Financials Menicon Co., Ltd.

Equities

7780

JP3921270009

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
1,518 ^JPY	-0.10%		+4.08%	-35.36%

Apr. 05	Menicon Establishes German Subsidiary and Alters Capital Increase Payment Timing	MT
Apr. 04	Menicon Buys French Specialty Contact Lens Maker Dencott	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	112,459	181,971	246,740	222,188	213,200	115,674	-	-
Enterprise Value (EV) ¹	111,246	178,072	248,493	229,577	224,229	131,532	135,872	132,357
P/E ratio	31.4 x	43 x	41.4 x	34.3 x	28.9 x	18.9 x	14.5 x	13.1 x
Yield	0.88%	0.58%	0.54%	0.68%	0.89%	1.62%	1.73%	1.87%
Capitalization / Revenue	1.39 x	2.15 x	2.86 x	2.22 x	1.93 x	0.99 x	0.92 x	0.86 x
EV / Revenue	1.38 x	2.11 x	2.88 x	2.29 x	2.03 x	1.12 x	1.08 x	0.98 x
EV / EBITDA	10.9 x	14.3 x	17.6 x	13.3 x	11.5 x	7.44 x	5.83 x	5.2 x
EV / FCF	240 x	169 x	-49.7 x	-66.9 x	-218 x	577 x	37.5 x	18.9 x
FCF Yield	0.42%	0.59%	-2.01%	-1.49%	-0.46%	0.17%	2.67%	5.3%
Price to Book	2.65 x	3.41 x	4.17 x	3.42 x	2.94 x	1.46 x	1.36 x	1.26 x
Nbr of stocks (in thousands)	70,397	75,428	75,571	75,651	75,953	76,177	-	-
Reference price ²	1,598	2,412	3,265	2,937	2,807	1,518	1,518	1,518
Announcement Date	5/14/19	5/28/20	5/13/21	5/12/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	80,898	84,519	86,209	100,172	110,194	117,121	125,768	134,416
EBITDA ¹	10,211	12,454	14,134	17,250	19,510	17,685	23,304	25,459
EBIT ¹	5,571	7,033	8,106	9,957	12,062	10,720	13,202	14,469
Operating Margin	6.89%	8.32%	9.4%	9.94%	10.95%	9.15%	10.5%	10.76%
Earnings before Tax (EBT) ¹	5,727	6,265	8,353	9,900	11,518	10,170	12,977	14,272
Net income ¹	3,576	4,060	5,952	6,481	7,377	6,597	8,270	9,142
Net margin	4.42%	4.8%	6.9%	6.47%	6.69%	5.63%	6.58%	6.8%
EPS ²	50.82	56.12	78.84	85.72	97.25	80.32	105.0	116.2
Free Cash Flow ¹	463	1,056	-5,001	-3,430	-1,027	227.8	3,626	7,017
FCF margin	0.57%	1.25%	-5.8%	-3.42%	-0.93%	0.19%	2.88%	5.22%
FCF Conversion (EBITDA)	4.53%	8.48%	-	-	-	1.29%	15.56%	27.56%
FCF Conversion (Net income)	12.95%	26.01%	-	-	-	3.45%	43.85%	76.76%
Dividend per Share ²	14.00	14.00	17.50	20.00	25.00	24.54	26.34	28.34
Announcement Date	5/14/19	5/28/20	5/13/21	5/12/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	42,824	41,695	41,521	44,688	24,310	48,395	26,310	25,467	51,777	26,844	27,285	54,129	28,334	27,731	56,065	28,446	29,680	58,126	29,275	29,100	57,875	30,367	31,100	31,100	30,800
EBITDA	-	-	-	-	4,220	-	4,486	5,786	-	5,252	5,229	-	5,620	3,435	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,558	2,475	4,497	3,609	2,508	5,059	2,979	1,919	4,898	3,428	3,442	6,870	3,715	1,477	5,192	2,617	2,636	5,253	2,276	2,736	5,246	3,133	3,100	3,400	2,967
Operating Margin	10.64%	5.94%	10.83%	8.08%	10.32%	10.45%	11.32%	7.54%	9.46%	12.77%	12.61%	12.69%	13.11%	5.33%	9.26%	9.2%	8.88%	9.04%	7.77%	9.4%	9.06%	10.32%	9.97%	10.93%	9.63%
Earnings before Tax (EBT) ¹	4,570	1,695	4,686	-	2,471	5,043	3,013	-	-	3,304	3,286	6,590	3,779	1,149	4,928	2,473	2,560	5,033	2,308	2,766	5,348	2,950	2,950	2,950	2,850
Net income ¹	2,992	1,068	3,196	2,756	1,711	3,401	1,957	1,123	3,080	2,121	2,142	4,263	2,595	519	3,114	1,577	1,744	3,321	1,255	1,650	2,679	1,927	1,893	2,000	1,780
Net margin	6.99%	2.56%	7.7%	6.17%	7.04%	7.03%	7.44%	4.41%	5.95%	7.9%	7.85%	7.88%	9.16%	1.87%	5.55%	5.54%	5.88%	5.71%	4.29%	5.67%	4.63%	6.34%	6.09%	6.43%	5.78%
EPS	42.24	-	42.35	-	22.62	89.98	25.90	14.83	-	27.98	28.25	56.23	34.21	6.810	-	20.75	-	43.69	16.47	-	-	-	-	-	-
Dividend per Share	-	14.00	-	17.50	-	-	-	-	20.00	-	-	-	-	-	25.00	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/12/19	5/28/20	11/10/20	5/13/21	11/12/21	11/12/21	2/14/22	5/12/22	5/12/22	8/12/22	11/14/22	11/14/22	2/10/23	5/15/23	5/15/23	8/10/23	11/13/23	11/13/23	2/13/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	1,753	7,389	11,029	15,858	20,197	16,682
Net Cash position ¹	1,213	3,899	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	0.124 x	0.4283 x	0.5653 x	0.8967 x	0.8667 x	0.6553 x
Free Cash Flow ¹	463	1,056	-5,001	-3,430	-1,027	228	3,626	7,017
ROE (net income / shareholders' equity)	8.7%	8.5%	10.6%	10.4%	10.7%	8.72%	10.1%	10.3%
ROA (Net income/ Total Assets)	7.53%	7.92%	7.8%	7.8%	8.29%	5.84%	6.73%	7.25%
Assets ¹	47,515	51,280	76,295	83,054	88,957	113,020	122,874	126,049
Book Value Per Share ²	603.0	707.0	783.0	859.0	954.0	1,037	1,117	1,207
Cash Flow per Share ²	103.0	118.0	149.0	170.0	190.0	138.0	204.0	232.0
Capex ¹	6,560	9,991	12,726	15,838	14,549	15,778	14,091	12,304
Capex / Sales	8.11%	11.82%	14.76%	15.81%	13.2%	13.47%	11.2%	9.15%
Announcement Date	5/14/19	5/28/20	5/13/21	5/12/22	5/15/23	-	-	-

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 Menicon Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,518 JPY

Average target price

2,734 JPY

Spread / Average Target

+80.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Glasses, Spectacles & Contact Lenses

	1st Jan change	Capi.
MENICON CO., LTD.	-35.36%	735M
ESSILORLUXOTTICA	+11.95%	98.12B
ALCON INC.	+9.69%	38.82B
THE COOPER COMPANIES, INC.	-6.10%	17.66B
AUTEK CHINA INC.	-20.02%	2.24B
WARBY PARKER INC.	-8.37%	1.54B
PEGAVISION CORPORATION	+29.63%	1.23B
MINGYUE OPTICAL LENS CO.,LTD.	-35.62%	747M
UNIVERSAL VISION BIOTECHNOLOGY CO., LTD.	-13.36%	623M
VIZIONFOCUS INC.	+24.04%	494M

Glasses, Spectacles & Contact Lenses