Financials Zeria Pharmaceutical Co., Ltd.

Equities

4559

JP3428850006

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-14 am EDT			5-day change	1st Jan Change
2,078 ^JPY	+2.82%		+1.76%	+3.02%

Jun. 03	Zeria Pharmaceutical's Attributable Profit Soars 24.8% in Fiscal 2024	MT
May. 09	Zeria Pharmaceutical Co., Ltd. Announces Year End Dividend for the Full Year Ending March 31, 2024, Payable on June 28, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	93,384	96,884	96,124	85,331	98,960	89,085	-	-
Enterprise Value (EV) ¹	121,122	123,055	136,305	125,855	132,173	119,882	89,085	89,085
P/E ratio	27.5 x	33.3 x	31.1 x	21.7 x	16 x	12.2 x	10.9 x	9.43 x
Yield	1.78%	1.63%	1.62%	1.84%	1.78%	2.06%	2.38%	2.47%
Capitalization / Revenue	1.51 x	1.6 x	1.73 x	1.43 x	1.45 x	1.24 x	1.1 x	1.01 x
EV / Revenue	1.96 x	2.04 x	2.46 x	2.11 x	1.93 x	1.58 x	1.1 x	1.01 x
EV / EBITDA	16.2 x	15.3 x	17.3 x	10.7 x	9.15 x	7.51 x	-	-
EV / FCF	30.6 x	32.7 x	-12.9 x	20.8 x	12.5 x	15 x	8.51 x	7.67 x
FCF Yield	3.27%	3.06%	-7.75%	4.81%	8.01%	6.64%	11.8%	13%
Price to Book	1.55 x	1.84 x	1.72 x	1.54 x	1.51 x	1.18 x	1.09 x	1.01 x
Nbr of stocks (in thousands)	48,816	46,400	45,708	44,817	44,080	44,080	-	-
Reference price ²	1,913	2,088	2,103	1,904	2,245	2,021	2,021	2,021
Announcement Date	5/10/19	5/21/20	5/11/21	5/11/22	5/11/23	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	61,831	60,426	55,442	59,532	68,383	75,725	80,800	88,000
EBITDA ¹	7,471	8,039	7,878	11,765	14,445	15,962	-	-
EBIT ¹	3,737	4,094	3,442	6,366	9,014	9,621	10,700	12,300
Operating Margin	6.04%	6.78%	6.21%	10.69%	13.18%	12.71%	13.24%	13.98%
Earnings before Tax (EBT) ¹	5,221	3,920	3,922	5,721	7,272	9,508	10,760	12,470
Net income ¹	3,454	2,925	3,119	3,961	6,195	7,731	8,200	9,450
Net margin	5.59%	4.84%	5.63%	6.65%	9.06%	10.21%	10.15%	10.74%
EPS ²	69.56	62.62	67.72	87.76	140.3	175.4	186.0	214.4
Free Cash Flow ¹	3,960	3,762	-10,567	6,058	10,583	7,966	10,470	11,620
FCF margin	6.4%	6.23%	-19.06%	10.18%	15.48%	10.52%	12.96%	13.2%
FCF Conversion (EBITDA)	53.01%	46.8%	-	51.49%	73.26%	49.91%	-	-
FCF Conversion (Net income)	114.65%	128.62%	-	152.94%	170.83%	103.04%	127.68%	122.96%
Dividend per Share ²	34.00	34.00	34.00	35.00	40.00	44.00	48.00	50.00
Announcement Date	5/10/19	5/21/20	5/11/21	5/11/22	5/11/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	30,317	30,109	26,809	15,058	28,606	16,498	14,428	16,305	17,407	33,712	18,017	16,654	18,304	18,374	36,678	21,241	17,806
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,738	-	1,388	1,421	2,672	2,823	871	2,977	2,917	5,894	2,656	464	2,970	2,357	5,327	4,163	131
Operating Margin	5.73%	-	5.18%	9.44%	9.34%	17.11%	6.04%	18.26%	16.76%	17.48%	14.74%	2.79%	16.23%	12.83%	14.52%	19.6%	0.74%
Earnings before Tax (EBT) ¹	1,627	-	1,979	1,036	3,119	2,508	-	2,972	1,998	4,970	1,769	-	3,355	3,057	6,412	3,783	-687
Net income ¹	1,230	-	1,218	707	2,115	1,928	-	2,601	1,397	3,998	1,982	215	2,915	2,481	5,396	3,027	-692
Net margin	4.06%	-	4.54%	4.7%	7.39%	11.69%	-	15.95%	8.03%	11.86%	11%	1.29%	15.93%	13.5%	14.71%	14.25%	-3.89%
EPS	26.16	-	30.05	-	46.65	42.68	-	58.71	-	90.41	44.90	-	66.14	-	122.4	68.66	-
Dividend per Share	17.00	-	17.00	-	17.00	-	-	-	-	18.00	-	-	-	-	22.00	-	-
Announcement Date	11/1/19	5/21/20	11/4/20	11/4/21	11/4/21	2/2/22	5/11/22	8/4/22	11/2/22	11/2/22	2/2/23	5/11/23	8/3/23	11/1/23	11/1/23	2/1/24	5/9/24

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	27,738	26,171	40,181	40,525	33,213	25,904	-	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.713 x	3.255 x	5.1 x	3.444 x	2.299 x	1.623 x	-	-
Free Cash Flow ¹	3,960	3,762	-10,567	6,058	10,583	7,966	10,470	11,620
ROE (net income / shareholders' equity)	5.5%	5.2%	5.7%	7.1%	10.3%	10.7%	10.4%	11.1%
ROA (Net income/ Total Assets)	2.91%	3.62%	2.81%	4.82%	5.85%	5.96%	5.5%	6.1%
Assets ¹	118,725	80,906	111,014	82,137	105,981	129,668	149,091	154,918
Book Value Per Share ²	1,235	1,134	1,226	1,236	1,485	1,806	1,854	1,992
Cash Flow per Share	131.0	132.0	149.0	192.0	263.0	319.0	-	-
Capex ¹	1,540	622	14,522	1,459	3,136	4,217	3,580	3,700
Capex / Sales	2.49%	1.03%	26.19%	2.45%	4.59%	5.57%	4.43%	4.2%
Announcement Date	5/10/19	5/21/20	5/11/21	5/11/22	5/11/23	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 Zeria Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,021 JPY

Average target price

2,810 JPY

Spread / Average Target

+39.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
ZERIA PHARMACEUTICAL CO., LTD.	+3.02%	568M
SUN PHARMACEUTICAL INDUSTRIES LTD.	+20.37%	43.39B
OTSUKA HOLDINGS CO., LTD.	+19.44%	22.01B
SANDOZ GROUP AG	+18.11%	15.46B
CIPLA LIMITED	+25.55%	14.93B
ZYDUS LIFESCIENCES LIMITED	+60.99%	13.13B
THE MEDICINES COMPANY	-0.05%	6.79B
ONO PHARMACEUTICAL CO., LTD.	-15.02%	6.36B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+10.57%	5.43B

Generic Pharmaceuticals