Financials Shofu Inc.

Equities

7979

JP3363600002

Medical Equipment, Supplies & Distribution

Delayed Japan Exchange Other stock markets 03:01:45 05/07/2024 BST			5-day change	1st Jan Change
4,905 ^JPY	-0.41%		+4.81%	+78.23%

06-25	Shofu Inc. Announces Resignation of Yasushi Sakemi as Member of the Corporate Value Evaluation Committee	CI
05-09	Shofu Inc. Announces Dividend for the Year Ended March 31, 2024, Payable on June 5, 2024; Provides Dividend Guidance for the Second Quarter and Full Year Ending March 31, 2025	CI

Valuation

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	28,079	35,239	27,769	35,916	52,129	87,384	-	-
Enterprise Value (EV) ¹	24,448	30,168	20,183	27,526	42,694	87,384	87,384	87,384
P/E ratio	39.8 x	20.6 x	10.9 x	11.5 x	14.2 x	21.5 x	18.9 x	16.6 x
Yield	1.48%	1.46%	2.5%	2.81%	2.11%	1.85%	2.13%	2.42%
Capitalization / Revenue	1.08 x	1.43 x	0.99 x	1.13 x	1.49 x	2.26 x	2.1 x	1.94 x
EV / Revenue	1.08 x	1.43 x	0.99 x	1.13 x	1.49 x	2.26 x	2.1 x	1.94 x
EV / EBITDA	8.81 x	10.8 x	6.74 x	7.49 x	8.87 x	13.2 x	11.9 x	10.4 x
EV / FCF	82.3 x	20.3 x	-	19.1 x	28.8 x	32.6 x	46.7 x	42.4 x
FCF Yield	1.21%	4.92%	-	5.23%	3.47%	3.07%	2.14%	2.36%
Price to Book	1.18 x	1.17 x	0.85 x	1.02 x	1.26 x	1.98 x	1.84 x	1.72 x
Nbr of stocks (in thousands)	15,945	17,762	17,789	17,701	17,743	17,743	-	-
Reference price ²	1,761	1,984	1,561	2,029	2,938	4,925	4,925	4,925
Announcement Date	14/05/20	14/05/21	11/05/22	10/05/23	09/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	26,108	24,680	28,137	31,678	35,080	38,613	41,617	44,967
EBITDA ¹	3,188	3,255	4,118	4,795	5,877	6,597	7,370	8,437
EBIT ¹	2,210	2,300	3,217	3,824	4,709	5,307	5,877	6,750
Operating Margin	8.46%	9.32%	11.43%	12.07%	13.42%	13.74%	14.12%	15.01%
Earnings before Tax (EBT) ¹	1,184	2,370	3,611	4,410	5,282	5,727	6,478	7,352
Net income ¹	704	1,674	2,546	3,135	3,655	4,070	4,630	5,283
Net margin	2.7%	6.78%	9.05%	9.9%	10.42%	10.54%	11.13%	11.75%
EPS ²	44.24	96.29	143.2	176.1	206.2	229.2	260.6	297.4
Free Cash Flow ¹	341	1,732	-	1,880	1,807	2,680	1,870	2,060
FCF margin	1.31%	7.02%	-	5.93%	5.15%	6.94%	4.49%	4.58%
FCF Conversion (EBITDA)	10.7%	53.21%	-	39.21%	30.75%	40.63%	25.37%	24.42%
FCF Conversion (Net income)	48.44%	103.46%	-	59.97%	49.44%	65.85%	40.39%	38.99%
Dividend per Share ²	26.00	29.00	39.00	57.00	62.00	91.05	105.0	119.3
Announcement Date	14/05/20	14/05/21	11/05/22	10/05/23	09/05/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 S1	2024 Q3	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2	2026 Q1
Net sales ¹	11,217	13,463	13,867	7,147	7,123	14,270	8,097	7,734	15,831	7,911	7,936	15,847	8,265	16,447	8,956	-	9,415	9,270	18,170	9,940	9,975	20,030	10,100
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	905	1,395	2,000	980	237	1,217	1,229	1,008	2,237	1,053	534	1,587	1,144	2,155	1,254	-	1,310	1,355	2,430	1,432	1,252	2,770	1,500
Operating Margin	8.07%	10.36%	14.42%	13.71%	3.33%	8.53%	15.18%	13.03%	14.13%	13.31%	6.73%	10.01%	13.84%	13.1%	14%	-	13.91%	14.62%	13.37%	14.41%	12.56%	13.83%	14.85%
Earnings before Tax (EBT) ¹	891	1,479	2,089	1,145	-	-	1,665	1,237	2,902	934	574	1,508	1,367	2,387	1,590	-	1,500	1,600	-	1,400	1,400	-	1,600
Net income ¹	568	1,106	1,506	840	200	1,040	1,144	989	2,133	663	339	1,002	686	1,559	1,188	-	1,000	1,050	1,900	1,050	1,000	2,100	1,100
Net margin	5.06%	8.22%	10.86%	11.75%	2.81%	7.29%	14.13%	12.79%	13.47%	8.38%	4.27%	6.32%	8.3%	9.48%	13.26%	-	10.62%	11.33%	10.46%	10.56%	10.03%	10.48%	10.89%
EPS	33.44	-	84.79	47.20	-	-	64.35	-	119.8	37.12	-	-	38.77	87.98	66.99	-	-	-	-	-	-	-	-
Dividend per Share	8.000	-	13.00	-	-	-	-	-	15.00	-	-	-	-	20.00	-	42.00	-	-	-	-	-	-	-
Announcement Date	04/11/20	14/05/21	04/11/21	04/02/22	11/05/22	11/05/22	04/08/22	02/11/22	02/11/22	03/02/23	10/05/23	10/05/23	03/08/23	02/11/23	02/02/24	09/05/24	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	3,631	5,071	7,586	8,390	9,435	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	341	1,732	-	1,880	1,807	2,680	1,870	2,060
ROE (net income / shareholders' equity)	2.9%	6.2%	8.1%	9.2%	9.5%	9.43%	9.97%	10.5%
ROA (Net income/ Total Assets)	6.63%	7.46%	9.32%	10%	10.9%	9.77%	10.1%	10.7%
Assets ¹	10,623	22,442	27,326	31,230	33,501	41,672	45,993	49,377
Book Value Per Share ²	1,492	1,690	1,842	1,997	2,336	2,493	2,671	2,863
Cash Flow per Share	104.0	151.0	194.0	231.0	272.0	-	-	-
Capex ¹	1,601	1,097	1,100	2,319	1,282	3,060	4,550	4,313
Capex / Sales	6.13%	4.44%	3.91%	7.32%	3.65%	7.92%	10.93%	9.59%
Announcement Date	14/05/20	14/05/21	11/05/22	10/05/23	09/05/24	-	-	-

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 Shofu Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4,925 JPY

Average target price

5,900 JPY

Spread / Average Target

+19.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
SHOFU INC.	+78.23%	521M
COLOPLAST A/S	+10.10%	27.09B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+14.85%	2.43B
HARTALEGA HOLDINGS	+25.19%	2.38B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-50.85%	2.25B
WINNER MEDICAL CO., LTD.	-32.59%	2.06B
TOP GLOVE CORPORATION BHD.	+32.22%	1.92B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-22.51%	1.69B
NAKANISHI INC.	+10.25%	1.33B
KOSSAN RUBBER INDUSTRIES	+32.97%	1.28B

Medical Supplies