Financials BML, Inc.

Equities

4694

JP3799700004

Healthcare Facilities & Services

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,893 ^JPY	+0.56%		-0.31%	-3.57%

Mar. 22	Matsa Resources Receives More High-Grade Gold Assays from Devon Pit Mine in Western Australia; Shares Down 3%	MT
Mar. 15	Matsa Resources Secures Water License for Devon Pit Gold Mine; Shares Down 3%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	136,736	123,844	155,452	124,107	120,926	112,781	-	-
Enterprise Value (EV) ¹	88,283	76,055	95,227	35,311	38,555	34,667	40,408	45,945
P/E ratio	20.6 x	19.2 x	11.3 x	3.71 x	7.79 x	17.6 x	16.7 x	18.5 x
Yield	1.18%	1.55%	1.83%	3.88%	3.24%	2.77%	2.88%	3.11%
Capitalization / Revenue	1.17 x	1.03 x	1.12 x	0.67 x	0.76 x	0.82 x	0.8 x	0.77 x
EV / Revenue	0.75 x	0.63 x	0.69 x	0.19 x	0.24 x	0.25 x	0.29 x	0.31 x
EV / EBITDA	5.59 x	5.14 x	3.76 x	0.65 x	1.28 x	2.07 x	2.42 x	2.55 x
EV / FCF	8.91 x	10.1 x	6.35 x	0.92 x	9.37 x	30.7 x	-12.3 x	75.3 x
FCF Yield	11.2%	9.94%	15.7%	108%	10.7%	3.26%	-8.13%	1.33%
Price to Book	1.77 x	1.55 x	1.76 x	1.06 x	0.98 x	0.89 x	0.88 x	0.86 x
Nbr of stocks (in thousands)	42,597	42,617	40,641	40,164	39,198	38,984	-	-
Reference price ²	3,210	2,906	3,825	3,090	3,085	2,893	2,893	2,893
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	117,129	120,732	138,571	186,067	159,462	137,767	140,967	146,250
EBITDA ¹	15,782	14,806	25,301	54,690	30,193	16,750	16,700	18,000
EBIT ¹	10,450	9,763	19,936	48,889	23,936	9,800	10,333	9,250
Operating Margin	8.92%	8.09%	14.39%	26.27%	15.01%	7.11%	7.33%	6.32%
Earnings before Tax (EBT) ¹	10,844	10,175	21,002	50,328	24,184	9,200	10,400	10,400
Net income ¹	6,646	6,375	13,711	33,741	15,578	6,367	6,667	6,100
Net margin	5.67%	5.28%	9.89%	18.13%	9.77%	4.62%	4.73%	4.17%
EPS ²	156.1	151.3	337.4	833.2	395.8	164.2	173.1	156.4
Free Cash Flow ¹	9,904	7,558	14,990	38,306	4,115	1,130	-3,286	610
FCF margin	8.46%	6.26%	10.82%	20.59%	2.58%	0.82%	-2.33%	0.42%
FCF Conversion (EBITDA)	62.76%	51.05%	59.25%	70.04%	13.63%	6.75%	-	3.39%
FCF Conversion (Net income)	149.02%	118.56%	109.33%	113.53%	26.42%	17.75%	-	10%
Dividend per Share ²	38.00	45.00	70.00	120.0	100.0	80.00	83.33	90.00
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	61,908	59,828	48,608	95,700	41,010	49,357	40,478	43,234	83,712	40,223	35,527	35,272	34,837	70,109	35,106	32,285	35,400	36,700	36,600	33,300
EBITDA	-	-	-	-	-	-	8,303	10,079	-	6,581	5,224	4,255	4,060	-	-	-	-	-	-	-
EBIT ¹	6,197	4,973	13,473	27,525	7,992	13,372	6,852	8,596	15,448	4,982	3,506	2,667	2,456	5,123	2,614	1,162	2,900	2,900	2,700	500
Operating Margin	10.01%	8.31%	27.72%	28.76%	19.49%	27.09%	16.93%	19.88%	18.45%	12.39%	9.87%	7.56%	7.05%	7.31%	7.45%	3.6%	8.19%	7.9%	7.38%	1.5%
Earnings before Tax (EBT)	6,402	5,498	-	28,381	8,147	13,800	7,106	-	15,774	4,995	3,415	2,755	-	5,216	2,819	-	-	-	-	-
Net income ¹	4,071	3,514	8,824	18,761	5,293	9,687	4,722	5,610	10,332	3,009	2,237	1,796	1,559	3,355	1,855	789.5	2,000	2,000	2,000	100
Net margin	6.58%	5.87%	18.15%	19.6%	12.91%	19.63%	11.67%	12.98%	12.34%	7.48%	6.3%	5.09%	4.48%	4.79%	5.28%	2.45%	5.65%	5.45%	5.46%	0.3%
EPS	95.58	86.52	-	461.5	130.8	-	119.2	-	261.8	76.71	-	46.10	-	86.08	47.58	-	-	-	-	-
Dividend per Share	20.00	20.00	-	35.00	-	-	-	-	40.00	-	-	-	-	40.00	-	-	-	-	-	-
Announcement Date	11/8/19	11/10/20	11/11/21	11/11/21	2/9/22	5/13/22	8/10/22	11/11/22	11/11/22	2/10/23	5/12/23	8/10/23	11/10/23	11/10/23	2/9/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	48,453	47,789	60,225	88,796	82,371	78,114	72,373	66,836
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,904	7,558	14,990	38,306	4,115	1,130	-3,286	610
ROE (net income / shareholders' equity)	8.9%	8.3%	16.7%	33%	13.1%	5.13%	5.27%	4.75%
ROA (Net income/ Total Assets)	9.65%	8.79%	16.3%	32.1%	13.9%	5%	5.75%	5.5%
Assets ¹	68,848	72,498	84,181	105,157	112,137	127,333	115,942	110,909
Book Value Per Share ²	1,809	1,873	2,174	2,909	3,139	3,244	3,289	3,355
Cash Flow per Share	274.0	271.0	469.0	976.0	555.0	-	-	-
Capex ¹	2,603	2,939	3,091	5,694	9,738	13,250	15,500	12,750
Capex / Sales	2.22%	2.43%	2.23%	3.06%	6.11%	9.62%	11%	8.72%
Announcement Date	5/10/19	5/13/20	5/13/21	5/13/22	5/12/23	-	-	-

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 BML, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,893 JPY

Average target price

3,033 JPY

Spread / Average Target

+4.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical & Diagnostic Laboratories

	1st Jan change	Capi.
BML, INC.	-3.57%	716M
SONIC HEALTHCARE LIMITED	-16.58%	8.25B
RADNET, INC.	+40.91%	3.58B
GUANGZHOU KINGMED DIAGNOSTICS GROUP CO., LTD.	-39.11%	2.46B
SYNLAB AG	-7.36%	2.46B
DR. LAL PATHLABS LIMITED	-8.95%	2.38B
NEOGENOMICS, INC.	-4.76%	1.81B
FLEURY S.A.	-19.62%	1.55B
DIAN DIAGNOSTICS GROUP CO.,LTD.	-40.66%	1.21B
METROPOLIS HEALTHCARE LIMITED	+7.56%	1.11B

Medical & Diagnostic Laboratories