Financials Tsumura & Co.

Equities

4540

JP3535800001

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-12 am EDT			5-day change	1st Jan Change
4,200 ^JPY	+0.19%		+3.30%	+58.10%

May. 09	Tsumura & Co. Announces Dividend for the Full Year Ended March 31, 2024, Scheduled Date to Commence Dividend Payments of June 28, 2024 and Provides Dividend Guidance for the Second Quarter of Fiscal 2025 and Year Ending March 31, 2025	CI
May. 09	Tsumura & Co. Provides Consolidated Earnings Guidance for the First Half Fiscal 2025 and Year Ending March 31, 2025	CI

Valuation

Fiscal Period: März	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	210,551	302,589	244,823	200,909	290,271	318,292	-	-
Enterprise Value (EV) ¹	213,862	294,131	226,961	185,847	291,886	340,131	346,481	339,891
P/E ratio	15.3 x	19.7 x	13 x	12.2 x	17.4 x	10.6 x	10 x	9.49 x
Yield	2.33%	1.62%	2%	2.43%	2.22%	3.27%	3.49%	3.72%
Capitalization / Revenue	1.71 x	2.31 x	1.89 x	1.43 x	1.92 x	1.71 x	1.6 x	1.5 x
EV / Revenue	1.74 x	2.25 x	1.75 x	1.33 x	1.94 x	1.82 x	1.74 x	1.6 x
EV / EBITDA	8.46 x	10.5 x	7.29 x	5.99 x	9.49 x	6.62 x	6.32 x	5.93 x
EV / FCF	-40.4 x	33.6 x	18.6 x	194 x	-20.2 x	79.1 x	30.9 x	20 x
FCF Yield	-2.48%	2.97%	5.38%	0.52%	-4.95%	1.26%	3.23%	5%
Price to Book	1.03 x	1.39 x	1.02 x	0.8 x	1.07 x	1.11 x	1.03 x	0.96 x
Nbr of stocks (in thousands)	76,508	76,508	76,507	76,391	75,928	75,928	-	-
Reference price ²	2,752	3,955	3,200	2,630	3,823	4,192	4,192	4,192
Announcement Date	5/11/20	5/11/21	5/10/22	5/9/23	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	123,248	130,883	129,546	140,043	150,845	186,375	199,400	212,325
EBITDA ¹	25,282	27,997	31,119	31,017	30,771	51,350	54,800	57,340
EBIT ¹	18,876	19,382	22,376	20,916	20,017	40,850	43,600	46,325
Operating Margin	15.32%	14.81%	17.27%	14.94%	13.27%	21.92%	21.87%	21.82%
Earnings before Tax (EBT) ¹	19,223	20,456	25,563	23,018	23,736	42,285	44,185	46,185
Net income ¹	13,765	15,332	18,836	16,482	16,707	30,025	31,800	33,650
Net margin	11.17%	11.71%	14.54%	11.77%	11.08%	16.11%	15.95%	15.85%
EPS ²	180.0	200.4	246.2	215.6	219.8	394.3	417.6	441.9
Free Cash Flow ¹	-5,297	8,750	12,203	959	-14,449	4,300	11,200	17,000
FCF margin	-4.3%	6.69%	9.42%	0.68%	-9.58%	2.31%	5.62%	8.01%
FCF Conversion (EBITDA)	-	31.25%	39.21%	3.09%	-	8.37%	20.44%	29.65%
FCF Conversion (Net income)	-	57.07%	64.79%	5.82%	-	14.32%	35.22%	50.52%
Dividend per Share ²	64.00	64.00	64.00	64.00	85.00	137.0	146.5	155.8
Announcement Date	5/11/20	5/11/21	5/10/22	5/9/23	5/9/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Marzo	2021 S1	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 S1	2023 Q3	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales	63,994	63,416	34,966	31,164	34,417	70,107	36,969	37,036	38,266	75,302	40,524	35,019	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	11,124	11,684	7,145	3,547	6,353	11,677	6,046	4,684	5,527	10,211	8,932	874	-	-	-	-	-
Operating Margin	17.38%	18.42%	20.43%	11.38%	18.46%	16.66%	16.35%	12.65%	14.44%	13.56%	22.04%	2.5%	-	-	-	-	-
Earnings before Tax (EBT)	11,105	13,165	7,540	-	8,661	15,690	5,892	5,980	-	12,655	10,166	-	-	-	-	-	-
Net income	8,083	9,965	5,424	-	6,632	11,889	3,986	4,332	4,673	9,005	7,146	556	-	-	-	-	-
Net margin	12.63%	15.71%	15.51%	-	19.27%	16.96%	10.78%	11.7%	12.21%	11.96%	17.63%	1.59%	-	-	-	-	-
EPS	105.7	130.3	70.89	-	86.70	155.5	52.19	56.88	61.50	118.4	94.07	7.380	-	-	-	-	-
Dividend per Share ¹	32.00	32.00	-	-	-	32.00	-	-	35.00	35.00	-	50.00	-	68.00	-	68.00	-
Announcement Date	11/5/20	11/5/21	2/4/22	5/10/22	8/3/22	11/4/22	2/3/23	8/3/23	11/7/23	11/7/23	2/6/24	5/9/24	-	-	-	-	-

¹JPY

Estimates

Balance Sheet Analysis

Fiscal Period: Marzo	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,311	-	-	-	1,615	21,839	28,189	21,599
Net Cash position ¹	-	8,458	17,862	15,062	-	-	-	-
Leverage (Debt/EBITDA)	0.131 x	-	-	-	0.0525 x	0.4253 x	0.5144 x	0.3767 x
Free Cash Flow ¹	-5,297	8,750	12,203	959	-14,449	4,300	11,200	17,000
ROE (net income / shareholders' equity)	6.8%	7.2%	8.2%	6.7%	6.4%	10.8%	10.7%	10.5%
ROA (Net income/ Total Assets)	6.57%	6.62%	7.73%	6.27%	5.69%	6.8%	6.65%	6.5%
Assets ¹	209,590	231,496	243,610	262,763	293,372	441,544	478,195	517,692
Book Value Per Share ²	2,684	2,847	3,134	3,299	3,567	3,782	4,057	4,348
Cash Flow per Share ²	264.0	308.0	360.0	348.0	354.0	529.0	540.0	544.0
Capex ¹	10,007	8,949	10,174	11,172	20,057	28,333	25,167	26,850
Capex / Sales	8.12%	6.84%	7.85%	7.98%	13.3%	15.2%	12.62%	12.65%
Announcement Date	5/11/20	5/11/21	5/10/22	5/9/23	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 Tsumura & Co.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,192 JPY

Average target price

5,100 JPY

Spread / Average Target

+21.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
TSUMURA & CO.	+58.10%	2.01B
ELI LILLY AND COMPANY	+60.25%	841B
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JOHNSON & JOHNSON	-4.49%	360B
MERCK & CO., INC.	+18.30%	327B
ABBVIE INC.	+9.64%	300B
ASTRAZENECA PLC	+15.43%	242B
ROCHE HOLDING AG	+4.05%	228B
NOVARTIS AG	+18.46%	227B
AMGEN INC.	+12.87%	174B

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