Financials Ono Pharmaceutical Co., Ltd.

Equities

4528

JP3197600004

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
2,294 ^JPY	+0.88%		-0.52%	-8.84%

Apr. 30	Japan's Ono Pharma says $2.4 bln Deciphera purchase 'first step' for global expansion	RE
Apr. 29	US Equity Markets Close Higher Monday Ahead of Earnings, Fed Meeting This Week	MT

Valuation

Fiscal Period: March	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	1,077,293	-	-
Enterprise Value (EV) ¹	1,045,860	1,179,553	1,378,498	1,443,704	1,253,600	1,152,917	885,972	817,150
P/E ratio	21.6 x	21 x	19.1 x	18.9 x	12 x	9.21 x	10.1 x	9.34 x
Yield	2.07%	1.81%	1.73%	1.83%	2.53%	3.48%	3.49%	3.58%
Capitalization / Revenue	3.86 x	4.24 x	4.66 x	4.19 x	3.02 x	2.29 x	2.28 x	2.15 x
EV / Revenue	3.62 x	4.03 x	4.46 x	4 x	2.8 x	2.29 x	1.88 x	1.63 x
EV / EBITDA	14.4 x	12.9 x	12.1 x	11.9 x	7.86 x	4.9 x	5.95 x	4.89 x
EV / FCF	61.5 x	17.7 x	84.1 x	21.3 x	8.64 x	7.98 x	8.1 x	7.36 x
FCF Yield	1.63%	5.65%	1.19%	4.7%	11.6%	12.5%	12.3%	13.6%
Price to Book	2 x	2.21 x	2.27 x	2.28 x	1.82 x	1.45 x	1.25 x	1.15 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	2,294	2,294	2,294
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

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	502,672	472,069	500,642
EBITDA ¹	72,631	91,705	114,150	120,916	159,414	190,285	148,995	167,020
EBIT ¹	62,010	77,491	98,330	103,195	141,963	159,935	136,312	151,877
Operating Margin	21.48%	26.5%	31.79%	28.56%	31.75%	31.82%	28.88%	30.34%
Earnings before Tax (EBT) ¹	65,141	79,696	100,890	105,025	143,532	163,734	138,301	154,300
Net income ¹	51,539	59,704	75,425	80,519	112,723	127,977	103,856	116,289
Net margin	17.86%	20.42%	24.39%	22.28%	25.21%	25.46%	22%	23.23%
EPS ²	100.2	118.5	151.1	162.2	230.8	266.6	227.1	245.5
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%	23.16%	22.17%
FCF Conversion (EBITDA)	23.42%	72.71%	14.36%	56.13%	91.03%	61.37%	73.37%	66.44%
FCF Conversion (Net income)	33.01%	111.69%	21.73%	84.29%	128.73%	88.7%	105.26%	95.43%
Dividend per Share ²	45.00	45.00	50.00	56.00	70.00	79.92	80.00	82.17
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	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	112,769	113,640	116,100	234,593	127,400	111,400
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	15,309	36,673	39,300	73,306	41,300	19,600
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%	13.58%	32.27%	33.85%	31.25%	32.42%	17.59%
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	16,442	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	17,433	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%	15.46%	24.41%	-	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	37.53	61.83	66.80	121.2	70.51	33.83
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	5/9/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	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	145,541	191,321	260,143
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%	16.7%	12.6%	12.9%
ROA (Net income/ Total Assets)	10.3%	12%	14.2%	14.1%	17.7%	18.2%	9.77%	11.7%
Assets ¹	500,145	497,621	530,900	569,650	636,778	701,932	1,063,374	997,428
Book Value Per Share ²	1,084	1,127	1,273	1,343	1,519	1,688	1,829	1,986
Cash Flow per Share ²	121.0	147.0	183.0	198.0	267.0	304.0	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%	4.78%	4.5%
Announcement Date	5/9/19	5/12/20	5/11/21	5/11/22	5/10/23	5/9/24	-	-

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 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

2,294 JPY

Average target price

2,698 JPY

Spread / Average Target

+17.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Generic Pharmaceuticals

	1st Jan change	Capi.
ONO PHARMACEUTICAL CO., LTD.	-8.84%	6.91B
SUN PHARMACEUTICAL INDUSTRIES LTD.	+19.62%	43.27B
OTSUKA HOLDINGS CO., LTD.	+24.52%	22.92B
SANDOZ GROUP AG	+20.29%	15.43B
CIPLA LIMITED	+7.48%	12.95B
ZYDUS LIFESCIENCES LIMITED	+42.51%	11.83B
THE MEDICINES COMPANY	-0.05%	6.79B
STADA ARZNEIMITTEL	-8.87%	5.73B
ASPEN PHARMACARE HOLDINGS LIMITED	+13.13%	5.55B
RICHTER GEDEON VEGYÉSZETI GYÁR NYILVÁNOSAN MUKÖDO RT.	+9.14%	4.9B

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