Financials Eiken Chemical Co., Ltd.

Equities

4549

JP3160700005

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,007 ^JPY	-0.89%		+3.72%	+17.44%

Mar. 21	Tranche Update on Eiken Chemical Co., Ltd.'s Equity Buyback Plan announced on January 30, 2024.	CI
Mar. 19	Eiken Chemical Co., Ltd.'s Equity Buyback announced on January 30, 2024, has closed with 2,500,000 shares, representing 6.74% for ¥4,636.95 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	96,114	72,694	79,880	63,838	57,776	69,438	-	-
Enterprise Value (EV) ¹	89,758	63,801	71,809	51,908	43,768	55,702	54,954	53,305
P/E ratio	27.8 x	20.5 x	15.8 x	10.3 x	10.1 x	21.4 x	20.6 x	18.6 x
Yield	1.15%	1.52%	1.9%	2.95%	3.26%	2.49%	2.49%	2.54%
Capitalization / Revenue	2.69 x	1.99 x	2.07 x	1.48 x	1.34 x	1.72 x	1.66 x	1.55 x
EV / Revenue	2.51 x	1.74 x	1.86 x	1.21 x	1.01 x	1.38 x	1.31 x	1.19 x
EV / EBITDA	14.5 x	10.2 x	8.63 x	4.97 x	4.57 x	8.57 x	8.08 x	6.88 x
EV / FCF	-80.4 x	36.5 x	22 x	19 x	11.6 x	20.6 x	47 x	37.4 x
FCF Yield	-1.24%	2.74%	4.54%	5.25%	8.64%	4.85%	2.13%	2.67%
Price to Book	2.77 x	1.97 x	1.93 x	1.4 x	1.18 x	1.46 x	1.44 x	1.38 x
Nbr of stocks (in thousands)	36,882	36,882	36,930	36,965	36,965	34,598	-	-
Reference price ²	2,606	1,971	2,163	1,727	1,563	2,007	2,007	2,007
Announcement Date	4/25/19	4/28/20	4/28/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,761	36,585	38,667	42,996	43,271	40,318	41,820	44,795
EBITDA ¹	6,205	6,249	8,323	10,445	9,582	6,500	6,800	7,750
EBIT ¹	4,611	4,622	6,612	8,387	7,457	4,539	4,610	4,967
Operating Margin	12.89%	12.63%	17.1%	19.51%	17.23%	11.26%	11.02%	11.09%
Earnings before Tax (EBT) ¹	4,649	4,724	6,870	8,482	7,592	4,229	4,356	5,107
Net income ¹	3,447	3,538	5,044	6,218	5,736	3,472	3,536	3,868
Net margin	9.64%	9.67%	13.04%	14.46%	13.26%	8.61%	8.45%	8.63%
EPS ²	93.63	95.95	136.6	168.3	155.2	93.87	97.27	107.6
Free Cash Flow ¹	-1,117	1,749	3,258	2,725	3,783	2,700	1,170	1,425
FCF margin	-3.12%	4.78%	8.43%	6.34%	8.74%	6.7%	2.8%	3.18%
FCF Conversion (EBITDA)	-	27.99%	39.14%	26.09%	39.48%	41.54%	17.2%	18.39%
FCF Conversion (Net income)	-	49.43%	64.59%	43.82%	65.95%	77.77%	33.08%	36.85%
Dividend per Share ²	30.00	30.00	41.00	51.00	51.00	50.00	50.00	51.00
Announcement Date	4/25/19	4/28/20	4/28/21	4/28/22	4/28/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	18,917	17,727	10,827	21,341	10,490	11,165	11,097	11,768	22,865	10,995	9,411	9,864	10,400	20,264	10,229	10,084	10,160	10,780	10,780	9,940
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,043	2,724	2,239	4,831	1,812	1,744	2,799	2,857	5,656	1,343	458	1,052	1,096	2,148	1,269	742	1,057	822	1,115	437
Operating Margin	16.09%	15.37%	20.68%	22.64%	17.27%	15.62%	25.22%	24.28%	24.74%	12.21%	4.87%	10.67%	10.54%	10.6%	12.41%	7.36%	10.4%	7.63%	10.34%	4.4%
Earnings before Tax (EBT) ¹	3,124	2,877	2,258	4,891	1,827	1,764	2,894	2,876	5,770	1,387	435	1,037	1,135	2,172	1,260	764.5	1,102	867	1,160	482
Net income ¹	2,344	2,151	1,692	3,666	1,370	1,182	2,169	2,152	4,321	1,040	375	770	848	1,618	953	636.5	826	650	870	361
Net margin	12.39%	12.13%	15.63%	17.18%	13.06%	10.59%	19.55%	18.29%	18.9%	9.46%	3.98%	7.81%	8.15%	7.98%	9.32%	6.31%	8.13%	6.03%	8.07%	3.63%
EPS	63.56	58.31	-	99.23	37.06	-	58.70	-	116.9	28.13	-	20.82	-	43.69	25.68	-	-	-	-	-
Dividend per Share	13.00	15.00	-	20.00	-	-	-	-	24.00	-	-	-	-	25.00	-	-	-	-	-	-
Announcement Date	10/25/19	10/26/20	10/27/21	10/27/21	1/28/22	4/28/22	7/26/22	10/27/22	10/27/22	1/30/23	4/28/23	7/28/23	10/26/23	10/26/23	1/30/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,356	8,893	8,071	11,930	14,008	13,736	14,484	16,133
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	-1,117	1,749	3,258	2,725	3,783	2,700	1,170	1,425
ROE (net income / shareholders' equity)	10.3%	9.9%	12.9%	14.3%	12.1%	6.93%	7.6%	8.4%
ROA (Net income/ Total Assets)	10.1%	9.68%	12.8%	14.4%	11.8%	6.4%	7.4%	8.2%
Assets ¹	34,037	36,556	39,270	43,192	48,806	54,245	47,779	47,165
Book Value Per Share ²	942.0	1,003	1,120	1,231	1,327	1,373	1,398	1,455
Cash Flow per Share	137.0	140.0	183.0	224.0	213.0	-	-	-
Capex ¹	4,435	3,711	2,193	5,044	3,792	2,300	2,650	2,900
Capex / Sales	12.4%	10.14%	5.67%	11.73%	8.76%	5.7%	6.34%	6.47%
Announcement Date	4/25/19	4/28/20	4/28/21	4/28/22	4/28/23	-	-	-

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 Eiken Chemical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,007 JPY

Average target price

1,750 JPY

Spread / Average Target

-12.81%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Medical Equipment, Supplies & Distribution

	1st Jan change	Capi.
EIKEN CHEMICAL CO., LTD.	+17.44%	441M
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METTLER-TOLEDO INTERNATIONAL, INC.	+3.49%	26.48B
WEST PHARMACEUTICAL SERVICES, INC.	+0.65%	26.25B
TERUMO CORPORATION	+12.96%	24.62B

Other Medical Equipment, Supplies & Distribution