Financials Tsumura & Co.

Equities

4540

JP3535800001

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,755 ^JPY	+1.49%		-0.58%	+41.35%

Feb. 06	Tsumura & Co. Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024	CI
2023	Tsumura & Co. Announces Dividend for the second quarter ended September 30, 2023, Payable on December 5, 2023 and Provides Dividend Guidance for the Full Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	257,281	210,551	302,589	244,823	200,909	285,108	-	-
Enterprise Value (EV) ¹	234,731	213,862	294,131	226,961	185,847	292,506	312,366	317,476
P/E ratio	17.6 x	15.3 x	19.7 x	13 x	12.2 x	17.7 x	12 x	10.6 x
Yield	1.9%	2.33%	1.62%	2%	2.43%	1.86%	2.64%	2.9%
Capitalization / Revenue	2.13 x	1.71 x	2.31 x	1.89 x	1.43 x	1.85 x	1.56 x	1.43 x
EV / Revenue	1.94 x	1.74 x	2.25 x	1.75 x	1.33 x	1.9 x	1.71 x	1.6 x
EV / EBITDA	9.43 x	8.46 x	10.5 x	7.29 x	5.99 x	9.19 x	6.74 x	6.1 x
EV / FCF	-104 x	-40.4 x	33.6 x	18.6 x	194 x	-29.8 x	-42.8 x	37.6 x
FCF Yield	-0.96%	-2.48%	2.97%	5.38%	0.52%	-3.36%	-2.34%	2.66%
Price to Book	1.27 x	1.03 x	1.39 x	1.02 x	0.8 x	1.08 x	1.01 x	0.95 x
Nbr of stocks (in thousands)	76,458	76,508	76,508	76,507	76,391	75,928	-	-
Reference price ²	3,365	2,752	3,955	3,200	2,630	3,755	3,755	3,755
Announcement Date	5/9/19	5/11/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	120,906	123,248	130,883	129,546	140,043	153,933	182,400	198,767
EBITDA ¹	24,882	25,282	27,997	31,119	31,017	31,825	46,325	52,075
EBIT ¹	18,520	18,876	19,382	22,376	20,916	20,833	32,567	36,967
Operating Margin	15.32%	15.32%	14.81%	17.27%	14.94%	13.53%	17.85%	18.6%
Earnings before Tax (EBT) ¹	19,897	19,223	20,456	25,563	23,018	23,675	34,780	38,865
Net income ¹	14,593	13,765	15,332	18,836	16,482	16,157	23,860	27,067
Net margin	12.07%	11.17%	11.71%	14.54%	11.77%	10.5%	13.08%	13.62%
EPS ²	190.9	180.0	200.4	246.2	215.6	212.0	313.2	355.2
Free Cash Flow ¹	-2,247	-5,297	8,750	12,203	959	-9,816	-7,295	8,440
FCF margin	-1.86%	-4.3%	6.69%	9.42%	0.68%	-6.38%	-4%	4.25%
FCF Conversion (EBITDA)	-	-	31.25%	39.21%	3.09%	-	-	16.21%
FCF Conversion (Net income)	-	-	57.07%	64.79%	5.82%	-	-	31.18%
Dividend per Share ²	64.00	64.00	64.00	64.00	64.00	70.00	99.00	109.0
Announcement Date	5/9/19	5/11/20	5/11/21	5/10/22	5/9/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	60,802	63,994	63,416	34,966	31,164	34,417	70,107	36,969	37,036	38,266	75,302	40,524	38,774	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	9,776	11,124	11,684	7,145	3,547	6,353	11,677	6,046	4,684	5,527	10,211	8,932	1,655	-	-	-	-
Operating Margin	16.08%	17.38%	18.42%	20.43%	11.38%	18.46%	16.66%	16.35%	12.65%	14.44%	13.56%	22.04%	4.27%	-	-	-	-
Earnings before Tax (EBT)	9,837	11,105	13,165	7,540	-	8,661	15,690	5,892	5,980	-	12,655	10,166	-	-	-	-	-
Net income ¹	7,037	8,083	9,965	5,424	-	6,632	11,889	3,986	4,332	4,673	9,005	7,146	449	-	-	-	-
Net margin	11.57%	12.63%	15.71%	15.51%	-	19.27%	16.96%	10.78%	11.7%	12.21%	11.96%	17.63%	1.16%	-	-	-	-
EPS ²	92.03	105.7	130.3	70.89	-	86.70	155.5	52.19	56.88	61.50	118.4	94.07	5.906	-	-	-	-
Dividend per Share ²	32.00	32.00	32.00	-	-	-	32.00	-	-	35.00	35.00	-	35.00	-	40.00	-	40.00
Announcement Date	11/6/19	11/5/20	11/5/21	2/4/22	5/10/22	8/3/22	11/4/22	2/3/23	8/3/23	11/7/23	11/7/23	2/6/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	3,311	-	-	-	7,398	27,258	32,368
Net Cash position ¹	22,550	-	8,458	17,862	15,062	-	-	-
Leverage (Debt/EBITDA)	-	0.131 x	-	-	-	0.2325 x	0.5884 x	0.6216 x
Free Cash Flow ¹	-2,247	-5,297	8,750	12,203	959	-9,816	-7,295	8,440
ROE (net income / shareholders' equity)	7.4%	6.8%	7.2%	8.2%	6.7%	6.26%	8.73%	9.3%
ROA (Net income/ Total Assets)	6.78%	6.57%	6.62%	7.73%	6.27%	3.95%	5.7%	6.15%
Assets ¹	215,178	209,590	231,496	243,610	262,763	409,030	418,596	440,108
Book Value Per Share ²	2,640	2,684	2,847	3,134	3,299	3,474	3,700	3,948
Cash Flow per Share ²	274.0	264.0	308.0	360.0	348.0	338.0	528.0	568.0
Capex ¹	8,514	10,007	8,949	10,174	11,172	26,250	32,500	28,350
Capex / Sales	7.04%	8.12%	6.84%	7.85%	7.98%	17.05%	17.82%	14.26%
Announcement Date	5/9/19	5/11/20	5/11/21	5/10/22	5/9/23	-	-	-

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 Tsumura & Co.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,755 JPY

Average target price

4,793 JPY

Spread / Average Target

+27.65%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
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ASTRAZENECA PLC	+13.43%	231B
NOVARTIS AG	+4.71%	200B
ROCHE HOLDING AG	-9.53%	195B
AMGEN INC.	-5.20%	145B

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