Financials Alfresa Holdings Corporation

Equities

2784

JP3126340003

Medical Equipment, Supplies & Distribution

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-30 am EDT			5-day change	1st Jan Change
2,336 ^JPY	+1.79%		+5.51%	-2.52%

Feb. 08	Alfresa Holdings Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI
Feb. 08	Alfresa Holdings Corporation Provides Commemorative Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	666,775	426,311	451,499	343,826	343,217	428,866	-	-
Enterprise Value (EV) ¹	467,218	222,922	287,335	168,429	186,950	428,866	428,866	428,866
P/E ratio	16.1 x	10.6 x	18.4 x	11.1 x	13.3 x	16.8 x	16.2 x	15.2 x
Yield	1.52%	2.48%	2.48%	3.18%	3.36%	3.01%	2.91%	3.03%
Capitalization / Revenue	0.25 x	0.16 x	0.17 x	0.13 x	0.13 x	0.15 x	0.15 x	0.15 x
EV / Revenue	0.25 x	0.16 x	0.17 x	0.13 x	0.13 x	0.15 x	0.15 x	0.15 x
EV / EBITDA	12 x	7.17 x	13.9 x	8.2 x	7.9 x	8.74 x	8.68 x	8.22 x
EV / FCF	29.1 x	21.9 x	-17.4 x	8.85 x	-46.1 x	21.5 x	30.6 x	23.1 x
FCF Yield	3.44%	4.56%	-5.74%	11.3%	-2.17%	4.65%	3.27%	4.33%
Price to Book	1.51 x	0.9 x	0.92 x	0.73 x	0.7 x	0.92 x	0.89 x	0.86 x
Nbr of stocks (in thousands)	211,675	211,674	211,673	202,370	202,369	186,870	-	-
Reference price ²	3,150	2,014	2,133	1,699	1,696	2,295	2,295	2,295
Announcement Date	5/15/19	5/12/20	5/14/21	5/16/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,640,511	2,698,511	2,603,169	2,585,643	2,696,069	2,817,402	2,849,549	2,882,738
EBITDA ¹	55,538	59,422	32,540	41,915	43,450	49,048	49,410	52,202
EBIT ¹	44,770	47,645	20,672	29,091	30,148	36,211	36,333	38,877
Operating Margin	1.7%	1.77%	0.79%	1.13%	1.12%	1.29%	1.28%	1.35%
Earnings before Tax (EBT) ¹	61,226	59,233	36,531	48,180	38,591	39,093	38,777	41,369
Net income ¹	41,699	40,273	24,501	32,182	25,786	26,270	26,520	28,083
Net margin	1.58%	1.49%	0.94%	1.24%	0.96%	0.93%	0.93%	0.97%
EPS ²	195.8	190.3	115.8	153.6	127.4	136.8	141.5	150.9
Free Cash Flow ¹	22,913	19,422	-25,923	38,850	-7,453	19,937	14,033	18,574
FCF margin	0.87%	0.72%	-1%	1.5%	-0.28%	0.71%	0.49%	0.64%
FCF Conversion (EBITDA)	41.26%	32.68%	-	92.69%	-	40.65%	28.4%	35.58%
FCF Conversion (Net income)	54.95%	48.23%	-	120.72%	-	75.89%	52.92%	66.14%
Dividend per Share ²	48.00	50.00	53.00	54.00	57.00	69.00	66.75	69.50
Announcement Date	5/15/19	5/12/20	5/14/21	5/16/22	5/15/23	-	-	-

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	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	1,367,155	1,331,356	1,295,126	1,308,043	645,120	1,288,706	676,690	620,247	1,296,937	657,122	675,297	1,332,419	715,516	648,134	709,056	718,800	1,427,856	751,947	675,448	719,975	729,132	761,408	695,786
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	22,909	24,736	7,858	12,814	5,271	9,117	9,640	10,334	19,974	3,088	7,139	10,227	9,773	10,148	5,835	10,163	15,998	13,946	8,156	6,192	10,876	14,410	10,022
Operating Margin	1.68%	1.86%	0.61%	0.98%	0.82%	0.71%	1.42%	1.67%	1.54%	0.47%	1.06%	0.77%	1.37%	1.57%	0.82%	1.41%	1.12%	1.85%	1.21%	0.86%	1.49%	1.89%	1.44%
Earnings before Tax (EBT) ¹	27,313	31,920	16,168	20,363	5,711	10,313	17,329	20,538	37,867	3,570	7,504	11,074	11,609	15,908	6,380	10,976	17,356	13,553	8,991	6,833	12,502	16,571	9,194
Net income ¹	18,129	22,144	11,097	13,404	3,746	6,988	11,766	13,428	25,194	2,124	4,877	7,001	7,821	10,964	4,049	7,801	11,850	9,021	7,673	6,808	8,730	10,175	7,688
Net margin	1.33%	1.66%	0.86%	1.02%	0.58%	0.54%	1.74%	2.16%	1.94%	0.32%	0.72%	0.53%	1.09%	1.69%	0.57%	1.09%	0.83%	1.2%	1.14%	0.95%	1.2%	1.34%	1.1%
EPS	85.65	-	52.43	-	-	33.02	55.79	-	-	10.50	-	34.60	38.64	-	20.15	-	60.29	47.63	-	-	-	-	-
Dividend per Share	25.00	-	26.00	-	-	27.00	-	-	-	-	-	28.00	-	-	-	-	34.00	-	-	-	-	-	-
Announcement Date	11/6/19	5/12/20	11/5/20	5/14/21	11/4/21	11/4/21	2/7/22	5/16/22	5/16/22	8/5/22	11/7/22	11/7/22	2/7/23	5/15/23	8/8/23	11/7/23	11/7/23	2/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	199,557	203,389	164,164	175,397	156,267	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	22,913	19,422	-25,923	38,850	-7,453	19,937	14,033	18,574
ROE (net income / shareholders' equity)	9.5%	8.8%	5.1%	6.7%	5.4%	5.37%	5.7%	6.45%
ROA (Net income/ Total Assets)	4.11%	4.24%	2.39%	2.49%	2.48%	2.4%	2.35%	2.35%
Assets ¹	1,015,612	948,730	1,024,114	1,294,477	1,038,259	1,094,583	1,128,500	1,195,011
Book Value Per Share ²	2,083	2,238	2,314	2,330	2,412	2,500	2,583	2,674
Cash Flow per Share ²	241.0	242.0	169.0	212.0	191.0	205.0	207.0	210.0
Capex ¹	23,967	14,406	29,520	16,334	13,675	14,919	14,919	12,294
Capex / Sales	0.91%	0.53%	1.13%	0.63%	0.51%	0.53%	0.52%	0.43%
Announcement Date	5/15/19	5/12/20	5/14/21	5/16/22	5/15/23	-	-	-

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 Alfresa Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,295 JPY

Average target price

2,288 JPY

Spread / Average Target

-0.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Medical Equipment, Supplies & Distribution

	1st Jan change	Capi.
ALFRESA HOLDINGS CORPORATION	-2.52%	2.74B
ABBOTT LABORATORIES	-2.54%	186B
MEDTRONIC PLC	-1.85%	107B
BECTON, DICKINSON AND COMPANY	-4.26%	67.44B
DEXCOM, INC.	+1.39%	50.03B
CENCORA, INC.	+16.82%	47.81B
HOYA CORPORATION	+4.79%	41.03B
METTLER-TOLEDO INTERNATIONAL, INC.	+3.49%	26.85B
WEST PHARMACEUTICAL SERVICES, INC.	+0.65%	25.82B
TERUMO CORPORATION	+16.55%	24.74B

Other Medical Equipment, Supplies & Distribution