Financials Kyowa Kirin Co. Ltd.

Equities

4151

JP3256000005

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,630 ^JPY	+0.23%		+0.80%	+10.97%

Apr. 08	U.S. FDA declines to approve Supernus' drug-device combination for Parkinson's disease	RE
Apr. 03	Kyowa Kirin Buys Back 4 Billion Yen Worth of Shares in March	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,381,568	1,511,601	1,684,484	1,623,165	1,274,135	1,407,135	-	-
Enterprise Value (EV) ¹	1,360,806	1,224,582	1,349,400	1,283,971	871,052	1,077,271	1,046,607	1,015,773
P/E ratio	20.7 x	32.1 x	32.2 x	30.3 x	15.7 x	21 x	19.1 x	17 x
Yield	1.63%	1.56%	1.47%	1.69%	2.36%	2.21%	2.31%	2.52%
Capitalization / Revenue	4.52 x	4.75 x	4.78 x	4.07 x	2.88 x	2.99 x	2.91 x	2.76 x
EV / Revenue	4.45 x	3.85 x	3.83 x	3.22 x	1.97 x	2.29 x	2.17 x	1.99 x
EV / EBITDA	18.3 x	15.4 x	16.7 x	12.2 x	7.39 x	10 x	9.35 x	8.06 x
EV / FCF	25.8 x	41.7 x	17.9 x	40.8 x	9.15 x	-49.1 x	17.2 x	14 x
FCF Yield	3.87%	2.4%	5.57%	2.45%	10.9%	-2.04%	5.82%	7.16%
Price to Book	2.04 x	2.16 x	2.29 x	2.13 x	1.52 x	1.63 x	1.56 x	1.48 x
Nbr of stocks (in thousands)	536,948	537,172	537,315	537,472	537,610	535,032	-	-
Reference price ²	2,573	2,814	3,135	3,020	2,370	2,630	2,630	2,630
Announcement Date	2/5/20	2/4/21	2/7/22	2/7/23	2/7/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	305,820	318,352	352,246	398,371	442,233	470,560	483,060	509,977
EBITDA ¹	74,170	79,456	80,611	105,176	117,881	107,482	111,885	125,988
EBIT ¹	55,373	58,990	61,111	82,374	95,842	86,466	94,385	106,608
Operating Margin	18.11%	18.53%	17.35%	20.68%	21.67%	18.38%	19.54%	20.9%
Earnings before Tax (EBT) ¹	44,492	52,263	60,050	67,572	97,246	87,048	95,658	107,158
Net income ¹	67,084	47,027	52,347	53,573	81,188	66,506	72,932	82,037
Net margin	21.94%	14.77%	14.86%	13.45%	18.36%	14.13%	15.1%	16.09%
EPS ²	124.6	87.56	97.43	99.68	151.0	125.1	137.4	155.0
Free Cash Flow ¹	52,722	29,387	75,185	31,487	95,169	-21,950	60,937	72,749
FCF margin	17.24%	9.23%	21.34%	7.9%	21.52%	-4.66%	12.61%	14.27%
FCF Conversion (EBITDA)	71.08%	36.99%	93.27%	29.94%	80.73%	-	54.46%	57.74%
FCF Conversion (Net income)	78.59%	62.49%	143.63%	58.77%	117.22%	-	83.55%	88.68%
Dividend per Share ²	42.00	44.00	46.00	51.00	56.00	58.00	60.80	66.22
Announcement Date	2/5/20	2/4/21	2/7/22	2/7/23	2/7/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q3	2021 Q4	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	2025 Q1
Net sales ¹	154,404	157,819	165,021	88,948	98,277	87,751	97,520	185,271	98,504	114,596	93,535	105,674	199,209	106,844	136,180	104,728	113,081	216,812	117,956	134,678	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,558	23,196	23,873	-	26,516	33,754	-
EBIT ¹	22,760	34,564	30,949	15,871	14,291	17,340	20,192	37,532	20,683	24,159	16,177	20,500	37,500	23,405	34,937	18,532	19,205	39,932	23,593	25,603	-
Operating Margin	14.74%	21.9%	18.75%	17.84%	14.54%	19.76%	20.71%	20.26%	21%	21.08%	17.3%	19.4%	18.82%	21.91%	25.66%	17.7%	16.98%	18.42%	20%	19.01%	-
Earnings before Tax (EBT) ¹	22,663	30,872	31,102	10,788	18,160	18,716	24,763	43,479	16,925	7,168	15,582	10,464	26,046	38,293	32,907	18,746	19,445	40,058	23,837	25,843	-
Net income ¹	19,021	27,798	25,072	7,836	19,439	16,038	18,979	35,017	14,195	4,361	12,760	8,886	21,646	31,908	27,634	13,639	14,907	29,946	18,912	18,654	-
Net margin	12.32%	17.61%	15.19%	8.81%	19.78%	18.28%	19.46%	18.9%	14.41%	3.81%	13.64%	8.41%	10.87%	29.86%	20.29%	13.02%	13.18%	13.81%	16.03%	13.85%	-
EPS ²	-	51.76	46.67	14.58	36.18	29.85	35.31	65.16	26.41	8.110	23.74	16.53	40.27	59.35	51.41	28.86	34.37	79.10	34.69	28.42	-
Dividend per Share ²	-	22.00	23.00	-	-	-	-	24.00	-	-	-	-	27.00	-	29.00	-	29.00	-	-	29.00	-
Announcement Date	2/5/20	7/30/20	8/3/21	11/1/21	2/7/22	5/10/22	8/4/22	8/4/22	11/4/22	2/7/23	5/10/23	8/3/23	8/3/23	11/1/23	2/7/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	20,762	287,019	335,084	339,194	403,083	329,864	360,528	391,362
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	52,722	29,387	75,185	31,487	95,169	-21,950	60,937	72,749
ROE (net income / shareholders' equity)	10.1%	6.8%	7.3%	7.1%	10.2%	7.83%	8.01%	8.94%
ROA (Net income/ Total Assets)	5.83%	6.59%	6.97%	7.26%	9.89%	6.93%	6.38%	6.98%
Assets ¹	1,150,762	713,437	751,060	738,025	820,605	959,767	1,142,462	1,175,022
Book Value Per Share ²	1,263	1,300	1,372	1,419	1,556	1,614	1,688	1,780
Cash Flow per Share ²	159.0	126.0	134.0	134.0	190.0	159.0	169.0	199.0
Capex ¹	8,163	10,115	13,244	17,692	17,213	33,600	21,800	21,300
Capex / Sales	2.67%	3.18%	3.76%	4.44%	3.89%	7.14%	4.51%	4.18%
Announcement Date	2/5/20	2/4/21	2/7/22	2/7/23	2/7/24	-	-	-

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 Kyowa Kirin Co. Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,630 JPY

Average target price

3,067 JPY

Spread / Average Target

+16.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty & Advanced Pharmaceuticals

	1st Jan change	Capi.
KYOWA KIRIN CO. LTD.	+10.97%	8.94B
MERCK KGAA	+5.31%	70.44B
SK BIOPHARMACEUTICALS CO., LTD.	-16.83%	4.75B
SHENYANG XINGQI PHARMACEUTICAL CO.,LTD.	+43.48%	4.5B
YUHAN CORPORATION	+3.20%	3.85B
INDIVIOR PLC	+18.82%	2.38B
BETTA PHARMACEUTICALS CO., LTD.	-21.36%	2.34B
CHANGCHUN BCHT BIOTECHNOLOGY CO.	-29.67%	2.2B
SHANGHAI SHYNDEC PHARMACEUTICAL CO., LTD.	+8.38%	1.96B
VELOXIS PHARMACEUTICALS A/S	-0.50%	1.64B

Specialty & Advanced Pharmaceuticals