SHIN NIPPON BIOMEDICAL LABORATORIES, LTD.

Financials Shin Nippon Biomedical Laboratories, Ltd. OTC Markets

Equities

SBLOF

JP3379950003

Biotechnology & Medical Research

Market Closed - OTC Markets Other stock markets 16:58:04 16/05/2023 BST			5-day change	1st Jan Change
16.97 ^USD	-.--%		-.--%	-.--%

05-08	Shin Nippon Biomedical Laboratories, Ltd. Announces Fiscal Year End Dividend for the Fiscal Year Ended March 31, 2024, Payable on June 25, 2024; Provides Second Quarter End and Fiscal Year End Dividend Guidance for the Fiscal Year Ended March 31, 2025	CI
05-08	Shin Nippon Biomedical Laboratories, Ltd. Provides Consolidated Earnings Forecasts for the Six Months Ending September 30, 2024 and Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	21,982	29,101	70,608	114,488	63,197	58,326	-	-
Enterprise Value (EV) ¹	31,655	34,500	72,748	122,715	78,773	81,100	83,787	83,125
P/E ratio	8.62 x	7.95 x	9.91 x	18.9 x	11.4 x	13.6 x	8.71 x	7.57 x
Yield	0.95%	2.86%	2.36%	1.82%	3.29%	3.57%	4.28%	5%
Capitalization / Revenue	1.51 x	1.93 x	3.98 x	4.56 x	2.39 x	1.91 x	1.72 x	1.56 x
EV / Revenue	2.17 x	2.28 x	4.1 x	4.89 x	2.98 x	2.66 x	2.46 x	2.22 x
EV / EBITDA	-	-	-	18.1 x	13.1 x	14.2 x	9.31 x	7.84 x
EV / FCF	21 x	9.27 x	17.1 x	-76.2 x	-12.3 x	-15.8 x	-443 x	23.2 x
FCF Yield	4.75%	10.8%	5.84%	-1.31%	-8.15%	-6.31%	-0.23%	4.3%
Price to Book	1.35 x	1.85 x	3.61 x	4.37 x	1.85 x	1.61 x	1.44 x	1.29 x
Nbr of stocks (in thousands)	41,632	41,632	41,632	41,632	41,632	41,632	-	-
Reference price ²	528.0	699.0	1,696	2,750	1,518	1,401	1,401	1,401
Announcement Date	11/05/20	10/05/21	06/05/22	08/05/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,561	15,110	17,748	25,090	26,450	30,500	34,000	37,500
EBITDA ¹	-	-	-	6,789	6,030	5,700	9,000	10,600
EBIT ¹	2,228	2,529	4,195	5,245	4,162	2,800	6,000	7,500
Operating Margin	15.3%	16.74%	23.64%	20.9%	15.74%	9.18%	17.65%	20%
Earnings before Tax (EBT) ¹	3,062	4,175	8,183	7,759	6,974	5,800	9,100	10,700
Net income ¹	2,550	3,661	7,127	6,060	5,531	4,300	6,700	7,700
Net margin	17.51%	24.23%	40.16%	24.15%	20.91%	14.1%	19.71%	20.53%
EPS ²	61.25	87.95	171.2	145.6	132.9	103.3	160.9	185.0
Free Cash Flow ¹	1,504	3,721	4,249	-1,610	-6,419	-5,117	-189	3,577
FCF margin	10.33%	24.63%	23.94%	-6.42%	-24.27%	-16.78%	-0.56%	9.54%
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	33.75%
FCF Conversion (Net income)	58.98%	101.64%	59.62%	-	-	-	-	46.45%
Dividend per Share ²	5.000	20.00	40.00	50.00	50.00	50.00	60.00	70.00
Announcement Date	11/05/20	10/05/21	06/05/22	08/05/23	08/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2022 S1	2022 Q3	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	2026 S1
Net sales ¹	7,003	7,961	4,985	4,046	6,302	10,348	6,023	8,718	5,805	6,079	11,884	6,100	8,466	6,705	7,155	13,860	7,205	9,435	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,161	1,969	1,331	714	1,599	2,313	1,470	1,461	1,227	1,122	2,349	186	1,627	-45	445	400	415	1,985	-202
Operating Margin	16.58%	24.73%	26.7%	17.65%	25.37%	22.35%	24.41%	16.76%	21.14%	18.46%	19.77%	3.05%	19.21%	-0.67%	6.22%	2.89%	5.76%	21.04%	-
Earnings before Tax (EBT) ¹	1,300	3,905	2,139	2,771	3,119	5,890	-259	2,128	1,941	1,872	3,814	1,124	-	605	1,195	1,800	1,365	2,635	-
Net income ¹	1,139	3,503	1,744	1,944	2,475	4,419	-68	1,708	1,373	1,593	2,966	828	1,737	629	950	1,580	1,136	1,583	-
Net margin	16.26%	44%	34.98%	48.05%	39.27%	42.7%	-1.13%	19.59%	23.66%	26.2%	24.96%	13.57%	20.52%	9.38%	13.28%	11.4%	15.77%	16.78%	-
EPS	27.36	84.15	41.90	46.70	-	106.2	-1.640	41.04	32.98	38.26	71.24	19.90	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	20.00	-	-	-	-	20.00	-	-	-	-	-	-	-	-
Announcement Date	06/11/20	02/11/21	02/02/22	29/07/22	31/10/22	31/10/22	31/01/23	08/05/23	02/08/23	07/11/23	07/11/23	02/02/24	08/05/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	9,673	5,399	2,140	8,227	15,575	22,774	25,461	24,799
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	1.212 x	2.583 x	3.995 x	2.829 x	2.34 x
Free Cash Flow ¹	1,504	3,721	4,249	-1,610	-6,419	-5,117	-189	3,577
ROE (net income / shareholders' equity)	11.4%	22.9%	40.4%	26.5%	18.3%	12.2%	17.4%	17.9%
ROA (Net income/ Total Assets)	6.69%	9.6%	18.6%	19%	10.5%	7.2%	10.5%	11.7%
Assets ¹	38,128	38,154	38,406	31,821	52,647	59,722	63,810	65,812
Book Value Per Share ²	391.0	378.0	470.0	630.0	819.0	873.0	974.0	1,089
Cash Flow per Share	90.80	116.0	199.0	183.0	175.0	-	-	-
Capex ¹	1,514	1,025	1,703	5,614	8,525	10,500	8,000	5,000
Capex / Sales	10.4%	6.78%	9.6%	22.38%	32.23%	34.43%	23.53%	13.33%
Announcement Date	11/05/20	10/05/21	06/05/22	08/05/23	08/05/24	-	-	-

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 Shin Nippon Biomedical Laboratories, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1,401 JPY

Average target price

2,800 JPY

Spread / Average Target

+99.86%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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