Financials Santen Pharmaceutical Co., Ltd.

Equities

4536

JP3336000009

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,512 ^JPY	+1.41%		+4.13%	+7.65%

Mar. 26	Santen Pharmaceutical to Cancel 12 Million Treasury Shares	MT
Mar. 25	Santen Announces Re-Designation Akira Kurokawa as Director of the Board and Chairman from Representative Director of the Board, Chairman, Effective from April 1, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	658,032	742,066	608,810	490,898	424,342	550,462	-	-
Enterprise Value (EV) ¹	587,236	662,964	545,395	406,591	366,439	560,513	535,768	511,068
P/E ratio	21 x	31.4 x	89.1 x	18 x	-29.3 x	16.6 x	16.4 x	15.5 x
Yield	1.58%	1.45%	1.84%	2.61%	2.83%	2.17%	2.21%	2.57%
Capitalization / Revenue	2.81 x	3.07 x	2.44 x	1.84 x	1.52 x	1.83 x	1.88 x	1.89 x
EV / Revenue	2.51 x	2.74 x	2.19 x	1.53 x	1.31 x	1.86 x	1.83 x	1.75 x
EV / EBITDA	10.5 x	13.2 x	18.4 x	7.68 x	25.9 x	8.76 x	8.26 x	7.73 x
EV / FCF	19.6 x	19.1 x	-37.5 x	37.4 x	35.3 x	21.5 x	13.4 x	12.3 x
FCF Yield	5.1%	5.24%	-2.67%	2.67%	2.83%	4.64%	7.44%	8.13%
Price to Book	2.26 x	2.45 x	1.98 x	1.45 x	1.44 x	1.79 x	1.67 x	1.57 x
Nbr of stocks (in thousands)	399,049	399,390	399,744	400,080	375,524	363,942	-	-
Reference price ²	1,649	1,858	1,523	1,227	1,130	1,512	1,512	1,512
Announcement Date	5/9/19	5/8/20	5/11/21	5/10/22	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	234,026	241,555	249,605	266,257	279,037	301,449	292,385	291,739
EBITDA ¹	56,067	50,108	29,685	52,941	14,159	63,976	64,832	66,073
EBIT ¹	45,098	33,535	12,917	35,886	-3,090	44,636	44,533	46,469
Operating Margin	19.27%	13.88%	5.17%	13.48%	-1.11%	14.81%	15.23%	15.93%
Earnings before Tax (EBT) ¹	43,117	32,091	12,418	35,616	-5,799	41,245	44,148	47,635
Net income ¹	31,954	23,618	6,830	27,218	-14,948	31,721	33,230	35,461
Net margin	13.65%	9.78%	2.74%	10.22%	-5.36%	10.52%	11.37%	12.16%
EPS ²	78.67	59.16	17.09	68.07	-38.60	90.89	92.10	97.40
Free Cash Flow ¹	29,959	34,772	-14,547	10,874	10,370	26,024	39,863	41,553
FCF margin	12.8%	14.4%	-5.83%	4.08%	3.72%	8.63%	13.63%	14.24%
FCF Conversion (EBITDA)	53.43%	69.39%	-	20.54%	73.24%	40.68%	61.49%	62.89%
FCF Conversion (Net income)	93.76%	147.23%	-	39.95%	-	82.04%	119.96%	117.18%
Dividend per Share ²	26.00	27.00	28.00	32.00	32.00	32.75	33.38	38.88
Announcement Date	5/9/19	5/8/20	5/11/21	5/10/22	5/11/23	-	-	-

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	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 S1	2026 S2
Net sales ¹	118,775	118,905	-	63,773	128,759	67,042	70,456	-	65,533	63,382	128,915	70,871	79,251	72,389	73,417	145,806	77,027	78,097	-	72,500	-	146,000	-	-	-	140,500	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,743	-	-	-	-	-	-	-	-	-	-
EBIT ¹	19,000	18,686	-	9,268	18,805	7,575	9,506	-	8,333	-27,354	-19,021	8,874	7,057	12,750	12,349	25,099	11,058	6,973	-	12,200	-	25,800	-	-	-	25,400	-
Operating Margin	16%	15.72%	-	14.53%	14.6%	11.3%	13.49%	-	12.72%	-43.16%	-14.75%	12.52%	8.9%	17.61%	16.82%	17.21%	14.36%	8.93%	-	16.83%	-	17.67%	-	-	-	18.08%	-
Earnings before Tax (EBT)	18,400	18,353	-	8,841	18,393	7,280	-	-	9,074	-28,177	-19,103	7,510	5,794	12,868	-	24,075	9,484	-	-	11,900	-	24,700	-	-	-	24,300	-
Net income ¹	13,100	13,813	-	6,924	14,307	5,042	-	-	6,663	-28,704	-22,041	5,977	1,116	10,414	8,866	19,280	7,333	6,347	-	9,100	-	19,100	-	-	-	18,700	-
Net margin	11.03%	11.62%	-	10.86%	11.11%	7.52%	-	-	10.17%	-45.29%	-17.1%	8.43%	1.41%	14.39%	12.08%	13.22%	9.52%	8.13%	-	12.55%	-	13.08%	-	-	-	13.31%	-
EPS ²	32.94	34.58	-	17.32	35.79	12.60	19.68	-	16.79	-72.84	-56.05	14.92	2.530	27.93	24.13	52.06	20.20	12.46	-	25.40	-	47.80	-	-	-	46.80	-
Dividend per Share ²	13.00	14.00	14.00	-	16.00	-	-	16.00	-	-	16.00	-	-	-	16.00	16.00	-	17.00	17.00	-	17.00	17.00	-	17.00	17.00	18.00	18.00
Announcement Date	11/6/19	11/6/20	5/11/21	11/8/21	11/8/21	2/10/22	5/10/22	5/10/22	8/4/22	11/8/22	11/8/22	2/7/23	5/11/23	8/3/23	11/7/23	11/7/23	2/8/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	10,051	-	-
Net Cash position ¹	70,796	79,102	63,415	84,307	57,903	-	14,694	39,394
Leverage (Debt/EBITDA)	-	-	-	-	-	0.1571 x	-	-
Free Cash Flow ¹	29,959	34,772	-14,547	10,874	10,370	26,024	39,863	41,553
ROE (net income / shareholders' equity)	11.1%	8%	2.2%	8.4%	-4.7%	10.9%	10.8%	10.8%
ROA (Net income/ Total Assets)	11.1%	8.02%	3.06%	8.26%	-1.32%	7.76%	7.6%	7.99%
Assets ¹	288,899	294,371	223,061	329,499	1,135,668	408,828	437,381	443,930
Book Value Per Share ²	729.0	759.0	770.0	844.0	783.0	847.0	905.0	965.0
Cash Flow per Share ²	106.0	101.0	59.10	111.0	5.940	132.0	153.0	145.0
Capex ¹	8,333	5,824	4,139	35,841	24,588	14,200	13,340	13,760
Capex / Sales	3.56%	2.41%	1.66%	13.46%	8.81%	4.71%	4.56%	4.72%
Announcement Date	5/9/19	5/8/20	5/11/21	5/10/22	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 Santen Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,512 JPY

Average target price

1,767 JPY

Spread / Average Target

+16.83%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
SANTEN PHARMACEUTICAL CO., LTD.	+7.65%	3.5B
ELI LILLY AND COMPANY	+25.83%	661B
NOVO NORDISK A/S	+27.00%	566B
JOHNSON & JOHNSON	-6.76%	352B
MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+3.00%	283B
ASTRAZENECA PLC	+13.09%	231B
NOVARTIS AG	+5.46%	200B
ROCHE HOLDING AG	-9.61%	195B
AMGEN INC.	-6.26%	145B

Other Pharmaceuticals