Financials Sankyo Co., Ltd.

Equities

6417

JP3326410002

Casinos & Gaming

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
1,664 ^JPY	+1.87%		+1.93%	+1.15%

Apr. 25	AstraZeneca upbeat as cancer drugs underpin sales growth	AN
Apr. 08	AstraZeneca hails neurological data for Ultomiris, Soliris	AN

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	342,561	192,382	179,456	198,524	321,092	364,889	-	-
Enterprise Value (EV) ¹	72,748	-30,458	-44,415	-34,488	53,483	364,889	364,889	364,889
P/E ratio	25.6 x	17.1 x	31.2 x	11.1 x	6.85 x	7.62 x	7.36 x	7.49 x
Yield	3.55%	4.77%	5.11%	2.95%	2.71%	5.31%	5.45%	5.17%
Capitalization / Revenue	3.87 x	2.45 x	3.09 x	2.34 x	2.04 x	1.82 x	1.84 x	1.84 x
EV / Revenue	3.87 x	2.45 x	3.09 x	2.34 x	2.04 x	1.82 x	1.84 x	1.84 x
EV / EBITDA	14 x	12 x	20 x	8.46 x	5.32 x	4.8 x	4.57 x	4.46 x
EV / FCF	23.9 x	11.9 x	20.3 x	6.29 x	7.69 x	6.77 x	6.32 x	6.26 x
FCF Yield	4.19%	8.39%	4.93%	15.9%	13%	14.8%	15.8%	16%
Price to Book	1.02 x	0.72 x	0.67 x	0.74 x	1.04 x	1.31 x	1.14 x	1.06 x
Nbr of stocks (in thousands)	405,878	305,853	305,926	292,376	290,318	219,350	-	-
Reference price ²	844.0	629.0	586.6	679.0	1,106	1,664	1,664	1,664
Announcement Date	5/9/19	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	88,558	78,416	58,129	84,857	157,296	200,563	198,400	198,750
EBITDA ¹	24,430	16,072	8,985	23,470	60,370	75,956	79,801	81,878
EBIT ¹	21,286	12,551	6,587	21,357	58,532	73,021	73,850	72,325
Operating Margin	24.04%	16.01%	11.33%	25.17%	37.21%	36.41%	37.22%	36.39%
Earnings before Tax (EBT)	18,340	14,449	7,727	25,523	66,259	-	-	-
Net income ¹	13,384	13,045	5,749	18,466	46,893	52,510	52,258	51,391
Net margin	15.11%	16.64%	9.89%	21.76%	29.81%	26.18%	26.34%	25.86%
EPS ²	32.98	36.69	18.79	61.01	161.5	218.3	226.0	222.0
Free Cash Flow ¹	14,343	16,140	8,853	31,584	41,758	53,920	57,730	58,299
FCF margin	16.2%	20.58%	15.23%	37.22%	26.55%	26.88%	29.1%	29.33%
FCF Conversion (EBITDA)	58.71%	100.42%	98.53%	134.57%	69.17%	70.99%	72.34%	71.2%
FCF Conversion (Net income)	107.17%	123.73%	153.99%	171.04%	89.05%	102.68%	110.47%	113.44%
Dividend per Share ²	30.00	30.00	30.00	20.00	30.00	88.33	90.67	86.00
Announcement Date	5/9/19	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	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	33,493	25,332	17,129	28,061	42,283	14,513	27,763	42,200	69,963	58,102	29,231	50,777	65,413	116,190	54,398	30,004	38,250	56,100	68,000	43,250
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,077	1,084	2,146	2,914	17,119	1,324	9,455	16,960	26,415	21,624	10,493	19,188	26,272	45,460	19,804	7,745	12,750	21,600	27,250	14,350
Operating Margin	9.19%	4.28%	12.53%	10.38%	40.49%	9.12%	34.06%	40.19%	37.76%	37.22%	35.9%	37.79%	40.16%	39.13%	36.41%	25.81%	33.33%	38.5%	40.07%	33.18%
Earnings before Tax (EBT)	3,530	1,857	-	6,080	17,427	-	11,131	-	30,138	24,605	-	19,909	-	46,290	21,688	-	-	-	-	-
Net income ¹	2,183	1,407	3,631	4,575	12,374	1,517	7,931	13,375	21,306	17,364	8,223	14,080	18,707	32,787	15,457	4,178	9,300	16,600	20,800	6,800
Net margin	6.52%	5.55%	21.2%	16.3%	29.26%	10.45%	28.57%	31.69%	30.45%	29.89%	28.13%	27.73%	28.6%	28.22%	28.41%	13.92%	24.31%	29.59%	30.59%	15.72%
EPS	5.386	4.602	-	14.94	40.54	-	27.31	-	73.37	59.81	-	48.48	-	113.1	61.32	-	-	-	-	-
Dividend per Share	15.00	15.00	-	10.00	-	-	-	-	12.00	-	-	-	-	30.00	-	-	-	-	-	-
Announcement Date	11/7/19	11/9/20	11/8/21	11/8/21	2/8/22	5/12/22	8/4/22	11/7/22	11/7/22	2/8/23	5/11/23	8/7/23	11/7/23	11/7/23	2/7/24	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	269,813	222,840	223,871	233,012	267,609	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	14,343	16,140	8,853	31,584	41,758	53,920	57,730	58,299
ROE (net income / shareholders' equity)	4%	4.3%	2.1%	6.9%	16.3%	17.7%	15.6%	12.8%
ROA (Net income/ Total Assets)	5.6%	3.72%	2.43%	7.4%	17.6%	16.7%	13.2%	11%
Assets ¹	238,834	350,817	236,983	249,448	266,767	313,808	397,395	469,322
Book Value Per Share ²	828.0	876.0	873.0	922.0	1,062	1,267	1,460	1,576
Cash Flow per Share	40.50	46.50	26.60	68.00	168.0	-	-	-
Capex ¹	2,485	2,831	1,710	1,875	2,881	4,100	3,518	3,800
Capex / Sales	2.81%	3.61%	2.94%	2.21%	1.83%	2.04%	1.77%	1.91%
Announcement Date	5/9/19	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 Sankyo Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,664 JPY

Average target price

1,928 JPY

Spread / Average Target

+15.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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