Financials Ono Pharmaceutical Co., Ltd.

Equities

4528

JP3197600004

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-10 am EDT			5-day change	1st Jan Change
2,247 ^JPY	+0.47%		+0.09%	-10.69%

Apr. 30	Japan's Ono Pharma says $2.4 bln Deciphera purchase 'first step' for global expansion	RE
Apr. 29	US Equity Markets Close Higher Monday Ahead of Earnings, Fed Meeting This Week	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,115,128	1,240,811	1,442,521	1,512,876	1,349,755	1,055,298	-	-
Enterprise Value (EV) ¹	1,045,860	1,179,553	1,378,498	1,443,704	1,253,600	1,152,917	867,547	804,842
P/E ratio	21.6 x	21 x	19.1 x	18.9 x	12 x	9.21 x	11.1 x	9.61 x
Yield	2.07%	1.81%	1.73%	1.83%	2.53%	3.26%	3.63%	3.64%
Capitalization / Revenue	3.86 x	4.24 x	4.66 x	4.19 x	3.02 x	2.29 x	2.24 x	2.1 x
EV / Revenue	3.62 x	4.03 x	4.46 x	4 x	2.8 x	2.29 x	1.84 x	1.6 x
EV / EBITDA	14.4 x	12.9 x	12.1 x	11.9 x	7.86 x	6.47 x	6.09 x	5 x
EV / FCF	61.5 x	17.7 x	84.1 x	21.3 x	8.64 x	7.79 x	-7.45 x	7.55 x
FCF Yield	1.63%	5.65%	1.19%	4.7%	11.6%	12.8%	-13.4%	13.2%
Price to Book	2 x	2.21 x	2.27 x	2.28 x	1.82 x	1.45 x	1.24 x	1.14 x
Nbr of stocks (in thousands)	514,121	499,120	499,142	493,436	488,334	469,647	-	-
Reference price ²	2,169	2,486	2,890	3,066	2,764	2,236	2,236	2,236
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	288,634	292,420	309,284	361,361	447,187	502,672	470,542	503,270
EBITDA ¹	72,631	91,705	114,150	120,916	159,414	178,075	142,548	161,017
EBIT ¹	62,010	77,491	98,330	103,195	141,963	159,935	122,610	140,909
Operating Margin	21.48%	26.5%	31.79%	28.56%	31.75%	31.82%	26.06%	28%
Earnings before Tax (EBT) ¹	65,141	79,696	100,890	105,025	143,532	163,734	127,001	149,391
Net income ¹	51,539	59,704	75,425	80,519	112,723	127,977	92,991	107,782
Net margin	17.86%	20.42%	24.39%	22.28%	25.21%	25.46%	19.76%	21.42%
EPS ²	100.2	118.5	151.1	162.2	230.8	266.6	202.0	232.8
Free Cash Flow ¹	17,011	66,682	16,391	67,867	145,113	116,781	-116,400	106,619
FCF margin	5.89%	22.8%	5.3%	18.78%	32.45%	22.97%	-24.74%	21.19%
FCF Conversion (EBITDA)	23.42%	72.71%	14.36%	56.13%	91.03%	61.37%	-	66.22%
FCF Conversion (Net income)	33.01%	111.69%	21.73%	84.29%	128.73%	88.7%	-	98.92%
Dividend per Share ²	45.00	45.00	50.00	56.00	70.00	80.00	81.08	81.31
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

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	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	2025 Q3	2025 Q4
Net sales ¹	149,008	143,412	150,474	-	86,714	174,077	97,353	89,931	106,722	109,979	216,701	122,319	108,167	120,016	138,697	258,713	131,190	112,769	111,695	112,667	227,646	132,200	111,733
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,933	20,020	33,150	24,550	-	44,450	22,550
EBIT ¹	41,878	35,613	52,401	-	28,379	58,171	23,996	21,028	38,162	42,108	80,270	42,320	19,373	41,348	55,688	97,036	47,590	15,309	33,112	30,133	67,153	37,067	22,733
Operating Margin	28.1%	24.83%	34.82%	-	32.73%	33.42%	24.65%	23.38%	35.76%	38.29%	37.04%	34.6%	17.91%	34.45%	40.15%	37.51%	36.28%	13.58%	29.64%	26.75%	29.5%	28.04%	20.35%
Earnings before Tax (EBT) ¹	43,042	36,654	53,674	-	28,427	59,231	25,118	20,676	39,041	41,978	81,019	43,360	19,153	42,378	56,918	99,296	47,996	16,442	33,366	30,800	67,538	29,700	30,200
Net income ¹	32,816	26,888	39,849	-	22,216	46,290	18,330	15,899	29,477	32,862	62,339	33,317	17,067	31,818	42,673	74,491	36,053	17,433	24,113	19,300	51,624	25,450	18,150
Net margin	22.02%	18.75%	26.48%	-	25.62%	26.59%	18.83%	17.68%	27.62%	29.88%	28.77%	27.24%	15.78%	26.51%	30.77%	28.79%	27.48%	15.46%	21.59%	17.13%	22.68%	19.25%	16.24%
EPS ²	64.58	-	79.84	-	44.51	92.74	36.87	32.58	60.37	67.30	127.7	68.23	34.95	65.16	88.17	153.3	75.75	37.53	61.83	66.80	121.2	70.51	33.83
Dividend per Share ²	22.50	-	22.50	27.50	-	28.00	-	-	-	-	33.00	-	-	-	40.00	40.00	-	40.00	-	45.00	-	-	45.00
Announcement Date	10/31/19	5/12/20	10/29/20	5/11/21	11/1/21	11/1/21	1/31/22	5/11/22	8/1/22	10/31/22	10/31/22	1/31/23	5/10/23	7/31/23	11/1/23	11/1/23	1/31/24	5/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	69,268	61,258	64,023	69,172	96,155	145,541	187,751	250,456
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,011	66,682	16,391	67,867	145,113	116,781	-116,400	106,619
ROE (net income / shareholders' equity)	9.5%	10.7%	12.6%	12.5%	16.1%	16.7%	11.2%	12.4%
ROA (Net income/ Total Assets)	10.3%	12%	14.2%	14.1%	17.7%	18.2%	9.58%	11.3%
Assets ¹	500,145	497,621	530,900	569,650	636,778	701,932	971,190	955,312
Book Value Per Share ²	1,084	1,127	1,273	1,343	1,519	1,688	1,802	1,964
Cash Flow per Share ²	121.0	147.0	183.0	198.0	267.0	304.0	210.0	289.0
Capex ¹	22,303	7,475	7,018	5,497	14,497	22,750	20,150	22,886
Capex / Sales	7.73%	2.56%	2.27%	1.52%	3.24%	4.47%	4.28%	4.55%
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

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 Ono Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,236 JPY

Average target price

2,622 JPY

Spread / Average Target

+17.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
ONO PHARMACEUTICAL CO., LTD.	-10.69%	6.71B
SUN PHARMACEUTICAL INDUSTRIES LTD.	+20.17%	43.3B
OTSUKA HOLDINGS CO., LTD.	+23.67%	22.22B
SANDOZ GROUP AG	+15.96%	15.43B
CIPLA LIMITED	+23.26%	14.48B
ZYDUS LIFESCIENCES LIMITED	+57.57%	12.72B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+14.68%	5.5B
GEDEON RICHTER	+8.29%	4.78B

Generic Pharmaceuticals