Financials Nippon Shinyaku Co., Ltd.

Equities

4516

JP3717600005

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 EDT			5-day change	1st Jan Change
4,423 ^JPY	+0.23%		+0.77%	-11.47%

04-10	Jefferies Adjusts Nippon Shinyaku’s Price Target to 5,100 Yen From 6,900 Yen, Keeps at Buy	MT
03-18	Nippon Shinyaku Co., Ltd.(TSE:4516) dropped from S&P Japan Mid Cap 100	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	542,875	571,160	554,319	561,052	392,668	297,901	-	-
Enterprise Value (EV) ¹	500,737	524,046	493,520	503,199	323,731	301,067	205,414	186,427
P/E ratio	33.3 x	33.9 x	26.8 x	22.5 x	17.2 x	11.6 x	11.2 x	9.65 x
Yield	0.87%	1.01%	1.2%	1.32%	1.96%	2.81%	2.8%	3.3%
Capitalization / Revenue	4.73 x	4.9 x	4.55 x	4.08 x	2.72 x	2.03 x	1.95 x	1.85 x
EV / Revenue	4.37 x	4.49 x	4.05 x	3.66 x	2.25 x	2.03 x	1.35 x	1.16 x
EV / EBITDA	20.8 x	20.8 x	16.6 x	16.1 x	9.23 x	5.47 x	5.22 x	4.17 x
EV / FCF	35.6 x	51.2 x	26.2 x	52.1 x	37.9 x	9.44 x	9.07 x	7.92 x
FCF Yield	2.81%	1.95%	3.81%	1.92%	2.64%	10.6%	11%	12.6%
Price to Book	4.02 x	3.93 x	3.42 x	3.11 x	2.01 x	1.37 x	1.27 x	1.17 x
Nbr of stocks (in thousands)	67,354	67,354	67,353	67,353	67,353	67,353	-	-
Reference price ²	8,060	8,480	8,230	8,330	5,830	4,423	4,423	4,423
Announcement Date	19-05-13	20-05-13	21-05-14	22-05-11	23-05-11	24-05-10	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	114,716	116,637	121,885	137,484	144,175	148,255	152,534	160,795
EBITDA ¹	24,062	25,136	29,684	31,232	35,090	40,872	39,350	44,726
EBIT ¹	20,644	21,668	26,134	32,948	30,049	33,295	34,757	40,459
Operating Margin	18%	18.58%	21.44%	23.96%	20.84%	22.46%	22.79%	25.16%
Earnings before Tax (EBT) ¹	21,540	22,442	28,759	33,301	30,489	33,616	35,187	40,866
Net income ¹	16,302	16,866	20,702	24,986	22,812	25,851	26,764	31,046
Net margin	14.21%	14.46%	16.98%	18.17%	15.82%	17.44%	17.55%	19.31%
EPS ²	242.0	250.4	307.4	371.0	338.7	383.8	394.7	458.5
Free Cash Flow ¹	14,068	10,237	18,805	9,659	8,539	23,689	22,644	23,542
FCF margin	12.26%	8.78%	15.43%	7.03%	5.92%	15.88%	14.85%	14.64%
FCF Conversion (EBITDA)	58.47%	40.73%	63.35%	30.93%	24.33%	57.96%	57.55%	52.64%
FCF Conversion (Net income)	86.3%	60.7%	90.84%	38.66%	37.43%	86.51%	84.61%	75.83%
Dividend per Share ²	70.00	86.00	99.00	110.0	114.0	124.3	124.0	145.9
Announcement Date	19-05-13	20-05-13	21-05-14	22-05-11	23-05-11	24-05-10	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 S1	2026 S1
Net sales ¹	57,387	59,250	57,817	30,411	71,568	34,650	31,329	35,619	71,136	38,783	34,256	37,012	36,302	73,314	39,414	35,527	38,000	76,000	85,000
EBITDA ¹	-	-	-	5,792	-	8,568	-293	-	-	10,117	3,424	-	-	-	10,805	7,228	-	-	-
EBIT ¹	11,025	10,643	11,140	5,056	21,504	7,817	-1,022	10,276	19,161	8,826	2,062	11,163	9,715	20,878	9,572	2,845	11,000	20,000	26,500
Operating Margin	19.21%	17.96%	19.27%	16.63%	30.05%	22.56%	-3.26%	28.85%	26.94%	22.76%	6.02%	30.16%	26.76%	28.48%	24.29%	8.01%	28.95%	26.32%	31.18%
Earnings before Tax (EBT) ¹	11,271	11,171	11,248	5,652	22,250	8,313	-790	10,514	19,398	9,024	2,067	11,440	9,706	21,146	9,827	2,643	11,200	20,200	26,700
Net income ¹	8,291	8,575	8,073	4,220	16,561	6,045	438	8,249	15,222	7,452	138	8,749	-	16,176	7,826	1,849	8,600	15,500	20,500
Net margin	14.45%	14.47%	13.96%	13.88%	23.14%	17.45%	1.4%	23.16%	21.4%	19.21%	0.4%	23.64%	-	22.06%	19.86%	5.2%	22.63%	20.39%	24.12%
EPS ²	123.1	-	119.9	62.65	245.9	89.75	6.500	122.5	226.0	110.6	2.050	129.9	-	240.2	116.2	27.45	127.7	230.1	304.4
Dividend per Share ²	43.00	-	49.00	-	51.00	-	-	-	57.00	-	-	-	62.00	62.00	-	60.00	-	-	-
Announcement Date	19-11-06	20-05-13	20-11-05	21-11-10	21-11-10	22-02-10	22-05-11	22-08-09	22-11-10	23-02-10	23-05-11	23-08-10	23-11-13	23-11-13	24-02-09	24-05-10	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	42,138	47,114	60,799	57,853	68,937	74,297	92,487	111,474
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,068	10,237	18,805	9,659	8,539	23,689	22,644	23,542
ROE (net income / shareholders' equity)	12.5%	12%	13.5%	13.6%	12.1%	12.4%	11.9%	12.9%
ROA (Net income/ Total Assets)	13.2%	13.1%	14.4%	16%	9.97%	11.9%	10.9%	10.3%
Assets ¹	123,724	129,182	143,910	156,428	228,696	230,486	245,381	302,577
Book Value Per Share ²	2,003	2,160	2,409	2,681	2,904	3,270	3,490	3,787
Cash Flow per Share ²	293.0	302.0	360.0	439.0	414.0	458.0	488.0	539.0
Capex ¹	1,242	2,500	2,583	10,744	5,660	9,000	8,600	9,385
Capex / Sales	1.08%	2.14%	2.12%	7.81%	3.93%	6.03%	5.64%	5.84%
Announcement Date	19-05-13	20-05-13	21-05-14	22-05-11	23-05-11	24-05-10	-	-

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 Nippon Shinyaku Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,423 JPY

Average target price

6,371 JPY

Spread / Average Target

+44.05%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
NIPPON SHINYAKU CO., LTD.	-11.47%	1.91B
ELI LILLY AND COMPANY	+30.38%	684B
NOVO NORDISK A/S	+26.51%	568B
JOHNSON & JOHNSON	-4.36%	361B
MERCK & CO., INC.	+19.30%	329B
ABBVIE INC.	+3.73%	284B
ASTRAZENECA PLC	+16.70%	240B
NOVARTIS AG	+8.78%	208B
ROCHE HOLDING AG	-7.93%	200B
AMGEN INC.	+7.68%	166B

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