Financials Chugai Pharmaceutical Co., Ltd. OTC Markets

Equities

CHGCY

US1712691039

Pharmaceuticals

Market Closed - OTC Markets Other stock markets 15:59:59 2024-06-26 EDT			5-day change	1st Jan Change
17.87 ^USD	+1.59%		+11.97%	-5.20%

06-24	Japan's Nikkei ends choppy session on stronger note	RE
06-24	Japan's Nikkei squeezes out gains in choppy session	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,518,359	9,045,924	6,141,311	5,540,406	8,789,053	9,562,565	-	-
Enterprise Value (EV) ¹	5,185,301	8,667,304	5,669,311	5,051,408	8,050,071	8,723,714	8,477,674	8,311,111
P/E ratio	35 x	42.1 x	20.3 x	14.8 x	27 x	27.7 x	26.2 x	24.7 x
Yield	1.39%	1%	2.03%	2.32%	1.5%	1.46%	1.53%	1.56%
Capitalization / Revenue	8.04 x	11.5 x	6.14 x	4.4 x	7.91 x	8.78 x	8.46 x	8.15 x
EV / Revenue	7.56 x	11 x	5.67 x	4.01 x	7.24 x	8.01 x	7.5 x	7.09 x
EV / EBITDA	22.5 x	26.1 x	12.3 x	8.93 x	17.1 x	17.7 x	16.5 x	15.9 x
EV / FCF	41.5 x	81.2 x	35.3 x	27.7 x	21.6 x	26 x	26.8 x	24.8 x
FCF Yield	2.41%	1.23%	2.83%	3.61%	4.63%	3.84%	3.74%	4.03%
Price to Book	6.46 x	9.23 x	5.17 x	3.89 x	5.41 x	5.28 x	4.73 x	4.27 x
Nbr of stocks (in thousands)	1,642,369	1,643,817	1,644,260	1,645,014	1,645,274	1,645,314	-	-
Reference price ²	3,360	5,503	3,735	3,368	5,342	5,812	5,812	5,812
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	686,184	786,900	999,800	1,259,946	1,111,367	1,089,046	1,130,293	1,172,869
EBITDA ¹	230,967	332,600	459,100	565,376	470,914	492,795	512,324	523,013
EBIT ¹	210,597	301,200	421,900	533,309	439,174	468,155	496,293	524,423
Operating Margin	30.69%	38.28%	42.2%	42.33%	39.52%	42.99%	43.91%	44.71%
Earnings before Tax (EBT) ¹	207,893	298,200	419,400	531,166	443,821	470,222	501,068	529,228
Net income ¹	157,560	214,700	303,000	374,429	325,472	345,577	366,244	388,293
Net margin	22.96%	27.28%	30.31%	29.72%	29.29%	31.73%	32.4%	33.11%
EPS ²	95.95	130.7	184.3	227.6	197.8	209.7	222.2	235.5
Free Cash Flow ¹	124,900	106,723	160,699	182,312	372,635	335,326	316,836	335,310
FCF margin	18.2%	13.56%	16.07%	14.47%	33.53%	30.79%	28.03%	28.59%
FCF Conversion (EBITDA)	54.08%	32.09%	35%	32.25%	79.13%	68.05%	61.84%	64.11%
FCF Conversion (Net income)	79.27%	49.71%	53.04%	48.69%	114.49%	97.03%	86.51%	86.35%
Dividend per Share ²	46.67	55.00	76.00	78.00	80.00	84.67	88.83	90.91
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	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 S1
Net sales ¹	365,899	368,120	390,229	322,300	360,554	235,600	596,200	225,300	438,446	312,240	267,417	579,657	257,898	273,812	236,900	280,246	500,300	274,605	295,185	250,000	-	534,000
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	131,116	107,900	136,600	-	120,200	119,400	-	-	-
EBIT ¹	115,545	140,629	160,679	139,100	187,007	99,900	286,900	96,900	149,509	98,296	112,614	210,910	106,688	121,576	99,900	122,661	211,100	119,005	126,105	108,500	-	230,900
Operating Margin	31.58%	38.2%	41.18%	43.16%	51.87%	42.4%	48.12%	43.01%	34.1%	31.48%	42.11%	36.39%	41.37%	44.4%	42.17%	43.77%	42.19%	43.34%	42.72%	43.4%	-	43.24%
Earnings before Tax (EBT) ¹	114,113	139,565	161,256	138,400	186,206	100,700	286,900	95,000	149,266	99,662	113,994	213,656	107,475	122,690	99,900	120,150	211,350	125,850	125,650	108,800	-	231,400
Net income ¹	88,306	102,293	118,137	98,800	131,775	72,400	204,200	67,800	102,429	73,500	83,193	156,693	77,573	91,206	74,400	90,770	154,400	89,481	91,407	79,300	-	169,900
Net margin	24.13%	27.79%	30.27%	30.65%	36.55%	30.73%	34.25%	30.09%	23.36%	23.54%	31.11%	27.03%	30.08%	33.31%	31.41%	32.39%	30.86%	32.59%	30.97%	31.72%	-	31.82%
EPS ²	-	62.26	71.86	60.11	80.14	44.00	124.1	41.21	62.29	44.68	50.57	95.25	47.15	55.43	45.22	52.88	92.90	54.37	59.93	48.20	-	103.3
Dividend per Share ²	-	25.00	30.00	-	-	-	38.00	-	-	-	-	40.00	-	40.00	-	42.00	-	-	42.00	-	42.00	-
Announcement Date	1/30/20	7/27/20	7/26/21	2/3/22	4/25/22	7/21/22	7/21/22	10/24/22	2/2/23	4/27/23	7/27/23	7/27/23	10/24/23	2/1/24	4/24/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	333,058	378,620	472,000	488,998	738,982	838,850	1,084,891	1,251,454
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	124,900	106,723	160,699	182,312	372,635	335,326	316,836	335,310
ROE (net income / shareholders' equity)	19.6%	23.4%	28%	28.7%	21.3%	19.8%	18.6%	17.3%
ROA (Net income/ Total Assets)	15.9%	26%	30.2%	31.2%	23.3%	18.1%	15.1%	13.6%
Assets ¹	989,232	826,007	1,002,158	1,201,341	1,394,192	1,910,715	2,426,058	2,855,360
Book Value Per Share ²	520.0	596.0	723.0	866.0	988.0	1,101	1,229	1,363
Cash Flow per Share ²	108.0	149.0	203.0	247.0	217.0	236.0	235.0	240.0
Capex ¹	53,009	57,040	65,969	61,800	71,948	69,238	71,038	68,600
Capex / Sales	7.73%	7.25%	6.6%	4.9%	6.47%	6.36%	6.28%	5.85%
Announcement Date	1/30/20	2/4/21	2/3/22	2/2/23	2/1/24	-	-	-

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 Chugai Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5,812 JPY

Average target price

5,932 JPY

Spread / Average Target

+2.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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