Kikkoman Corporation

TSE:2801 Stock Report

Market Cap: JP¥1.6t

Kikkoman Valuation

Is 2801 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 2801 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2801 (¥1710.5) is trading below our estimate of fair value (¥1768.39)

Significantly Below Fair Value: 2801 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2801?

Key metric: As 2801 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2801. This is calculated by dividing 2801's market cap by their current earnings.
What is 2801's PE Ratio?
PE Ratio26.1x
EarningsJP¥62.39b
Market CapJP¥1.63t

Price to Earnings Ratio vs Peers

How does 2801's PE Ratio compare to its peers?

The above table shows the PE ratio for 2801 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.1x
2897 Nissin Foods HoldingsLtd
22x5.2%JP¥1.1t
2875 Toyo Suisan Kaisha
17x2.2%JP¥1.1t
2267 Yakult HonshaLtd
17.8x1.6%JP¥930.6b
2802 Ajinomoto
35.8x12.0%JP¥3.3t
2801 Kikkoman
26.1x2.7%JP¥1.6t

Price-To-Earnings vs Peers: 2801 is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the peer average (23.1x).

Price to Earnings Ratio vs Industry

How does 2801's PE Ratio compare vs other companies in the JP Food Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
2215 First Baking
1.8xn/aUS$24.43m
No more companies available in this PE range
2801 26.1xIndustry Avg. 15.3xNo. of Companies18PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2801 is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the JP Food industry average (15.3x).

Price to Earnings Ratio vs Fair Ratio

What is 2801'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.

2801 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.1x
Fair PE Ratio20.5x

Price-To-Earnings vs Fair Ratio: 2801 is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the estimated Fair Price-To-Earnings Ratio (20.5x).

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 2801 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentJP¥1,710.50
JP¥1,950.00
+14.0%
16.6%JP¥2,450.00JP¥1,300.00n/a12
Dec ’25JP¥1,641.50
JP¥1,936.36
+18.0%
17.3%JP¥2,450.00JP¥1,300.00n/a11
Nov ’25JP¥1,770.50
JP¥1,954.55
+10.4%
16.5%JP¥2,450.00JP¥1,400.00n/a11
Oct ’25JP¥1,631.50
JP¥1,952.73
+19.7%
16.5%JP¥2,450.00JP¥1,400.00n/a11
Sep ’25JP¥1,643.00
JP¥1,952.73
+18.9%
16.5%JP¥2,450.00JP¥1,400.00n/a11
Aug ’25JP¥1,848.00
JP¥2,019.09
+9.3%
15.2%JP¥2,450.00JP¥1,500.00n/a11
Jul ’25JP¥1,861.50
JP¥2,019.09
+8.5%
15.2%JP¥2,450.00JP¥1,500.00n/a11
Jun ’25JP¥1,819.00
JP¥2,004.55
+10.2%
14.9%JP¥2,400.00JP¥1,500.00n/a11
May ’25JP¥1,902.50
JP¥1,990.00
+4.6%
16.1%JP¥2,400.00JP¥1,500.00n/a10
Apr ’25JP¥1,940.00
JP¥1,925.82
-0.7%
14.3%JP¥2,260.00JP¥1,420.00n/a11
Mar ’25JP¥2,013.00
JP¥1,976.17
-1.8%
12.4%JP¥2,260.00JP¥1,540.00n/a12
Feb ’25JP¥1,837.60
JP¥1,936.17
+5.4%
11.8%JP¥2,240.00JP¥1,540.00n/a12
Jan ’25JP¥1,726.80
JP¥1,893.67
+9.7%
12.1%JP¥2,240.00JP¥1,510.00n/a12
Dec ’24JP¥1,809.40
JP¥1,856.92
+2.6%
11.1%JP¥2,240.00JP¥1,510.00JP¥1,641.5013
Nov ’24JP¥1,756.60
JP¥1,848.33
+5.2%
8.4%JP¥2,120.00JP¥1,510.00JP¥1,770.5012
Oct ’24JP¥1,568.80
JP¥1,805.00
+15.1%
8.6%JP¥2,010.00JP¥1,440.00JP¥1,631.5010
Sep ’24JP¥1,683.00
JP¥1,795.45
+6.7%
8.2%JP¥2,010.00JP¥1,440.00JP¥1,643.0011
Aug ’24JP¥1,652.80
JP¥1,800.91
+9.0%
11.8%JP¥2,100.00JP¥1,260.00JP¥1,848.0011
Jul ’24JP¥1,638.40
JP¥1,800.91
+9.9%
11.8%JP¥2,100.00JP¥1,260.00JP¥1,861.5011
Jun ’24JP¥1,674.00
JP¥1,725.64
+3.1%
13.1%JP¥2,162.00JP¥1,260.00JP¥1,819.0011
May ’24JP¥1,634.00
JP¥1,600.18
-2.1%
15.0%JP¥2,162.00JP¥1,260.00JP¥1,902.5011
Apr ’24JP¥1,348.00
JP¥1,563.82
+16.0%
14.7%JP¥2,162.00JP¥1,260.00JP¥1,940.0011
Mar ’24JP¥1,258.00
JP¥1,628.20
+29.4%
15.6%JP¥2,162.00JP¥1,260.00JP¥2,013.0010
Feb ’24JP¥1,358.00
JP¥1,718.20
+26.5%
13.6%JP¥2,162.00JP¥1,400.00JP¥1,837.6010
Jan ’24JP¥1,388.00
JP¥1,705.17
+22.9%
17.8%JP¥2,200.00JP¥1,160.00JP¥1,726.8012
Dec ’23JP¥1,564.00
JP¥1,700.00
+8.7%
17.9%JP¥2,200.00JP¥1,160.00JP¥1,809.4012

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 19:25
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Kikkoman Corporation is covered by 22 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Takayuki HayanoBarclays
Shuhei ObaCitigroup Inc
Makoto MoritaDaiwa Securities Co. Ltd.