Financials Kyowa Kirin Co., Ltd. OTC Markets

Equities

KYKOY

US50156R1077

Pharmaceuticals

Market Closed - OTC Markets Other stock markets 01:10:14 28/03/2024 am IST			5-day change	1st Jan Change
19.8 ^USD	+0.61%		-.--%	+21.85%

03/07	Kyowa Kirin Buys Back Shares	MT
02/07	Tranche Update on Kyowa Kirin Co., Ltd.'s Equity Buyback Plan announced on February 7, 2024.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	13,81,568	15,11,601	16,84,484	16,23,165	12,74,135	16,39,368	-	-
Enterprise Value (EV) ¹	13,60,806	12,24,582	13,49,400	12,83,971	8,71,052	13,11,379	12,77,884	12,46,311
P/E ratio	20.7 x	32.1 x	32.2 x	30.3 x	15.7 x	25.1 x	23.7 x	20.8 x
Yield	1.63%	1.56%	1.47%	1.69%	2.36%	1.86%	1.92%	2.03%
Capitalization / Revenue	4.52 x	4.75 x	4.78 x	4.07 x	2.88 x	3.44 x	3.34 x	3.19 x
EV / Revenue	4.45 x	3.85 x	3.83 x	3.22 x	1.97 x	2.75 x	2.61 x	2.42 x
EV / EBITDA	18.3 x	15.4 x	16.7 x	12.2 x	7.39 x	12 x	11 x	9.72 x
EV / FCF	25.8 x	41.7 x	17.9 x	40.8 x	9.15 x	58.4 x	23.8 x	19.5 x
FCF Yield	3.87%	2.4%	5.57%	2.45%	10.9%	1.71%	4.21%	5.12%
Price to Book	2.04 x	2.16 x	2.29 x	2.13 x	1.52 x	1.94 x	1.86 x	1.77 x
Nbr of stocks (in thousands)	5,36,948	5,37,172	5,37,315	5,37,472	5,37,610	5,27,637	-	-
Reference price ²	2,573	2,814	3,135	3,020	2,370	3,107	3,107	3,107
Announcement Date	05/02/20	04/02/21	07/02/22	07/02/23	07/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,05,820	3,18,352	3,52,246	3,98,371	4,42,233	4,77,062	4,90,473	5,14,396
EBITDA ¹	74,170	79,456	80,611	1,05,176	1,17,881	1,08,992	1,16,083	1,28,244
EBIT ¹	55,373	58,990	61,111	82,374	95,842	85,815	90,116	1,02,493
Operating Margin	18.11%	18.53%	17.35%	20.68%	21.67%	17.99%	18.37%	19.92%
Earnings before Tax (EBT) ¹	44,492	52,263	60,050	67,572	97,246	86,965	91,836	1,03,814
Net income ¹	67,084	47,027	52,347	53,573	81,188	65,319	69,119	78,537
Net margin	21.94%	14.77%	14.86%	13.45%	18.36%	13.69%	14.09%	15.27%
EPS ²	124.6	87.56	97.43	99.68	151.0	123.7	131.1	149.3
Free Cash Flow ¹	52,722	29,387	75,185	31,487	95,169	22,446	53,783	63,846
FCF margin	17.24%	9.23%	21.34%	7.9%	21.52%	4.71%	10.97%	12.41%
FCF Conversion (EBITDA)	71.08%	36.99%	93.27%	29.94%	80.73%	20.59%	46.33%	49.79%
FCF Conversion (Net income)	78.59%	62.49%	143.63%	58.77%	117.22%	34.36%	77.81%	81.3%
Dividend per Share ²	42.00	44.00	46.00	51.00	56.00	57.80	59.60	63.11
Announcement Date	05/02/20	04/02/21	07/02/22	07/02/23	07/02/24	-	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 S1
Net sales ¹	1,54,404	1,57,819	1,65,021	98,277	87,751	97,520	1,85,271	98,504	1,14,596	93,535	1,05,674	1,99,209	1,06,844	1,36,180	-	1,05,569	1,16,159	2,21,286	1,20,609	1,30,505	1,19,005	-	2,44,128
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	41,558	-	23,003	28,228	-	25,700	30,639	-	-	-
EBIT ¹	22,760	34,564	30,949	14,291	17,340	20,192	37,532	20,683	24,159	16,177	20,500	37,500	23,405	34,937	-	17,397	20,579	31,844	23,257	25,847	19,883	-	45,506
Operating Margin	14.74%	21.9%	18.75%	14.54%	19.76%	20.71%	20.26%	21%	21.08%	17.3%	19.4%	18.82%	21.91%	25.66%	-	16.48%	17.72%	14.39%	19.28%	19.8%	16.71%	-	18.64%
Earnings before Tax (EBT) ¹	22,663	30,872	31,102	18,160	18,716	24,763	43,479	16,925	7,168	15,582	10,464	26,046	38,293	32,907	-	18,101	20,578	31,968	23,500	26,087	20,008	-	45,756
Net income ¹	19,021	27,798	25,072	19,439	16,038	18,979	35,017	14,195	4,361	12,760	8,886	21,646	31,908	27,634	-	14,632	15,325	23,106	18,656	18,328	15,206	-	34,774
Net margin	12.32%	17.61%	15.19%	19.78%	18.28%	19.46%	18.9%	14.41%	3.81%	13.64%	8.41%	10.87%	29.86%	20.29%	-	13.86%	13.19%	10.44%	15.47%	14.04%	12.78%	-	14.24%
EPS ²	-	51.76	46.67	36.18	29.85	35.31	65.16	26.41	8.110	23.74	16.53	40.27	59.35	51.41	-	27.26	30.74	55.00	34.16	31.47	29.00	-	66.30
Dividend per Share ²	-	22.00	23.00	-	-	-	24.00	-	-	-	-	27.00	-	29.00	29.00	-	29.00	-	-	29.00	-	30.00	-
Announcement Date	05/02/20	30/07/20	03/08/21	07/02/22	10/05/22	04/08/22	04/08/22	04/11/22	07/02/23	10/05/23	03/08/23	03/08/23	01/11/23	07/02/24	07/02/24	07/05/24	-	-	-	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	20,762	2,87,019	3,35,084	3,39,194	4,03,083	3,27,989	3,61,484	3,93,057
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	52,722	29,387	75,185	31,487	95,169	22,446	53,783	63,847
ROE (net income / shareholders' equity)	10.1%	6.8%	7.3%	7.1%	10.2%	7.87%	7.87%	8.57%
ROA (Net income/ Total Assets)	5.83%	6.59%	6.97%	7.26%	9.89%	6.84%	6.44%	6.78%
Assets ¹	11,50,762	7,13,437	7,51,060	7,38,025	8,20,605	9,54,935	10,73,322	11,58,786
Book Value Per Share ²	1,263	1,300	1,372	1,419	1,556	1,602	1,673	1,759
Cash Flow per Share ²	159.0	126.0	134.0	134.0	190.0	168.0	154.0	170.0
Capex ¹	8,163	10,115	13,244	17,692	17,213	29,300	25,240	24,840
Capex / Sales	2.67%	3.18%	3.76%	4.44%	3.89%	6.14%	5.15%	4.83%
Announcement Date	05/02/20	04/02/21	07/02/22	07/02/23	07/02/24	-	-	-

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 Kyowa Kirin Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,107 JPY

Average target price

3,095 JPY

Spread / Average Target

-0.37%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty & Advanced Pharmaceuticals

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Specialty & Advanced Pharmaceuticals