Financials JCR Pharmaceuticals Co., Ltd.

Equities

4552

JP3701000006

Pharmaceuticals

Delayed Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
797 ^JPY	+0.50%		+2.05%	-32.00%

Mar. 21	US Fed Rate Outlook Catapults Japanese Shares to Fresh 52-Week Peak	MT
Mar. 21	JCR Pharmaceuticals Achieves Neurodegenerative Treatment Research Milestone With Alexion	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	200,747	290,393	443,148	279,312	176,306	99,467	-	-
Enterprise Value (EV) ¹	197,730	287,957	434,988	266,435	185,828	112,126	108,463	106,517
P/E ratio	54 x	108 x	64.2 x	19.2 x	46.6 x	13.7 x	15.8 x	16.1 x
Yield	0.46%	0.34%	0.33%	0.89%	1.42%	2.46%	2.51%	2.56%
Capitalization / Revenue	8.67 x	11.7 x	14.7 x	5.47 x	5.13 x	2.19 x	2.38 x	2.38 x
EV / Revenue	8.54 x	11.6 x	14.5 x	5.22 x	5.41 x	2.47 x	2.6 x	2.55 x
EV / EBITDA	31.3 x	61.6 x	42.8 x	12.2 x	26.7 x	9.02 x	10.3 x	10.2 x
EV / FCF	62.2 x	3,235 x	61.7 x	44.1 x	-9.06 x	-98.4 x	9.25 x	16.3 x
FCF Yield	1.61%	0.03%	1.62%	2.27%	-11%	-1.02%	10.8%	6.15%
Price to Book	6.64 x	9.13 x	11.7 x	5.55 x	3.43 x	1.73 x	1.6 x	1.49 x
Nbr of stocks (in thousands)	123,158	123,309	123,612	123,754	124,774	124,801	-	-
Reference price ²	1,630	2,355	3,585	2,257	1,413	797.0	797.0	797.0
Announcement Date	5/10/19	5/12/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,160	24,781	30,085	51,082	34,343	45,366	41,747	41,771
EBITDA ¹	6,310	4,678	10,161	21,878	6,972	12,432	10,568	10,418
EBIT ¹	4,967	3,244	8,269	19,933	4,975	10,386	8,613	8,398
Operating Margin	21.45%	13.09%	27.49%	39.02%	14.49%	22.89%	20.63%	20.1%
Earnings before Tax (EBT) ¹	4,928	3,422	8,653	19,404	5,412	9,900	8,113	7,720
Net income ¹	3,715	2,678	6,892	14,507	3,772	7,245	6,283	6,153
Net margin	16.04%	10.81%	22.91%	28.4%	10.98%	15.97%	15.05%	14.73%
EPS ²	30.17	21.72	55.81	117.3	30.35	58.15	50.40	49.36
Free Cash Flow ¹	3,177	89	7,051	6,039	-20,502	-1,139	11,723	6,553
FCF margin	13.72%	0.36%	23.44%	11.82%	-59.7%	-2.51%	28.08%	15.69%
FCF Conversion (EBITDA)	50.35%	1.9%	69.39%	27.6%	-	-	110.93%	62.9%
FCF Conversion (Net income)	85.52%	3.32%	102.31%	41.63%	-	-	186.58%	106.5%
Dividend per Share ²	7.500	8.000	12.00	20.00	20.00	19.57	20.00	20.43
Announcement Date	5/10/19	5/12/20	5/13/21	5/12/22	5/11/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	11,236	10,951	19,134	28,383	11,887	10,812	22,699	9,606	5,975	15,581	11,115	7,647	18,762	10,808	13,464	24,272	9,446	12,382	22,628	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	998	1,307	6,962	13,640	4,716	1,577	6,293	1,536	-792	744	4,209	22	4,231	2,066	4,832	6,898	911	3,066	4,252	-	-	-	-
Operating Margin	8.88%	11.93%	36.39%	48.06%	39.67%	14.59%	27.72%	15.99%	-13.26%	4.78%	37.87%	0.29%	22.55%	19.12%	35.89%	28.42%	9.64%	24.76%	18.79%	-	-	-	-
Earnings before Tax (EBT) ¹	1,098	1,381	7,272	12,729	4,993	1,682	6,675	2,083	-	1,560	3,720	132	3,852	2,260	-	7,120	251	3,162	3,413	-	-	-	-
Net income ¹	922	1,227	5,665	9,234	3,687	1,586	5,273	1,368	-406	962	2,606	204	2,810	1,610	3,643	5,253	-93	2,380	2,627	-	-	-	-
Net margin	8.21%	11.2%	29.61%	32.53%	31.02%	14.67%	23.23%	14.24%	-6.79%	6.17%	23.45%	2.67%	14.98%	14.9%	27.06%	21.64%	-0.98%	19.22%	11.61%	-	-	-	-
EPS ²	7.488	9.940	45.87	74.66	29.79	12.81	42.60	11.06	-3.290	7.770	20.96	1.620	22.58	12.91	29.19	42.10	-0.7500	16.69	-	-	-	-	-
Dividend per Share ²	3.750	4.500	-	10.00	-	-	-	-	-	10.00	-	-	-	-	-	10.00	-	10.00	-	10.00	-	10.00	-
Announcement Date	10/31/19	10/26/20	5/13/21	10/28/21	1/27/22	5/12/22	5/12/22	7/27/22	10/26/22	10/26/22	1/31/23	5/11/23	5/11/23	7/26/23	10/25/23	10/25/23	1/26/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	9,522	12,659	8,996	7,051
Net Cash position ¹	3,017	2,436	8,160	12,877	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	1.366 x	1.018 x	0.8513 x	0.6768 x
Free Cash Flow ¹	3,177	89	7,051	6,039	-20,502	-1,139	11,723	6,553
ROE (net income / shareholders' equity)	13%	8.6%	19.5%	32.9%	7.4%	13.3%	10.6%	9.65%
ROA (Net income/ Total Assets)	12.5%	7.29%	14.2%	24%	5.64%	7.63%	3.8%	3.55%
Assets ¹	29,656	36,714	48,585	60,440	66,860	94,915	165,346	173,328
Book Value Per Share ²	246.0	258.0	306.0	407.0	412.0	460.0	497.0	535.0
Cash Flow per Share ²	41.10	33.40	71.10	133.0	46.40	67.90	60.40	59.90
Capex ¹	728	4,838	4,780	11,333	8,023	5,250	5,375	2,750
Capex / Sales	3.14%	19.52%	15.89%	22.19%	23.36%	11.57%	12.88%	6.58%
Announcement Date	5/10/19	5/12/20	5/13/21	5/12/22	5/11/23	-	-	-

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 JCR Pharmaceuticals Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

797 JPY

Average target price

1,557 JPY

Spread / Average Target

+95.38%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
JCR PHARMACEUTICALS CO., LTD.	-32.00%	632M
ELI LILLY AND COMPANY	+25.83%	661B
NOVO NORDISK A/S	+27.09%	566B
JOHNSON & JOHNSON	-6.76%	352B
MERCK & CO., INC.	+20.34%	332B
ABBVIE INC.	+3.00%	283B
ASTRAZENECA PLC	+14.60%	231B
NOVARTIS AG	+4.58%	200B
ROCHE HOLDING AG	-9.37%	195B
AMGEN INC.	-6.26%	145B

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