SHIONOGI & CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 7,040 JPY | +0.92% |
|
+1.72% | +3.56% |
| May. 14 | Japan's Nikkei drifts sideways as more earnings, US CPI awaited | RE |
| May. 13 | Japan's Shionogi says COVID treatment did not meet endpoint in late-stage trial | RE |
Valuation
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 2,130,768 | 1,615,227 | 1,794,318 | 2,270,169 | 1,759,071 | 1,995,780 | - | - |
| Enterprise Value (EV) 1 | 1,804,875 | 1,414,518 | 1,526,132 | 2,022,423 | 1,459,258 | 2,197,065 | 1,453,345 | 1,375,685 |
| P/E ratio | 16.1 x | 13.4 x | 16.3 x | 19.9 x | 9.62 x | 13.9 x | 13 x | 12.5 x |
| Yield | 1.37% | 1.94% | 1.81% | 1.53% | 2.26% | 2.06% | 2.36% | 2.39% |
| Capitalization / Revenue | 5.86 x | 4.85 x | 6.04 x | 6.77 x | 4.12 x | 5.05 x | 4.62 x | 4.48 x |
| EV / Revenue | 4.96 x | 4.24 x | 5.14 x | 6.04 x | 3.42 x | 5.05 x | 3.37 x | 3.09 x |
| EV / EBITDA | 11.4 x | 9.84 x | 11.5 x | 16 x | 8.78 x | 12.8 x | 8.39 x | 7.84 x |
| EV / FCF | 13 x | 11.6 x | 14.7 x | 345 x | 11.3 x | 9.33 x | 8.72 x | 8.71 x |
| FCF Yield | 7.71% | 8.62% | 6.8% | 0.29% | 8.88% | 10.7% | 11.5% | 11.5% |
| Price to Book | 3.2 x | 2.11 x | 2.12 x | 2.33 x | 1.6 x | 1.78 x | 1.5 x | 1.42 x |
| Nbr of stocks (in thousands) | 310,970 | 303,785 | 301,465 | 301,483 | 294,307 | 283,491 | - | - |
| Reference price 2 | 6,852 | 5,317 | 5,952 | 7,530 | 5,977 | 7,040 | 7,040 | 7,040 |
| Announcement Date | 5/9/19 | 5/11/20 | 5/10/21 | 5/11/22 | 5/10/23 | 5/13/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 363,721 | 333,371 | 297,177 | 335,100 | 426,684 | 435,081 | 431,788 | 445,444 |
| EBITDA 1 | 157,700 | 143,682 | 132,238 | 126,700 | 166,168 | 171,610 | 173,205 | 175,465 |
| EBIT 1 | 138,500 | 130,628 | 117,438 | 110,300 | 149,003 | 153,310 | 153,270 | 155,786 |
| Operating Margin | 38.08% | 39.18% | 39.52% | 32.92% | 34.92% | 35.24% | 35.5% | 34.97% |
| Earnings before Tax (EBT) 1 | 170,343 | 158,516 | 143,018 | 126,300 | 220,332 | 198,283 | 194,458 | 199,472 |
| Net income 1 | 132,800 | 122,193 | 111,858 | 114,200 | 184,965 | 162,030 | 153,797 | 159,150 |
| Net margin | 36.51% | 36.65% | 37.64% | 34.08% | 43.35% | 37.24% | 35.62% | 35.73% |
| EPS 2 | 424.3 | 395.7 | 365.0 | 378.8 | 621.3 | 558.5 | 540.7 | 565.0 |
| Free Cash Flow 1 | 139,136 | 121,986 | 103,778 | 5,864 | 129,575 | 163,131 | 166,762 | 158,025 |
| FCF margin | 38.25% | 36.59% | 34.92% | 1.75% | 30.37% | 36.64% | 38.62% | 35.48% |
| FCF Conversion (EBITDA) | 88.23% | 84.9% | 78.48% | 4.63% | 77.98% | 90.63% | 96.28% | 90.06% |
| FCF Conversion (Net income) | 104.77% | 99.83% | 92.78% | 5.13% | 70.05% | 101.01% | 108.43% | 99.29% |
| Dividend per Share 2 | 94.00 | 103.0 | 108.0 | 115.0 | 135.0 | 160.0 | 165.9 | 168.2 |
| Announcement Date | 5/9/19 | 5/11/20 | 5/10/21 | 5/11/22 | 5/10/23 | 5/13/24 | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 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 S1 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 160,877 | 174,081 | 148,452 | 76,120 | 145,085 | 74,541 | 115,500 | 71,800 | 78,900 | 150,779 | 187,568 | 88,337 | 109,312 | 121,230 | 230,542 | 106,279 | 98,300 | 204,539 | 99,382 | 109,800 | 199,770 | 115,700 | 110,586 |
| EBITDA 1 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 45,198 | 19,460 | - | 42,900 | 39,000 | - | 57,200 | 39,341 |
| EBIT 1 | 58,161 | 67,070 | 55,308 | 23,870 | 42,664 | 17,758 | 49,900 | 12,400 | 15,800 | 28,224 | 118,249 | 2,530 | 46,585 | 51,521 | 98,106 | 40,631 | 14,600 | 55,204 | 34,440 | 38,067 | 69,943 | 46,467 | 40,014 |
| Operating Margin | 36.15% | 38.53% | 37.26% | 31.36% | 29.41% | 23.82% | 43.2% | 17.27% | 20.03% | 18.72% | 63.04% | 2.86% | 42.62% | 42.5% | 42.55% | 38.23% | 14.85% | 26.99% | 34.65% | 34.67% | 35.01% | 40.16% | 36.18% |
| Earnings before Tax (EBT) 1 | 67,386 | 91,178 | 67,189 | 27,891 | 50,832 | 23,952 | 51,500 | 40,300 | 27,700 | 67,978 | 130,808 | 21,546 | 55,704 | 59,899 | 115,603 | 48,884 | 33,800 | 82,680 | 46,587 | 50,300 | 88,843 | 58,400 | 47,570 |
| Net income 1 | 51,616 | 69,679 | 49,381 | 20,893 | 53,131 | 17,869 | 43,200 | 34,700 | 22,500 | 57,264 | 100,465 | 27,236 | 42,562 | 48,031 | 90,593 | 36,629 | 34,800 | 71,437 | 35,887 | 38,200 | 67,793 | 44,500 | 36,120 |
| Net margin | 32.08% | 40.03% | 33.26% | 27.45% | 36.62% | 23.97% | 37.4% | 48.33% | 28.52% | 37.98% | 53.56% | 30.83% | 38.94% | 39.62% | 39.3% | 34.46% | 35.4% | 34.93% | 36.11% | 34.79% | 33.94% | 38.46% | 32.66% |
| EPS 2 | 165.8 | - | 160.8 | 69.30 | 176.2 | 59.27 | 143.2 | 115.2 | 75.04 | 190.2 | 337.6 | 93.50 | 144.6 | 164.0 | 308.6 | 127.2 | 122.6 | - | 120.6 | 122.0 | 226.0 | 145.3 | 178.8 |
| Dividend per Share 2 | 50.00 | - | 53.00 | - | 55.00 | - | - | - | - | 60.00 | - | - | - | 75.00 | 75.00 | - | 85.00 | - | - | 80.00 | - | - | 80.00 |
| Announcement Date | 10/30/19 | 5/11/20 | 10/30/20 | 11/1/21 | 11/1/21 | 1/31/22 | 5/11/22 | 8/1/22 | 10/31/22 | 10/31/22 | 1/30/23 | 5/10/23 | 7/31/23 | 10/31/23 | 10/31/23 | 1/31/24 | 5/13/24 | 5/13/24 | - | - | - | - | - |
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 | 325,893 | 200,709 | 268,186 | 247,746 | 299,813 | 473,352 | 542,435 | 620,095 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 139,136 | 121,986 | 103,778 | 5,864 | 129,575 | 163,131 | 166,763 | 158,025 |
| ROE (net income / shareholders' equity) | 20.9% | 15.5% | 13.9% | 12.5% | 17.8% | 13.9% | 12% | 12% |
| ROA (Net income/ Total Assets) | 22.2% | 19.6% | 11.9% | 10.6% | 17.9% | 14.5% | 11.2% | 10.3% |
| Assets 1 | 598,424 | 625,008 | 936,340 | 1,074,793 | 1,033,572 | 1,114,907 | 1,373,184 | 1,542,151 |
| Book Value Per Share 2 | 2,144 | 2,517 | 2,807 | 3,236 | 3,738 | 4,357 | 4,687 | 4,958 |
| Cash Flow per Share 2 | 477.0 | 441.0 | 413.0 | 433.0 | 679.0 | 622.0 | 657.0 | 658.0 |
| Capex 1 | 6,548 | 9,954 | 27,400 | 26,185 | 11,858 | 27,963 | 22,217 | 23,738 |
| Capex / Sales | 1.8% | 2.99% | 9.22% | 7.81% | 2.78% | 6.28% | 5.15% | 5.33% |
| Announcement Date | 5/9/19 | 5/11/20 | 5/10/21 | 5/11/22 | 5/10/23 | 5/13/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
7,040
JPY
Average target price
7,967
JPY
Spread / Average Target
+13.17%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +3.56% | 12.69B | |
| +40.73% | 739B | |
| +32.83% | 598B | |
| -6.30% | 353B | |
| +15.15% | 318B | |
| +4.05% | 285B | |
| +15.00% | 240B | |
| +9.78% | 210B | |
| -5.52% | 206B | |
| +6.17% | 164B |
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