Santen Pharmaceutical Co., Ltd.

TSE

4536

Stock

Yield per half year: +11.93%
Dividend yield: 3.27%
Sector: Healthcare

Reporting Santen Pharmaceutical Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							445.75
Выручка, млрд ¥	234.03	241.56	249.61	266.26	279.04	301.97	301.97	267.69	4.57
Чистая прибыль, млрд ¥	31.94	23.62	6.83	27.22	-14.95	26.64	26.64	13.87	2.44
EV, млрд ¥	601	616.62	551.31	441.68	416.09	486.34	486.34	502.41	-4.64
EBIT, млрд ¥	46	33.54	12.92	37.47	-2.95	38.28	38.28	23.85	2.68
EBITDA, млрд ¥	56.97	51.06	30.67	54.52	14.3	56.46	56.46	41.40	2.03
OIBDA, млрд ¥		59.33	36.09	63.19	26.16	68.36	68.36	50.63	2.87
Баланс стоимость, млрд ¥	290.9	302.87	307.59	337.49	293.98	306.06	306.06	309.60	0.21
FCF, млрд ¥	24.56	30.72	15	10.2	12.56	61.96	61.96	26.09	15.06
Операционный денежный поток, млрд ¥	32.89	39.95	38.81	46.04	37.15	72.65	72.65	46.92	12.71
Операционная прибыль, млрд ¥	45.1	33.54	12.92	35.89	-3.09	38.54	38.54	23.56	2.82
Операционные расходы, млрд ¥	98.16	113.19	138.47	120.7	169.18	111.97	111.97	130.70	-0.22
CAPEX, млрд ¥	8.33	9.23	23.8	35.84	24.59	10.69	10.69	20.83	2.98

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥	63.38	70.87	12 425.07	72.39	73.42	77.03	79.13	74.77	71.63	76.37	75.79	-0.17
Чистая прибыль, млрд ¥	-28.71	5.98	174.97	10.41	8.87	7.33	0.029	10.63	8.14	8.69	6.96	3.46
EV, млрд ¥	297.82	397.22	64 102.95	447.49	465.83	450.26	479.03	528.05	525.12	480.12	492.52	1.29
EBIT, млрд ¥	-27.35	8.63	1 032.25	13.8	12.5	11.55	2.64	13.86	10.72	11.32	10.02	-0.40
EBITDA, млрд ¥	-23.22	12.76	1 675.68	17.83	17.4	16.23	7.2	18.57	15.05	15.83	14.58	-0.50
OIBDA, млрд ¥						19.96	18.27	21.09	18.99	18.92	19.45	-1.06
Баланс стоимость, млрд ¥	310.07	300.93	46 090.38	300.93	307.19	298.72	306.05	306.69	288.98	284.03	296.89	-1.00
FCF, млрд ¥	6.24	5.41	742.99	-0.393	22.93	30.08	9.34	11.56	14.07	10.67	15.14	-18.72
Операционный денежный поток, млрд ¥	15.91	10.15	1 358.82	2.54	25.19	31.71	13.21	12.14	16.17	13.73	17.39	-15.41
Операционная прибыль, млрд ¥	-27.35	8.87	1 106.4	12.75	12.35	11.06	11.1	13.16	12.08	11.78	11.84	1.27
Операционные расходы, млрд ¥	63.24	32.45	7 007.02	29.62	31.64	33.82	33.99	29.61	28.05	30.45	31.18	-2.08
CAPEX, млрд ¥	9.68	4.74	615.84	2.94	2.26	1.62	3.87	0.575	2.1	3.06	2.25	13.56

	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 ¥	70.8	91.43	62.89	83.01	57.9	94.58	94.58	77.96	0.68
Short Term Investments ¥	0.267	0.452	0.527	1.29	0.774	0.379	0.379	0.6844	-3.46
Total Receivables ¥	84.62	87	95.99	99.59	107.17	90.54	90.54	96.06	0.80
Total Current Assets ¥	194.74	218.56	206.23	229.43	213.33	236.14	236.14	220.74	1.56
Чистые активы, млрд ¥	194.74	218.56	206.23	56.29	66.17		66.17	148.40	-19.42
Активы, млрд ¥	391.19	408.77	402.35	459.98	421.18	435.7	435.7	425.60	1.28
Short Term Debt ¥	0.5	5.73	2.91	13.97	3.06	2.75	2.75	5.68	-13.66
Long Term Debt ¥	3.56	6.6	10.14	22.02	33.15		33.15	15.09	56.25
Задолженность, млрд ¥	98.61	106.21	95.3	123.13	127.88	130.33	130.33	116.57	4.18
Чистый долг, млрд ¥	-70.8	-91.43	-62.89	-50.08	-21.7	-59.42	-59.42	-57.1040	-8.26
Долг, млрд ¥	4.06	12.33	10.15	35.99	36.21	35.16	35.16	25.97	23.32
Расходы на обслуживание долга ¥	2.88	2.39	1.49	1.21	1.5	2.66	2.66	1.85	2.16
Чист. проц. доходы, млрд ¥	0.901	0.95	1.35	0.27	1.15	1.57	1.15	1.06	10.57
Амортизация, млрд ¥	10.97	17.52	17.76	17.06	17.25	18.18	18.18	17.55	0.74
Себестоимость, млрд ¥		94.83	98.22	109.67	112.95	138.09	138.09	110.75	7.81
Товарно материальные запасы ¥	35.24	35.28	41.58	37.14	39.35	43.19	43.19	39.31	4.13

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			69.14	61.22	9 078.1	45.51	64.73	82.03	94.58	89.74	84.44	77.85	85.73	-1.04
Short Term Investments ¥	1.29	0.956	0.8	1.1	121.35	1.58	1.63	1.33	0.379	21.88			5.36	69.15
Total Receivables ¥			87.68	95.34	16 810.86	103.77	93.49	84.94	90.54	83.63	71.12	69.07	79.86	-4.05
Total Current Assets ¥			206.85	204.79	33 445.5	203.27	215.98	224.61	236.14	233.88	218.48	205.14	223.65	-1.80
Чистые активы, млрд ¥	229.43	218.68	206.85	65.56	10 374.68	68.43							2186.84	-20.73
Активы, млрд ¥			426.58	420.14	66 032.94	416.53	426.98	427.82	435.7	434.16	409.09	398.31	421.02	-1.42
Short Term Debt ¥					479.12				2.75				240.94	-92.42
Long Term Debt ¥	22.02		38.13	37.09	5 197.45								1323.67	291.96
Задолженность, млрд ¥			117.17	119.88	20 049.49	116.31	120.53	129.84	130.33	128.22	120.83	115.1	124.86	-2.38
Чистый долг, млрд ¥			-69.14	-24.13	-3 401.52	-10.82	-30.83	-48.41	-59.42	-57.12	-84.44	-77.85	-65.4480	9.97
Долг, млрд ¥				37.09	5 676.58	34.69	33.9	33.62	35.16	32.62			34.00	-1.22
Расходы на обслуживание долга ¥	0.475	0.123	0.408	1.13	123.86	0.168	0.486	0.703	1.68	0.407			0.6888	19.36
Чист. проц. доходы, млрд ¥	0.438	1.39	0.128	0.428	24.93	164.62	23.83	76.2	0.259				57.97	-59.88
Амортизация, млрд ¥			4.55	4.13	643.43	4.03	4.9	4.69	4.56	4.71	4.34	4.51	4.56	-0.78
Себестоимость, млрд ¥						30.02	29.43	32.15	34.04	34.44	31.5	34.14	33.25	1.21
Товарно материальные запасы ¥			39.1	37.31	6 169.65	42.23	45.57	46.92	43.19	51.07	53.06	50	48.85	1.28

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	78.41	59.01	17.06	67.97	-38.58	72.37		72.37	35.57	4.17
Цена акции ао				1074	1405	1618.5	1689.5	1689.5	1446.75	11.99
Число акций ао, млн	407.4	400.25	400.39	400.46	387.42	368.14		368.14	391.33	-1.66
FCF/акцию	60.29	76.75	37.47	25.48	32.42	168.31		168.31	68.09	17.01

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	-75.59	15.46	464.07	27.85	24.52	20.66	0.0798	29.5	23.16	25.22			19.72	4.07
Цена акции ао											1444	1689.5	1566.75	8.17
FCF/акцию	16.42	14	12.57	-1.05	63.41	84.76	25.72	32.08	40.02	30.96			42.71	-18.24

	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, %	11.08	7.96	2.24	8.44	-4.73	8.88		8.88	7.97	4.56	2.21
ROA, %	8.19	5.9	1.68	6.31	-3.39	6.22		6.22	5.18	3.34	1.06
ROIC, %		11.04	5.87	10.66	-0.9289			-0.9289	10.29	6.66	-153.86
ROS, %		9.78	2.74	10.22	-5.36	8.82	8.82	8.82	5.81	5.05	26.34
ROCE, %	13.92	9.83	3.99	10.29	-0.8897	11.16	12.54	12.54	10.36	7.42	25.74
Ebit margin, %		13.6	4.84	14.07	-1.06	12.68	12.68	12.68		8.64	21.24
Рентаб EBITDA, %	24.34	21.14	12.29	20.48	5.12	18.7	18.7	18.7	14.67	15.06	8.76
Чистая рентаб, %	13.65	9.78	2.74	10.22	-5.36	8.82		8.82	6.99	5.24	-2.05
Operation Margin, %		13.88	5.17	13.48	-1.11	12.76	12.76	12.76	8.27	8.61	19.80

	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %	-8.72	1.84	0.3514	3.39	2.94	2.44	0.0096	3.5	2.69	2.91		7.97	2.31	3.59
ROA, %	-6.47	1.41	0.2653	2.49	2.1	1.72	0.0067	2.44	1.93	2.15		5.18	1.65	4.56
ROIC, %				4.87	2.63	3.95	0.0346	4.93				10.29	3.28	0.25
ROS, %				14.39	12.08	9.52	0.0366	14.22	11.36	11.38	8.82	5.81	9.16	199.50
ROCE, %		2.4	1.87	4.02	3.67	3.41	0.7736	4.05	3.18	3.4	12.54	10.36	4.79	74.56
Ebit margin, %				19.06	17.03	14.99	3.34	18.53	14.96	14.83	12.68		12.87	30.58
Рентаб EBITDA, %		18	13.49	24.63	23.71	21.07	9.1	24.83	21.01	20.73	18.7	14.67	18.87	15.49
Чистая рентаб, %	-45.3	8.43	1.41	14.39	12.08	9.52	0.0366	14.22	11.36	11.38		6.99	9.30	3.63
Operation Margin, %				17.61	16.82	14.36	14.03	17.6	16.86	15.43	12.76	8.27	15.34	-1.88

	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	21.03	29.98	89.93	18.07		20.49		20.49	172.95	35.90	-0.52
P/BV	2.3	2.34	2	1.46	1.49	1.79		1.79	128.90	1.82	-5.22
P/S	2.87	2.93	2.46	1.85	1.57	1.81		1.81	129.26	2.12	-9.18
P/FCF					35.49	7.19	7.19	7.19	31.09	16.62	-41.27
E/P					-0.0336	0.0598	0.0598	0.0598	0.12	0.0287	-221.19
EV/EBIT		19.15	46.46	11.79	-141	12.71	12.71	12.71		-11.4660	-22.84
EV/EBITDA	10.55	12.08	17.97	8.1	29.1	8.61		8.61	27.94	15.17	-6.55
EV/S		2.6	2.25	1.66	1.49	1.61	1.61	1.61	129.00	1.72	-6.47
EV/FCF		20.47	37.42	43.29	33.13	7.85	7.85	7.85	-104.65	25.91	-26.83
Debt/EBITDA	0.0713	0.2415	0.3308	0.66	2.53	0.6227	0.6227	0.6227	6.10	0.9532	13.49
Netdebt/Ebitda		-1.55	-1.72	-0.9185	-1.52	-1.05	-1.05	-1.05	32.72	-1.2517	-9.40
Debt/Ratio		0.0302	0.0324	0.0782	0.086	0.0807	0.0807	0.0807	0.14	0.0716	20.02
Debt/Equity		0.0407	0.0424	0.1066	0.1232	0.1149	0.4268	0.4268	0.88	0.1628	58.70
Debt/Net Income		0.522	1.91	1.32	-2.42	1.32	1.32	1.32	3.70	0.6900	-7.12
PEG							1.28	1.28		1.28	0.00
Бета					0.9824	-1.91	-1.45	-1.45	0.19	-0.7925	-213.86
Индекс Альтмана					1.64	1.77	1.71	1.71	-14.10	1.71	1.40

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E	16.02		-46.23	-28.27	-41.8	19.4	18.49	20.28	21.72	23.63	20.76			172.95	20.98	2.34
P/BV		1.19	1.4	1.47	1.53	1.62	1.67	1.76	1.91	2.11	1.97			128.90	1.88	3.36
P/S		1.43	1.58	1.57	1.63	1.74	1.71	1.78	1.92	2.05	1.9			129.26	1.87	2.13
P/FCF													7.19	31.09	7.19	0.00
E/P													0.0598	0.12	0.0598	0.00
EV/EBIT					32.43	37.26	39	181.38	38.1	49	42.4		12.71		64.72	-41.24
EV/EBITDA		17.32	21.9	29.42	23.11	7.77	7.17	8.17	8.89	9.2	8.48			27.94	8.38	3.41
EV/S					6.18	6.34	5.85	6.05	7.06	7.33	6.29		1.61	129.00	5.67	-23.26
EV/FCF					-1138.65	20.32	14.97	51.28	45.66	37.33	44.98		7.85	-104.65	37.42	-31.30
Debt/EBITDA			2.91	3.39	1.95	1.95	2.07	4.88	1.76				0.6227	6.10	2.26	-20.41
Netdebt/Ebitda					-0.6068	-1.77	-2.98	-8.25	-3.08	-5.61	-4.92		-1.05	32.72	-4.5820	-33.79
Debt/Ratio					0.0833	0.0794	0.0786	0.0807	0.0751				0.0807	0.14	0.0789	0.33
Debt/Equity					0.1153	0.1104	0.1126	0.1149	0.1064				0.4268	0.88	0.1742	31.05
Debt/Net Income					3.33	3.82	4.59	1212.34	3.07				1.32	3.70	245.03	-19.15
PEG													1.28		1.28	0.00
Бета												2.43	-1.45	0.19	0.4900	-177.25
Индекс Альтмана												1.71	1.71	-14.10	1.71	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		10.58	10.38	11.19	11.99	12.61	11.88			11.88		11.61	2.74
Дивиденд	26	26	26	28	16	32	32	34	19	36		26.60	3.50
Див доход, ао, %	1.5	1.34	1.27	1.65	1.12	4.92	3.49	2.83	3.71	3.27	3.05	3.21	27.07
Дивиденды / прибыль, %			33.12	43.95	163.81	44.07	-79.48	44.6		44.6	44.95	43.39	0.29
Dividend Coverage Ratio									2.24	2.24		2.24	0.00

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.082	6.1	15.83	5.92	0.088	5.78	0.089	6.1	0.071	5.88			3.58	0.34
Дивиденды / прибыль, %	94.85		102.12	9.05	56.85	0.9926	78.89	306.9	57.34	0.8723	67.59		44.95	102.32	-3.04
Dividend Coverage Ratio												2.24		2.24	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Выручка, %	3.82	9.54	13.46	8.81	3.54	3.54	-1.51
Персонал, чел				4 144	4 144		0.00

	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	CAGR 5
CAPEX/Выручка, %	2.11	4.89	0.769	2.94	4	13.65

	CAGR 5