Financials Santen Pharmaceutical Co., Ltd.

Equities

4536

JP3336000009

Pharmaceuticals

Delayed Japan Exchange Other stock markets 10:30:00 2024-07-16 pm EDT			5-day change	1st Jan Change
1,794 ^JPY	+1.10%		+3.37%	+27.65%

Jul. 01	Tranche Update on Santen Pharmaceutical Co., Ltd.'s Equity Buyback Plan announced on May 9, 2024.	CI
May. 10	Santen Pharmaceutical Intends to Buy Back and Cancel up to 38 Billion Yen Worth of Shares	MT

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	742,066	608,810	490,898	424,342	559,190	631,707	-	-
Enterprise Value (EV) ¹	662,964	545,395	406,591	366,439	464,338	609,436	565,282	527,638
P/E ratio	31.4 x	89.1 x	18 x	-29.3 x	21.2 x	19.2 x	18 x	17.1 x
Yield	1.45%	1.84%	2.61%	2.83%	2.15%	1.91%	2.09%	2.14%
Capitalization / Revenue	3.07 x	2.44 x	1.84 x	1.52 x	1.85 x	2.15 x	2.17 x	2.16 x
EV / Revenue	2.74 x	2.19 x	1.53 x	1.31 x	1.54 x	2.07 x	1.94 x	1.81 x
EV / EBITDA	13.2 x	18.4 x	7.68 x	25.9 x	8.19 x	9.63 x	8.72 x	8.07 x
EV / FCF	19.1 x	-37.5 x	37.4 x	35.3 x	6.98 x	14.6 x	13.1 x	13.5 x
FCF Yield	5.24%	-2.67%	2.67%	2.83%	14.3%	6.85%	7.64%	7.42%
Price to Book	2.45 x	1.98 x	1.45 x	1.44 x	1.82 x	1.99 x	1.86 x	1.73 x
Nbr of stocks (in thousands)	399,390	399,744	400,080	375,524	363,938	356,092	-	-
Reference price ²	1,858	1,523	1,227	1,130	1,536	1,774	1,774	1,774
Announcement Date	5/8/20	5/11/21	5/10/22	5/11/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	241,555	249,605	266,257	279,037	301,965	293,785	291,195	292,114
EBITDA ¹	50,108	29,685	52,941	14,159	56,719	63,304	64,836	65,380
EBIT ¹	33,535	12,917	35,886	-3,090	38,541	45,714	47,266	49,533
Operating Margin	13.88%	5.17%	13.48%	-1.11%	12.76%	15.56%	16.23%	16.96%
Earnings before Tax (EBT) ¹	32,091	12,418	35,616	-5,799	29,874	45,153	47,927	49,086
Net income ¹	23,618	6,830	27,218	-14,948	26,642	33,470	35,529	36,986
Net margin	9.78%	2.74%	10.22%	-5.36%	8.82%	11.39%	12.2%	12.66%
EPS ²	59.16	17.09	68.07	-38.60	72.59	92.51	98.45	103.8
Free Cash Flow ¹	34,772	-14,547	10,874	10,370	66,504	41,763	43,178	39,136
FCF margin	14.4%	-5.83%	4.08%	3.72%	22.02%	14.22%	14.83%	13.4%
FCF Conversion (EBITDA)	69.39%	-	20.54%	73.24%	117.25%	65.97%	66.6%	59.86%
FCF Conversion (Net income)	147.23%	-	39.95%	-	249.62%	124.78%	121.53%	105.81%
Dividend per Share ²	27.00	28.00	32.00	32.00	33.00	33.89	37.00	38.00
Announcement Date	5/8/20	5/11/21	5/10/22	5/11/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	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	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 Q1	2026 S1	2026 S2	2027 S1
Net sales ¹	118,905	-	128,759	67,042	70,456	-	65,533	63,382	128,915	70,871	79,251	72,389	73,417	145,806	77,027	79,132	-	71,885	74,289	146,000	73,125	76,458	-	70,000	140,500	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,743	-	-	18,404	17,140	-	13,208	14,448	-	-	-	-	-
EBIT ¹	18,686	-	18,805	7,575	9,506	-	8,333	-27,354	-19,021	8,874	7,057	12,750	12,349	25,099	11,058	2,384	-	10,550	8,800	25,800	12,500	12,300	-	12,200	25,400	-	-
Operating Margin	15.72%	-	14.6%	11.3%	13.49%	-	12.72%	-43.16%	-14.75%	12.52%	8.9%	17.61%	16.82%	17.21%	14.36%	3.01%	-	14.68%	11.85%	17.67%	17.09%	16.09%	-	17.43%	18.08%	-	-
Earnings before Tax (EBT) ¹	18,353	-	18,393	7,280	-	-	9,074	-28,177	-19,103	7,510	5,794	12,868	-	24,075	9,484	-	-	13,102	12,840	24,700	9,008	10,918	-	11,900	24,300	-	-
Net income ¹	13,813	-	14,307	5,042	-	-	6,663	-28,704	-22,041	5,977	1,116	10,414	8,866	19,280	7,333	29	-	9,869	9,427	19,100	6,659	8,246	-	9,000	18,700	-	-
Net margin	11.62%	-	11.11%	7.52%	-	-	10.17%	-45.29%	-17.1%	8.43%	1.41%	14.39%	12.08%	13.22%	9.52%	0.04%	-	13.73%	12.69%	13.08%	9.11%	10.78%	-	12.86%	13.31%	-	-
EPS ²	34.58	-	35.79	12.60	19.68	-	16.79	-72.84	-56.05	14.92	2.530	27.93	24.13	52.06	20.20	0.3300	-	22.32	18.94	47.80	27.10	26.51	-	25.20	46.80	-	-
Dividend per Share ²	14.00	14.00	16.00	-	-	16.00	-	-	16.00	-	-	-	16.00	16.00	-	17.00	17.00	-	17.00	17.00	-	17.00	17.00	-	18.00	18.00	19.00
Announcement Date	11/6/20	5/11/21	11/8/21	2/10/22	5/10/22	5/10/22	8/4/22	11/8/22	11/8/22	2/7/23	5/11/23	8/3/23	11/7/23	11/7/23	2/8/24	5/9/24	5/9/24	-	-	-	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	79,102	63,415	84,307	57,903	94,852	22,271	66,425	104,069
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	34,772	-14,547	10,874	10,370	66,504	41,763	43,178	39,136
ROE (net income / shareholders' equity)	8%	2.2%	8.4%	-4.7%	8.9%	10.7%	10.7%	10.3%
ROA (Net income/ Total Assets)	8.02%	3.06%	8.26%	-1.32%	6.97%	8%	8.21%	7.53%
Assets ¹	294,371	223,061	329,499	1,135,668	382,087	418,635	432,595	490,961
Book Value Per Share ²	759.0	770.0	844.0	783.0	843.0	892.0	953.0	1,023
Cash Flow per Share ²	101.0	59.10	111.0	5.940	122.0	146.0	147.0	142.0
Capex ¹	5,824	4,139	35,841	24,588	10,687	9,000	12,680	13,425
Capex / Sales	2.41%	1.66%	13.46%	8.81%	3.54%	3.06%	4.35%	4.6%
Announcement Date	5/8/20	5/11/21	5/10/22	5/11/23	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 Santen Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,774 JPY

Average target price

1,858 JPY

Spread / Average Target

+4.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
SANTEN PHARMACEUTICAL CO., LTD.	+27.65%	4.04B
ELI LILLY AND COMPANY	+61.53%	856B
NOVO NORDISK A/S	+38.95%	631B
JOHNSON & JOHNSON	-3.66%	359B
MERCK & CO., INC.	+15.06%	325B
ABBVIE INC.	+9.18%	297B
ROCHE HOLDING AG	+5.89%	234B
NOVARTIS AG	+16.53%	226B
AMGEN INC.	+15.67%	177B
PFIZER, INC.	+2.47%	165B

Other Pharmaceuticals