Financials Shofu Inc.

Equities

7979

JP3363600002

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
3,815 ^JPY	+2.83%		+13.20%	+38.63%

May. 09	Shofu Inc. Announces Dividend for the Year Ended March 31, 2024, Payable on June 5, 2024; Provides Dividend Guidance for the Second Quarter and Full Year Ending March 31, 2025	CI
May. 09	Shofu Inc. Provides Earnings Guidance for the Six Months Ending September 30, 2024 and Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,340	28,079	35,239	27,769	35,916	67,689	-	-
Enterprise Value (EV) ¹	16,419	24,448	30,168	20,183	27,526	52,129	67,689	67,689
P/E ratio	16.9 x	39.8 x	20.6 x	10.9 x	11.5 x	14.2 x	16.9 x	14.4 x
Yield	1.8%	1.48%	1.46%	2.5%	2.81%	2.11%	2.33%	2.75%
Capitalization / Revenue	0.82 x	1.08 x	1.43 x	0.99 x	1.13 x	1.49 x	1.76 x	1.62 x
EV / Revenue	0.82 x	1.08 x	1.43 x	0.99 x	1.13 x	1.49 x	1.76 x	1.62 x
EV / EBITDA	7.51 x	8.81 x	10.8 x	6.74 x	7.49 x	8.87 x	10.3 x	9.14 x
EV / FCF	313 x	82.3 x	20.3 x	-	19.1 x	28.8 x	22.1 x	38.9 x
FCF Yield	0.32%	1.21%	4.92%	-	5.23%	3.47%	4.52%	2.57%
Price to Book	0.84 x	1.18 x	1.17 x	0.85 x	1.02 x	1.26 x	1.53 x	1.42 x
Nbr of stocks (in thousands)	15,903	15,945	17,762	17,789	17,701	17,743	-	-
Reference price ²	1,279	1,761	1,984	1,561	2,029	3,815	3,815	3,815
Announcement Date	5/9/19	5/14/20	5/14/21	5/11/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	24,915	26,108	24,680	28,137	31,678	35,080	38,420	41,675
EBITDA ¹	2,707	3,188	3,255	4,118	4,795	5,877	6,595	7,405
EBIT ¹	1,814	2,210	2,300	3,217	3,824	4,709	5,210	5,815
Operating Margin	7.28%	8.46%	9.32%	11.43%	12.07%	13.42%	13.56%	13.95%
Earnings before Tax (EBT) ¹	1,709	1,184	2,370	3,611	4,410	5,282	5,640	6,518
Net income ¹	1,201	704	1,674	2,546	3,135	3,655	4,005	4,695
Net margin	4.82%	2.7%	6.78%	9.05%	9.9%	10.42%	10.42%	11.27%
EPS ²	75.54	44.24	96.29	143.2	176.1	206.2	225.4	264.1
Free Cash Flow ¹	65	341	1,732	-	1,880	1,807	3,060	1,740
FCF margin	0.26%	1.31%	7.02%	-	5.93%	5.15%	7.96%	4.18%
FCF Conversion (EBITDA)	2.4%	10.7%	53.21%	-	39.21%	30.75%	46.4%	23.5%
FCF Conversion (Net income)	5.41%	48.44%	103.46%	-	59.97%	49.44%	76.4%	37.06%
Dividend per Share ²	23.00	26.00	29.00	39.00	57.00	62.00	89.08	105.0
Announcement Date	5/9/19	5/14/20	5/14/21	5/11/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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 S1	2024 Q3	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	13,421	11,217	13,463	6,897	13,867	7,147	7,123	14,270	8,097	7,734	15,831	7,911	7,936	15,847	8,265	16,447	8,956	-	9,330	8,840	18,170	10,080	9,950	20,030
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,415	905	1,395	1,071	2,000	980	237	1,217	1,229	1,008	2,237	1,053	534	1,587	1,144	2,155	1,254	-	1,220	1,210	2,430	1,565	1,205	2,770
Operating Margin	10.54%	8.07%	10.36%	15.53%	14.42%	13.71%	3.33%	8.53%	15.18%	13.03%	14.13%	13.31%	6.73%	10.01%	13.84%	13.1%	14%	-	13.08%	13.69%	13.37%	15.53%	12.11%	13.83%
Earnings before Tax (EBT)	1,242	891	1,479	1,124	2,089	1,145	-	-	1,665	1,237	2,902	934	574	1,508	1,367	2,387	1,590	-	-	-	-	-	-	-
Net income ¹	788	568	1,106	876	1,506	840	200	1,040	1,144	989	2,133	663	339	1,002	686	1,559	1,188	-	900	1,000	1,900	1,100	1,000	2,100
Net margin	5.87%	5.06%	8.22%	12.7%	10.86%	11.75%	2.81%	7.29%	14.13%	12.79%	13.47%	8.38%	4.27%	6.32%	8.3%	9.48%	13.26%	-	9.65%	11.31%	10.46%	10.91%	10.05%	10.48%
EPS	49.51	33.44	-	-	84.79	47.20	-	-	64.35	-	119.8	37.12	-	-	38.77	87.98	66.99	-	-	-	-	-	-	-
Dividend per Share	10.00	8.000	-	-	13.00	-	-	-	-	-	15.00	-	-	-	-	20.00	-	42.00	-	-	-	-	-	-
Announcement Date	11/1/19	11/4/20	5/14/21	11/4/21	11/4/21	2/4/22	5/11/22	5/11/22	8/4/22	11/2/22	11/2/22	2/3/23	5/10/23	5/10/23	8/3/23	11/2/23	2/2/24	5/9/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	3,921	3,631	5,071	7,586	8,390	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	65	341	1,732	-	1,880	1,807	3,060	1,740
ROE (net income / shareholders' equity)	5%	2.9%	6.2%	8.1%	9.2%	9.5%	9.25%	10.1%
ROA (Net income/ Total Assets)	5.56%	6.63%	7.46%	9.32%	10%	10.9%	8.9%	9.15%
Assets ¹	21,616	10,623	22,442	27,326	31,230	33,501	45,000	51,311
Book Value Per Share ²	1,525	1,492	1,690	1,842	1,997	2,336	2,500	2,682
Cash Flow per Share	130.0	104.0	151.0	194.0	231.0	272.0	-	-
Capex ¹	1,403	1,601	1,097	1,100	2,319	1,282	3,090	4,325
Capex / Sales	5.63%	6.13%	4.44%	3.91%	7.32%	3.65%	8.04%	10.38%
Announcement Date	5/9/19	5/14/20	5/14/21	5/11/22	5/10/23	5/9/24	-	-

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 Shofu Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,815 JPY

Average target price

6,000 JPY

Spread / Average Target

+57.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
SHOFU INC.	+38.63%	431M
COLOPLAST A/S	+6.84%	26.97B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-40.08%	2.67B
WINNER MEDICAL CO., LTD.	-19.95%	2.4B
HARTALEGA HOLDINGS	+16.30%	2.28B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+7.28%	2.24B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-13.56%	1.82B
GVS S.P.A.	+18.92%	1.26B
NAKANISHI INC.	-5.27%	1.21B
KOSSAN RUBBER INDUSTRIES	+20.00%	1.2B

Medical Supplies