Financials Asahi Intecc Co., Ltd.

Equities

7747

JP3110650003

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-31 am EDT			5-day change	1st Jan Change
2,262 ^JPY	+4.89%		+5.95%	-21.14%

May. 16	Asahi Intecc's Profit Up Nearly 17% in Fiscal Q1-Q3	MT
Feb. 14	Asahi Intecc's Fiscal H1 Profit Up 31%	MT

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	690,574	798,502	705,102	556,289	763,540	614,417	-	-
Enterprise Value (EV) ¹	677,814	787,860	691,787	536,147	742,909	597,310	588,518	581,372
P/E ratio	61.3 x	87 x	69.4 x	51.2 x	58.3 x	37.7 x	33.6 x	29.8 x
Yield	0.81%	0.29%	0.42%	0.59%	0.52%	0.78%	0.89%	0.99%
Capitalization / Revenue	12.1 x	14.1 x	11.5 x	7.16 x	8.47 x	5.87 x	5.34 x	4.86 x
EV / Revenue	11.8 x	13.9 x	11.2 x	6.9 x	8.25 x	5.71 x	5.12 x	4.6 x
EV / EBITDA	36.4 x	47.3 x	39.3 x	24.7 x	27.8 x	19.1 x	17.2 x	15.4 x
EV / FCF	778 x	-4,040 x	-93.4 x	-383 x	159 x	99.6 x	67.2 x	49.1 x
FCF Yield	0.13%	-0.02%	-1.07%	-0.26%	0.63%	1%	1.49%	2.04%
Price to Book	5.28 x	11.1 x	7.61 x	4.66 x	5.77 x	4.23 x	3.92 x	3.57 x
Nbr of stocks (in thousands)	260,201	260,523	265,475	271,626	271,626	271,626	-	-
Reference price ²	2,654	3,065	2,656	2,048	2,811	2,262	2,262	2,262
Announcement Date	8/9/19	8/14/20	8/13/21	8/12/22	8/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	57,216	56,546	61,507	77,748	90,101	104,698	115,023	126,350
EBITDA ¹	18,629	16,643	17,614	21,678	26,741	31,242	34,146	37,640
EBIT ¹	15,168	12,445	12,795	15,239	18,030	22,266	25,088	28,277
Operating Margin	26.51%	22.01%	20.8%	19.6%	20.01%	21.27%	21.81%	22.38%
Earnings before Tax (EBT) ¹	14,957	12,658	13,132	15,730	17,743	22,109	24,972	28,652
Net income ¹	11,237	9,178	9,984	10,857	13,106	16,231	18,247	20,589
Net margin	19.64%	16.23%	16.23%	13.96%	14.55%	15.5%	15.86%	16.3%
EPS ²	43.29	35.25	38.25	40.01	48.25	59.94	67.32	76.03
Free Cash Flow ¹	871	-195	-7,407	-1,401	4,682	6,000	8,756	11,852
FCF margin	1.52%	-0.34%	-12.04%	-1.8%	5.2%	5.73%	7.61%	9.38%
FCF Conversion (EBITDA)	4.68%	-	-	-	17.51%	19.2%	25.64%	31.49%
FCF Conversion (Net income)	7.75%	-	-	-	35.72%	36.97%	47.98%	57.56%
Dividend per Share ²	21.61	8.810	11.26	11.99	14.48	17.61	20.11	22.46
Announcement Date	8/9/19	8/14/20	8/13/21	8/12/22	8/14/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	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	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	30,948	25,598	28,301	19,582	37,702	18,982	21,064	22,658	22,777	45,435	24,339	20,327	28,713	25,628	54,341	26,392	25,414	50,330	27,242	27,824	28,342	28,462
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	8,708	3,737	6,186	4,344	8,101	3,883	3,255	4,686	5,265	9,951	6,467	1,612	8,045	5,453	13,498	6,158	3,476	9,370	6,551	6,448	7,128	5,321
Operating Margin	28.14%	14.6%	21.86%	22.18%	21.49%	20.46%	15.45%	20.68%	23.12%	21.9%	26.57%	7.93%	28.02%	21.28%	24.84%	23.33%	13.68%	18.62%	24.05%	23.17%	25.15%	18.69%
Earnings before Tax (EBT) ¹	8,656	4,002	6,095	4,471	8,819	4,004	2,907	5,201	4,420	9,854	6,216	1,673	8,168	5,203	13,371	6,054	3,300	-	6,300	6,300	6,700	5,700
Net income ¹	6,158	3,020	4,451	3,051	6,383	2,478	1,996	4,049	3,424	7,473	4,512	1,121	6,076	3,744	9,820	4,220	2,170	6,800	4,904	4,675	5,185	3,347
Net margin	19.9%	11.8%	15.73%	15.58%	16.93%	13.05%	9.48%	17.87%	15.03%	16.45%	18.54%	5.51%	21.16%	14.61%	18.07%	15.99%	8.54%	13.51%	18%	16.8%	18.29%	11.76%
EPS ²	23.66	-	17.08	11.23	23.54	9.120	-	14.91	12.61	27.52	16.60	4.130	22.37	13.78	36.15	15.54	7.545	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	14.48	-	-	-	-	19.00	-	-	-	-	21.00
Announcement Date	2/14/20	8/14/20	2/12/21	2/14/22	2/14/22	5/13/22	8/12/22	11/11/22	2/14/23	2/14/23	5/15/23	8/14/23	11/14/23	2/14/24	2/14/24	5/15/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	12,760	10,642	13,315	20,142	20,631	17,107	25,899	33,045
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	871	-195	-7,407	-1,401	4,682	6,000	8,756	11,852
ROE (net income / shareholders' equity)	18.9%	13.4%	12.1%	10.2%	10.4%	11.8%	12.2%	12.5%
ROA (Net income/ Total Assets)	18.9%	13.8%	12.6%	12.1%	10.8%	11.1%	10.2%	10.7%
Assets ¹	59,466	66,388	79,123	89,961	121,797	146,891	178,163	192,513
Book Value Per Share ²	503.0	276.0	349.0	440.0	487.0	534.0	578.0	634.0
Cash Flow per Share ²	113.0	51.40	56.70	63.70	75.90	96.10	101.0	108.0
Capex ¹	9,702	11,361	11,764	8,933	14,456	16,913	14,672	14,074
Capex / Sales	16.96%	20.09%	19.13%	11.49%	16.04%	16.15%	12.76%	11.14%
Announcement Date	8/9/19	8/14/20	8/13/21	8/12/22	8/14/23	-	-	-

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 Asahi Intecc Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,262 JPY

Average target price

3,279 JPY

Spread / Average Target

+44.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Equipment

	1st Jan change	Capi.
ASAHI INTECC CO., LTD.	-21.14%	3.91B
SHOCKWAVE MEDICAL, INC.	+75.69%	12.57B
PENUMBRA, INC.	-24.68%	7.34B
MASIMO CORPORATION	+6.22%	6.61B
JIANGSU YUYUE MEDICAL EQUIPMENT & SUPPLY CO., LTD.	+12.58%	5.39B
APT MEDICAL INC.	+26.90%	4.53B
INARI MEDICAL, INC.	-22.99%	2.91B
NOVOCURE LIMITED	+47.42%	2.37B
SKAN GROUP AG	-0.37%	2B
SHENZHEN YHLO BIOTECH CO., LTD.	+6.21%	1.91B

Medical Equipment