KUSURI NO AOKI HOLDINGS CO., LTD. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,910 JPY | +1.66% |
|
+6.07% | -9.26% |
| Apr. 08 | Kusuri No Aoki’s Profit Down 31% in Fiscal Q1-Q3 | MT |
| Feb. 28 | Japan retailer Aeon to merge with drugstore chains Tsuruha and Welcia | RE |
Valuation
| Fiscal Period: May | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 234,855 | 257,611 | 247,213 | 174,373 | 233,968 | 275,274 | - | - |
| Enterprise Value (EV) 1 | 256,012 | 277,902 | 284,494 | 224,121 | 278,266 | 318,066 | 313,784 | 307,031 |
| P/E ratio | 22.1 x | 20.7 x | 20.5 x | 17.7 x | 19 x | 23.8 x | 15.6 x | 14.4 x |
| Yield | 0.24% | 0.24% | 0.29% | 0.47% | 0.39% | 0.38% | 0.54% | 0.6% |
| Capitalization / Revenue | 0.94 x | 0.86 x | 0.81 x | 0.53 x | 0.62 x | 0.63 x | 0.58 x | 0.53 x |
| EV / Revenue | 1.02 x | 0.93 x | 0.93 x | 0.68 x | 0.73 x | 0.73 x | 0.66 x | 0.6 x |
| EV / EBITDA | 13 x | 12.3 x | 11.9 x | 9.81 x | 10.4 x | 10.8 x | 8.19 x | 7.44 x |
| EV / FCF | -49.3 x | 81.4 x | -28.8 x | -29.9 x | 31 x | -110 x | 107 x | 52.1 x |
| FCF Yield | -2.03% | 1.23% | -3.47% | -3.34% | 3.23% | -0.91% | 0.94% | 1.92% |
| Price to Book | 4.32 x | 3.9 x | 3.19 x | 2.01 x | 2.38 x | 2.51 x | 2.26 x | 1.98 x |
| Nbr of stocks (in thousands) | 94,572 | 94,594 | 94,597 | 94,597 | 94,596 | 94,596 | - | - |
| Reference price 2 | 2,483 | 2,723 | 2,613 | 1,843 | 2,473 | 2,910 | 2,910 | 2,910 |
| Announcement Date | 7/4/19 | 7/2/20 | 7/1/21 | 7/4/22 | 6/30/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: May | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 250,885 | 300,173 | 305,880 | 328,335 | 378,874 | 436,120 | 474,420 | 515,360 |
| EBITDA 1 | 19,689 | 22,634 | 23,914 | 22,856 | 26,760 | 29,486 | 38,300 | 41,288 |
| EBIT 1 | 14,147 | 16,359 | 16,619 | 14,070 | 15,296 | 17,700 | 25,680 | 27,820 |
| Operating Margin | 5.64% | 5.45% | 5.43% | 4.29% | 4.04% | 4.06% | 5.41% | 5.4% |
| Earnings before Tax (EBT) 1 | 14,476 | 17,190 | 16,825 | 14,579 | 16,760 | 17,900 | 26,500 | 28,933 |
| Net income 1 | 10,648 | 12,416 | 12,062 | 9,839 | 12,326 | 11,980 | 18,360 | 19,900 |
| Net margin | 4.24% | 4.14% | 3.94% | 3% | 3.25% | 2.75% | 3.87% | 3.86% |
| EPS 2 | 112.6 | 131.3 | 127.5 | 104.0 | 130.3 | 122.5 | 186.3 | 201.8 |
| Free Cash Flow 1 | -5,193 | 3,413 | -9,877 | -7,485 | 8,989 | -2,900 | 2,934 | 5,896 |
| FCF margin | -2.07% | 1.14% | -3.23% | -2.28% | 2.37% | -0.66% | 0.62% | 1.14% |
| FCF Conversion (EBITDA) | - | 15.08% | - | - | 33.59% | - | 7.66% | 14.28% |
| FCF Conversion (Net income) | - | 27.49% | - | - | 72.93% | - | 15.98% | 29.63% |
| Dividend per Share 2 | 6.000 | 6.667 | 7.667 | 8.667 | 9.667 | 10.92 | 15.63 | 17.35 |
| Announcement Date | 7/4/19 | 7/2/20 | 7/1/21 | 7/4/22 | 6/30/23 | - | - | - |
1JPY in Million2JPY
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: May | 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 | 146,435 | 150,716 | 80,562 | 161,192 | 84,663 | 82,480 | 91,766 | 92,515 | 184,281 | 97,946 | 96,647 | 107,439 | 108,183 | 215,622 | 111,088 | 108,812 | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 6,629 | 8,481 | 3,494 | 6,805 | 4,204 | 3,061 | 4,476 | 3,802 | 8,278 | 4,462 | 3,485 | 6,660 | 160 | 6,820 | 6,659 | 4,100 | - | - | - | - |
| Operating Margin | 4.53% | 5.63% | 4.34% | 4.22% | 4.97% | 3.71% | 4.88% | 4.11% | 4.49% | 4.56% | 3.61% | 6.2% | 0.15% | 3.16% | 5.99% | 3.77% | - | - | - | - |
| Earnings before Tax (EBT) 1 | 6,812 | 8,743 | - | 6,995 | 4,682 | 2,902 | 5,952 | 5,041 | 10,993 | 5,534 | 1,162 | 6,810 | 211 | 7,021 | 6,900 | 3,317 | - | - | - | - |
| Net income 1 | 4,889 | 6,435 | 2,347 | 4,694 | 3,027 | 2,118 | 4,144 | 3,780 | 7,924 | 4,032 | 1,016 | 4,789 | -1,367 | 3,422 | 4,844 | 2,006 | - | - | - | - |
| Net margin | 3.34% | 4.27% | 2.91% | 2.91% | 3.58% | 2.57% | 4.52% | 4.09% | 4.3% | 4.12% | 1.05% | 4.46% | -1.26% | 1.59% | 4.36% | 1.84% | - | - | - | - |
| EPS 2 | 51.69 | 68.03 | 24.81 | 49.63 | 31.99 | 22.39 | 43.81 | 39.96 | 83.77 | 42.62 | 10.74 | 50.63 | -14.45 | 36.18 | 51.21 | 35.23 | - | - | - | - |
| Dividend per Share 2 | 3.333 | 3.750 | 4.333 | 4.333 | - | 4.333 | - | 4.833 | 4.833 | - | 4.833 | - | 5.333 | 5.333 | - | 5.500 | - | 6.333 | - | 6.333 |
| Announcement Date | 12/12/19 | 12/21/20 | 1/4/22 | 1/4/22 | 3/30/22 | 7/4/22 | 10/3/22 | 12/28/22 | 12/28/22 | 4/4/23 | 6/30/23 | 10/3/23 | 12/28/23 | 12/28/23 | 4/4/24 | - | - | - | - | - |
1JPY in Million2JPY
Estimates
Balance Sheet Analysis
| Fiscal Period: May | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 21,157 | 20,291 | 37,281 | 49,748 | 44,298 | 42,791 | 38,510 | 31,756 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 1.075 x | 0.8965 x | 1.559 x | 2.177 x | 1.655 x | 1.451 x | 1.005 x | 0.7692 x |
| Free Cash Flow 1 | -5,193 | 3,413 | -9,877 | -7,485 | 8,989 | -2,900 | 2,934 | 5,896 |
| ROE (net income / shareholders' equity) | 21.6% | 20.6% | 16.8% | 12% | 13.3% | 11.1% | 15.5% | 14.6% |
| ROA (Net income/ Total Assets) | 11.5% | 11% | 9.48% | 7.34% | 7.88% | 5.48% | 7.23% | 7.22% |
| Assets 1 | 92,471 | 113,091 | 127,294 | 134,049 | 156,440 | 218,553 | 253,907 | 275,766 |
| Book Value Per Share 2 | 575.0 | 699.0 | 820.0 | 918.0 | 1,041 | 1,159 | 1,287 | 1,472 |
| Cash Flow per Share | 171.0 | 198.0 | 205.0 | 197.0 | 251.0 | - | - | - |
| Capex 1 | 16,335 | 15,415 | 22,041 | 29,288 | 30,395 | 24,550 | 27,240 | 27,280 |
| Capex / Sales | 6.51% | 5.14% | 7.21% | 8.92% | 8.02% | 5.63% | 5.74% | 5.29% |
| Announcement Date | 7/4/19 | 7/2/20 | 7/1/21 | 7/4/22 | 6/30/23 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
2,910
JPY
Average target price
3,625
JPY
Spread / Average Target
+24.57%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -9.26% | 1.75B | |
| -11.64% | 3.62B | |
| -0.09% | 3.36B | |
| -23.44% | 3.06B | |
| +7.56% | 2.67B | |
| +9.74% | 2.59B | |
| +9.30% | 1.35B | |
| -18.45% | 957M | |
| -38.18% | 704M | |
| -1.85% | 370M |
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