Financials NIHON CHOUZAI Co.,Ltd.

Equities

3341

JP3729200000

Drug Retailers

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,482 ^JPY	-1.33%		-1.66%	+5.93%

Mar. 25	Nihon Chouzai to Meet Tradable Share Ratio Requirement by June	MT
2023	NIHON CHOUZAI Co.,Ltd Announces Dividend for the Second Quarter Ended September 30, 2023, Payable on December 6, 2023; Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	56,855	49,629	53,527	39,882	34,581	44,338	-	-
Enterprise Value (EV) ¹	106,416	90,405	92,965	70,511	68,937	75,504	70,865	65,857
P/E ratio	15.4 x	7.41 x	15.1 x	10.8 x	7.76 x	9.89 x	9.04 x	7.63 x
Yield	1.33%	1.51%	1.4%	1.88%	2.16%	1.69%	1.69%	1.8%
Capitalization / Revenue	0.23 x	0.18 x	0.19 x	0.13 x	0.11 x	0.13 x	0.13 x	0.12 x
EV / Revenue	0.43 x	0.34 x	0.33 x	0.24 x	0.22 x	0.22 x	0.2 x	0.18 x
EV / EBITDA	7.33 x	5.84 x	5.71 x	4.71 x	4.22 x	4.23 x	3.81 x	3.31 x
EV / FCF	12.8 x	77.5 x	27 x	6.98 x	38.9 x	15.5 x	13.5 x	11 x
FCF Yield	7.82%	1.29%	3.71%	14.3%	2.57%	6.45%	7.42%	9.09%
Price to Book	1.37 x	0.53 x	1.07 x	0.75 x	0.61 x	0.74 x	0.69 x	0.64 x
Nbr of stocks (in thousands)	30,323	29,987	29,987	29,987	29,914	29,917	-	-
Reference price ²	1,875	1,655	1,785	1,330	1,156	1,482	1,482	1,482
Announcement Date	4/26/19	4/30/20	4/30/21	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	245,687	268,520	278,951	299,392	313,318	339,077	354,329	370,636
EBITDA ¹	14,524	15,490	16,285	14,972	16,337	17,834	18,580	19,870
EBIT ¹	6,733	7,593	8,106	6,589	7,586	8,610	9,340	11,000
Operating Margin	2.74%	2.83%	2.91%	2.2%	2.42%	2.54%	2.64%	2.97%
Earnings before Tax (EBT) ¹	6,777	11,885	6,483	6,217	7,843	8,043	8,807	10,467
Net income ¹	3,790	6,697	3,538	3,705	4,458	4,482	4,905	5,812
Net margin	1.54%	2.49%	1.27%	1.24%	1.42%	1.32%	1.38%	1.57%
EPS ²	121.7	223.3	118.0	123.6	148.9	149.9	163.9	194.3
Free Cash Flow ¹	8,318	1,167	3,446	10,098	1,771	4,869	5,261	5,986
FCF margin	3.39%	0.43%	1.24%	3.37%	0.57%	1.44%	1.48%	1.62%
FCF Conversion (EBITDA)	57.27%	7.53%	21.16%	67.45%	10.84%	27.3%	28.31%	30.13%
FCF Conversion (Net income)	219.47%	17.43%	97.4%	272.55%	39.73%	108.63%	107.26%	102.99%
Dividend per Share ²	25.00	25.00	25.00	25.00	25.00	25.00	25.00	26.67
Announcement Date	4/26/19	4/30/20	4/30/21	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
Net sales ¹	130,297	135,999	74,351	146,202	77,237	75,953	74,709	77,622	152,331	80,513	80,474	81,848	84,462	166,310	87,817	85,725
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	4,066	2,774	1,480	2,416	3,411	762	892	1,921	2,813	3,016	1,757	1,596	1,801	3,397	3,153	2,543
Operating Margin	3.12%	2.04%	1.99%	1.65%	4.42%	1%	1.19%	2.47%	1.85%	3.75%	2.18%	1.95%	2.13%	2.04%	3.59%	2.97%
Earnings before Tax (EBT)	3,745	2,662	1,359	2,352	-313	-	925	1,925	2,850	4,110	883	1,605	-	3,378	3,090	-
Net income ¹	2,094	1,555	913	1,340	-244	2,609	391	1,216	1,607	2,682	169	659	1,089	1,748	2,021	1,036
Net margin	1.61%	1.14%	1.23%	0.92%	-0.32%	3.44%	0.52%	1.57%	1.05%	3.33%	0.21%	0.81%	1.29%	1.05%	2.3%	1.21%
EPS	69.86	51.89	-	44.71	-8.140	-	13.05	-	53.66	89.57	-	22.06	-	58.44	67.55	-
Dividend per Share	12.50	12.50	-	12.50	-	-	-	-	12.50	-	-	-	-	12.50	-	-
Announcement Date	10/31/19	10/30/20	10/29/21	10/29/21	1/31/22	4/28/22	7/29/22	10/31/22	10/31/22	1/31/23	4/28/23	7/31/23	10/31/23	10/31/23	1/31/24	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	49,561	40,776	39,438	30,629	34,356	31,167	26,528	21,519
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.412 x	2.632 x	2.422 x	2.046 x	2.103 x	1.748 x	1.428 x	1.083 x
Free Cash Flow ¹	8,318	1,167	3,446	10,098	1,771	4,869	5,261	5,986
ROE (net income / shareholders' equity)	9.2%	15.2%	7.3%	7.2%	8.2%	7.67%	7.9%	8.7%
ROA (Net income/ Total Assets)	3.33%	4.07%	4.52%	3.71%	4.22%	3.8%	4.03%	4.7%
Assets ¹	113,897	164,702	78,218	99,925	105,632	117,956	121,603	123,667
Book Value Per Share ²	1,370	3,140	1,663	1,763	1,888	2,013	2,151	2,319
Cash Flow per Share	329.0	879.0	337.0	348.0	378.0	-	-	-
Capex ¹	5,254	5,624	5,955	8,114	10,321	7,300	7,433	7,433
Capex / Sales	2.14%	2.09%	2.13%	2.71%	3.29%	2.15%	2.1%	2.01%
Announcement Date	4/26/19	4/30/20	4/30/21	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 NIHON CHOUZAI Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,482 JPY

Average target price

1,503 JPY

Spread / Average Target

+1.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Retail - Drugs without Grocery

	1st Jan change	Capi.
NIHON CHOUZAI CO.,LTD.	+5.93%	282M
RAIA DROGASIL S.A.	-12.86%	8.57B
AIN HOLDINGS INC.	+32.95%	1.32B
QOL HOLDINGS CO., LTD.	+6.76%	419M
SALUS, LJUBLJANA, D. D.	+10.56%	224M
GREEN CROSS HEALTH LIMITED	-8.26%	85.07M
PETMED EXPRESS, INC.	-46.83%	81.99M
MEDICAL IKKOU GROUP CO.,LTD.	+20.94%	59.57M

Retail - Drugs without Grocery