Financials Suzuken Co., Ltd.

Equities

9987

JP3398000004

Pharmaceuticals

Delayed Japan Exchange Other stock markets 02:00:00 2024-05-20 am EDT			5-day change	1st Jan Change
4,657 ^JPY	-0.49%		-0.77%	-0.26%

Jan. 24	Tranche Update on Suzuken Co., Ltd.'s Equity Buyback Plan announced on November 10, 2023.	CI
Jan. 23	Suzuken Co., Ltd.'s Equity Buyback announced on November 10, 2023, has closed with 5,124,900 shares, representing 6.19% for ¥24,999.95 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	585,057	350,903	385,807	319,230	276,739	361,574	-	-
Enterprise Value (EV) ¹	320,230	139,274	173,687	117,767	84,036	360,176	361,574	361,574
P/E ratio	19.9 x	12.7 x	48.9 x	22.2 x	14.1 x	13 x	14.1 x	15.8 x
Yield	1.08%	1.83%	1.66%	1.98%	2.15%	1.72%	1.83%	1.87%
Capitalization / Revenue	0.27 x	0.16 x	0.18 x	0.14 x	0.12 x	0.15 x	0.15 x	0.15 x
EV / Revenue	0.15 x	0.06 x	0.08 x	0.05 x	0.04 x	0.15 x	0.15 x	0.15 x
EV / EBITDA	8.43 x	3.22 x	8.98 x	5.05 x	2.04 x	9.16 x	8.85 x	8.26 x
EV / FCF	10.4 x	-3.94 x	171 x	10.7 x	-9.24 x	9.21 x	20.3 x	19.4 x
FCF Yield	9.65%	-25.4%	0.58%	9.31%	-10.8%	10.9%	4.92%	5.14%
Price to Book	1.46 x	0.85 x	0.93 x	0.76 x	0.67 x	0.87 x	0.83 x	0.8 x
Nbr of stocks (in thousands)	91,272	89,175	89,204	87,942	82,732	77,641	-	-
Reference price ²	6,410	3,935	4,325	3,630	3,345	4,657	4,657	4,657
Announcement Date	5/13/19	5/11/20	5/11/21	5/11/22	5/15/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,132,362	2,213,478	2,128,218	2,232,774	2,314,828	2,386,493	2,377,570	2,418,209
EBITDA ¹	38,000	43,290	19,335	23,337	41,244	40,060	40,866	43,768
EBIT ¹	27,228	32,571	9,156	13,777	32,605	34,875	27,990	30,987
Operating Margin	1.28%	1.47%	0.43%	0.62%	1.41%	1.46%	1.18%	1.28%
Earnings before Tax (EBT) ¹	45,479	41,808	12,557	22,484	30,594	42,793	38,167	33,765
Net income ¹	30,204	28,213	7,895	14,393	20,345	29,016	24,056	22,344
Net margin	1.42%	1.27%	0.37%	0.64%	0.88%	1.22%	1.01%	0.92%
EPS ²	322.7	310.3	88.52	163.2	236.5	357.9	329.1	294.3
Free Cash Flow ¹	30,896	-35,369	1,016	10,959	-9,091	39,828	17,775	18,598
FCF margin	1.45%	-1.6%	0.05%	0.49%	-0.39%	1.67%	0.75%	0.77%
FCF Conversion (EBITDA)	81.31%	-	5.25%	46.96%	-	99.42%	43.5%	42.49%
FCF Conversion (Net income)	102.29%	-	12.87%	76.14%	-	137.81%	73.89%	83.24%
Dividend per Share ²	69.00	72.00	72.00	72.00	72.00	80.00	85.00	87.00
Announcement Date	5/13/19	5/11/20	5/11/21	5/11/22	5/15/23	5/14/24	-	-

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	2022 S2	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 Q3	2025 Q4
Net sales ¹	1,114,261	1,099,217	1,042,302	1,085,916	558,428	1,097,571	586,548	548,655	1,135,203	553,754	584,556	1,138,310	619,615	556,903	573,644	620,828	1,194,472	619,850	572,171	572,492	609,470	620,484	580,058
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	14,995	17,576	1,777	7,379	7,465	3,874	4,130	5,773	9,903	3,550	11,332	14,882	9,534	8,189	4,055	12,511	16,566	9,954	8,355	3,230	9,888	8,447	6,865
Operating Margin	1.35%	1.6%	0.17%	0.68%	1.34%	0.35%	0.7%	1.05%	0.87%	0.64%	1.94%	1.31%	1.54%	1.47%	0.71%	2.02%	1.39%	1.61%	1.46%	0.56%	1.62%	1.36%	1.18%
Earnings before Tax (EBT)	19,515	22,293	6,310	6,247	13,830	13,354	5,357	3,773	9,130	4,473	12,053	16,526	10,493	3,575	5,080	17,951	23,031	14,020	5,742	4,021	10,957	15,457	14,165
Net income ¹	13,198	15,015	4,379	3,516	9,610	9,178	4,066	1,149	5,215	2,681	8,169	10,850	7,311	2,184	3,342	12,542	15,884	9,613	3,519	2,670	6,074	8,052	11,515
Net margin	1.18%	1.37%	0.42%	0.32%	1.72%	0.84%	0.69%	0.21%	0.46%	0.48%	1.4%	0.95%	1.18%	0.39%	0.58%	2.02%	1.33%	1.55%	0.62%	0.47%	1%	1.3%	1.99%
EPS	144.6	-	49.10	-	-	103.8	46.27	-	-	30.49	-	123.4	85.10	-	40.40	-	192.0	118.3	-	-	-	-	-
Dividend per Share	32.00	-	36.00	-	-	36.00	-	-	-	-	-	36.00	-	-	-	-	40.00	-	-	-	-	-	-
Announcement Date	11/6/19	5/11/20	11/5/20	5/11/21	11/11/21	11/11/21	2/9/22	5/11/22	5/11/22	8/10/22	11/11/22	11/11/22	2/10/23	5/15/23	8/9/23	11/10/23	11/10/23	2/9/24	5/14/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	5,264	-	-
Net Cash position ¹	264,827	211,629	212,120	201,463	192,703	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	0.1314 x	-	-
Free Cash Flow ¹	30,896	-35,369	1,016	10,959	-9,091	39,828	17,775	18,598
ROE (net income / shareholders' equity)	7.5%	6.9%	1.9%	3.4%	4.9%	7%	6.1%	5.08%
ROA (Net income/ Total Assets)	3.05%	3.6%	1.64%	2.08%	3.18%	3.23%	2.6%	2.3%
Assets ¹	988,697	783,022	481,106	693,324	639,784	898,370	925,223	971,461
Book Value Per Share ²	4,391	4,618	4,675	4,750	4,970	5,362	5,627	5,800
Cash Flow per Share ²	438.0	428.0	203.0	272.0	337.0	463.0	368.0	403.0
Capex ¹	10,855	9,552	8,184	14,907	17,748	15,843	22,000	15,833
Capex / Sales	0.51%	0.43%	0.38%	0.67%	0.77%	0.66%	0.93%	0.65%
Announcement Date	5/13/19	5/11/20	5/11/21	5/11/22	5/15/23	5/14/24	-	-

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 Suzuken Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

4,657 JPY

Average target price

4,914 JPY

Spread / Average Target

+5.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
SUZUKEN CO., LTD.	-0.26%	2.34B
MCKESSON CORPORATION	+21.82%	73.38B
CARDINAL HEALTH, INC.	-2.32%	24.13B
SINOPHARM GROUP CO. LTD.	+7.58%	8.78B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+10.52%	8.59B
HUADONG MEDICINE CO., LTD	-19.56%	8.06B
H. LUNDBECK A/S	+14.16%	5.26B
EBOS GROUP LIMITED	-0.93%	4.21B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+12.13%	4.17B
GALENICA AG	-2.54%	3.89B

Pharmaceuticals Wholesale