Financials Nipro Corporation

Equities

8086

JP3673600007

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 11:30:00 13/05/2024 am IST			5-day change	1st Jan Change
1,220 ^JPY	-1.01%		-3.48%	+10.16%

12/04	Jefferies Adjusts Nipro’s Price Target to 1,400 Yen From 1,200 Yen, Keeps at Hold	MT
11/01	Jefferies Adjusts Nipro's Price Target to 1,200 Yen From 1,000 Yen, Keeps at Hold	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,33,067	2,07,297	2,18,061	1,67,011	1,66,195	1,98,896	-	-
Enterprise Value (EV) ¹	6,38,765	6,39,458	6,65,623	6,36,521	6,72,257	1,99,874	7,09,855	7,08,502
P/E ratio	19.4 x	-16.9 x	15.3 x	12.4 x	36.3 x	18 x	12.4 x	10.4 x
Yield	1.96%	1.06%	2.09%	2.64%	2.16%	2.04%	2.79%	3.61%
Capitalization / Revenue	0.55 x	0.47 x	0.48 x	0.34 x	0.3 x	0.34 x	0.31 x	0.3 x
EV / Revenue	1.5 x	1.45 x	1.46 x	1.29 x	1.23 x	0.34 x	1.12 x	1.08 x
EV / EBITDA	10.2 x	9.37 x	9.47 x	9.09 x	10.1 x	8.35 x	7.54 x	7.02 x
EV / FCF	-27.4 x	-23.3 x	31.7 x	-62.3 x	-11 x	-61.3 x	-41.5 x	191 x
FCF Yield	-3.66%	-4.29%	3.16%	-1.61%	-9.12%	-1.63%	-2.41%	0.52%
Price to Book	1.44 x	1.39 x	1.35 x	0.9 x	0.81 x	0.86 x	0.85 x	0.8 x
Nbr of stocks (in thousands)	1,63,098	1,63,097	1,63,097	1,63,097	1,63,097	1,63,096	-	-
Reference price ²	1,429	1,271	1,337	1,024	1,019	1,220	1,220	1,220
Announcement Date	09/05/19	11/05/20	11/05/21	11/05/22	11/05/23	10/05/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,26,399	4,42,516	4,55,559	4,94,789	5,45,199	5,86,785	6,35,260	6,55,826
EBITDA ¹	62,451	68,245	70,253	70,046	66,472	84,521	94,195	1,00,883
EBIT ¹	23,827	26,420	27,627	23,882	17,729	22,335	34,839	38,786
Operating Margin	5.59%	5.97%	6.06%	4.83%	3.25%	3.81%	5.48%	5.91%
Earnings before Tax (EBT) ¹	21,233	-10,158	17,519	23,243	16,777	19,219	28,450	33,545
Net income ¹	12,136	-12,281	14,209	13,455	4,574	11,109	16,000	19,278
Net margin	2.85%	-2.78%	3.12%	2.72%	0.84%	1.89%	2.52%	2.94%
EPS ²	73.68	-75.30	87.12	82.50	28.05	68.12	98.10	117.7
Free Cash Flow ¹	-23,350	-27,424	21,022	-10,220	-61,342	-11,510	-17,100	3,700
FCF margin	-5.48%	-6.2%	4.61%	-2.07%	-11.25%	-1.94%	-2.69%	0.56%
FCF Conversion (EBITDA)	-	-	29.92%	-	-	-	-	3.67%
FCF Conversion (Net income)	-	-	147.95%	-	-	-	-	19.19%
Dividend per Share ²	28.00	13.50	28.00	27.00	22.00	25.00	34.00	44.00
Announcement Date	09/05/19	11/05/20	11/05/21	11/05/22	11/05/23	10/05/24	-	-

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	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales	2,22,668	2,22,254	1,24,119	2,42,120	1,27,236	1,25,433	1,27,892	1,32,447	2,60,339	1,45,962	1,38,898	-	1,40,594	1,45,271	2,85,865	1,53,270	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	12,772	14,533	7,346	12,863	6,872	4,147	2,954	3,417	6,371	6,808	4,550	-	7,337	6,151	13,488	8,874	-	-	-	-	-
Operating Margin	5.74%	6.54%	5.92%	5.31%	5.4%	3.31%	2.31%	2.58%	2.45%	4.66%	3.28%	-	5.22%	4.23%	4.72%	5.79%	-	-	-	-	-
Earnings before Tax (EBT)	9,921	9,508	-	12,120	6,973	-	9,008	-	13,145	1,579	-	-	9,368	8,087	17,455	4,627	-	-	-	-	-
Net income ¹	5,886	5,473	4,003	7,303	3,735	2,417	5,275	977	6,252	710	-	-	4,099	5,832	9,931	2,698	-1,520	-	-	-	-
Net margin	2.64%	2.46%	3.23%	3.02%	2.94%	1.93%	4.12%	0.74%	2.4%	0.49%	-	-	2.92%	4.01%	3.47%	1.76%	-	-	-	-	-
EPS ²	36.09	33.56	-	44.78	22.90	-	32.35	-	38.34	4.350	-	-	25.14	35.75	60.89	16.55	-9.320	-	-	-	-
Dividend per Share ²	13.50	10.50	-	14.50	-	-	-	-	13.50	-	-	8.500	-	-	10.00	-	17.00	-	16.50	-	16.50
Announcement Date	07/11/19	09/11/20	09/11/21	09/11/21	08/02/22	11/05/22	09/08/22	09/11/22	09/11/22	08/02/23	11/05/23	11/05/23	09/08/23	09/11/23	09/11/23	08/02/24	10/05/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,05,698	4,32,161	4,47,562	4,69,510	5,06,062	5,06,986	5,10,959	5,09,606
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.496 x	6.332 x	6.371 x	6.703 x	7.613 x	5.998 x	5.424 x	5.051 x
Free Cash Flow ¹	-23,350	-27,424	21,022	-10,220	-61,342	-11,510	-17,100	3,700
ROE (net income / shareholders' equity)	7.3%	-7.9%	9.2%	7.8%	2.3%	5.1%	7.38%	8.05%
ROA (Net income/ Total Assets)	2.68%	2.79%	3.12%	3.09%	1.57%	1.83%	1.55%	1.65%
Assets ¹	4,52,464	-4,39,930	4,56,053	4,35,293	2,91,758	6,08,499	10,32,258	11,68,374
Book Value Per Share ²	990.0	912.0	987.0	1,136	1,265	1,427	1,440	1,518
Cash Flow per Share ²	288.0	162.0	331.0	348.0	312.0	412.0	456.0	448.0
Capex ¹	64,394	64,670	78,861	96,793	1,02,633	74,610	66,935	58,325
Capex / Sales	15.1%	14.61%	17.31%	19.56%	18.82%	12.6%	10.54%	8.89%
Announcement Date	09/05/19	11/05/20	11/05/21	11/05/22	11/05/23	10/05/24	-	-

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 Nipro Corporation

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,220 JPY

Average target price

1,475 JPY

Spread / Average Target

+20.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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DEXCOM, INC.	+0.69%	5.05TCr
CENCORA, INC.	+8.54%	4.48TCr
HOYA CORPORATION	+2.84%	4.07TCr
METTLER-TOLEDO INTERNATIONAL, INC.	+20.50%	3.23TCr
WEST PHARMACEUTICAL SERVICES, INC.	+1.72%	2.65TCr
TERUMO CORPORATION	+15.25%	2.5TCr

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