Financials Toho Holdings Co., Ltd.

Equities

8129

JP3602600003

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-07 EDT			5-day change	1st Jan Change
3,960 ^JPY	-1.00%		+5.32%	+22.91%

05-01	Jefferies Adjusts Toho Holdings' Price Target to 4,400 Yen From 3,800 Yen, Keeps at Buy	MT
03-08	Tranche Update on Toho Holdings Co., Ltd.'s Equity Buyback Plan announced on September 15, 2023.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	183,865	159,873	143,136	130,501	157,374	245,174	-	-
Enterprise Value (EV) ¹	142,112	120,387	93,951	76,982	109,061	245,174	245,174	245,174
P/E ratio	13.3 x	9.72 x	28.7 x	9.75 x	11.9 x	15.1 x	20.9 x	18.6 x
Yield	1.09%	1.76%	1.48%	1.62%	1.36%	0.95%	1.14%	1.36%
Capitalization / Revenue	0.15 x	0.13 x	0.12 x	0.1 x	0.11 x	0.17 x	0.17 x	0.17 x
EV / Revenue	0.15 x	0.13 x	0.12 x	0.1 x	0.11 x	0.17 x	0.17 x	0.17 x
EV / EBITDA	8.27 x	6.82 x	13.3 x	6.61 x	8.19 x	10.3 x	10.2 x	9.41 x
EV / FCF	19.6 x	-33 x	15.1 x	11 x	36.5 x	11.6 x	20.4 x	17.3 x
FCF Yield	5.1%	-3.03%	6.6%	9.09%	2.74%	8.61%	4.89%	5.79%
Price to Book	0.88 x	0.69 x	0.6 x	0.54 x	0.65 x	1.03 x	0.98 x	0.94 x
Nbr of stocks (in thousands)	66,546	70,522	70,510	70,541	66,968	61,294	-	-
Reference price ²	2,763	2,267	2,030	1,850	2,350	4,000	4,000	4,000
Announcement Date	19-05-09	20-05-14	21-05-14	22-05-13	23-05-12	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,222,199	1,263,708	1,210,274	1,266,171	1,388,565	1,474,556	1,432,638	1,451,927
EBITDA ¹	22,224	23,429	10,727	19,740	19,226	23,813	24,014	26,067
EBIT ¹	15,783	17,590	4,303	12,527	12,813	17,842	15,338	16,878
Operating Margin	1.29%	1.39%	0.36%	0.99%	0.92%	1.21%	1.07%	1.16%
Earnings before Tax (EBT) ¹	20,913	24,246	10,273	20,110	20,420	31,181	19,261	21,400
Net income ¹	13,863	16,230	4,989	13,379	13,630	18,398	12,108	13,158
Net margin	1.13%	1.28%	0.41%	1.06%	0.98%	1.25%	0.85%	0.91%
EPS ²	207.7	233.3	70.77	189.7	196.7	264.1	191.6	215.3
Free Cash Flow ¹	9,375	-4,849	9,448	11,861	4,306	21,108	11,994	14,201
FCF margin	0.77%	-0.38%	0.78%	0.94%	0.31%	1.43%	0.84%	0.98%
FCF Conversion (EBITDA)	42.18%	-	88.08%	60.09%	22.4%	88.64%	49.95%	54.48%
FCF Conversion (Net income)	67.63%	-	189.38%	88.65%	31.59%	114.73%	99.07%	107.92%
Dividend per Share ²	30.00	40.00	30.00	30.00	32.00	38.00	45.75	54.50
Announcement Date	19-05-09	20-05-14	21-05-14	22-05-13	23-05-12	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	634,050	629,658	595,997	614,277	312,017	620,845	329,374	315,952	323,397	356,322	679,719	378,095	330,751	708,846	351,179	383,667	734,846	384,703	345,451	347,200	363,700	380,300	344,800
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	7,920	9,670	1,279	3,024	1,228	1,863	3,686	6,978	1,397	2,687	4,084	4,468	4,261	8,729	1,853	4,639	6,492	5,089	3,019	2,100	3,200	4,400	3,500
Operating Margin	1.25%	1.54%	0.21%	0.49%	0.39%	0.3%	1.12%	2.21%	0.43%	0.75%	0.6%	1.18%	1.29%	1.23%	0.53%	1.21%	0.88%	1.32%	0.87%	0.6%	0.88%	1.16%	1.02%
Earnings before Tax (EBT)	10,808	13,438	4,064	6,209	2,681	5,071	5,323	9,716	3,023	2,989	6,012	8,436	5,972	14,408	2,492	10,537	13,029	7,244	-	-	-	-	-
Net income ¹	7,121	9,109	1,820	3,169	1,541	3,271	3,639	6,469	2,061	1,537	3,598	5,936	4,096	10,032	1,529	7,253	8,782	4,688	2,530	2,000	2,400	3,300	2,900
Net margin	1.12%	1.45%	0.31%	0.52%	0.49%	0.53%	1.1%	2.05%	0.64%	0.43%	0.53%	1.57%	1.24%	1.42%	0.44%	1.89%	1.2%	1.22%	0.73%	0.58%	0.66%	0.87%	0.84%
EPS	104.4	-	25.82	-	-	46.39	51.59	-	29.22	-	51.01	85.08	-	-	23.07	-	134.2	73.06	-	-	-	-	-
Dividend per Share	20.00	-	15.00	-	-	15.00	-	-	-	-	16.00	-	-	-	-	-	18.00	-	-	-	-	-	-
Announcement Date	19-11-07	20-05-14	20-11-06	21-05-14	21-11-12	21-11-12	22-02-09	22-05-13	22-08-05	22-11-11	22-11-11	23-02-09	23-05-12	23-05-12	23-08-04	23-11-10	23-11-10	24-02-08	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	41,753	39,486	49,185	53,519	48,313	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,375	-4,849	9,448	11,861	4,306	21,108	11,995	14,201
ROE (net income / shareholders' equity)	6.6%	7.3%	2.1%	5.6%	5.6%	6.37%	4.83%	5.5%
ROA (Net income/ Total Assets)	3.27%	3.56%	1.52%	2.62%	2.71%	1.95%	1.75%	1.9%
Assets ¹	423,361	456,342	328,271	509,773	503,826	943,513	691,867	692,544
Book Value Per Share ²	3,135	3,274	3,365	3,416	3,624	3,893	4,063	4,263
Cash Flow per Share ²	281.0	308.0	162.0	284.0	285.0	267.0	260.0	312.0
Capex ¹	4,053	14,604	6,000	4,480	3,309	5,000	5,125	5,125
Capex / Sales	0.33%	1.16%	0.5%	0.35%	0.24%	0.34%	0.36%	0.35%
Announcement Date	19-05-09	20-05-14	21-05-14	22-05-13	23-05-12	-	-	-

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 Toho Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,000 JPY

Average target price

3,528 JPY

Spread / Average Target

-11.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
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HUADONG MEDICINE CO., LTD	-18.28%	8.23B
SINOPHARM GROUP CO. LTD.	0.00%	8.08B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+19.12%	4.41B
EBOS GROUP LIMITED	0.00%	4.12B
GALENICA AG	-3.02%	3.88B
CHINA NATIONAL MEDICINES CORPORATION LTD.	+23.97%	3.71B

Pharmaceuticals Wholesale