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Sony Corp. (SNE) | Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Sony Corp., EBITDA calculation

USD $ in millions, translated from JPY ￥

12 months ended	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007
Net income (loss) attributable to Sony Corporation's stockholders	(5,556)	(3,122)	(439)	(1,007)	3,687	1,070
Net (income) loss attributable to noncontrolling interests	709	472	578	(33)	(58)	4
Interest expense	285	288	242	248	229	231
Income tax expense (benefit)	3,835	5,115	150	(741)	2,031	456
Earnings before interest and tax (EBIT)	(727)	2,753	531	(1,533)	5,889	1,762
Depreciation and amortization, including amortization of deferred insurance acquisition costs	3,888	3,913	3,988	4,127	4,272	3,388
Amortization of film costs	2,298	3,009	2,984	2,603	3,049	3,121
Earnings before interest, tax, depreciation and amortization (EBITDA)	5,459	9,675	7,503	5,198	13,210	8,271

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Sony Corp.'s EBITDA increased from 2010 to 2011 but then declined significantly from 2011 to 2012.

Sony Corp., current EV/EBITDA

	Sony Corp.	Consumer Goods
Selected Financial Data (USD $ in millions)
Enterprise value (EV)	14,584
Earnings before interest, tax, depreciation and amortization (EBITDA)	5,459
Ratio
EV/EBITDA	2.67	13.30

If company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.

Otherwise, if company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Sony Corp., EV/EBITDA calculation

	Mar 31, 2012	Mar 31, 2011	Mar 31, 2010	Mar 31, 2009	Mar 31, 2008	Mar 31, 2007
Selected Financial Data (USD $ in millions, translated from JPY ￥)
Enterprise value (EV)¹	14,584	21,973	24,648	28,299	45,191	51,182
Earnings before interest, tax, depreciation and amortization (EBITDA)²	5,459	9,675	7,503	5,198	13,210	8,271
EV/EBITDA, Comparison to Industry
Sony Corp.³	2.67	2.27	3.29	5.44	3.42	6.19
Industry, Consumer Goods	11.58	10.24	9.88	10.99	7.99	–

2012 Calculations

³ EV/EBITDA = EV ÷ EBITDA
= 14,584 ÷ 5,459 = 2.67

Ratio	Description	The company
EV/EBITDA	EV/EBITDA is a valuation indicator for the overall company rather than common stock.	Sony Corp.'s EV/EBITDA ratio declined from 2010 to 2011 but then slightly increased from 2011 to 2012.