Financials Ono Pharmaceutical Co., Ltd.

Equities

4528

JP3197600004

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,300 ^JPY	+1.34%		+2.77%	-8.59%

Mar. 21	ONO Pharmaceuticals, Co., Ltd. Announces Enrollment is Complete for the First Arm of the PROSPECT Study of Tirabrutinib in U.S. Patients with Relapsed or Refractory PCNSL	CI
Mar. 14	Sibylla Biotech Enters Strategic Drug Discovery Collaboration with Ono Pharmaceutical Co., Ltd. in Central Nervous System Disorders	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,115,128	1,240,811	1,442,521	1,512,876	1,349,755	1,080,346	-	-
Enterprise Value (EV) ¹	1,045,860	1,179,553	1,378,498	1,443,704	1,253,600	923,169	860,040	815,964
P/E ratio	21.6 x	21 x	19.1 x	18.9 x	12 x	8.37 x	9.92 x	9.27 x
Yield	2.07%	1.81%	1.73%	1.83%	2.53%	3.47%	3.52%	3.57%
Capitalization / Revenue	3.86 x	4.24 x	4.66 x	4.19 x	3.02 x	2.12 x	2.24 x	2.16 x
EV / Revenue	3.62 x	4.03 x	4.46 x	4 x	2.8 x	1.82 x	1.78 x	1.63 x
EV / EBITDA	14.4 x	12.9 x	12.1 x	11.9 x	7.86 x	4.85 x	5.39 x	4.82 x
EV / FCF	61.5 x	17.7 x	84.1 x	21.3 x	8.64 x	7.91 x	7.87 x	7.35 x
FCF Yield	1.63%	5.65%	1.19%	4.7%	11.6%	12.7%	12.7%	13.6%
Price to Book	2 x	2.21 x	2.27 x	2.28 x	1.82 x	1.37 x	1.26 x	1.16 x
Nbr of stocks (in thousands)	514,121	499,120	499,142	493,436	488,334	469,716	-	-
Reference price ²	2,169	2,486	2,890	3,066	2,764	2,300	2,300	2,300
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	288,634	292,420	309,284	361,361	447,187	508,509	482,278	500,875
EBITDA ¹	72,631	91,705	114,150	120,916	159,414	190,265	159,464	169,145
EBIT ¹	62,010	77,491	98,330	103,195	141,963	172,027	144,234	153,343
Operating Margin	21.48%	26.5%	31.79%	28.56%	31.75%	33.83%	29.91%	30.62%
Earnings before Tax (EBT) ¹	65,141	79,696	100,890	105,025	143,532	174,250	146,223	156,073
Net income ¹	51,539	59,704	75,425	80,519	112,723	131,683	110,370	117,367
Net margin	17.86%	20.42%	24.39%	22.28%	25.21%	25.9%	22.89%	23.43%
EPS ²	100.2	118.5	151.1	162.2	230.8	274.7	231.8	248.1
Free Cash Flow ¹	17,011	66,682	16,391	67,867	145,113	116,781	109,314	110,969
FCF margin	5.89%	22.8%	5.3%	18.78%	32.45%	22.97%	22.67%	22.16%
FCF Conversion (EBITDA)	23.42%	72.71%	14.36%	56.13%	91.03%	61.38%	68.55%	65.61%
FCF Conversion (Net income)	33.01%	111.69%	21.73%	84.29%	128.73%	88.68%	99.04%	94.55%
Dividend per Share ²	45.00	45.00	50.00	56.00	70.00	79.92	80.92	82.17
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: März	2020 S1	2020 S2	2021 S1	2021 S2	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 S1	2025 Q3	2025 Q4
Net sales ¹	149,008	143,412	150,474	-	86,714	174,077	97,353	89,931	106,722	109,979	216,701	122,319	108,167	120,016	138,697	258,713	131,190	123,574	114,880	-	234,593	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,933	51,450	-	-	-	-	-
EBIT ¹	41,878	35,613	52,401	-	28,379	58,171	23,996	21,028	38,162	42,108	80,270	42,320	19,373	41,348	55,688	97,036	47,590	31,005	36,146	-	73,306	-	-
Operating Margin	28.1%	24.83%	34.82%	-	32.73%	33.42%	24.65%	23.38%	35.76%	38.29%	37.04%	34.6%	17.91%	34.45%	40.15%	37.51%	36.28%	25.09%	31.46%	-	31.25%	-	-
Earnings before Tax (EBT) ¹	43,042	36,654	53,674	-	28,427	59,231	25,118	20,676	39,041	41,978	81,019	43,360	19,153	42,378	56,918	99,296	47,996	24,254	36,531	-	74,076	-	-
Net income ¹	32,816	26,888	39,849	-	22,216	46,290	18,330	15,899	29,477	32,862	62,339	33,317	17,067	31,818	42,673	74,491	36,053	25,519	27,738	-	56,247	-	-
Net margin	22.02%	18.75%	26.48%	-	25.62%	26.59%	18.83%	17.68%	27.62%	29.88%	28.77%	27.24%	15.78%	26.51%	30.77%	28.79%	27.48%	20.65%	24.15%	-	23.98%	-	-
EPS ²	64.58	-	79.84	-	44.51	92.74	36.87	32.58	60.37	67.30	127.7	68.23	34.95	65.16	88.17	153.3	75.75	51.98	59.70	-	121.2	-	-
Dividend per Share ²	22.50	-	22.50	27.50	-	28.00	-	-	-	-	33.00	-	-	-	40.00	40.00	-	40.00	-	45.00	-	-	45.00
Announcement Date	10/31/19	5/12/20	10/29/20	5/11/21	11/1/21	11/1/21	1/31/22	5/11/22	8/1/22	10/31/22	10/31/22	1/31/23	5/10/23	7/31/23	11/1/23	11/1/23	1/31/24	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	69,268	61,258	64,023	69,172	96,155	157,176	220,306	264,382
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	17,011	66,682	16,391	67,867	145,113	116,781	109,314	110,969
ROE (net income / shareholders' equity)	9.5%	10.7%	12.6%	12.5%	16.1%	17.1%	13.2%	12.9%
ROA (Net income/ Total Assets)	10.3%	12%	14.2%	14.1%	17.7%	15.3%	11.5%	11.7%
Assets ¹	500,145	497,621	530,900	569,650	636,778	858,269	956,317	1,006,500
Book Value Per Share ²	1,084	1,127	1,273	1,343	1,519	1,683	1,829	1,986
Cash Flow per Share ²	121.0	147.0	183.0	198.0	267.0	259.0	274.0	302.0
Capex ¹	22,303	7,475	7,018	5,497	14,497	22,750	22,583	22,543
Capex / Sales	7.73%	2.56%	2.27%	1.52%	3.24%	4.47%	4.68%	4.5%
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	-	-	-

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 Ono Pharmaceutical Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,300 JPY

Average target price

2,656 JPY

Spread / Average Target

+15.47%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
ONO PHARMACEUTICAL CO., LTD.	-8.59%	6.86B
SUN PHARMACEUTICAL INDUSTRIES LTD.	+19.62%	43.34B
OTSUKA HOLDINGS CO., LTD.	+20.44%	21.96B
SANDOZ GROUP AG	+10.86%	14.09B
CIPLA LIMITED	+13.07%	13.64B
ZYDUS LIFESCIENCES LIMITED	+37.46%	11.43B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+8.46%	5.22B
SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.	-4.29%	4.71B

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