Financials Japan Lifeline Co., Ltd.

Equities

7575

JP3754500001

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
1,161 ^JPY	+1.57%		+1.75%	-8.08%

Mar. 13	Japan Lifeline Completes Cancellation of 7.16 Million Shares	MT
Mar. 01	Tranche Update on Japan Lifeline Co., Ltd.'s Equity Buyback Plan announced on May 10, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	146,997	109,275	112,574	82,566	71,375	86,993	-	-
Enterprise Value (EV) ¹	148,811	111,095	109,049	74,002	59,122	72,430	68,750	65,175
P/E ratio	19 x	14.1 x	56.2 x	11 x	10.4 x	11 x	11 x	10.6 x
Yield	1.59%	2.13%	3.5%	3.7%	4.15%	3.38%	3.47%	3.64%
Capitalization / Revenue	3.23 x	2.11 x	2.2 x	1.6 x	1.38 x	1.7 x	1.65 x	1.59 x
EV / Revenue	3.27 x	2.15 x	2.13 x	1.44 x	1.14 x	1.42 x	1.31 x	1.19 x
EV / EBITDA	12.7 x	9.5 x	8.93 x	6.39 x	4.77 x	5.74 x	5.57 x	5.17 x
EV / FCF	-50.8 x	41.5 x	10.4 x	8.12 x	5.51 x	10 x	10.7 x	10.1 x
FCF Yield	-1.97%	2.41%	9.57%	12.3%	18.2%	9.96%	9.33%	9.88%
Price to Book	3.16 x	2.13 x	2.19 x	1.5 x	1.27 x	1.5 x	1.38 x	1.28 x
Nbr of stocks (in thousands)	80,414	80,231	80,353	80,396	77,920	74,929	-	-
Reference price ²	1,828	1,362	1,401	1,027	916.0	1,161	1,161	1,161
Announcement Date	4/26/19	5/12/20	5/7/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	45,525	51,761	51,286	51,469	51,750	51,100	52,640	54,867
EBITDA ¹	11,702	11,698	12,207	11,584	12,403	12,617	12,350	12,617
EBIT ¹	10,526	10,434	10,367	9,973	10,837	11,140	11,109	11,411
Operating Margin	23.12%	20.16%	20.21%	19.38%	20.94%	21.8%	21.1%	20.8%
Earnings before Tax (EBT) ¹	10,801	10,425	4,540	10,041	9,789	11,293	11,175	11,477
Net income ¹	7,723	7,748	2,000	7,484	6,891	8,072	7,997	8,210
Net margin	16.96%	14.97%	3.9%	14.54%	13.32%	15.8%	15.19%	14.96%
EPS ²	96.05	96.55	24.91	93.13	88.22	105.3	105.7	109.6
Free Cash Flow ¹	-2,927	2,677	10,436	9,115	10,736	7,214	6,412	6,438
FCF margin	-6.43%	5.17%	20.35%	17.71%	20.75%	14.12%	12.18%	11.73%
FCF Conversion (EBITDA)	-	22.88%	85.49%	78.69%	86.56%	57.18%	51.92%	51.03%
FCF Conversion (Net income)	-	34.55%	521.8%	121.79%	155.8%	89.37%	80.19%	78.42%
Dividend per Share ²	29.00	29.00	49.00	38.00	38.00	39.25	40.25	42.25
Announcement Date	4/26/19	5/12/20	5/7/21	5/11/22	5/10/23	-	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	24,173	24,453	12,518	25,130	13,879	12,460	12,969	12,520	25,489	13,009	13,252	12,954	12,178	25,132	13,170	12,843	12,810	12,516	-	13,022	13,034
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,851	4,369	2,362	4,681	2,823	2,469	2,707	2,412	5,119	2,812	2,906	3,176	2,296	5,472	2,978	2,683	2,801	2,461	5,600	2,691	2,698
Operating Margin	20.07%	17.87%	18.87%	18.63%	20.34%	19.82%	20.87%	19.27%	20.08%	21.62%	21.93%	24.52%	18.85%	21.77%	22.61%	20.89%	21.86%	19.66%	-	20.67%	20.7%
Earnings before Tax (EBT) ¹	4,841	4,007	2,393	4,811	2,706	2,524	2,670	2,439	5,109	1,584	3,096	3,240	2,386	5,626	2,959	2,658	2,651	2,461	-	2,691	2,748
Net income ¹	3,555	2,784	1,889	3,591	1,931	1,962	1,946	1,756	3,702	869	2,320	2,330	1,703	4,033	2,140	1,948	1,913	1,774	-	1,970	2,011
Net margin	14.71%	11.39%	15.09%	14.29%	13.91%	15.75%	15.01%	14.03%	14.52%	6.68%	17.51%	17.99%	13.98%	16.05%	16.25%	15.17%	14.93%	14.18%	-	15.12%	15.43%
EPS	44.29	34.68	23.49	44.67	24.02	24.44	24.73	-	47.27	11.20	-	30.03	-	52.41	28.29	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	38.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/5/19	10/28/20	11/1/21	11/1/21	1/28/22	5/11/22	7/29/22	11/2/22	11/2/22	2/1/23	5/10/23	8/2/23	11/6/23	11/6/23	2/2/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,814	1,820	-	-	-	-	-	-
Net Cash position ¹	-	-	3,525	8,564	12,253	14,563	18,243	21,818
Leverage (Debt/EBITDA)	0.155 x	0.1556 x	-	-	-	-	-	-
Free Cash Flow ¹	-2,927	2,677	10,436	9,115	10,736	7,214	6,412	6,438
ROE (net income / shareholders' equity)	17.6%	15.8%	3.9%	14.1%	12.4%	14%	13.5%	13.2%
ROA (Net income/ Total Assets)	16.8%	14.6%	14.2%	13.7%	14.8%	12.6%	12.6%	12.6%
Assets ¹	46,005	53,059	14,066	54,665	46,710	64,207	63,721	65,155
Book Value Per Share ²	578.0	641.0	638.0	683.0	721.0	775.0	839.0	906.0
Cash Flow per Share ²	112.0	115.0	47.80	117.0	112.0	131.0	131.0	138.0
Capex ¹	1,712	2,472	996	1,516	1,706	2,791	2,305	2,339
Capex / Sales	3.76%	4.78%	1.94%	2.95%	3.3%	5.46%	4.38%	4.26%
Announcement Date	4/26/19	5/12/20	5/7/21	5/11/22	5/10/23	-	-	-

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 Japan Lifeline Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,161 JPY

Average target price

1,450 JPY

Spread / Average Target

+24.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Devices & Implants

	1st Jan change	Capi.
JAPAN LIFELINE CO., LTD.	-8.08%	553M
STRYKER CORPORATION	+12.07%	128B
SMITH & NEPHEW PLC	-9.04%	10.65B
IMEIK TECHNOLOGY DEVELOPMENT CO.,LTD.	+0.91%	8.82B
INSPIRE MEDICAL SYSTEMS, INC.	+16.72%	7.19B
GLAUKOS CORPORATION	+25.15%	4.99B
AXONICS, INC.	+7.17%	3.4B
ENOVIS CORPORATION	-1.36%	3.03B
BEIJING BALANCE MEDICAL TECHNOLOGY CO.,LTD.	-8.73%	2.14B
SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.	-10.15%	2B

Medical Devices & Implants