Financials Sawai Group Holdings Co., Ltd.

Equities

4887

JP3323040000

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 07:00:00 27/06/2024 BST			5-day change	1st Jan Change
6,379 ^JPY	+0.24%		+12.56%	+22.46%

06-26	Sawai Group Plans 33 Billion Yen Share Buyback; Shares Up 8%	MT
06-25	Sawai Group Holdings Co., Ltd. announces an Equity Buyback for 6,900,000 shares, representing 15.75% for ¥33,000 million.	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	280,609	252,626	235,159	195,308	159,837	279,419	-	-
Enterprise Value (EV) ¹	303,348	271,567	251,465	176,276	199,714	320,487	323,716	319,951
P/E ratio	14.5 x	13.1 x	19.1 x	-6.91 x	12.6 x	19.3 x	10.3 x	12.6 x
Yield	2.11%	2.25%	2.42%	2.91%	3.56%	2.16%	2.36%	2.48%
Capitalization / Revenue	1.52 x	1.38 x	1.26 x	1.01 x	0.8 x	1.49 x	1.39 x	1.26 x
EV / Revenue	1.65 x	1.49 x	1.34 x	0.91 x	1 x	1.81 x	1.6 x	1.45 x
EV / EBITDA	7.21 x	6.07 x	6.76 x	-9.35 x	5.76 x	8.74 x	7.71 x	7.03 x
EV / FCF	11.6 x	22.5 x	25 x	45 x	-14.2 x	8,662 x	23 x	30 x
FCF Yield	8.6%	4.45%	4%	2.22%	-7.06%	0.01%	4.35%	3.34%
Price to Book	1.41 x	1.2 x	1.08 x	1.03 x	0.79 x	1.24 x	1.17 x	1.07 x
Nbr of stocks (in thousands)	43,777	43,783	43,791	43,791	43,791	43,803	-	-
Reference price ²	6,410	5,770	5,370	4,460	3,650	6,379	6,379	6,379
Announcement Date	14/05/19	14/05/20	11/05/21	11/05/22	11/05/23	13/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Marzo	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	184,341	182,537	187,219	193,816	200,344	176,862	201,744	221,068
EBITDA ¹	42,078	44,747	37,179	-18,843	34,667	36,675	41,992	45,527
EBIT ¹	25,798	26,793	18,888	-35,888	16,984	18,620	25,772	29,452
Operating Margin	13.99%	14.68%	10.09%	-18.52%	8.48%	10.53%	12.77%	13.32%
Earnings before Tax (EBT) ¹	25,666	26,497	18,460	-36,214	16,789	18,262	26,799	29,958
Net income ¹	19,376	19,279	12,340	-28,269	12,667	13,695	28,416	21,630
Net margin	10.51%	10.56%	6.59%	-14.59%	6.32%	7.74%	14.09%	9.78%
EPS ²	442.6	440.4	281.8	-645.5	289.2	312.7	616.6	505.4
Free Cash Flow ¹	26,103	12,083	10,063	3,915	-14,108	37	14,074	10,677
FCF margin	14.16%	6.62%	5.37%	2.02%	-7.04%	0.02%	6.98%	4.83%
FCF Conversion (EBITDA)	62.03%	27%	27.07%	-	-	0.1%	33.52%	23.45%
FCF Conversion (Net income)	134.72%	62.67%	81.55%	-	-	0.27%	49.53%	49.36%
Dividend per Share ²	135.0	130.0	130.0	130.0	130.0	130.0	150.6	157.9
Announcement Date	14/05/19	14/05/20	11/05/21	11/05/22	11/05/23	13/05/24	-	-

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 S1	2025 Q3	2025 Q4
Net sales ¹	90,481	90,172	46,816	97,302	51,325	45,189	48,231	48,183	96,414	54,677	49,253	52,989	53,800	106,789	29,267	40,806	48,933	50,167	98,600	55,267	47,033
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,690	-	-	-	-	-
EBIT ¹	15,255	14,012	5,339	13,822	10,114	-59,824	4,820	3,997	8,817	5,562	2,605	4,603	6,078	10,681	6,582	1,220	6,467	7,567	14,300	8,033	4,016
Operating Margin	16.86%	15.54%	11.4%	14.21%	19.71%	-132.39%	9.99%	8.3%	9.14%	10.17%	5.29%	8.69%	11.3%	10%	22.49%	2.99%	13.22%	15.08%	14.5%	14.54%	8.54%
Earnings before Tax (EBT) ¹	15,153	13,812	5,216	13,649	10,082	-59,945	4,815	3,892	8,707	5,562	2,520	4,613	5,993	10,606	6,465	1,191	6,425	8,475	15,800	7,875	4,250
Net income ¹	10,972	10,800	3,115	9,422	6,461	-44,152	3,672	2,988	6,660	4,185	1,822	3,518	4,926	8,444	5,057	194	9,709	4,840	22,060	4,805	3,186
Net margin	12.13%	11.98%	6.65%	9.68%	12.59%	-97.71%	7.61%	6.2%	6.91%	7.65%	3.7%	6.64%	9.16%	7.91%	17.28%	0.48%	19.84%	9.65%	22.37%	8.69%	6.77%
EPS ²	250.6	246.6	71.12	215.2	147.5	-1,008	83.86	68.23	152.1	95.57	41.59	80.33	112.5	192.8	115.4	4.420	217.0	207.8	-	232.9	46.35
Dividend per Share ²	65.00	65.00	-	65.00	-	-	-	-	65.00	-	-	-	65.00	65.00	-	65.00	-	65.00	-	-	65.00
Announcement Date	08/11/19	09/11/20	12/11/21	12/11/21	14/02/22	11/05/22	10/08/22	08/11/22	08/11/22	13/02/23	11/05/23	09/08/23	10/11/23	10/11/23	14/02/24	13/05/24	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	22,739	18,941	16,306	-	39,877	56,355	44,297	40,532
Net Cash position ¹	-	-	-	19,032	-	-	-	-
Leverage (Debt/EBITDA)	0.5404 x	0.4233 x	0.4386 x	-	1.15 x	1.537 x	1.055 x	0.8903 x
Free Cash Flow ¹	26,103	12,083	10,063	3,915	-14,108	37	14,074	10,677
ROE (net income / shareholders' equity)	10.2%	9.4%	5.8%	-13.8%	6.5%	6.6%	11.8%	9.13%
ROA (Net income/ Total Assets)	7.02%	6.99%	3.17%	-7.61%	4.71%	4.89%	7.75%	6.37%
Assets ¹	276,055	275,649	389,078	371,423	269,224	279,790	366,657	339,737
Book Value Per Share ²	4,552	4,796	4,985	4,340	4,605	4,855	5,448	5,964
Cash Flow per Share ²	815.0	850.0	700.0	-256.0	693.0	725.0	1,064	984.0
Capex ¹	7,500	5,501	12,999	14,513	20,727	17,915	21,150	17,967
Capex / Sales	4.07%	3.01%	6.94%	7.49%	10.35%	10.13%	10.48%	8.13%
Announcement Date	14/05/19	14/05/20	11/05/21	11/05/22	11/05/23	13/05/24	-	-

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 Sawai Group Holdings Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6,379 JPY

Average target price

6,928 JPY

Spread / Average Target

+8.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
SAWAI GROUP HOLDINGS CO., LTD.	+22.46%	1.73B
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JOHNSON & JOHNSON	-6.98%	353B
MERCK & CO., INC.	+19.08%	333B
ABBVIE INC.	+9.05%	302B
ASTRAZENECA PLC	+16.30%	246B
ROCHE HOLDING AG	+2.41%	225B
NOVARTIS AG	+12.47%	218B
AMGEN INC.	+8.91%	168B

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