Financials Kobayashi Pharmaceutical Co., Ltd. BOERSE MUENCHEN

Equities

KOY

JP3301100008

Personal Products

Real-time BOERSE MUENCHEN Other stock markets 02:01:16 2024-07-02 EDT			5-day change	1st Jan Change
30.8 ^EUR	+0.65%		-8.38%	-27.49%

06-24	Kobayashi Pharmaceutical Co., Ltd.(TSE:4967) dropped from S&P Japan Mid Cap 100	CI
05-24	Japan companies hog the spotlight as hedge funds tout their top Asia picks	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	724,573	985,637	704,427	650,295	503,841	393,996	-	-
Enterprise Value (EV) ¹	634,907	891,987	596,011	546,554	424,992	321,313	314,901	305,507
P/E ratio	38 x	51.3 x	35.8 x	34.8 x	25.3 x	25.3 x	20.2 x	19.3 x
Yield	0.79%	0.61%	0.92%	1%	1.49%	1.94%	1.98%	2.04%
Capitalization / Revenue	4.31 x	6.55 x	4.54 x	3.91 x	2.9 x	2.26 x	2.14 x	2.05 x
EV / Revenue	3.78 x	5.93 x	3.84 x	3.29 x	2.45 x	1.85 x	1.71 x	1.59 x
EV / EBITDA	20.8 x	29.7 x	19.3 x	17.1 x	13.3 x	9.93 x	9.29 x	8.57 x
EV / FCF	45.3 x	101 x	31.8 x	31.1 x	-350 x	28 x	27.1 x	17 x
FCF Yield	2.21%	0.99%	3.15%	3.22%	-0.29%	3.57%	3.69%	5.87%
Price to Book	4.2 x	5.4 x	3.59 x	3.47 x	2.47 x	1.89 x	1.77 x	1.68 x
Nbr of stocks (in thousands)	78,163	78,163	77,923	72,015	74,203	74,339	-	-
Reference price ²	9,270	12,610	9,040	9,030	6,790	5,300	5,300	5,300
Announcement Date	20-01-31	21-02-01	22-02-04	23-02-14	24-02-09	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	168,052	150,514	155,252	166,258	173,455	174,054	184,504	192,443
EBITDA ¹	30,482	30,049	30,900	32,027	31,837	32,365	33,905	35,633
EBIT ¹	26,355	25,943	26,065	26,669	25,780	25,173	25,090	26,459
Operating Margin	15.68%	17.24%	16.79%	16.04%	14.86%	14.46%	13.6%	13.75%
Earnings before Tax (EBT) ¹	26,804	26,635	27,636	27,950	27,559	24,361	27,471	28,945
Net income ¹	19,139	19,205	19,715	20,022	20,338	15,684	19,621	20,566
Net margin	11.39%	12.76%	12.7%	12.04%	11.73%	9.01%	10.63%	10.69%
EPS ²	244.1	245.7	252.4	259.6	268.2	209.3	262.3	275.1
Free Cash Flow ¹	14,016	8,870	18,756	17,601	-1,216	11,465	11,622	17,928
FCF margin	8.34%	5.89%	12.08%	10.59%	-0.7%	6.59%	6.3%	9.32%
FCF Conversion (EBITDA)	45.98%	29.52%	60.7%	54.96%	-	35.43%	34.28%	50.31%
FCF Conversion (Net income)	73.23%	46.19%	95.14%	87.91%	-	73.1%	59.23%	87.17%
Dividend per Share ²	73.00	77.00	83.00	90.00	101.0	103.0	105.0	107.9
Announcement Date	20-01-31	21-02-01	22-02-04	23-02-14	24-02-09	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	94,422	66,180	84,334	67,052	47,594	88,200	32,646	38,618	71,264	43,015	51,979	94,994	33,467	40,158	73,625	45,490	54,340	99,830	36,485	38,356	76,100	45,297	52,378	101,900	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,934	10,220	15,723	10,240	6,639	15,825	4,845	5,023	9,868	8,881	7,920	16,801	5,061	5,345	10,406	8,981	6,393	15,374	5,028	5,375	12,500	8,390	5,758	16,500	-	-
Operating Margin	15.82%	15.44%	18.64%	15.27%	13.95%	17.94%	14.84%	13.01%	13.85%	20.65%	15.24%	17.69%	15.12%	13.31%	14.13%	19.74%	11.76%	15.4%	13.78%	14.01%	16.43%	18.52%	10.99%	16.19%	-	-
Earnings before Tax (EBT)	-	10,882	-	11,037	-	-	5,097	-	10,860	9,510	7,580	-	5,097	5,968	11,065	10,073	-	-	1,586	-	-	-	-	-	-	-
Net income ¹	10,937	8,218	-	7,881	4,832	11,834	3,473	4,227	7,700	6,800	5,522	-	3,608	4,256	7,864	7,634	4,840	-	976	3,674	-	5,777	4,587	-	-	-
Net margin	11.58%	12.42%	-	11.75%	10.15%	13.42%	10.64%	10.95%	10.8%	15.81%	10.62%	-	10.78%	10.6%	10.68%	16.78%	8.91%	-	2.68%	9.58%	-	12.75%	8.76%	-	-	-
EPS ²	-	105.1	-	100.8	61.94	-	44.87	54.68	99.55	87.97	72.11	-	47.43	55.92	103.4	100.3	64.52	-	13.13	53.15	-	70.90	73.35	-	-	-
Dividend per Share ²	-	34.00	-	37.00	46.00	-	-	38.00	38.00	-	52.00	-	-	43.00	43.00	-	58.00	-	-	44.00	-	-	59.00	-	-	45.00
Announcement Date	20-01-31	20-07-30	21-02-01	21-07-29	22-02-04	22-02-04	22-04-27	22-08-03	22-08-03	22-11-01	23-02-14	23-02-14	23-05-10	23-08-08	23-08-08	23-11-07	24-02-09	24-02-09	24-05-10	-	-	-	-	-	-	-

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	89,666	93,650	108,416	103,741	78,849	72,683	79,095	88,489
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,016	8,870	18,756	17,601	-1,216	11,465	11,622	17,928
ROE (net income / shareholders' equity)	11.3%	10.8%	10.4%	10.2%	10.1%	7.75%	9.06%	9.04%
ROA (Net income/ Total Assets)	12%	11.8%	11.4%	11.1%	10.4%	5.86%	6.72%	6.69%
Assets ¹	159,562	163,389	172,738	179,958	194,711	267,587	292,062	307,273
Book Value Per Share ²	2,209	2,336	2,516	2,600	2,749	2,802	2,997	3,162
Cash Flow per Share ²	292.0	295.0	303.0	316.0	333.0	304.0	394.0	435.0
Capex ¹	6,073	15,116	5,278	15,794	26,887	14,517	13,680	8,736
Capex / Sales	3.61%	10.04%	3.4%	9.5%	15.5%	8.34%	7.41%	4.54%
Announcement Date	20-01-31	21-02-01	22-02-04	23-02-14	24-02-09	-	-	-

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 Kobayashi Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

5,300 JPY

Average target price

5,941 JPY

Spread / Average Target

+12.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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