016.67
+6.1%
8.2%JP¥3,400.00JP¥2,800.00JP¥3,497.006
Sep ’24JP¥2,907.00
JP¥2,983.33
+2.6%
8.7%JP¥3,400.00JP¥2,800.00JP¥3,236.006
Aug ’24JP¥2,785.00
JP¥2,966.67
+6.5%
7.2%JP¥3,400.00JP¥2,800.00JP¥3,360.006
Jul ’24JP¥2,727.00
JP¥2,966.67
+8.8%
7.2%JP¥3,400.00JP¥2,800.00JP¥3,093.006
Jun ’24JP¥2,753.00
JP¥2,966.67
+7.8%
7.2%JP¥3,400.00JP¥2,800.00JP¥3,092.006
May ’24JP¥3,020.00
JP¥3,008.33
-0.4%
9.5%JP¥3,400.00JP¥2,600.00JP¥3,438.006
Apr ’24JP¥2,771.00
JP¥3,008.33
+8.6%
9.5%JP¥3,400.00JP¥2,600.00JP¥3,446.006
Mar ’24JP¥2,669.00
JP¥3,008.33
+12.7%
9.5%JP¥3,400.00JP¥2,600.00JP¥3,223.006
Feb ’24JP¥2,879.00
JP¥2,958.33
+2.8%
10.4%JP¥3,400.00JP¥2,600.00JP¥3,096.006
Jan ’24JP¥2,992.00
JP¥2,957.14
-1.2%
10.3%JP¥3,500.00JP¥2,700.00JP¥2,833.507
Dec ’23JP¥2,918.00
JP¥2,914.29
-0.1%
11.3%JP¥3,500.00JP¥2,600.00JP¥2,783.007
Nov ’23JP¥2,980.00
JP¥2,950.00
-1.0%
10.8%JP¥3,500.00JP¥2,700.00JP¥2,673.507

Analyst Forecast: Target price is less than 20% higher than the current share price.

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