Financials Hogy Medical Co.,Ltd.

Equities

3593

JP3840800001

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-10 am EDT			5-day change	1st Jan Change
4,145 ^JPY	+1.84%		+3.24%	+14.66%

2023	Dalton Submits Shareholder Proposal to Hogy Medical	CI
2022	Tranche Update on Hogy Medical Co.,Ltd.'s Equity Buyback Plan announced on February 8, 2022.	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	101,677	102,087	93,319	77,016	91,028	98,310	-	-
Enterprise Value (EV) ¹	79,047	81,602	88,958	67,044	77,432	83,425	77,456	71,768
P/E ratio	18.4 x	20.6 x	21.2 x	17.8 x	32.4 x	29.1 x	24.5 x	20.4 x
Yield	1.96%	2.01%	2.1%	2.24%	2.13%	1.97%	1.98%	2.01%
Capitalization / Revenue	2.73 x	2.8 x	2.54 x	1.98 x	2.33 x	2.43 x	2.35 x	2.26 x
EV / Revenue	2.12 x	2.24 x	2.42 x	1.72 x	1.98 x	2.06 x	1.85 x	1.65 x
EV / EBITDA	7.46 x	8.02 x	8.68 x	6.54 x	7.19 x	8.2 x	7.22 x	6.41 x
EV / FCF	150 x	-850 x	16.3 x	-	20.1 x	30.6 x	12.5 x	11.5 x
FCF Yield	0.67%	-0.12%	6.13%	-	4.98%	3.27%	8%	8.69%
Price to Book	1.08 x	1.06 x	0.98 x	0.92 x	1.06 x	1.13 x	1.11 x	1.07 x
Nbr of stocks (in thousands)	30,216	30,248	28,802	24,257	24,274	24,274	-	-
Reference price ²	3,365	3,375	3,240	3,175	3,750	4,070	4,070	4,070
Announcement Date	4/10/20	4/12/21	4/12/22	4/12/23	4/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	37,232	36,504	36,778	38,981	39,100	40,407	41,835	43,453
EBITDA ¹	10,590	10,181	10,250	10,251	10,776	10,178	10,730	11,202
EBIT ¹	5,307	5,632	6,135	6,634	4,169	4,537	5,207	6,289
Operating Margin	14.25%	15.43%	16.68%	17.02%	10.66%	11.23%	12.45%	14.47%
Earnings before Tax (EBT) ¹	7,725	6,989	6,286	6,189	4,075	4,635	5,408	6,477
Net income ¹	5,529	4,959	4,370	4,316	2,804	3,307	3,882	4,643
Net margin	14.85%	13.58%	11.88%	11.07%	7.17%	8.18%	9.28%	10.69%
EPS ²	183.1	164.0	153.0	178.0	115.6	140.0	165.9	199.2
Free Cash Flow ¹	528	-96	5,453	-	3,855	2,730	6,200	6,235
FCF margin	1.42%	-0.26%	14.83%	-	9.86%	6.76%	14.82%	14.35%
FCF Conversion (EBITDA)	4.99%	-	53.2%	-	35.77%	26.82%	57.78%	55.66%
FCF Conversion (Net income)	9.55%	-	124.78%	-	137.48%	82.56%	159.7%	134.28%
Dividend per Share ²	66.00	68.00	68.00	71.00	80.00	80.00	80.67	81.67
Announcement Date	4/10/20	4/12/21	4/12/22	4/12/23	4/10/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2025 Q1	2025 S1
Net sales ¹	17,734	17,928	9,882	8,968	9,447	9,754	19,201	10,334	9,446	9,679	9,857	19,536	10,218	9,679	19,536
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,671	2,987	1,815	1,333	1,857	1,328	3,185	1,879	1,570	1,302	1,073	2,375	1,112	1,302	2,375
Operating Margin	15.06%	16.66%	18.37%	14.86%	19.66%	13.61%	16.59%	18.18%	16.62%	13.45%	10.89%	12.16%	10.88%	13.45%	12.16%
Earnings before Tax (EBT)	3,833	3,065	2,007	-	1,843	1,319	3,162	2,064	963	1,229	1,184	2,413	1,204	-	-
Net income	2,776	2,234	1,458	678	1,304	928	2,232	1,478	606	886	846	1,732	877	-	-
Net margin	15.65%	12.46%	14.75%	7.56%	13.8%	9.51%	11.62%	14.3%	6.42%	9.15%	8.58%	8.87%	8.58%	-	-
EPS	91.84	75.83	50.44	-	53.77	-	92.05	60.92	-	36.53	-	71.40	36.14	-	-
Dividend per Share	34.00	34.00	17.00	-	17.50	-	35.00	18.00	-	20.00	-	40.00	20.00	-	-
Announcement Date	10/12/20	10/12/21	1/14/22	4/12/22	7/12/22	10/13/22	10/13/22	1/16/23	4/12/23	7/12/23	10/12/23	10/12/23	1/16/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	22,630	20,485	4,361	9,972	13,596	14,885	20,855	26,543
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	528	-96	5,453	-	3,855	2,730	6,200	6,235
ROE (net income / shareholders' equity)	6%	5.2%	5%	5.3%	3.3%	3.86%	4.53%	5.35%
ROA (Net income/ Total Assets)	5.52%	5.64%	6.14%	6.62%	4.2%	3.3%	4.05%	4.6%
Assets ¹	100,245	87,912	71,134	65,245	66,788	100,205	95,862	100,938
Book Value Per Share ²	3,104	3,183	3,296	3,447	3,547	3,595	3,674	3,797
Cash Flow per Share	358.0	315.0	297.0	327.0	388.0	-	-	-
Capex ¹	9,767	7,350	3,048	1,393	2,686	5,270	1,550	1,420
Capex / Sales	26.23%	20.13%	8.29%	3.57%	6.87%	13.04%	3.71%	3.27%
Announcement Date	4/10/20	4/12/21	4/12/22	4/12/23	4/10/24	-	-	-

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 Hogy Medical Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,070 JPY

Average target price

3,810 JPY

Spread / Average Target

-6.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
HOGY MEDICAL CO.,LTD.	+14.66%	612M
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SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-49.15%	2.27B
TOP GLOVE CORPORATION BHD.	+33.33%	2.04B
WINNER MEDICAL CO., LTD.	-32.64%	2.01B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-23.53%	1.61B
NAKANISHI INC.	+11.09%	1.37B
KOSSAN RUBBER INDUSTRIES	+34.05%	1.34B

Medical Supplies