Financials Paramount Bed Holdings Co., Ltd.

Equities

7817

JP3781620004

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
2,652 ^JPY	+0.91%		+1.03%	-4.29%

Feb. 08	Tranche Update on Paramount Bed Holdings Co., Ltd.'s Equity Buyback Plan announced on February 7, 2024.	CI
Feb. 08	Paramount Bed Holdings Co., Ltd.'s Equity Buyback announced on February 7, 2024 has closed with 900,000 shares, representing 1.54% for ¥2,398.5 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	147,611	130,057	136,769	116,007	137,205	152,279	-	-
Enterprise Value (EV) ¹	109,714	95,122	95,532	68,073	89,480	152,279	152,279	152,279
P/E ratio	22 x	18.9 x	15.9 x	12.8 x	14.9 x	14.8 x	14.1 x	13.6 x
Yield	2.04%	2.23%	4.38%	2.76%	2.5%	2.34%	2.47%	2.56%
Capitalization / Revenue	1.84 x	1.58 x	1.57 x	1.28 x	1.39 x	1.45 x	1.39 x	1.33 x
EV / Revenue	1.84 x	1.58 x	1.57 x	1.28 x	1.39 x	1.45 x	1.39 x	1.33 x
EV / EBITDA	8.67 x	7.71 x	7.12 x	5.71 x	6.24 x	6.45 x	6.17 x	5.97 x
EV / FCF	27.1 x	23.6 x	15.7 x	15.3 x	48.7 x	19 x	19 x	18.6 x
FCF Yield	3.69%	4.24%	6.39%	6.55%	2.05%	5.25%	5.26%	5.39%
Price to Book	1.36 x	1.21 x	1.2 x	0.95 x	1.07 x	1.13 x	1.08 x	1.03 x
Nbr of stocks (in thousands)	60,127	58,126	58,125	58,149	58,187	57,420	-	-
Reference price ²	2,455	2,238	2,353	1,995	2,358	2,652	2,652	2,652
Announcement Date	5/14/19	5/13/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	80,088	82,379	87,171	90,352	99,009	105,100	109,650	114,700
EBITDA ¹	17,026	16,877	19,198	20,314	21,991	23,600	24,700	25,500
EBIT ¹	10,580	9,906	11,582	12,340	13,452	14,250	15,500	16,200
Operating Margin	13.21%	12.02%	13.29%	13.66%	13.59%	13.56%	14.14%	14.12%
Earnings before Tax (EBT) ¹	10,206	10,279	12,867	13,437	13,812	15,300	16,000	16,700
Net income ¹	6,704	7,043	8,611	9,092	9,215	10,350	10,850	11,300
Net margin	8.37%	8.55%	9.88%	10.06%	9.31%	9.85%	9.9%	9.85%
EPS ²	111.8	118.2	148.2	156.4	158.4	178.8	187.5	195.2
Free Cash Flow ¹	5,450	5,508	8,738	7,602	2,819	8,000	8,008	8,208
FCF margin	6.81%	6.69%	10.02%	8.41%	2.85%	7.61%	7.3%	7.16%
FCF Conversion (EBITDA)	32.01%	32.64%	45.52%	37.42%	12.82%	33.9%	32.42%	32.19%
FCF Conversion (Net income)	81.29%	78.21%	101.47%	83.61%	30.59%	77.29%	73.8%	72.63%
Dividend per Share ²	50.00	50.00	103.0	55.00	59.00	62.00	65.50	68.00
Announcement Date	5/14/19	5/13/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Q3	2025 Q4
Net sales ¹	38,952	38,048	20,817	41,237	22,721	26,394	22,752	24,098	46,850	24,255	27,904	24,318	25,402	49,720	23,332	30,880	23,900	26,600	26,600	31,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,940	4,646	3,171	6,297	3,685	2,358	3,210	3,008	6,218	3,578	3,656	3,258	3,222	6,480	2,032	4,720	3,200	3,900	3,900	5,000
Operating Margin	12.68%	12.21%	15.23%	15.27%	16.22%	8.93%	14.11%	12.48%	13.27%	14.75%	13.1%	13.4%	12.68%	13.03%	8.71%	15.28%	13.39%	14.66%	14.66%	15.72%
Earnings before Tax (EBT) ¹	4,948	4,086	-	6,858	3,912	2,667	3,972	3,621	7,593	2,349	3,870	4,192	3,635	7,827	1,752	4,881	3,300	4,000	4,000	5,200
Net income ¹	3,450	2,625	2,576	4,925	2,558	1,609	2,685	2,359	5,044	1,601	2,570	2,859	2,439	5,298	1,273	3,601	2,200	2,700	2,700	3,700
Net margin	8.86%	6.9%	12.37%	11.94%	11.26%	6.1%	11.8%	9.79%	10.77%	6.6%	9.21%	11.76%	9.6%	10.66%	5.46%	11.66%	9.21%	10.15%	10.15%	11.64%
EPS	57.39	45.18	-	84.72	43.99	-	46.18	-	86.73	27.50	-	49.05	-	90.89	21.82	-	-	-	-	-
Dividend per Share	25.00	25.00	-	26.00	-	-	-	-	28.00	-	-	-	-	31.00	-	-	-	-	-	-
Announcement Date	10/31/19	10/30/20	10/29/21	10/29/21	2/4/22	5/12/22	7/29/22	10/31/22	10/31/22	2/3/23	5/11/23	7/31/23	10/30/23	10/30/23	2/7/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	37,897	34,935	41,237	47,934	47,725	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,450	5,508	8,738	7,602	2,819	8,000	8,008	8,208
ROE (net income / shareholders' equity)	6.4%	6.5%	7.8%	7.7%	7.4%	7.85%	7.85%	7.75%
ROA (Net income/ Total Assets)	7.71%	7.04%	9.02%	8.5%	8.4%	7.35%	7.3%	7.3%
Assets ¹	86,902	100,061	95,512	106,958	109,680	140,816	148,630	154,795
Book Value Per Share ²	1,800	1,842	1,958	2,092	2,208	2,337	2,455	2,584
Cash Flow per Share	218.0	234.0	556.0	292.0	304.0	-	-	-
Capex ¹	1,235	2,751	2,607	1,047	1,814	2,900	2,900	2,900
Capex / Sales	1.54%	3.34%	2.99%	1.16%	1.83%	2.76%	2.64%	2.53%
Announcement Date	5/14/19	5/13/20	5/13/21	5/12/22	5/11/23	-	-	-

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 Paramount Bed Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,652 JPY

Average target price

3,000 JPY

Spread / Average Target

+13.12%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Medical Equipment, Supplies & Distribution

	1st Jan change	Capi.
PARAMOUNT BED HOLDINGS CO., LTD.	-4.29%	967M
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BECTON, DICKINSON AND COMPANY	-5.04%	66.9B
DEXCOM, INC.	+0.20%	49.45B
CENCORA, INC.	+17.29%	48B
HOYA CORPORATION	+4.06%	40.84B
WEST PHARMACEUTICAL SERVICES, INC.	+2.36%	26.25B
METTLER-TOLEDO INTERNATIONAL, INC.	+2.07%	26.48B
TERUMO CORPORATION	+12.96%	24.62B

Other Medical Equipment, Supplies & Distribution