Financials Kobayashi Pharmaceutical Co., Ltd.

Equities

4967

JP3301100008

Personal Products

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-16 am EDT			5-day change	1st Jan Change
5,736 ^JPY	+0.63%		+8.14%	-15.52%

Mar. 31	A second Kobayashi Pharma Japan factory inspected over deaths	RE
Mar. 30	Kobayashi factory searched over deaths possibly linked to supplements	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	724,573	985,637	704,427	650,295	503,841	425,631	-	-
Enterprise Value (EV) ¹	634,907	891,987	596,011	546,554	424,992	350,004	346,356	336,821
P/E ratio	38 x	51.3 x	35.8 x	34.8 x	25.3 x	23.5 x	20.7 x	19.6 x
Yield	0.79%	0.61%	0.92%	1%	1.49%	1.8%	1.82%	1.87%
Capitalization / Revenue	4.31 x	6.55 x	4.54 x	3.91 x	2.9 x	2.39 x	2.26 x	2.17 x
EV / Revenue	3.78 x	5.93 x	3.84 x	3.29 x	2.45 x	1.97 x	1.84 x	1.71 x
EV / EBITDA	20.8 x	29.7 x	19.3 x	17.1 x	13.3 x	10.7 x	9.84 x	9.03 x
EV / FCF	45.3 x	101 x	31.8 x	31.1 x	-350 x	25.5 x	26.6 x	16.9 x
FCF Yield	2.21%	0.99%	3.15%	3.22%	-0.29%	3.92%	3.75%	5.93%
Price to Book	4.2 x	5.4 x	3.59 x	3.47 x	2.47 x	2.02 x	1.89 x	1.79 x
Nbr of stocks (in thousands)	78,163	78,163	77,923	72,015	74,203	74,203	-	-
Reference price ²	9,270	12,610	9,040	9,030	6,790	5,736	5,736	5,736
Announcement Date	1/31/20	2/1/21	2/4/22	2/14/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	168,052	150,514	155,252	166,258	173,455	177,803	188,498	196,572
EBITDA ¹	30,482	30,049	30,900	32,027	31,837	32,737	35,199	37,299
EBIT ¹	26,355	25,943	26,065	26,669	25,780	24,555	26,402	28,167
Operating Margin	15.68%	17.24%	16.79%	16.04%	14.86%	13.81%	14.01%	14.33%
Earnings before Tax (EBT) ¹	26,804	26,635	27,636	27,950	27,559	21,412	29,023	30,790
Net income ¹	19,139	19,205	19,715	20,022	20,338	17,680	20,648	21,852
Net margin	11.39%	12.76%	12.7%	12.04%	11.73%	9.94%	10.95%	11.12%
EPS ²	244.1	245.7	252.4	259.6	268.2	244.0	276.6	292.9
Free Cash Flow ¹	14,016	8,870	18,756	17,601	-1,216	13,724	13,005	19,957
FCF margin	8.34%	5.89%	12.08%	10.59%	-0.7%	7.72%	6.9%	10.15%
FCF Conversion (EBITDA)	45.98%	29.52%	60.7%	54.96%	-	41.92%	36.95%	53.51%
FCF Conversion (Net income)	73.23%	46.19%	95.14%	87.91%	-	77.62%	62.98%	91.33%
Dividend per Share ²	73.00	77.00	83.00	90.00	101.0	103.0	104.7	107.3
Announcement Date	1/31/20	2/1/21	2/4/22	2/14/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	94,422	66,180	84,334	67,052	40,606	47,594	88,200	32,646	38,618	71,264	43,015	51,979	94,994	33,467	40,158	73,625	45,490	54,340	99,830	36,485	39,584	77,200	46,066	55,802	105,800	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,710	-	-	-	-	-	-
EBIT ¹	14,934	10,220	15,723	10,240	9,186	6,639	15,825	4,845	5,023	9,868	8,881	7,920	16,801	5,061	5,345	10,406	8,981	6,393	15,374	5,028	5,001	10,900	8,352	5,951	15,900	-
Operating Margin	15.82%	15.44%	18.64%	15.27%	22.62%	13.95%	17.94%	14.84%	13.01%	13.85%	20.65%	15.24%	17.69%	15.12%	13.31%	14.13%	19.74%	11.76%	15.4%	13.78%	12.63%	14.12%	18.13%	10.66%	15.03%	-
Earnings before Tax (EBT)	-	10,882	-	11,037	9,855	-	-	5,097	-	10,860	9,510	7,580	-	5,097	5,968	11,065	10,073	-	-	1,586	-	-	-	-	-	-
Net income ¹	10,937	8,218	-	7,881	7,002	4,832	11,834	3,473	4,227	7,700	6,800	5,522	-	3,608	4,256	7,864	7,634	4,840	-	976	4,031	-	5,377	2,362	-	-
Net margin	11.58%	12.42%	-	11.75%	17.24%	10.15%	13.42%	10.64%	10.95%	10.8%	15.81%	10.62%	-	10.78%	10.6%	10.68%	16.78%	8.91%	-	2.68%	10.18%	-	11.67%	4.23%	-	-
EPS ²	-	105.1	-	100.8	89.58	61.94	-	44.87	54.68	99.55	87.97	72.11	-	47.43	55.92	103.4	100.3	64.52	-	13.13	53.15	-	70.90	31.15	-	-
Dividend per Share ²	-	34.00	-	37.00	-	46.00	-	-	38.00	38.00	-	52.00	-	-	43.00	43.00	-	58.00	-	-	44.00	-	-	59.00	-	-
Announcement Date	1/31/20	7/30/20	2/1/21	7/29/21	10/28/21	2/4/22	2/4/22	4/27/22	8/3/22	8/3/22	11/1/22	2/14/23	2/14/23	5/10/23	8/8/23	8/8/23	11/7/23	2/9/24	2/9/24	5/10/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	89,666	93,650	108,416	103,741	78,849	75,627	79,275	88,809
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,016	8,870	18,756	17,601	-1,216	13,724	13,005	19,957
ROE (net income / shareholders' equity)	11.3%	10.8%	10.4%	10.2%	10.1%	8.72%	9.47%	9.5%
ROA (Net income/ Total Assets)	12%	11.8%	11.4%	11.1%	10.4%	6.87%	7.22%	7.32%
Assets ¹	159,562	163,389	172,738	179,958	194,711	257,263	285,817	298,359
Book Value Per Share ²	2,209	2,336	2,516	2,600	2,749	2,836	3,028	3,204
Cash Flow per Share ²	292.0	295.0	303.0	316.0	333.0	304.0	394.0	435.0
Capex ¹	6,073	15,116	5,278	15,794	26,887	14,060	13,700	8,483
Capex / Sales	3.61%	10.04%	3.4%	9.5%	15.5%	7.91%	7.27%	4.32%
Announcement Date	1/31/20	2/1/21	2/4/22	2/14/23	2/9/24	-	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kobayashi Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5,736 JPY

Average target price

6,565 JPY

Spread / Average Target

+14.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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