Financials Toho Holdings Co., Ltd.

Equities

8129

JP3602600003

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,760 ^JPY	+0.97%		+3.98%	+16.70%

Mar. 08	Tranche Update on Toho Holdings Co., Ltd.'s Equity Buyback Plan announced on September 15, 2023.	CI
Mar. 07	Toho Holdings Co., Ltd.'s Equity Buyback announced on September 15, 2023, has closed with 1,838,800 shares, representing 2.87% for ¥5,999.94 million.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	183,865	159,873	143,136	130,501	157,374	230,464	-	-
Enterprise Value (EV) ¹	142,112	120,387	93,951	76,982	109,061	230,464	230,464	230,464
P/E ratio	13.3 x	9.72 x	28.7 x	9.75 x	11.9 x	16.8 x	21.2 x	19.1 x
Yield	1.09%	1.76%	1.48%	1.62%	1.36%	1.01%	1.22%	1.45%
Capitalization / Revenue	0.15 x	0.13 x	0.12 x	0.1 x	0.11 x	0.16 x	0.16 x	0.16 x
EV / Revenue	0.15 x	0.13 x	0.12 x	0.1 x	0.11 x	0.16 x	0.16 x	0.16 x
EV / EBITDA	8.27 x	6.82 x	13.3 x	6.61 x	8.19 x	10.7 x	10.8 x	10.1 x
EV / FCF	19.6 x	-33 x	15.1 x	11 x	36.5 x	11.4 x	21.7 x	18.7 x
FCF Yield	5.1%	-3.03%	6.6%	9.09%	2.74%	8.74%	4.62%	5.36%
Price to Book	0.88 x	0.69 x	0.6 x	0.54 x	0.65 x	0.97 x	0.93 x	0.89 x
Nbr of stocks (in thousands)	66,546	70,522	70,510	70,541	66,968	61,294	-	-
Reference price ²	2,763	2,267	2,030	1,850	2,350	3,760	3,760	3,760
Announcement Date	5/9/19	5/14/20	5/14/21	5/13/22	5/12/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,222,199	1,263,708	1,210,274	1,266,171	1,388,565	1,438,248	1,420,543	1,436,281
EBITDA ¹	22,224	23,429	10,727	19,740	19,226	21,514	21,300	22,903
EBIT ¹	15,783	17,590	4,303	12,527	12,813	14,410	13,897	15,227
Operating Margin	1.29%	1.39%	0.36%	0.99%	0.92%	1%	0.98%	1.06%
Earnings before Tax (EBT) ¹	20,913	24,246	10,273	20,110	20,420	21,299	17,006	18,729
Net income ¹	13,863	16,230	4,989	13,379	13,630	14,851	11,313	12,258
Net margin	1.13%	1.28%	0.41%	1.06%	0.98%	1.03%	0.8%	0.85%
EPS ²	207.7	233.3	70.77	189.7	196.7	224.3	177.1	197.3
Free Cash Flow ¹	9,375	-4,849	9,448	11,861	4,306	20,154	10,639	12,342
FCF margin	0.77%	-0.38%	0.78%	0.94%	0.31%	1.4%	0.75%	0.86%
FCF Conversion (EBITDA)	42.18%	-	88.08%	60.09%	22.4%	93.68%	49.95%	53.89%
FCF Conversion (Net income)	67.63%	-	189.38%	88.65%	31.59%	135.7%	94.04%	100.68%
Dividend per Share ²	30.00	40.00	30.00	30.00	32.00	38.00	45.75	54.50
Announcement Date	5/9/19	5/14/20	5/14/21	5/13/22	5/12/23	-	-	-

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	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	634,050	629,658	595,997	614,277	312,017	620,845	329,374	315,952	323,397	356,322	679,719	378,095	330,751	708,846	351,179	383,667	734,846	384,703	333,501	341,350	374,724	373,703	338,231
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,920	9,670	1,279	3,024	1,228	1,863	3,686	6,978	1,397	2,687	4,084	4,468	4,261	8,729	1,853	4,639	6,492	5,089	2,358	2,186	3,732	3,871	4,161
Operating Margin	1.25%	1.54%	0.21%	0.49%	0.39%	0.3%	1.12%	2.21%	0.43%	0.75%	0.6%	1.18%	1.29%	1.23%	0.53%	1.21%	0.88%	1.32%	0.71%	0.64%	1%	1.04%	1.23%
Earnings before Tax (EBT) ¹	10,808	13,438	4,064	6,209	2,681	5,071	5,323	9,716	3,023	2,989	6,012	8,436	5,972	14,408	2,492	10,537	13,029	7,244	2,427	3,022	5,014	4,092	5,572
Net income ¹	7,121	9,109	1,820	3,169	1,541	3,271	3,639	6,469	2,061	1,537	3,598	5,936	4,096	10,032	1,529	7,253	8,782	4,688	2,480	2,058	2,956	3,084	3,402
Net margin	1.12%	1.45%	0.31%	0.52%	0.49%	0.53%	1.1%	2.05%	0.64%	0.43%	0.53%	1.57%	1.24%	1.42%	0.44%	1.89%	1.2%	1.22%	0.74%	0.6%	0.79%	0.83%	1.01%
EPS	104.4	-	25.82	-	-	46.39	51.59	-	29.22	-	51.01	85.08	-	-	23.07	-	134.2	73.06	-	-	-	-	-
Dividend per Share	20.00	-	15.00	-	-	15.00	-	-	-	-	16.00	-	-	-	-	-	18.00	-	-	-	-	-	-
Announcement Date	11/7/19	5/14/20	11/6/20	5/14/21	11/12/21	11/12/21	2/9/22	5/13/22	8/5/22	11/11/22	11/11/22	2/9/23	5/12/23	5/12/23	8/4/23	11/10/23	11/10/23	2/8/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	41,753	39,486	49,185	53,519	48,313	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,375	-4,849	9,448	11,861	4,306	20,154	10,639	12,342
ROE (net income / shareholders' equity)	6.6%	7.3%	2.1%	5.6%	5.6%	5.77%	4.33%	4.9%
ROA (Net income/ Total Assets)	3.27%	3.56%	1.52%	2.62%	2.71%	1.95%	1.75%	1.9%
Assets ¹	423,361	456,342	328,271	509,773	503,826	761,603	646,457	645,158
Book Value Per Share ²	3,135	3,274	3,365	3,416	3,624	3,885	4,035	4,220
Cash Flow per Share ²	281.0	308.0	162.0	284.0	285.0	267.0	260.0	312.0
Capex ¹	4,053	14,604	6,000	4,480	3,309	5,000	5,125	5,125
Capex / Sales	0.33%	1.16%	0.5%	0.35%	0.24%	0.35%	0.36%	0.36%
Announcement Date	5/9/19	5/14/20	5/14/21	5/13/22	5/12/23	-	-	-

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 Toho Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,760 JPY

Average target price

3,378 JPY

Spread / Average Target

-10.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
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SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+6.69%	8.19B
HUADONG MEDICINE CO., LTD	-20.96%	7.91B
H. LUNDBECK A/S	+0.49%	4.54B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+17.12%	4.31B
EBOS GROUP LIMITED	-3.38%	3.93B
GALENICA AG	-2.61%	3.86B
CHINA NATIONAL MEDICINES CORPORATION LTD.	+22.08%	3.64B

Pharmaceuticals Wholesale