Financials MediPal Holdings Corporation

Equities

7459

JP3268950007

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,468 ^JPY	+2.26%		+4.53%	+7.96%

2023	Tranche Update on MediPal Holdings Corporation's Equity Buyback Plan announced on May 12, 2023.	CI
2023	MediPal Holdings Corporation's Equity Buyback announced on May 12, 2023 has closed with 4,171,900 shares, representing 1.97% for ¥9,999.86 million.	CI

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	585,084	423,708	445,962	423,074	378,771	518,218	-	-
Enterprise Value (EV) ¹	396,176	231,679	235,023	191,232	183,740	518,218	518,218	518,218
P/E ratio	17.1 x	11.5 x	18.6 x	14.4 x	9.76 x	14.6 x	14.8 x	13.3 x
Yield	1.44%	2.03%	1.98%	2.18%	2.55%	2.43%	2.54%	2.57%
Capitalization / Revenue	0.18 x	0.13 x	0.14 x	0.13 x	0.11 x	0.15 x	0.15 x	0.14 x
EV / Revenue	0.18 x	0.13 x	0.14 x	0.13 x	0.11 x	0.15 x	0.15 x	0.14 x
EV / EBITDA	9.18 x	6.25 x	8.36 x	7.06 x	5.95 x	8.05 x	7.64 x	7.07 x
EV / FCF	13.2 x	15.4 x	24.4 x	11.5 x	-16.2 x	10.1 x	13 x	11.9 x
FCF Yield	7.58%	6.51%	4.11%	8.72%	-6.16%	9.92%	7.67%	8.38%
Price to Book	1.18 x	0.85 x	0.85 x	0.8 x	0.67 x	0.86 x	0.84 x	0.79 x
Nbr of stocks (in thousands)	222,465	209,964	209,963	209,962	209,962	210,017	-	-
Reference price ²	2,630	2,018	2,124	2,015	1,804	2,468	2,468	2,468
Announcement Date	5/15/19	5/14/20	5/13/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,181,928	3,253,079	3,211,125	3,290,921	3,360,008	3,526,906	3,561,496	3,638,820
EBITDA ¹	63,755	67,796	53,368	59,962	63,620	64,412	67,863	73,324
EBIT ¹	49,827	53,109	38,576	45,624	48,972	48,573	51,025	57,318
Operating Margin	1.57%	1.63%	1.2%	1.39%	1.46%	1.38%	1.43%	1.58%
Earnings before Tax (EBT) ¹	63,461	75,536	49,237	57,284	70,061	68,278	67,827	73,914
Net income ¹	34,359	37,968	23,926	29,423	38,806	35,698	35,677	39,344
Net margin	1.08%	1.17%	0.75%	0.89%	1.15%	1.01%	1%	1.08%
EPS ²	154.1	175.8	114.0	140.1	184.8	169.4	166.6	185.5
Free Cash Flow ¹	44,355	27,596	18,307	36,873	-23,348	51,427	39,722	43,433
FCF margin	1.39%	0.85%	0.57%	1.12%	-0.69%	1.46%	1.12%	1.19%
FCF Conversion (EBITDA)	69.57%	40.7%	34.3%	61.49%	-	79.84%	58.53%	59.23%
FCF Conversion (Net income)	129.09%	72.68%	76.52%	125.32%	-	144.06%	111.34%	110.39%
Dividend per Share ²	38.00	41.00	42.00	44.00	46.00	60.00	62.67	63.50
Announcement Date	5/15/19	5/14/20	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	2021 S2	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	1,654,846	1,588,418	1,622,707	818,367	1,643,244	864,026	783,651	838,328	847,068	1,685,396	882,022	792,590	886,737	892,252	1,778,989	935,926	839,885	903,600	912,200	948,100	862,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	27,947	18,002	20,574	10,996	24,278	12,753	8,593	13,516	12,027	25,543	11,988	11,441	12,401	8,230	20,631	16,584	11,871	13,900	12,300	15,200	12,000
Operating Margin	1.69%	1.13%	1.27%	1.34%	1.48%	1.48%	1.1%	1.61%	1.42%	1.52%	1.36%	1.44%	1.4%	0.92%	1.16%	1.77%	1.41%	1.54%	1.35%	1.6%	1.39%
Earnings before Tax (EBT) ¹	32,196	24,878	24,359	16,500	33,958	18,268	5,058	17,227	16,115	33,342	23,331	-	19,963	12,877	32,840	20,885	13,305	17,800	16,300	20,000	15,200
Net income ¹	16,567	11,928	11,998	9,080	18,525	10,307	591	8,270	9,054	17,324	12,524	8,958	11,188	5,966	17,154	11,132	8,878	9,400	8,700	10,900	7,700
Net margin	1%	0.75%	0.74%	1.11%	1.13%	1.19%	0.08%	0.99%	1.07%	1.03%	1.42%	1.13%	1.26%	0.67%	0.96%	1.19%	1.06%	1.04%	0.95%	1.15%	0.89%
EPS	74.63	56.81	-	-	88.23	49.09	-	39.39	-	82.51	59.65	-	52.32	-	80.48	52.71	-	-	-	-	-
Dividend per Share	20.00	21.00	-	-	21.00	-	-	-	-	23.00	-	-	-	-	30.00	-	-	-	-	-	-
Announcement Date	10/31/19	10/30/20	5/13/21	10/29/21	10/29/21	2/1/22	5/13/22	7/29/22	10/31/22	10/31/22	2/1/23	5/12/23	8/2/23	11/2/23	11/2/23	2/5/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	188,908	192,029	210,939	231,842	195,031	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	44,355	27,596	18,307	36,873	-23,348	51,427	39,722	43,433
ROE (net income / shareholders' equity)	7%	7.6%	4.7%	5.6%	7.1%	6.19%	5.95%	6.25%
ROA (Net income/ Total Assets)	3.95%	4.17%	3.19%	3.66%	3.82%	3.8%	2.8%	3.9%
Assets ¹	870,743	910,460	750,784	803,650	1,017,001	939,412	1,274,167	1,008,821
Book Value Per Share ²	2,234	2,383	2,491	2,526	2,674	2,877	2,952	3,112
Cash Flow per Share ²	214.0	242.0	183.0	207.0	253.0	242.0	236.0	-
Capex ¹	19,361	29,321	16,141	18,150	17,434	20,217	18,578	18,578
Capex / Sales	0.61%	0.9%	0.5%	0.55%	0.52%	0.57%	0.52%	0.51%
Announcement Date	5/15/19	5/14/20	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 MediPal Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,468 JPY

Average target price

2,593 JPY

Spread / Average Target

+5.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
MEDIPAL HOLDINGS CORPORATION	+7.96%	3.29B
MCKESSON CORPORATION	+17.35%	71.39B
SINOPHARM GROUP CO. LTD.	+5.38%	8.59B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+6.69%	8.19B
HUADONG MEDICINE CO., LTD	-20.96%	7.91B
H. LUNDBECK A/S	+0.49%	4.54B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+17.12%	4.31B
EBOS GROUP LIMITED	-3.38%	3.93B
GALENICA AG	-2.61%	3.86B
CHINA NATIONAL MEDICINES CORPORATION LTD.	+22.08%	3.64B

Pharmaceuticals Wholesale