Financials Towa Pharmaceutical Co., Ltd.

Equities

4553

JP3623150004

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,773 ^JPY	-0.11%		+0.84%	+17.90%

Mar. 25	Towa Pharmaceutical Completes Payment for Director Stock Compensation	MT
Mar. 07	VIE STYLE, Inc. announced that it has received ¥305 million in funding from Otsuka Holdings Co., Ltd., KAYAC Inc., Taisho Pharmaceutical Holdings Co., Ltd., Towa Pharmaceutical Co., Ltd., PE&HR Co., Ltd., Murata Manufacturing Co., Ltd. and other investors	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	143,346	111,557	120,231	135,736	93,275	136,485	-	-
Enterprise Value (EV) ¹	178,664	175,237	179,706	247,034	242,083	299,016	298,179	293,450
P/E ratio	10.6 x	7.69 x	8.61 x	8.5 x	42.4 x	10.7 x	11.7 x	10.6 x
Yield	1.23%	1.94%	1.8%	2.18%	3.17%	2.16%	2.18%	2.2%
Capitalization / Revenue	1.36 x	1.01 x	0.78 x	0.82 x	0.45 x	0.59 x	0.56 x	0.52 x
EV / Revenue	1.7 x	1.59 x	1.16 x	1.49 x	1.16 x	1.3 x	1.21 x	1.12 x
EV / EBITDA	7.35 x	7.17 x	6.07 x	8.19 x	9.71 x	8.8 x	8.17 x	7.67 x
EV / FCF	22.1 x	-8.6 x	61.8 x	-6.57 x	-8.73 x	-17.9 x	-70.9 x	30.3 x
FCF Yield	4.53%	-11.6%	1.62%	-15.2%	-11.5%	-5.59%	-1.41%	3.3%
Price to Book	1.56 x	1.07 x	1.03 x	1.02 x	0.68 x	0.93 x	0.87 x	0.82 x
Nbr of stocks (in thousands)	49,209	49,209	49,215	49,394	49,222	49,219	-	-
Reference price ²	2,913	2,267	2,443	2,748	1,895	2,773	2,773	2,773
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	105,104	110,384	154,900	165,615	208,859	229,894	245,836	261,816
EBITDA ¹	24,308	24,428	29,597	30,159	24,923	33,967	36,500	38,250
EBIT ¹	15,968	16,143	19,923	19,205	5,514	15,794	17,888	19,850
Operating Margin	15.19%	14.62%	12.86%	11.6%	2.64%	6.87%	7.28%	7.58%
Earnings before Tax (EBT) ¹	18,886	20,709	18,728	22,246	4,605	19,662	18,235	20,295
Net income ¹	13,475	14,503	13,958	15,914	2,201	12,715	11,658	12,903
Net margin	12.82%	13.14%	9.01%	9.61%	1.05%	5.53%	4.74%	4.93%
EPS ²	273.8	294.7	283.6	323.4	44.72	258.3	236.8	262.1
Free Cash Flow ¹	8,087	-20,377	2,908	-37,600	-27,740	-16,716	-4,205	9,671
FCF margin	7.69%	-18.46%	1.88%	-22.7%	-13.28%	-7.27%	-1.71%	3.69%
FCF Conversion (EBITDA)	33.27%	-	9.83%	-	-	-	-	25.28%
FCF Conversion (Net income)	60.01%	-	20.83%	-	-	-	-	74.95%
Dividend per Share ²	35.83	44.00	44.00	60.00	60.00	60.00	60.40	61.00
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/15/23	-	-	-

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	55,350	74,640	39,327	82,254	43,359	40,002	45,372	45,128	90,500	49,905	68,454	54,548	52,848	107,396	60,929	61,606	56,900	55,700	63,200	65,200
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,894	-	-	-	-
EBIT ¹	9,218	8,782	4,231	10,312	6,681	2,212	1,940	1,280	3,220	2,132	162	4,096	2,907	7,003	6,201	2,496	3,998	3,348	6,084	3,470
Operating Margin	16.65%	11.77%	10.76%	12.54%	15.41%	5.53%	4.28%	2.84%	3.56%	4.27%	0.24%	7.51%	5.5%	6.52%	10.18%	4.05%	7.03%	6.01%	9.63%	5.32%
Earnings before Tax (EBT) ¹	9,738	8,655	5,329	13,043	8,080	-	2,572	2,008	4,580	-413	-	7,140	3,252	10,392	6,898	2,609	3,898	3,248	5,984	3,770
Net income ¹	7,066	6,251	3,931	9,242	5,758	914	1,395	1,297	2,692	-708	217	4,750	2,203	6,953	4,565	1,046	2,698	2,248	4,184	2,670
Net margin	12.77%	8.37%	10%	11.24%	13.28%	2.28%	3.07%	2.87%	2.97%	-1.42%	0.32%	8.71%	4.17%	6.47%	7.49%	1.7%	4.74%	4.04%	6.62%	4.1%
EPS ²	143.6	127.0	79.87	187.8	117.0	-	28.34	26.36	54.70	-14.38	-	96.51	44.75	141.3	92.77	-14.71	-	-	-	-
Dividend per Share ²	22.00	22.00	-	27.00	-	-	-	-	30.00	-	-	-	30.00	30.00	-	30.00	-	30.00	-	30.00
Announcement Date	11/11/19	11/13/20	11/12/21	11/12/21	2/14/22	5/13/22	8/10/22	11/14/22	11/14/22	2/13/23	5/15/23	8/10/23	11/13/23	11/13/23	2/13/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35,318	63,680	59,475	111,298	148,808	162,531	161,694	156,966
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.453 x	2.607 x	2.009 x	3.69 x	5.971 x	4.785 x	4.43 x	4.104 x
Free Cash Flow ¹	8,087	-20,377	2,908	-37,600	-27,740	-16,716	-4,205	9,671
ROE (net income / shareholders' equity)	15.7%	14.8%	12.6%	12.8%	1.6%	8.94%	7.67%	7.99%
ROA (Net income/ Total Assets)	10.3%	10.1%	7.88%	7.9%	1.47%	4.1%	3.8%	4.35%
Assets ¹	130,760	144,042	177,046	201,419	150,119	310,113	306,784	296,623
Book Value Per Share ²	1,865	2,126	2,369	2,685	2,781	2,997	3,180	3,389
Cash Flow per Share	443.0	463.0	480.0	530.0	334.0	-	-	-
Capex ¹	11,143	4,549	9,137	14,848	39,645	38,500	20,925	16,825
Capex / Sales	10.6%	4.12%	5.9%	8.97%	18.98%	16.75%	8.51%	6.43%
Announcement Date	5/14/19	5/14/20	5/14/21	5/13/22	5/15/23	-	-	-

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 Towa Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,773 JPY

Average target price

3,690 JPY

Spread / Average Target

+33.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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ABBVIE INC.	+2.62%	283B
ASTRAZENECA PLC	+13.40%	231B
NOVARTIS AG	+4.75%	200B
ROCHE HOLDING AG	-9.33%	195B
AMGEN INC.	-5.27%	145B

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