Itoham Yonekyu Holdings Inc.

2296.T · Consumer Defensive · Packaged Foods · Valued as of 2026-11-03 · Statements 2026-03-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

3.07B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

2.35B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.85B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

2.42B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

1.74B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.39×

the ratio the screener ranks by

Margin of Safety

+28.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 3.07B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.75B USD
−②Net Debt Today465.55M USD
+③Growth Value779.88M USD
=Value3.07B USD

EPV of the Operations (NOPAT over WACC)

2.75B USD

Net debt today

-465.55M USD

Growth Value

+779.88M USD

Value

3.07B USD

①EPV (earnings power value)

2.75B USD

②Net Debt Today

465.55M USD

③Growth Value

779.88M USD

Market value

Market Cap1.74B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+43.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 2.35B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE990.47M USD
+②Equity at Year 15, Today1.36B USD
=Value2.35B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

990.47M USD

②Equity at Year 15, Today

1.36B USD

Market value

Market Cap1.74B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+26.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.85B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 1.85B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap1.74B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+5.9%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 3.96%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.03×Market Risk Premium 6.00%= 4.67%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 58.23M USDPretax Income 185.11M USD= 31.46%

The tax the interest saves.

Interest Expense =EBIT 200.22M USD−Pretax Income 185.11M USD= 15.12M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 15.12M USDTotal Debt 578.15M USD×(1 − Tax Rate for WACC 31.46%)= 1.79%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 578.15M USDMarket Cap + Total Debt 1.74B USD + 578.15M USD= 24.93%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 75.07%×Cost of Equity 4.67%+Debt Weight 24.93%×Cost of Debt 1.79%= 3.96%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 3.29B USD − Total Liabilities 1.44B USD = Book Value Today 1.85B USD

Total Debt 578.15M USD − Cash and Short-Term Investments 112.60M USD = Net Debt Today 465.55M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.1%at most 5%passes56,750,572 / 56,714,847
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-1.3%at least -10.0%passes(85.56M USD − 126.66M USD) ÷ 3.29B USD
Price to bookMarket Cap ÷ Book Value Today0.94×at most 3×passes1.74B USD ÷ 1.85B USD
Operating marginOperating Income ÷ Revenue2.7%above 10.0%does not pass178.20M USD ÷ 6.71B USD
Revenue growthRevenue ÷ Revenue a Year Before − 11.4%above 10.0%does not pass6.71B USD / 6.62B USD
Net cash(Cash − Total Debt) ÷ Market Cap-26.7%above -30%passes(112.60M USD − 578.15M USD) ÷ 1.74B USD
Operating efficiencyOperating Income ÷ Gross Profit19.4%above 25.0%does not pass178.20M USD ÷ 917.31M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

4809.80 JPY

Enterprise value

364.27B JPY

the provider's own figure

EV / EBITDA

8.50×

Price / book

0.93×

the provider's book

Price / earnings

13.49×

Return on equity

6.9%

the provider's figure, not this page's

Profit margin

1.9%

Revenue growth

-5.4%

Analyst target, mean

5171.84 JPY

Analysts

3

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2023202420252026
Income statement

Revenue

6.93B6.32B6.62B6.71B

Gross profit

977.89M876.17M891.65M917.31M

Operating income

172.81M147.64M130.98M178.20M

EBITDA

operating income before depreciation and amortisation

296.61M253.91M241.85M296.01M

Pretax income

187.60M148.81M128.81M185.11M

Net income

127.57M102.80M87.62M126.66M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

132.00M117.64M93.72M129.47M

R&D

————
Balance sheet, year end

Total assets

3.28B3.06B3.12B3.29B

Total liabilities

1.26B1.17B1.21B1.44B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

2.02B1.88B1.91B1.85B

Total debt

343.22M286.62M418.45M578.15M

Cash and equivalents

170.86M153.51M140.43M112.60M

Net PP&E

fixed assets after depreciation

762.56M695.79M733.72M763.24M

Working capital

current assets less current liabilities

777.96M732.39M888.41M814.18M
Cash flow

Operating cash flow

29.66M194.28M67.01M85.56M

Capital expenditure

paid out, so below zero

-114.37M-109.20M-147.60M-163.39M

Depreciation and amortisation

103.00M93.13M97.79M95.78M

Free cash flow

operating cash flow plus capital expenditure

-84.71M85.08M-80.59M-77.83M