Financials Asahi Intecc Co., Ltd.

Equities

7747

JP3110650003

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,247 ^JPY	-1.75%		+4.95%	-21.67%

Feb. 14	Asahi Intecc's Fiscal H1 Profit Up 31%	MT
2023	Jefferies: Investor Interest Shifts from Daiichi Sankyo to Chugai and Otsuka Holdings	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	690,574	798,502	705,102	556,289	763,540	610,343	-	-
Enterprise Value (EV) ¹	677,814	787,860	691,787	536,147	742,909	589,427	584,376	577,221
P/E ratio	61.3 x	87 x	69.4 x	51.2 x	58.3 x	37.6 x	33.2 x	29.1 x
Yield	0.81%	0.29%	0.42%	0.59%	0.52%	0.78%	0.9%	1.01%
Capitalization / Revenue	12.1 x	14.1 x	11.5 x	7.16 x	8.47 x	5.87 x	5.32 x	4.82 x
EV / Revenue	11.8 x	13.9 x	11.2 x	6.9 x	8.25 x	5.67 x	5.09 x	4.56 x
EV / EBITDA	36.4 x	47.3 x	39.3 x	24.7 x	27.8 x	19.1 x	17.1 x	15.2 x
EV / FCF	778 x	-4,040 x	-93.4 x	-383 x	159 x	128 x	71.8 x	50.5 x
FCF Yield	0.13%	-0.02%	-1.07%	-0.26%	0.63%	0.78%	1.39%	1.98%
Price to Book	5.28 x	11.1 x	7.61 x	4.66 x	5.77 x	4.25 x	3.9 x	3.54 x
Nbr of stocks (in thousands)	260,201	260,523	265,475	271,626	271,626	271,626	-	-
Reference price ²	2,654	3,065	2,656	2,048	2,811	2,247	2,247	2,247
Announcement Date	8/9/19	8/14/20	8/13/21	8/12/22	8/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	57,216	56,546	61,507	77,748	90,101	103,925	114,825	126,500
EBITDA ¹	18,629	16,643	17,614	21,678	26,741	30,862	34,216	38,006
EBIT ¹	15,168	12,445	12,795	15,239	18,030	22,141	25,204	28,684
Operating Margin	26.51%	22.01%	20.8%	19.6%	20.01%	21.3%	21.95%	22.68%
Earnings before Tax (EBT) ¹	14,957	12,658	13,132	15,730	17,743	21,876	25,005	28,896
Net income ¹	11,237	9,178	9,984	10,857	13,106	16,190	18,355	20,925
Net margin	19.64%	16.23%	16.23%	13.96%	14.55%	15.58%	15.99%	16.54%
EPS ²	43.29	35.25	38.25	40.01	48.25	59.79	67.71	77.26
Free Cash Flow ¹	871	-195	-7,407	-1,401	4,682	4,596	8,142	11,428
FCF margin	1.52%	-0.34%	-12.04%	-1.8%	5.2%	4.42%	7.09%	9.03%
FCF Conversion (EBITDA)	4.68%	-	-	-	17.51%	14.89%	23.8%	30.07%
FCF Conversion (Net income)	7.75%	-	-	-	35.72%	28.39%	44.36%	54.61%
Dividend per Share ²	21.61	8.810	11.26	11.99	14.48	17.62	20.12	22.69
Announcement Date	8/9/19	8/14/20	8/13/21	8/12/22	8/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2022 Q1	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	2024 S2	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	30,948	25,598	28,301	18,120	19,582	37,702	18,982	21,064	22,658	22,777	45,435	24,339	20,327	28,713	25,628	54,341	25,198	24,968	50,330	26,912	27,288	27,720
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,708	3,737	6,186	3,757	4,344	8,101	3,883	3,255	4,686	5,265	9,951	6,467	1,612	8,045	5,453	13,498	5,022	3,403	9,370	6,322	6,161	6,103
Operating Margin	28.14%	14.6%	21.86%	20.73%	22.18%	21.49%	20.46%	15.45%	20.68%	23.12%	21.9%	26.57%	7.93%	28.02%	21.28%	24.84%	19.93%	13.63%	18.62%	23.49%	22.58%	22.02%
Earnings before Tax (EBT) ¹	8,656	4,002	6,095	4,348	4,471	8,819	4,004	2,907	5,201	4,420	9,854	6,216	1,673	8,168	5,203	13,371	4,844	4,200	-	6,322	6,300	6,103
Net income ¹	6,158	3,020	4,451	3,332	3,051	6,383	2,478	1,996	4,049	3,424	7,473	4,512	1,121	6,076	3,744	9,820	3,956	2,087	6,800	4,572	4,386	4,403
Net margin	19.9%	11.8%	15.73%	18.39%	15.58%	16.93%	13.05%	9.48%	17.87%	15.03%	16.45%	18.54%	5.51%	21.16%	14.61%	18.07%	15.7%	8.36%	13.51%	16.99%	16.07%	15.88%
EPS ²	23.66	-	17.08	12.31	11.23	23.54	9.120	-	14.91	12.61	27.52	16.60	4.130	22.37	13.78	36.15	17.07	7.398	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	14.48	-	-	-	-	19.00	-	-	-	-
Announcement Date	2/14/20	8/14/20	2/12/21	11/12/21	2/14/22	2/14/22	5/13/22	8/12/22	11/11/22	2/14/23	2/14/23	5/15/23	8/14/23	11/14/23	2/14/24	2/14/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,760	10,642	13,315	20,142	20,631	20,916	25,967	33,122
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	871	-195	-7,407	-1,401	4,682	4,596	8,142	11,428
ROE (net income / shareholders' equity)	18.9%	13.4%	12.1%	10.2%	10.4%	11.8%	12.3%	12.8%
ROA (Net income/ Total Assets)	18.9%	13.8%	12.6%	12.1%	10.8%	9.89%	10.2%	10.7%
Assets ¹	59,466	66,388	79,123	89,961	121,797	163,643	180,727	196,231
Book Value Per Share ²	503.0	276.0	349.0	440.0	487.0	529.0	576.0	634.0
Cash Flow per Share ²	113.0	51.40	56.70	63.70	75.90	94.90	101.0	108.0
Capex ¹	9,702	11,361	11,764	8,933	14,456	16,663	14,822	14,299
Capex / Sales	16.96%	20.09%	19.13%	11.49%	16.04%	16.03%	12.91%	11.3%
Announcement Date	8/9/19	8/14/20	8/13/21	8/12/22	8/14/23	-	-	-

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 Asahi Intecc Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,247 JPY

Average target price

3,396 JPY

Spread / Average Target

+51.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Equipment

	1st Jan change	Capi.
ASAHI INTECC CO., LTD.	-21.67%	3.88B
SHOCKWAVE MEDICAL, INC.	+73.17%	12.38B
PENUMBRA, INC.	-18.74%	7.92B
MASIMO CORPORATION	+16.15%	7.2B
GETINGE AB	+4.81%	5.84B
JIANGSU YUYUE MEDICAL EQUIPMENT & SUPPLY CO., LTD.	+5.99%	5.01B
APT MEDICAL INC.	+27.07%	4.53B
INARI MEDICAL, INC.	-40.82%	2.23B
SKAN GROUP AG	+1.49%	2.02B
SHENZHEN YHLO BIOTECH CO., LTD.	+5.07%	1.88B

Medical Equipment