Financials Otsuka Corporation

Equities

4768

JP3188200004

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,105 ^JPY	+0.16%		+0.06%	+6.83%

Apr. 09	H. Lundbeck, Otsuka Pharmaceutical Seek US FDA Nod for PTSD Combination Therapy	MT
Mar. 29	Otsuka Holdings Disposes of 2.32 Billion Yen Worth of Shares as Restricted Stock Compensation	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	829,505	1,033,327	1,040,911	787,793	1,102,150	1,177,422	-	-
Enterprise Value (EV) ¹	662,161	861,755	844,195	593,018	880,762	933,643	908,415	880,199
P/E ratio	19.1 x	26.3 x	26.1 x	19.7 x	23.2 x	23.6 x	20.9 x	20.7 x
Yield	2.51%	2.11%	2.19%	3.01%	2.32%	2.34%	2.56%	2.72%
Capitalization / Revenue	0.94 x	1.24 x	1.22 x	0.91 x	1.13 x	1.11 x	1.01 x	1.01 x
EV / Revenue	0.75 x	1.03 x	0.99 x	0.69 x	0.9 x	0.88 x	0.78 x	0.75 x
EV / EBITDA	9.54 x	13.5 x	13.2 x	9.4 x	12.4 x	12 x	10.4 x	10 x
EV / FCF	16.2 x	36.5 x	18 x	26.8 x	17.6 x	19.1 x	16.8 x	14.3 x
FCF Yield	6.18%	2.74%	5.57%	3.73%	5.7%	5.25%	5.96%	7.01%
Price to Book	3.2 x	3.73 x	3.48 x	2.47 x	3.21 x	3.2 x	2.96 x	2.77 x
Nbr of stocks (in thousands)	379,203	379,202	379,202	379,202	379,202	379,202	-	-
Reference price ²	2,188	2,725	2,745	2,078	2,906	3,105	3,105	3,105
Announcement Date	2/3/20	2/1/21	2/1/22	2/1/23	2/1/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	886,536	836,323	851,894	861,022	977,370	1,058,737	1,160,483	1,166,162
EBITDA ¹	69,420	63,912	63,809	63,058	70,893	78,010	87,154	87,937
EBIT ¹	62,192	56,309	55,827	54,768	62,959	71,008	80,536	81,132
Operating Margin	7.02%	6.73%	6.55%	6.36%	6.44%	6.71%	6.94%	6.96%
Earnings before Tax (EBT) ¹	62,668	57,584	58,190	56,509	64,892	72,706	81,838	80,998
Net income ¹	43,497	39,309	39,927	40,022	47,448	49,900	56,853	57,048
Net margin	4.91%	4.7%	4.69%	4.65%	4.85%	4.71%	4.9%	4.89%
EPS ²	114.7	103.7	105.3	105.5	125.1	131.5	148.8	149.8
Free Cash Flow ¹	40,902	23,632	46,991	22,119	50,176	48,985	54,097	61,718
FCF margin	4.61%	2.83%	5.52%	2.57%	5.13%	4.63%	4.66%	5.29%
FCF Conversion (EBITDA)	58.92%	36.98%	73.64%	35.08%	70.78%	62.79%	62.07%	70.18%
FCF Conversion (Net income)	94.03%	60.12%	117.69%	55.27%	105.75%	98.16%	95.15%	108.19%
Dividend per Share ²	55.00	57.50	60.00	62.50	67.50	72.75	79.58	84.36
Announcement Date	2/3/20	2/1/21	2/1/22	2/1/23	2/1/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	436,382	432,943	403,380	466,625	185,521	199,748	385,269	210,069	235,267	445,336	196,863	218,823	415,686	242,609	278,447	521,056	219,002	237,312	256,479	292,143	542,200	238,590	267,474
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,694	19,197	21,836	-	13,582	22,271
EBIT ¹	28,312	30,310	25,999	33,246	8,817	13,764	22,581	13,785	16,993	30,778	9,312	14,678	23,990	16,875	19,837	36,712	10,678	15,569	17,941	21,035	39,400	12,706	19,173
Operating Margin	6.49%	7%	6.45%	7.12%	4.75%	6.89%	5.86%	6.56%	7.22%	6.91%	4.73%	6.71%	5.77%	6.96%	7.12%	7.05%	4.88%	6.56%	7%	7.2%	7.27%	5.33%	7.17%
Earnings before Tax (EBT) ¹	27,975	30,956	26,628	34,935	9,241	14,014	-	15,485	17,394	32,879	9,753	13,877	-	17,424	20,113	37,537	11,222	16,133	18,102	20,858	-	12,368	19,272
Net income ¹	19,975	20,789	18,520	23,657	6,264	10,006	16,270	10,519	12,329	22,848	6,891	10,283	17,174	11,591	13,826	25,417	7,718	14,313	12,257	14,507	27,400	8,688	14,228
Net margin	4.58%	4.8%	4.59%	5.07%	3.38%	5.01%	4.22%	5.01%	5.24%	5.13%	3.5%	4.7%	4.13%	4.78%	4.97%	4.88%	3.52%	6.03%	4.78%	4.97%	5.05%	3.64%	5.32%
EPS ²	52.68	54.82	48.84	62.39	16.52	26.39	42.90	27.74	32.52	60.26	18.17	27.12	45.29	30.57	36.46	67.03	20.36	37.74	32.49	37.85	-	23.02	34.28
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/3/20	8/7/20	2/1/21	8/2/21	10/29/21	2/1/22	2/1/22	4/28/22	8/1/22	8/1/22	10/31/22	2/1/23	2/1/23	5/1/23	8/1/23	8/1/23	10/31/23	2/1/24	-	-	-	-	-

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	167,344	171,572	196,716	194,775	221,388	243,779	269,007	297,223
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	40,902	23,632	46,991	22,119	50,176	48,985	54,097	61,718
ROE (net income / shareholders' equity)	17.8%	14.6%	13.9%	13%	14.3%	14.3%	15.2%	14%
ROA (Net income/ Total Assets)	14.7%	12.3%	12%	11.2%	11.9%	10.6%	11.2%	10.6%
Assets ¹	296,511	318,674	332,065	356,583	398,907	470,540	506,525	540,580
Book Value Per Share ²	684.0	731.0	788.0	842.0	905.0	970.0	1,049	1,120
Cash Flow per Share ²	134.0	124.0	126.0	127.0	146.0	165.0	181.0	194.0
Capex ¹	7,860	8,864	10,882	7,077	10,346	7,859	8,318	8,546
Capex / Sales	0.89%	1.06%	1.28%	0.82%	1.06%	0.74%	0.72%	0.73%
Announcement Date	2/3/20	2/1/21	2/1/22	2/1/23	2/1/24	-	-	-

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 Otsuka Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,105 JPY

Average target price

3,591 JPY

Spread / Average Target

+15.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Technology Consulting & Outsourcing Services

	1st Jan change	Capi.
OTSUKA CORPORATION	+6.83%	7.48B
VERISK ANALYTICS, INC.	-7.42%	31.57B
SS&C TECHNOLOGIES HOLDINGS, INC.	+0.21%	15.14B
SAMSUNG SDS CO.,LTD.	-6.71%	8.91B
REPLY S.P.A.	+3.85%	4.94B
POSCO DX COMPANY LTD.	-45.75%	4.44B
NS SOLUTIONS CORPORATION	+12.35%	2.99B
NEC NETWORKS & SYSTEM INTEGRATION CORPORATION	+8.53%	2.44B
DHC SOFTWARE CO.,LTD.	-13.45%	2.36B
CHINA TRANSINFO TECHNOLOGY CO., LTD	-15.17%	2.06B

Technology Consulting & Outsourcing Services