Financials Sugi Holdings Co.,Ltd.

Equities

7649

JP3397060009

Drug Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,324 ^JPY	-0.51%		-0.36%	+7.56%

Apr. 10	Sugi Holdings Co.,Ltd. Reports Sales Results for the Month Ended March 2024	CI
Apr. 03	Sugi's Attributable Profit Jumps 16% in Fiscal Year Ended February	MT

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	298,871	315,869	458,659	401,788	343,804	420,547	-	-
Enterprise Value (EV) ¹	233,560	224,522	371,814	329,957	273,162	425,161	352,537	344,854
P/E ratio	16.8 x	15.2 x	21.7 x	20.7 x	18.3 x	19.3 x	17.4 x	16.4 x
Yield	1.45%	1.57%	1.08%	1.23%	1.4%	1.13%	1.41%	1.83%
Capitalization / Revenue	0.61 x	0.58 x	0.76 x	0.64 x	0.51 x	0.57 x	0.53 x	0.47 x
EV / Revenue	0.48 x	0.41 x	0.62 x	0.53 x	0.41 x	0.57 x	0.44 x	0.38 x
EV / EBITDA	7.03 x	5.88 x	8.52 x	7.6 x	6.21 x	7.09 x	6.65 x	6.01 x
EV / FCF	439 x	8.34 x	77.9 x	-19.7 x	18.2 x	52.7 x	147 x	27.2 x
FCF Yield	0.23%	12%	1.28%	-5.07%	5.5%	1.9%	0.68%	3.67%
Price to Book	1.79 x	1.73 x	2.29 x	1.88 x	1.59 x	1.82 x	1.67 x	1.56 x
Nbr of stocks (in thousands)	185,442	185,442	185,442	185,441	180,950	180,958	-	-
Reference price ²	1,612	1,703	2,473	2,167	1,900	2,324	2,324	2,324
Announcement Date	4/5/19	4/7/20	4/6/21	4/5/22	4/4/23	4/2/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	488,464	541,964	602,510	625,477	667,647	744,477	800,800	899,709
EBITDA ¹	33,206	38,174	43,641	43,405	44,020	49,659	53,031	57,376
EBIT ¹	25,817	29,762	33,701	32,137	31,658	36,632	39,386	41,679
Operating Margin	5.29%	5.49%	5.59%	5.14%	4.74%	4.92%	4.92%	4.63%
Earnings before Tax (EBT) ¹	26,053	29,926	31,521	27,456	28,184	32,102	35,567	37,809
Net income ¹	17,940	20,782	21,120	19,389	19,007	21,979	24,199	25,642
Net margin	3.67%	3.83%	3.51%	3.1%	2.85%	2.95%	3.02%	2.85%
EPS ²	95.91	112.1	113.9	104.6	103.8	121.5	133.5	141.4
Free Cash Flow ¹	532	26,931	4,773	-16,718	15,023	8,065	2,400	12,662
FCF margin	0.11%	4.97%	0.79%	-2.67%	2.25%	1.08%	0.3%	1.41%
FCF Conversion (EBITDA)	1.6%	70.55%	10.94%	-	34.13%	11.54%	4.53%	22.07%
FCF Conversion (Net income)	2.97%	129.59%	22.6%	-	79.04%	36.69%	9.92%	49.38%
Dividend per Share ²	23.33	26.67	26.67	26.67	26.67	26.67	32.71	42.52
Announcement Date	4/5/19	4/7/20	4/6/21	4/5/22	4/4/23	4/2/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	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	263,701	278,263	302,598	299,912	159,784	314,955	151,573	158,949	161,128	171,283	332,411	163,580	171,656	177,851	188,713	366,564	184,568	193,345	194,631	204,938	213,335	223,170
EBITDA	-	-	-	-	11,591	-	9,633	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,776	14,986	18,507	15,194	8,869	16,131	7,150	8,856	6,671	8,784	15,455	6,445	9,758	7,778	9,509	17,287	8,607	10,738	8,913	10,241	9,421	12,491
Operating Margin	5.6%	5.39%	6.12%	5.07%	5.55%	5.12%	4.72%	5.57%	4.14%	5.13%	4.65%	3.94%	5.68%	4.37%	5.04%	4.72%	4.66%	5.55%	4.58%	5%	4.42%	5.6%
Earnings before Tax (EBT)	15,657	14,269	18,758	12,763	-	14,729	7,308	-	6,804	-	13,361	7,655	-	8,173	-	15,260	8,883	-	-	-	-	-
Net income ¹	10,461	10,321	12,555	8,565	4,857	9,836	4,914	4,639	4,608	4,369	8,977	5,189	4,841	5,563	4,702	10,265	5,980	5,734	6,299	5,641	6,501	6,735
Net margin	3.97%	3.71%	4.15%	2.86%	3.04%	3.12%	3.24%	2.92%	2.86%	2.55%	2.7%	3.17%	2.82%	3.13%	2.49%	2.8%	3.24%	2.97%	3.24%	2.75%	3.05%	3.02%
EPS ²	56.41	-	67.70	-	26.19	53.05	26.50	25.02	24.85	23.67	48.53	28.56	26.73	30.75	25.98	56.73	33.05	31.68	34.53	29.63	34.54	39.80
Dividend per Share ²	13.33	-	13.33	-	-	13.33	-	-	-	-	13.33	-	-	-	-	13.33	-	13.33	-	15.00	-	20.00
Announcement Date	9/24/19	4/7/20	9/29/20	4/6/21	9/28/21	9/28/21	12/28/21	4/5/22	6/28/22	9/27/22	9/27/22	12/27/22	4/4/23	6/27/23	9/26/23	9/26/23	12/26/23	4/2/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	65,311	91,347	86,845	71,831	70,642	68,480	68,010	75,693
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	532	26,931	4,773	-16,718	15,023	8,065	2,400	12,662
ROE (net income / shareholders' equity)	10.9%	11.9%	11%	9.4%	8.8%	9.8%	9.92%	9.75%
ROA (Net income/ Total Assets)	10.5%	10.9%	6.4%	5.7%	9.43%	10.2%	7.85%	7.65%
Assets ¹	171,078	191,239	330,000	340,345	201,464	214,497	308,187	335,165
Book Value Per Share ²	898.0	985.0	1,082	1,153	1,197	1,290	1,393	1,489
Cash Flow per Share ²	135.0	157.0	167.0	165.0	171.0	199.0	202.0	218.0
Capex ¹	18,078	20,387	21,563	20,743	15,252	30,529	34,600	29,486
Capex / Sales	3.7%	3.76%	3.58%	3.32%	2.28%	4.11%	4.32%	3.28%
Announcement Date	4/5/19	4/7/20	4/6/21	4/5/22	4/4/23	4/2/24	-	-

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 Sugi Holdings Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,324 JPY

Average target price

2,580 JPY

Spread / Average Target

+11.03%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Drugs with Grocery

	1st Jan change	Capi.
SUGI HOLDINGS CO.,LTD.	+7.56%	2.67B
COSMOS PHARMACEUTICAL CORPORATION	-11.64%	3.62B
SUNDRUG CO.,LTD.	-0.09%	3.36B
TSURUHA HOLDINGS INC.	-23.44%	3.06B
LBX PHARMACY CHAIN	+7.46%	2.59B
KUSURI NO AOKI HOLDINGS CO., LTD.	-9.26%	1.75B
CREATE SD HOLDINGS CO., LTD.	+9.30%	1.35B
GREAT TREE PHARMACY CO., LTD.	-20.60%	957M
SHUYU CIVILIAN PHARMACY CORP., LTD.	-38.42%	704M
FARMACIAS BENAVIDES, S.A.B. DE C.V.	-0.53%	450M

Retail - Drugs with Grocery