Financials MediPal Holdings Corporation

Equities

7459

JP3268950007

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-17 am EDT			5-day change	1st Jan Change
2,243 ^JPY	-0.24%		-9.45%	-1.86%

May. 14	MediPal Holdings Corporation announces an Equity Buyback for 2,500,000 shares, representing 1.19% for ¥5,000 million.	CI
May. 14	MediPal Holdings Corporation authorizes a Buyback Plan.	CI

Valuation

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	585,084	423,708	445,962	423,074	378,771	472,223	-	-
Enterprise Value (EV) ¹	396,176	231,679	235,023	191,232	183,740	487,240	472,223	472,223
P/E ratio	17.1 x	11.5 x	18.6 x	14.4 x	9.76 x	11.8 x	14.2 x	12.7 x
Yield	1.44%	2.03%	1.98%	2.18%	2.55%	2.59%	2.79%	2.83%
Capitalization / Revenue	0.18 x	0.13 x	0.14 x	0.13 x	0.11 x	0.14 x	0.13 x	0.13 x
EV / Revenue	0.18 x	0.13 x	0.14 x	0.13 x	0.11 x	0.14 x	0.13 x	0.13 x
EV / EBITDA	9.18 x	6.25 x	8.36 x	7.06 x	5.95 x	7.33 x	7.12 x	6.45 x
EV / FCF	13.2 x	15.4 x	24.4 x	11.5 x	-16.2 x	9.18 x	7.26 x	11 x
FCF Yield	7.58%	6.51%	4.11%	8.72%	-6.16%	10.9%	13.8%	9.06%
Price to Book	1.18 x	0.85 x	0.85 x	0.8 x	0.67 x	0.81 x	0.74 x	0.7 x
Nbr of stocks (in thousands)	222,465	209,964	209,963	209,962	209,962	210,017	-	-
Reference price ²	2,630	2,018	2,124	2,015	1,804	2,248	2,248	2,248
Announcement Date	5/15/19	5/14/20	5/13/21	5/13/22	5/12/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,181,928	3,253,079	3,211,125	3,290,921	3,360,008	3,558,732	3,573,080	3,628,756
EBITDA ¹	63,755	67,796	53,368	59,962	63,620	64,412	66,300	73,257
EBIT ¹	49,827	53,109	38,576	45,624	48,972	47,330	49,370	54,494
Operating Margin	1.57%	1.63%	1.2%	1.39%	1.46%	1.33%	1.38%	1.5%
Earnings before Tax (EBT) ¹	63,461	75,536	49,237	57,284	70,061	74,741	65,183	73,314
Net income ¹	34,359	37,968	23,926	29,423	38,806	41,474	34,230	37,575
Net margin	1.08%	1.17%	0.75%	0.89%	1.15%	1.17%	0.96%	1.04%
EPS ²	154.1	175.8	114.0	140.1	184.8	195.8	158.2	176.7
Free Cash Flow ¹	44,355	27,596	18,307	36,873	-23,348	51,427	65,000	42,766
FCF margin	1.39%	0.85%	0.57%	1.12%	-0.69%	1.46%	1.82%	1.18%
FCF Conversion (EBITDA)	69.57%	40.7%	34.3%	61.49%	-	79.84%	98.04%	58.38%
FCF Conversion (Net income)	129.09%	72.68%	76.52%	125.32%	-	144.06%	189.89%	113.81%
Dividend per Share ²	38.00	41.00	42.00	44.00	46.00	60.00	62.67	63.60
Announcement Date	5/15/19	5/14/20	5/13/21	5/13/22	5/12/23	5/14/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	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 Q3	2025 Q4
Net sales ¹	1,654,846	1,588,418	1,622,707	818,367	1,643,244	864,026	783,651	838,328	847,068	1,685,396	882,022	792,590	886,737	892,252	1,778,989	935,926	843,817	906,108	912,890	955,074	869,277
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	27,947	18,002	20,574	10,996	24,278	12,753	8,593	13,516	12,027	25,543	11,988	11,441	12,401	8,230	20,631	16,584	10,115	13,674	10,546	16,436	11,369
Operating Margin	1.69%	1.13%	1.27%	1.34%	1.48%	1.48%	1.1%	1.61%	1.42%	1.52%	1.36%	1.44%	1.4%	0.92%	1.16%	1.77%	1.2%	1.51%	1.16%	1.72%	1.31%
Earnings before Tax (EBT) ¹	32,196	24,878	24,359	16,500	33,958	18,268	5,058	17,227	16,115	33,342	23,331	-	19,963	12,877	32,840	20,885	21,016	17,649	14,572	20,860	14,994
Net income ¹	16,567	11,928	11,998	9,080	18,525	10,307	591	8,270	9,054	17,324	12,524	8,958	11,188	5,966	17,154	11,132	13,188	9,266	7,302	11,480	7,476
Net margin	1%	0.75%	0.74%	1.11%	1.13%	1.19%	0.08%	0.99%	1.07%	1.03%	1.42%	1.13%	1.26%	0.67%	0.96%	1.19%	1.56%	1.02%	0.8%	1.2%	0.86%
EPS	74.63	56.81	-	-	88.23	49.09	-	39.39	-	82.51	59.65	-	52.32	-	80.48	52.71	-	-	-	-	-
Dividend per Share	20.00	21.00	-	-	21.00	-	-	-	-	23.00	-	-	-	-	30.00	-	-	-	-	-	-
Announcement Date	10/31/19	10/30/20	5/13/21	10/29/21	10/29/21	2/1/22	5/13/22	7/29/22	10/31/22	10/31/22	2/1/23	5/12/23	8/2/23	11/2/23	11/2/23	2/5/24	5/14/24	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	188,908	192,029	210,939	231,842	195,031	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	44,355	27,596	18,307	36,873	-23,348	51,427	65,000	42,766
ROE (net income / shareholders' equity)	7%	7.6%	4.7%	5.6%	7.1%	7.1%	5.85%	5.96%
ROA (Net income/ Total Assets)	3.95%	4.17%	3.19%	3.66%	3.82%	3.69%	3.8%	3.9%
Assets ¹	870,743	910,460	750,784	803,650	1,017,001	1,125,005	900,789	963,467
Book Value Per Share ²	2,234	2,383	2,491	2,526	2,674	2,859	3,029	3,225
Cash Flow per Share ²	214.0	242.0	183.0	207.0	253.0	276.0	236.0	-
Capex ¹	19,361	29,321	16,141	18,150	17,434	20,217	19,560	19,560
Capex / Sales	0.61%	0.9%	0.5%	0.55%	0.52%	0.57%	0.55%	0.54%
Announcement Date	5/15/19	5/14/20	5/13/21	5/13/22	5/12/23	5/14/24	-	-

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 MediPal Holdings Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,248 JPY

Average target price

2,545 JPY

Spread / Average Target

+13.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Pharmaceuticals Wholesale

	1st Jan change	Capi.
MEDIPAL HOLDINGS CORPORATION	-1.86%	3.04B
MCKESSON CORPORATION	+20.04%	72.24B
CARDINAL HEALTH, INC.	-2.10%	24.04B
SINOPHARM GROUP CO. LTD.	+7.33%	8.92B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+10.34%	8.58B
HUADONG MEDICINE CO., LTD	-19.68%	8.07B
H. LUNDBECK A/S	+14.35%	5.24B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+14.69%	4.24B
EBOS GROUP LIMITED	-1.04%	4.15B
GALENICA AG	-2.13%	3.92B

Pharmaceuticals Wholesale