TSE: 3141 - Welcia Holdings Co., Ltd.

Yield per half year: +7.05%
Dividend yield: +2.49%
Sector: Healthcare

Reporting Welcia Holdings Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							563.56
Выручка, млрд ¥	779.15	868.28	949.65	1 025.95	1 144.28	1 217.34	1 217.34	1041.10	6.99
Чистая прибыль, млрд ¥	17.42	22.8	28	26.45	27.03	26.45	26.45	26.15	3.01
EV, млрд ¥	438.24	672.16	706.57	663.53	642.17	618.74	618.74	660.63	-1.64
EBIT, млрд ¥	28.92	37.8	42.97	43.02	45.64	41.06	41.06	42.10	1.67
EBITDA, млрд ¥	43.42	56.4	63.2	61.98	68.86	65.45	65.45	63.18	3.02
Баланс стоимость, млрд ¥	143.29	161.92	179.72	201.78	225.91	237.71	237.71	201.41	7.98
FCF, млрд ¥	18.72	54.56	31.94	-3.93	40.5	28.17	28.17	30.25	-12.38
Операционный денежный поток, млрд ¥	34.87	70.16	46.4	16.23	60.3	46.53	46.53	47.92	-7.89
Операционная прибыль, млрд ¥	29.05	37.8	42.97	43.02	45.64	43.23	43.23	42.53	2.72
Операционные расходы, млрд ¥	207.61	229.65	253.06	277.92	303.61	326.88	326.88	278.22	7.32
CAPEX, млрд ¥	16.15	15.59	14.46	20.15	19.8	18.36	18.36	17.67	3.32

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥		295.04	283.23	298.29	298.27	312.75	299.44	306.88	304.73	325.85	321.33	311.65	1.42
Чистая прибыль, млрд ¥		10.77	4.05	5.89	5.13	11.11	4.15	6.07	2.82	8.89	3.06	5.00	-5.91
EV, млрд ¥		666.15	716.19	662.78	688.13	605.28	581.63	617.44	493.32	417.93	402.77	502.62	-7.09
EBIT, млрд ¥		16.28	7.48	14.17	2.74	17.99	6.06	6.95	6.66	14.36	3.94	7.59	-8.25
EBITDA, млрд ¥		17.63	8.75	15.74	8.7	24.06	12.18	13.2	12.6	20.54	10.04	13.71	-3.79
Баланс стоимость, млрд ¥		217.53	218.95	225.91	219.8	229.91	231.01	237.71	237.53	247.43	247.29	240.19	1.37
FCF, млрд ¥			1 845.41	12.34	11.93	12.13	12.23					378.81	-63.33
Операционный денежный поток, млрд ¥	16.23	35.01	1 845.41	12.34	11.93	12.13	12.23					378.81	-63.33
Операционная прибыль, млрд ¥		16.28	7.48	14.17	7.38	17.35	6.37	12.13	5.5	13.39	3.97	8.27	-9.02
Операционные расходы, млрд ¥		75.92	77.15	79.83	80.43	80.63	82.6	82.39	82.71	87.25	91.34	85.26	2.03
CAPEX, млрд ¥	20.15	11.18		19.8								17.04	-0.58

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	19.36	38.84	51.92	23.4	32.85	30.07	30.07	35.42	-4.99
Short Term Investments ¥		33.51	37.06	0.563	0.546	0.468	0.468	14.43	-57.44
Total Receivables ¥	27.35	43.31	44.82	49.71	54.27	63.17	63.17	51.06	7.84
Total Current Assets ¥	144.04	190.2	215.89	208	242.7	259.6	259.6	223.28	6.42
Чистые активы, млрд ¥	144.04	190.2	215.89	168.4	185.84		185.84	180.87	5.23
Активы, млрд ¥	327.49	390.01	435.69	463.05	537.36	551.86	551.86	475.59	7.19
Short Term Debt ¥	16.79	11.03	13.92	17.95	22.43	23.22	23.22	17.71	16.05
Long Term Debt ¥	28.41	28.37	33.68	44.56	63.65	27.39	27.39	39.53	-0.70
Задолженность, млрд ¥	183.54	227.59	255.34	255.16	304.98	307.5	307.5	270.11	6.20
Чистый долг, млрд ¥	25.29	0.402	-4.37	39.11	53.22	52.63	52.63	28.20	165.09
Долг, млрд ¥	44.66	39.24	47.55	62.51	86.07	82.7	82.7	63.61	16.08
Расходы на обслуживание долга ¥	0.311	0.393	0.428	0.468	0.6	0.723	0.723	0.5224	12.97
Чист. проц. доходы, млрд ¥	0.023	0.017	0.005	0.005	0.004	0.015	0.004	0.0092	-2.47
Амортизация, млрд ¥	14.5	18.6	20.23	18.96	23.23	24.39	24.39	21.08	5.57
Себестоимость, млрд ¥		600.83	653.61	705	795.02	847.23	847.23	720.34	7.11
Товарно материальные запасы ¥	84.53	89.32	103.28	116.23	128.84	137.09	137.09	114.95	8.95

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			43.65	38.05	32.85	37.42	35.68	29.83	30.07	36.46	82.75	71.63	50.15	19.15
Short Term Investments ¥					0.546		0.492		0.468		0.544		0.5125	-0.09
Total Receivables ¥			56.42	57.16	54.28	56.78	64.44	62.83	63.17	65.53	80.42	81.76	70.74	5.41
Total Current Assets ¥			242.94	246.25	242.7	250.73	259.69	253.17	259.6	265.46	325.74	327.58	286.31	5.29
Чистые активы, млрд ¥	208	234.53	242.94	246.25	185.84	186.72	187.14						209.78	-5.09
Активы, млрд ¥			534.71	537.58	537.36	546.27	553.71	550.67	551.86	557.75	621.01	632.02	582.66	2.79
Short Term Debt ¥			25.26	27.37	22.43	22.89	23.26	23.39	23.22	24.43	21.81	23.61	23.29	0.19
Long Term Debt ¥		32.33	41.69	37.41	63.65	69.77	32.59	30.06	27.39	26.51	24.75		28.26	-5.35
Задолженность, млрд ¥			310.91	312.36	304.98	319.69	316.91	312.91	307.49	313.74	367.13	378.5	335.95	3.88
Чистый долг, млрд ¥			49.71	53.4	53.22	55.24	52.53	56.14	52.63	45.63	-5.06	11.17	32.10	-27.60
Долг, млрд ¥			93.35	91.45	86.07	92.66	88.21	85.97	82.7	82.09	77.69	82.8	82.25	-0.75
Расходы на обслуживание долга ¥		0.13	0.155	0.156	0.159	0.179	0.179	0.18	0.177	0.184	0.191		0.1822	1.31
Чист. проц. доходы, млрд ¥	0.002		0.01	0.003	0.009	0.002	0.01	0.006	0.003	0.003			0.0048	8.45
Амортизация, млрд ¥			1.36	1.27	1.57	5.97	6.06	6.12	6.25	5.94	6.18	6.1	6.12	-0.07
Себестоимость, млрд ¥						210.46	214.77	210.48	212.36	216.53	225.22	226.01	218.12	1.43
Товарно материальные запасы ¥			123.38	134.02	128.84	138.5	133.4	143.77	137.09	144.15	140.12	157.2	144.47	1.80

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	83.54	109.13	134.1	126.88	129.29	127.75		127.75	125.43	3.20
Цена акции ао				3075	2466	2053.5	2194.5	2194.5	2447.25	-8.09
Число акций ао, млн	208.56	208.94	208.79	208.49	209.07	207.06		207.06	208.47	-0.18
FCF/акцию	89.76	261.13	152.95	-18.83	193.69	136.05		136.05	145.00	-12.23

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS	51.58	19.39	28.15	24.54	53.69	20.11	29.38	13.66	42.95	14.77		24.17	-5.99
Цена акции ао											2194.5	2194.50	0.00
FCF/акцию			58.93	57.13	58.62	59.29						58.49	0.15

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	12.76	14.94	16.39	13.87	12.64	11.41		11.41	8.26	13.85	-5.25
ROA, %	5.62	6.36	6.78	5.89	5.4	4.86		4.86	5.30	5.86	-5.24
ROIC, %		14.14	15.08	12.47	10.88			10.88	10.32	13.14	-6.34
ROS, %		2.63	2.95	2.58	2.36	2.17	2.17	2.17	5.76	2.45	-5.96
ROCE, %	15.48	18.28	18.47	15.7	14.23	12.46	16.8	16.8	10.07	15.53	-1.88
Ebit margin, %		4.35	4.53	4.19	3.99	3.37	3.37	3.37		3.89	-5.74
Рентаб EBITDA, %	5.57	6.5	6.66	6.04	6.02	5.38	5.38	5.38	13.80	5.90	-4.18
Чистая рентаб, %	2.24	2.63	2.95	2.58	2.36	2.17		2.17	6.94	2.54	-3.77
Operation Margin, %		4.35	4.53	4.19	3.99	3.55	3.55	3.55	7.57	3.96	-4.76

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %	5.33	1.95	2.75	2.33	5	1.84	2.66	1.22	3.76	1.27	8.26	2.15	-7.15
ROA, %	2.09	0.755	1.1	0.9384	2.02	0.7514	1.1	0.509	1.51	0.4887	5.30	0.8718	-8.24
ROS, %				1.72	3.55	1.39	1.98	0.9267	2.73	0.9529	5.76	1.60	-7.27
ROCE, %	5.71	2.49	4.55	1.21	5.61	1.87	2.13	2.03	4.36	1.18	10.07	2.31	-8.80
Ebit margin, %					5.75	2.02	2.26	2.19	4.41	1.23		2.42	-9.45
Рентаб EBITDA, %	5.98	3.09	5.28	2.92	7.69	4.07	4.3	4.13	6.3	3.12	13.80	4.38	-5.18
Чистая рентаб, %	3.65	1.43	1.98	1.72	3.55	1.39	1.98	0.9267	2.73	0.9529	6.94	1.60	-7.27
Operation Margin, %				2.47	5.55	2.13	3.95	1.8	4.11	1.24	7.57	2.65	-10.26

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	23.7	29.46	25.39	23.6	21.79	21.4		21.4	170.65	24.33	-6.19
P/BV	2.87	4.14	3.94	3	2.53	2.32		2.32	128.93	3.19	-10.94
P/S	0.53	0.7737	0.7486	0.6086	0.5147	0.465		0.465	129.32	0.6221	-9.68
P/FCF					13.92	20	20	20	14.53	17.97	12.84
E/P					0.048	0.0469	0.0469	0.0469	0.19	0.0473	-0.77
EV/EBIT		17.78	16.44	15.42	14.07	15.07	15.07	15.07		15.21	-1.73
EV/EBITDA	10.09	11.92	11.18	10.71	9.33	9.45		9.45	10.83	10.52	-4.54
EV/S		0.7742	0.7441	0.6467	0.5612	0.5083	0.5083	0.5083	129.06	0.5937	-7.34
EV/FCF		12.32	22.13	-169.05	15.86	21.96	21.96	21.96	-102.61	-17.4280	-0.15
Debt/EBITDA	1.03	0.6957	0.7523	1.01	1.25	1.26	1.26	1.26	-2.77	1.11	10.87
Netdebt/Ebitda		0.0071	-0.0691	0.631	0.7728	0.8042	0.8042	0.8042	28.03	0.5886	-263.37
Debt/Ratio		0.101	0.1093	0.135	0.1602	0.1499	0.1499	0.1499	0.14	0.1409	6.52
Debt/Equity		0.2433	0.2649	0.3098	0.381	0.3479	0.445	0.445	1.58	0.3497	10.93
Debt/Net Income		1.73	1.7	2.36	3.18	3.13	3.13	3.13	3.47	2.70	12.98
PEG							-0.631	-0.631		-0.6310	0.00
Бета					-0.7832	-1.35	-0.9952	-0.9952	0.69	-1.0428	8.31
Индекс Альтмана					5.82	5.95	5.94	5.94	-14.03	5.90	0.68

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	21.93	24.14	22.51	24.51	21.25	20.14	21.41	18.53	19.26	18.75			170.65	19.62	-1.42
P/BV	2.75	2.94	2.62	2.79	2.33	2.21	2.31	1.83	1.67	1.54			128.93	1.91	-6.97
P/S	0.5697	0.5937	0.5318	0.5393	0.4673	0.438	0.4652	0.3656	0.3414	0.3105			129.32	0.3841	-6.65
EV/EBIT					33.64	95.97	88.87	74.08	29.1	102.17				78.04	1.26
EV/EBITDA	12.85	13.57	12.57	79.08	8.86	8.65	9.62	7.95	7.14	7.14			10.83	8.10	-3.76
EV/S				2.31	1.94	1.94	2.01	1.62	1.28	1.25			129.06	1.62	-8.42
EV/FCF				57.67	49.92	47.55							-102.61	51.71	-6.23
Debt/EBITDA	5.29	10.45	5.47	10.65	3.67	7.06	6.27	6.52	3.78	8.25			-2.77	6.38	3.16
Netdebt/Ebitda				6.35	2.18	4.61	3.99	3.62	-0.2464	1.11			28.03	2.62	-24.78
Debt/Ratio				0.1696	0.1593	0.1561	0.1499	0.1472	0.1251	0.131			0.14	0.1419	-3.45
Debt/Equity				0.4216	0.3837	0.3721	0.3479	0.3456	0.314	0.3348			1.58	0.3429	-2.09
Debt/Net Income				18.08	7.94	20.72	13.63	29.07	8.74	27.04			3.47	19.84	5.47
Бета											-2.45	-0.9952	0.69	-1.7226	-36.27
Индекс Альтмана											5.94	5.94	-14.03	5.94	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд			4.4	4.61	5.66	6.29	6.5	6.91		6.91		5.99	8.43
Дивиденд	11.75	16	21	22	40.5	15	32	34	36	36		31.50	-2.33
Див доход, ао, %	0.6891	0.6667	0.7304	0.6557	1.03	0.3881	1.65	1.83	2.39	2.49	2.85	1.46	18.33
Дивиденды / прибыль, %				25.25	20.21	20.21	23.77	24.05	26.13	26.13	44.33	22.87	5.27

	2022Q1	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	6.29	3.14	6.5		5.31	1.10
Дивиденды / прибыль, %	99.73	29.2	110.32	44.33	79.75	3.42

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	14865	14865	0.00

	CAGR 5

	CAGR 5