Financials Kyowa Kirin Co. Ltd.

Equities

4151

JP3256000005

Pharmaceuticals

Market Closed - Japan Exchange Other stock markets 11:30:00 01/05/2024 am IST			5-day change	1st Jan Change
2,668 ^JPY	+0.70%		+0.45%	+12.55%

08/04	U.S. FDA declines to approve Supernus' drug-device combination for Parkinson's disease	RE
03/04	Kyowa Kirin Buys Back 4 Billion Yen Worth of Shares in March	MT

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	14,17,301	-	-
Enterprise Value (EV) ¹	13,60,806	12,24,582	13,49,400	12,83,971	8,71,052	10,87,436	10,56,773	10,25,938
P/E ratio	20.7 x	32.1 x	32.2 x	30.3 x	15.7 x	21.1 x	19.4 x	17.2 x
Yield	1.63%	1.56%	1.47%	1.69%	2.36%	2.2%	2.31%	2.52%
Capitalization / Revenue	4.52 x	4.75 x	4.78 x	4.07 x	2.88 x	3 x	2.93 x	2.77 x
EV / Revenue	4.45 x	3.85 x	3.83 x	3.22 x	1.97 x	2.3 x	2.18 x	2.01 x
EV / EBITDA	18.3 x	15.4 x	16.7 x	12.2 x	7.39 x	10.1 x	9.52 x	8.2 x
EV / FCF	25.8 x	41.7 x	17.9 x	40.8 x	9.15 x	-38.5 x	18.2 x	14.7 x
FCF Yield	3.87%	2.4%	5.57%	2.45%	10.9%	-2.6%	5.5%	6.82%
Price to Book	2.04 x	2.16 x	2.29 x	2.13 x	1.52 x	1.65 x	1.58 x	1.5 x
Nbr of stocks (in thousands)	5,36,948	5,37,172	5,37,315	5,37,472	5,37,610	5,35,032	-	-
Reference price ²	2,573	2,814	3,135	3,020	2,370	2,649	2,649	2,649
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	4,72,132	4,84,026	5,11,467
EBITDA ¹	74,170	79,456	80,611	1,05,176	1,17,881	1,08,030	1,11,032	1,25,154
EBIT ¹	55,373	58,990	61,111	82,374	95,842	87,257	94,030	1,06,286
Operating Margin	18.11%	18.53%	17.35%	20.68%	21.67%	18.48%	19.43%	20.78%
Earnings before Tax (EBT) ¹	44,492	52,263	60,050	67,572	97,246	87,866	95,330	1,06,888
Net income ¹	67,084	47,027	52,347	53,573	81,188	66,606	72,290	81,237
Net margin	21.94%	14.77%	14.86%	13.45%	18.36%	14.11%	14.94%	15.88%
EPS ²	124.6	87.56	97.43	99.68	151.0	125.6	136.5	153.8
Free Cash Flow ¹	52,722	29,387	75,185	31,487	95,169	-28,241	58,094	69,931
FCF margin	17.24%	9.23%	21.34%	7.9%	21.52%	-5.98%	12%	13.67%
FCF Conversion (EBITDA)	71.08%	36.99%	93.27%	29.94%	80.73%	-	52.32%	55.88%
FCF Conversion (Net income)	78.59%	62.49%	143.63%	58.77%	117.22%	-	80.36%	86.08%
Dividend per Share ²	42.00	44.00	46.00	51.00	56.00	58.40	61.20	66.67
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 Q3	2021 Q4	2022 Q1	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
Net sales ¹	1,54,404	1,57,819	1,65,021	88,948	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	1,04,728	1,13,081	2,16,812	1,17,956	1,34,678	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,558	23,196	23,873	-	26,516	33,754	-
EBIT ¹	22,760	34,564	30,949	15,871	14,291	17,340	20,192	37,532	20,683	24,159	16,177	20,500	37,500	23,405	34,937	18,532	19,205	39,932	23,593	25,603	-
Operating Margin	14.74%	21.9%	18.75%	17.84%	14.54%	19.76%	20.71%	20.26%	21%	21.08%	17.3%	19.4%	18.82%	21.91%	25.66%	17.7%	16.98%	18.42%	20%	19.01%	-
Earnings before Tax (EBT) ¹	22,663	30,872	31,102	10,788	18,160	18,716	24,763	43,479	16,925	7,168	15,582	10,464	26,046	38,293	32,907	18,746	19,445	40,058	23,837	25,843	-
Net income ¹	19,021	27,798	25,072	7,836	19,439	16,038	18,979	35,017	14,195	4,361	12,760	8,886	21,646	31,908	27,634	13,639	14,907	29,946	18,912	18,654	-
Net margin	12.32%	17.61%	15.19%	8.81%	19.78%	18.28%	19.46%	18.9%	14.41%	3.81%	13.64%	8.41%	10.87%	29.86%	20.29%	13.02%	13.18%	13.81%	16.03%	13.85%	-
EPS ²	-	51.76	46.67	14.58	36.18	29.85	35.31	65.16	26.41	8.110	23.74	16.53	40.27	59.35	51.41	28.86	34.37	79.10	34.69	28.42	-
Dividend per Share ²	-	22.00	23.00	-	-	-	-	24.00	-	-	-	-	27.00	-	29.00	-	29.00	-	-	29.00	-
Announcement Date	05/02/20	30/07/20	03/08/21	01/11/21	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	-	-	-	-	-	-

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	3,29,864	3,60,528	3,91,362
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	52,722	29,387	75,185	31,487	95,169	-28,241	58,094	69,931
ROE (net income / shareholders' equity)	10.1%	6.8%	7.3%	7.1%	10.2%	7.86%	7.95%	8.89%
ROA (Net income/ Total Assets)	5.83%	6.59%	6.97%	7.26%	9.89%	6.99%	6.26%	6.86%
Assets ¹	11,50,762	7,13,437	7,51,060	7,38,025	8,20,605	9,52,959	11,55,027	11,84,776
Book Value Per Share ²	1,263	1,300	1,372	1,419	1,556	1,608	1,679	1,769
Cash Flow per Share ²	159.0	126.0	134.0	134.0	190.0	160.0	164.0	190.0
Capex ¹	8,163	10,115	13,244	17,692	17,213	32,400	21,800	21,300
Capex / Sales	2.67%	3.18%	3.76%	4.44%	3.89%	6.86%	4.5%	4.16%
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

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2,649 JPY

Average target price

3,050 JPY

Spread / Average Target

+15.14%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Specialty & Advanced Pharmaceuticals

	1st Jan change	Capi.
KYOWA KIRIN CO. LTD.	+12.55%	9B
MERCK KGAA	+3.37%	69.25B
SK BIOPHARMACEUTICALS CO., LTD.	-12.75%	4.96B
SHENYANG XINGQI PHARMACEUTICAL CO.,LTD.	+42.38%	4.47B
YUHAN CORPORATION	+5.23%	3.9B
INDIVIOR PLC	+19.83%	2.45B
BETTA PHARMACEUTICALS CO., LTD.	-19.05%	2.41B
CHANGCHUN BCHT BIOTECHNOLOGY CO.	-28.72%	2.23B
SHANGHAI SHYNDEC PHARMACEUTICAL CO., LTD.	+11.13%	2.02B
VELOXIS PHARMACEUTICALS A/S	-0.50%	1.64B

Specialty & Advanced Pharmaceuticals