Financials Terumo Corporation

Equities

4543

JP3546800008

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,610 ^JPY	+0.50%		+2.84%	+12.96%

Apr. 12	Penumbra, Inc. : The underdog in healthcare
Mar. 18	Frontier Field Co., Ltd. announced that it has received funding from Terumo Corporation	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,505,187	2,796,910	3,021,411	2,816,528	2,661,180	3,875,974	-	-
Enterprise Value (EV) ¹	2,607,340	2,876,206	3,081,210	2,837,273	2,705,795	3,899,305	3,820,320	3,734,945
P/E ratio	31.1 x	32.6 x	39.1 x	31.7 x	30 x	36 x	31 x	27.2 x
Yield	0.8%	0.75%	0.73%	0.91%	1.12%	0.83%	0.91%	1.01%
Capitalization / Revenue	4.18 x	4.45 x	4.92 x	4 x	3.24 x	4.28 x	3.99 x	3.73 x
EV / Revenue	4.35 x	4.57 x	5.02 x	4.03 x	3.3 x	4.31 x	3.93 x	3.6 x
EV / EBITDA	17.3 x	17.6 x	20.2 x	16.2 x	14.4 x	18.3 x	16.2 x	14.3 x
EV / FCF	79.7 x	103 x	69.6 x	45 x	46.3 x	64 x	43.2 x	36.1 x
FCF Yield	1.26%	0.97%	1.44%	2.22%	2.16%	1.56%	2.32%	2.77%
Price to Book	3.6 x	3.71 x	3.53 x	2.78 x	2.4 x	3.34 x	3.11 x	2.89 x
Nbr of stocks (in thousands)	1,482,359	1,503,715	1,511,083	1,512,636	1,489,189	1,484,763	-	-
Reference price ²	1,690	1,860	2,000	1,862	1,787	2,610	2,610	2,610
Announcement Date	5/9/19	5/18/20	5/12/21	5/12/22	5/15/23	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	599,481	628,897	613,842	703,303	820,209	905,114	971,303	1,038,752
EBITDA ¹	150,672	162,969	152,318	174,842	187,570	212,949	236,522	260,540
EBIT ¹	106,637	110,611	98,386	115,960	117,332	141,921	163,889	186,976
Operating Margin	17.79%	17.59%	16.03%	16.49%	14.31%	15.68%	16.87%	18%
Earnings before Tax (EBT) ¹	102,709	106,466	97,060	114,501	116,137	141,559	163,458	186,574
Net income ¹	79,470	85,211	77,268	88,813	89,325	108,274	125,215	142,623
Net margin	13.26%	13.55%	12.59%	12.63%	10.89%	11.96%	12.89%	13.73%
EPS ²	54.35	56.98	51.16	58.72	59.50	72.58	84.11	95.88
Free Cash Flow ¹	32,726	27,969	44,277	63,013	58,415	60,893	88,456	103,466
FCF margin	5.46%	4.45%	7.21%	8.96%	7.12%	6.73%	9.11%	9.96%
FCF Conversion (EBITDA)	21.72%	17.16%	29.07%	36.04%	31.14%	28.6%	37.4%	39.71%
FCF Conversion (Net income)	41.18%	32.82%	57.3%	70.95%	65.4%	56.24%	70.64%	72.54%
Dividend per Share ²	13.50	14.00	14.50	17.00	20.00	21.71	23.85	26.33
Announcement Date	5/9/19	5/18/20	5/12/21	5/12/22	5/15/23	-	-	-

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	307,278	283,296	172,921	344,637	178,845	179,821	197,340	205,976	403,316	214,677	202,216	215,252	228,622	443,874	239,077	225,911	234,057	242,357	251,313	240,453
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55,047	-	-	-	-
EBIT ¹	59,150	41,824	29,624	65,857	28,598	21,505	30,427	25,550	55,977	37,537	23,121	29,644	36,848	66,492	39,027	36,190	38,133	41,233	42,500	39,833
Operating Margin	19.25%	14.76%	17.13%	19.11%	15.99%	11.96%	15.42%	12.4%	13.88%	17.49%	11.43%	13.77%	16.12%	14.98%	16.32%	16.02%	16.29%	17.01%	16.91%	16.57%
Earnings before Tax (EBT) ¹	58,065	40,659	29,262	65,282	27,762	21,457	29,667	24,957	54,624	37,476	24,037	29,804	36,624	66,428	39,315	34,726	36,800	41,350	40,800	38,700
Net income ¹	45,711	31,842	22,093	49,988	21,708	17,117	22,398	17,923	40,321	29,859	19,145	22,549	27,543	50,092	29,805	27,205	28,967	31,333	32,300	30,407
Net margin	14.88%	11.24%	12.78%	14.5%	12.14%	9.52%	11.35%	8.7%	10%	13.91%	9.47%	10.48%	12.05%	11.29%	12.47%	12.04%	12.38%	12.93%	12.85%	12.65%
EPS ²	30.72	21.10	14.60	33.06	14.36	11.32	14.80	11.88	26.68	19.94	12.88	15.14	18.50	33.64	20.03	17.02	-	-	-	-
Dividend per Share ²	7.000	7.000	8.000	8.000	-	9.000	-	-	9.500	-	-	-	11.00	11.00	-	11.00	-	12.50	-	12.50
Announcement Date	11/7/19	11/5/20	11/4/21	11/4/21	2/9/22	5/12/22	8/9/22	11/10/22	11/10/22	2/9/23	5/15/23	8/9/23	11/14/23	11/14/23	2/7/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	102,153	79,296	59,799	20,745	44,615	23,331	-	-
Net Cash position ¹	-	-	-	-	-	-	55,654	141,029
Leverage (Debt/EBITDA)	0.678 x	0.4866 x	0.3926 x	0.1186 x	0.2379 x	0.1096 x	-	-
Free Cash Flow ¹	32,726	27,969	44,277	63,013	58,415	60,893	88,456	103,466
ROE (net income / shareholders' equity)	12.7%	11.7%	9.6%	9.5%	8.4%	9.2%	9.72%	10.3%
ROA (Net income/ Total Assets)	9.34%	9.01%	7.49%	8.11%	7.55%	7.74%	7.81%	8.36%
Assets ¹	851,025	945,282	1,031,943	1,095,564	1,182,898	1,399,381	1,602,629	1,705,097
Book Value Per Share ²	470.0	502.0	567.0	669.0	746.0	782.0	838.0	904.0
Cash Flow per Share ²	84.50	92.00	86.90	97.70	106.0	83.60	132.0	144.0
Capex ¹	60,845	89,510	77,208	69,230	75,774	81,061	83,403	85,026
Capex / Sales	10.15%	14.23%	12.58%	9.84%	9.24%	8.96%	8.59%	8.19%
Announcement Date	5/9/19	5/18/20	5/12/21	5/12/22	5/15/23	-	-	-

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 Terumo Corporation

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2,610 JPY

Average target price

2,951 JPY

Spread / Average Target

+13.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Medical Equipment, Supplies & Distribution

	1st Jan change	Capi.
TERUMO CORPORATION	+12.96%	24.62B
ABBOTT LABORATORIES	-2.31%	187B
MEDTRONIC PLC	-3.20%	106B
BECTON, DICKINSON AND COMPANY	-5.04%	66.9B
DEXCOM, INC.	+0.20%	49.45B
CENCORA, INC.	+17.29%	48B
HOYA CORPORATION	+4.06%	40.84B
WEST PHARMACEUTICAL SERVICES, INC.	+2.36%	26.25B
METTLER-TOLEDO INTERNATIONAL, INC.	+2.07%	26.48B
ZIMMER BIOMET HOLDINGS, INC.	-1.93%	24.52B

Other Medical Equipment, Supplies & Distribution