MENICON CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1,344 JPY | -1.61% |
|
-3.07% | -42.78% |
| Apr. 05 | Menicon Establishes German Subsidiary and Alters Capital Increase Payment Timing | MT |
| Apr. 04 | Menicon Buys French Specialty Contact Lens Maker Dencott | MT |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 112,459 | 181,971 | 246,740 | 222,188 | 213,200 | 104,118 | - | - |
| Enterprise Value (EV) 1 | 111,246 | 178,072 | 248,493 | 229,577 | 224,229 | 120,613 | 125,758 | 120,800 |
| P/E ratio | 31.4 x | 43 x | 41.4 x | 34.3 x | 28.9 x | 26.5 x | 13.8 x | 11.3 x |
| Yield | 0.88% | 0.58% | 0.54% | 0.68% | 0.89% | 1.58% | 2% | 2.15% |
| Capitalization / Revenue | 1.39 x | 2.15 x | 2.86 x | 2.22 x | 1.93 x | 1.04 x | 0.84 x | 0.77 x |
| EV / Revenue | 1.38 x | 2.11 x | 2.88 x | 2.29 x | 2.03 x | 1.04 x | 1.02 x | 0.89 x |
| EV / EBITDA | 10.9 x | 14.3 x | 17.6 x | 13.3 x | 11.5 x | 7.03 x | 5.53 x | 4.95 x |
| EV / FCF | 240 x | 169 x | -49.7 x | -66.9 x | -218 x | 527 x | 34.7 x | 17.2 x |
| FCF Yield | 0.42% | 0.59% | -2.01% | -1.49% | -0.46% | 0.19% | 2.88% | 5.81% |
| Price to Book | 2.65 x | 3.41 x | 4.17 x | 3.42 x | 2.94 x | 1.52 x | 1.23 x | 1.12 x |
| Nbr of stocks (in thousands) | 70,397 | 75,428 | 75,571 | 75,651 | 75,953 | 76,221 | - | - |
| Reference price 2 | 1,598 | 2,412 | 3,265 | 2,937 | 2,807 | 1,366 | 1,366 | 1,366 |
| Announcement Date | 5/14/19 | 5/28/20 | 5/13/21 | 5/12/22 | 5/15/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 80,898 | 84,519 | 86,209 | 100,172 | 110,194 | 116,192 | 123,700 | 135,016 |
| EBITDA 1 | 10,211 | 12,454 | 14,134 | 17,250 | 19,510 | 17,150 | 22,738 | 24,407 |
| EBIT 1 | 5,571 | 7,033 | 8,106 | 9,957 | 12,062 | 8,951 | 12,600 | 14,669 |
| Operating Margin | 6.89% | 8.32% | 9.4% | 9.94% | 10.95% | 7.7% | 10.19% | 10.86% |
| Earnings before Tax (EBT) 1 | 5,727 | 6,265 | 8,353 | 9,900 | 11,518 | 7,115 | 12,000 | 14,432 |
| Net income 1 | 3,576 | 4,060 | 5,952 | 6,481 | 7,377 | 4,538 | 7,933 | 9,482 |
| Net margin | 4.42% | 4.8% | 6.9% | 6.47% | 6.69% | 3.91% | 6.41% | 7.02% |
| EPS 2 | 50.82 | 56.12 | 78.84 | 85.72 | 97.25 | 59.65 | 99.30 | 120.6 |
| Free Cash Flow 1 | 463 | 1,056 | -5,001 | -3,430 | -1,027 | 227.8 | 3,626 | 7,017 |
| FCF margin | 0.57% | 1.25% | -5.8% | -3.42% | -0.93% | 0.19% | 2.93% | 5.2% |
| FCF Conversion (EBITDA) | 4.53% | 8.48% | - | - | - | 1.29% | 15.95% | 28.75% |
| FCF Conversion (Net income) | 12.95% | 26.01% | - | - | - | 3.45% | 45.71% | 74.01% |
| Dividend per Share 2 | 14.00 | 14.00 | 17.50 | 20.00 | 25.00 | 25.00 | 27.33 | 29.34 |
| Announcement Date | 5/14/19 | 5/28/20 | 5/13/21 | 5/12/22 | 5/15/23 | 5/14/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2020 S1 | 2020 S2 | 2021 S1 | 2021 S2 | 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 | 2025 Q2 | 2025 S1 | 2025 Q3 | 2025 Q4 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 42,824 | 41,695 | 41,521 | 44,688 | 24,310 | 48,395 | 26,310 | 25,467 | 51,777 | 26,844 | 27,285 | 54,129 | 28,334 | 27,731 | 56,065 | 28,446 | 29,680 | 58,126 | 29,275 | 28,791 | 58,066 | 30,367 | 31,100 | 61,500 | 31,200 | 31,033 | 62,500 |
| EBITDA | - | - | - | - | 4,220 | - | 4,486 | 5,786 | - | 5,252 | 5,229 | - | 5,620 | 3,435 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 4,558 | 2,475 | 4,497 | 3,609 | 2,508 | 5,059 | 2,979 | 1,919 | 4,898 | 3,428 | 3,442 | 6,870 | 3,715 | 1,477 | 5,192 | 2,617 | 2,636 | 5,253 | 2,276 | 1,422 | 3,698 | 3,033 | 3,067 | 5,200 | 3,533 | 2,967 | 5,800 |
| Operating Margin | 10.64% | 5.94% | 10.83% | 8.08% | 10.32% | 10.45% | 11.32% | 7.54% | 9.46% | 12.77% | 12.61% | 12.69% | 13.11% | 5.33% | 9.26% | 9.2% | 8.88% | 9.04% | 7.77% | 4.94% | 6.37% | 9.99% | 9.86% | 8.46% | 11.32% | 9.56% | 9.28% |
| Earnings before Tax (EBT) 1 | 4,570 | 1,695 | 4,686 | - | 2,471 | 5,043 | 3,013 | - | - | 3,304 | 3,286 | 6,590 | 3,779 | 1,149 | 4,928 | 2,473 | 2,560 | 5,033 | 2,308 | -226 | 2,082 | 2,800 | 2,750 | 4,800 | 3,000 | 2,750 | 5,200 |
| Net income 1 | 2,992 | 1,068 | 3,196 | 2,756 | 1,711 | 3,401 | 1,957 | 1,123 | 3,080 | 2,121 | 2,142 | 4,263 | 2,595 | 519 | 3,114 | 1,577 | 1,744 | 3,321 | 1,255 | -38 | 1,217 | 1,967 | 1,900 | 3,500 | 2,167 | 1,900 | 3,800 |
| Net margin | 6.99% | 2.56% | 7.7% | 6.17% | 7.04% | 7.03% | 7.44% | 4.41% | 5.95% | 7.9% | 7.85% | 7.88% | 9.16% | 1.87% | 5.55% | 5.54% | 5.88% | 5.71% | 4.29% | -0.13% | 2.1% | 6.48% | 6.11% | 5.69% | 6.94% | 6.12% | 6.08% |
| EPS | 42.24 | - | 42.35 | - | 22.62 | 89.98 | 25.90 | 14.83 | - | 27.98 | 28.25 | 56.23 | 34.21 | 6.810 | - | 20.75 | - | 43.69 | 16.47 | - | - | - | - | - | - | - | - |
| Dividend per Share | - | 14.00 | - | 17.50 | - | - | - | - | 20.00 | - | - | - | - | - | 25.00 | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 11/12/19 | 5/28/20 | 11/10/20 | 5/13/21 | 11/12/21 | 11/12/21 | 2/14/22 | 5/12/22 | 5/12/22 | 8/12/22 | 11/14/22 | 11/14/22 | 2/10/23 | 5/15/23 | 5/15/23 | 8/10/23 | 11/13/23 | 11/13/23 | 2/13/24 | 5/14/24 | 5/14/24 | - | - | - | - | - | - |
1JPY in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 1,753 | 7,389 | 11,029 | 15,858 | 21,640 | 16,682 |
| Net Cash position 1 | 1,213 | 3,899 | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | - | 0.124 x | 0.4283 x | 0.5653 x | 0.8967 x | 0.9517 x | 0.6835 x |
| Free Cash Flow 1 | 463 | 1,056 | -5,001 | -3,430 | -1,027 | 228 | 3,626 | 7,017 |
| ROE (net income / shareholders' equity) | 8.7% | 8.5% | 10.6% | 10.4% | 10.7% | 6% | 9.7% | 10.7% |
| ROA (Net income/ Total Assets) | 7.53% | 7.92% | 7.8% | 7.8% | 8.29% | 4.95% | 7.4% | 7.29% |
| Assets 1 | 47,515 | 51,280 | 76,295 | 83,054 | 88,957 | 91,680 | 107,207 | 130,020 |
| Book Value Per Share 2 | 603.0 | 707.0 | 783.0 | 859.0 | 954.0 | 1,041 | 1,112 | 1,215 |
| Cash Flow per Share 2 | 103.0 | 118.0 | 149.0 | 170.0 | 190.0 | 159.0 | 204.0 | 232.0 |
| Capex 1 | 6,560 | 9,991 | 12,726 | 15,838 | 14,549 | 24,229 | 10,000 | 12,304 |
| Capex / Sales | 8.11% | 11.82% | 14.76% | 15.81% | 13.2% | 20.85% | 8.08% | 9.11% |
| Announcement Date | 5/14/19 | 5/28/20 | 5/13/21 | 5/12/22 | 5/15/23 | 5/14/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
1,366
JPY
Average target price
2,734
JPY
Spread / Average Target
+100.15%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -42.78% | 663M | |
| +15.36% | 103B | |
| -0.18% | 18.77B | |
| -18.69% | 2.27B | |
| +19.15% | 2B | |
| +21.19% | 1.16B | |
| -37.20% | 729M | |
| -7.94% | 670M | |
| +18.99% | 479M | |
| +33.85% | 490M |
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