TSE: 6849 - Nihon Kohden Corporation

Yield per half year: -4.37%
Dividend yield: +2.34%
Sector: Healthcare

Reporting Nihon Kohden Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							312.87
Выручка, млрд ¥	178.8	185.01	199.73	205.13	206.6	221.99	221.99	203.69	3.71
Чистая прибыль, млрд ¥	11.19	9.85	18.24	23.44	17.11	17.03	17.03	17.13	11.57
EV, млрд ¥	261.79	290.68	240.19	223.91	268.61	295.88	295.88	263.85	0.36
EBIT, млрд ¥	15.53	15.5	27.09	30.99	21.12	19.59	19.59	22.86	4.79
EBITDA, млрд ¥	19.22	18.66	32.92	34.48	24.91	23.45	23.45	26.88	4.68
Баланс стоимость, млрд ¥	116.09	121.77	138.98	156.38	167.6	181.08	181.08	153.16	8.26
FCF, млрд ¥	6.57	5.63	10.56	22.77	-10.77	10.82	10.82	7.80	13.96
Операционный денежный поток, млрд ¥	9.82	9.22	13.95	25.7	-2.51	15.61	15.61	12.39	11.11
Операционная прибыль, млрд ¥	15.04	15.5	27.09	30.99	21.12	19.59	19.59	22.86	4.79
Операционные расходы, млрд ¥	70.94	73.82	75.14	78.09	84.81	91.76	91.76	80.72	4.45
CAPEX, млрд ¥	3.25	3.59	3.38	2.93	8.26	4.79	4.79	4.59	5.94

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	57.05	44.36	49.99	50.21	9 727.65	48.73	54.81	52.63	65.82	46.23	53.64	-1.05
Чистая прибыль, млрд ¥	6.52	3.68	4.86	0.319	1 293.44	3.79	4.21	-0.071	9.1	0.766	3.56	-27.37
EV, млрд ¥	226.87	197.57	219.76	223.5	42 173.46	290.41	277.38	343.17	281.81	362.61	311.08	4.54
EBIT, млрд ¥	7.68	5.49	7.56	0.824	1 603.09	2.21	5.29	3.03	9.08	-1.25	3.67	-189.23
EBITDA, млрд ¥	10.95	6.31	8.45	1.77	1 780.25	3.04	6.14	3.99	10.13	-0.315	4.60	-163.55
Баланс стоимость, млрд ¥	156.38	156.45	162.42	161.24	26 276.84	169.58	174.3	171.48	181.08	179.21	175.13	1.11
FCF, млрд ¥	8.8	-3.03	-2.98	-6.28	238.31	3.74	3.49	-2.75	6.33	-1.04	1.95	-177.42
Операционный денежный поток, млрд ¥	9.81	-1.49	-2.02	-5.42	1 007.16	4.99	4.5	-1.72	7.84	-0.544	3.01	-164.19
Операционная прибыль, млрд ¥	7.68	5.49	7.56	0.824	1 527.52	2.21	5.29	3.02	9.08	-1.25	3.67	-189.23
Операционные расходы, млрд ¥	22.22	19.99	20.39	21.74	3 556.89	22.15	22.37	23.25	23.2	23.11	22.82	0.85
CAPEX, млрд ¥	1	1.54	0.954	0.86	768.85	1.25	1	1.03	1.51	0.495	1.06	-16.91

	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 ¥	18.81	20.97	30.61	28.93	33.46	36.13	36.13	30.02	11.49
Short Term Investments ¥	16	15	14	32	11	14.3	14.3	17.26	-0.95
Total Receivables ¥	66.72	60.87	68.61	58.17	64.83	71.25	71.25	64.75	3.20
Total Current Assets ¥	132.21	129.02	156.14	171.88	172.5	184.33	184.33	162.77	7.40
Чистые активы, млрд ¥	132.21	129.02	156.14	19.92	24.45		24.45	92.35	-28.65
Активы, млрд ¥	169.71	167.79	193.03	210.2	216.73	233.23	233.23	204.20	6.81
Short Term Debt ¥	0.418	0.359	0.361	0.335	0.424	0.615	0.615	0.4188	11.37
Long Term Debt ¥			0.043	0.024	0.017		0.017	0.0280	-26.61
Задолженность, млрд ¥	53.63	46.01	54.05	53.82	49.13	52.15	52.15	51.03	2.54
Чистый долг, млрд ¥	-18.38	-20.57	-30.21	-28.57	-33.02	-35.48	-35.48	-29.5700	11.52
Долг, млрд ¥	0.435	0.401	0.404	0.359	0.441	0.654	0.654	0.4518	10.28
Расходы на обслуживание долга ¥	0.009	0.01	0.008	0.011	0.01	0.024	0.024	0.0126	19.14
Чист. проц. доходы, млрд ¥	0.067	0.102	0.086	0.132	0.194	0.289	0.194	0.1606	23.16
Амортизация, млрд ¥	3.69	3.16	5.83	3.49	3.79	3.85	3.85	4.02	4.03
Себестоимость, млрд ¥		95.68	97.49	96.04	100.68	110.64	110.64	100.11	2.95
Товарно материальные запасы ¥	28.6	29.25	38.89	48.37	58.79	57.79	57.79	46.62	14.59

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥	28.93	36.54	29.44	40.72	5 245.74	34.06	33.13	32.24	49.88	32.54	36.37	-0.91
Short Term Investments ¥	32	18	23	3	1 724.59	12	17	12	0.554	15	11.31	4.56
Total Receivables ¥	58.38	51.91	53.72	55.65	9 772.96	56.68	57.85	57.34	71.25	59.16	60.46	0.86
Total Current Assets ¥	171.88	162.91	168.21	164.74	27 044.76	170.32	174.52	169.17	184.33	172.44	174.16	0.25
Чистые активы, млрд ¥	171.88	162.91	168.21	164.74	3 832.67	24.94					870.69	-31.29
Активы, млрд ¥	210.2	203.12	209.29	206.01	33 978.87	216.44	220.99	215.79	233.23	223.79	222.05	0.67
Short Term Debt ¥	0.335	0.325	0.325	0.433	66.48	-7.72	-9.9	-6.28	0.615	0.584	-4.5402	-159.67
Long Term Debt ¥					2.67						2.67	0.00
Задолженность, млрд ¥	53.82	46.67	46.87	44.77	7 702.03	46.86	46.69	44.31	52.15	44.58	46.92	-0.99
Чистый долг, млрд ¥	-28.57	-36.21	-29.12	-40.29	-5 176.6	-33.73	-32.82	-31.8	-49.22	-31.95	-35.9040	-1.08
Долг, млрд ¥	0.359	0.325	0.325	0.433	69.14	0.333	0.317	0.442	0.654	0.584	0.4660	11.89
Расходы на обслуживание долга ¥	0.007	0.001	0.003	0.001	0.7839	0.003	0.004	0.001	0.016	0.008	0.0064	21.67
Чист. проц. доходы, млрд ¥	0.07	0.037	0.037	0.052	10.66	8.15	8.62	9.72	0.12		7.45	-59.24
Амортизация, млрд ¥		0.825	0.886	0.95	177.16	0.832	0.852	0.965	1.06	0.933	0.9284	2.32
Себестоимость, млрд ¥						24.38	27.16	26.36	33.54	24.37	27.16	-0.01
Товарно материальные запасы ¥	48.37	52.29	57.88	60.36	9 216.85	62.94	61.84	62.97	57.79	59.3	60.97	-1.18

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	131.42	115.72	214.21	139.46	101.82	101.22		101.22	134.49	-2.64
Цена акции ао				3205	2231.5	2156	2059.5	2059.5	2413.00	-10.47
Число акций ао, млн	85.16	85.16	85.17	168.04	168.04	168.2		168.2	134.92	14.58
FCF/акцию	77.14	66.07	124.01	135.48	-64.09	64.33		64.33	65.16	-0.53

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	76.75	43.65	57.69	3.79	15375.02	22.54	25.05	-0.4225	54.16	4.57		21.18	-27.32
Цена акции ао											2059.5	2059.50	0.00
FCF/акцию	103.55	-35.95	-35.34	-74.53	18.07	22.27	20.79	-16.35	37.69	-6.19		11.64	-177.41

	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, %	9.93	8.29	13.99	15.87	10.56	9.77		9.77	8.26	11.70	3.34
ROA, %	6.83	5.84	10.11	11.62	8.02	7.57		7.57	5.30	8.63	5.33
ROIC, %		10.5	16.56	18.61	13.73			13.73	10.32	14.85	6.94
ROS, %		5.33	9.13	11.42	8.28	7.67	7.67	7.67	5.76	8.83	-3.42
ROCE, %	12.79	12.16	19.02	19.44	12.41	10.69	10.82	10.82	9.40	14.48	-10.67
Ebit margin, %		8.38	13.57	15.11	10.22	8.83	8.83	8.83		11.31	-8.24
Рентаб EBITDA, %	10.75	10.09	16.48	16.81	12.06	10.56	10.56	10.56	13.80	13.29	-8.52
Чистая рентаб, %	6.26	5.33	9.13	11.42	8.28	7.67		7.67	6.94	8.37	7.55
Operation Margin, %		8.38	13.57	15.11	10.22	8.83	8.83	8.83	7.57	11.31	-8.24

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	4.46	2.45	3.15	0.2022	5.14	2.32	2.53	-0.0419	5.28	0.4369	8.26	2.10	-28.39
ROA, %	3.24	1.78	2.36	0.1536	3.9	1.75	1.92	-0.0325	4.05	0.3352	5.30	1.60	-28.15
ROIC, %						4.23	2.44	1.42	5.01	1.85	10.32	2.99	-15.24
ROS, %						7.77	7.68	-0.1349	13.83	1.66	5.76	6.16	-26.56
ROCE, %	5.06	3.52	4.74	0.5084	6.21	1.31	3.09	1.75	5.14	-0.6977	9.40	2.12	-188.16
Ebit margin, %						4.53	9.64	5.75	13.79	-2.7		6.20	-190.17
Рентаб EBITDA, %	19.2	14.23	16.9	3.53	18.3	6.23	11.2	7.58	15.39	-0.6814	13.80	7.94	-164.24
Чистая рентаб, %	11.44	8.29	9.73	0.64	13.3	7.77	7.68	-0.1349	13.83	1.66	6.94	6.16	-26.56
Operation Margin, %						4.53	9.64	5.75	13.79	-2.7	7.57	6.20	-190.17

	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	25.03	31.59	14.82	10.77	17.63	19.46		19.46	170.65	18.85	-9.23
P/BV	2.41	2.56	1.95	1.61	1.8	1.83		1.83	128.93	1.95	-6.49
P/S	1.57	1.68	1.35	1.23	1.46	1.49		1.49	129.32	1.44	-2.37
P/FCF					-29.05	28.91	28.91	28.91	14.16	9.59	-199.84
E/P					0.0547	0.0544	0.0544	0.0544	0.10	0.0545	-0.18
EV/EBIT		18.48	8.73	7.22	12.72	15.1	15.1	15.1		11.77	11.58
EV/EBITDA	13.62	15.57	7.3	6.49	10.78	12.62		12.62	10.83	10.55	-4.11
EV/S		1.55	1.18	1.09	1.3	1.33	1.33	1.33	129.06	1.25	2.42
EV/FCF		50.93	22.4	9.84	-24.94	27.34	27.34	27.34	-102.61	12.40	4.07
Debt/EBITDA	0.0226	0.0215	0.0123	0.0104	0.0177	0.0279	0.0279	0.0279	-2.77	0.0192	17.80
Netdebt/Ebitda		-1.1	-0.9175	-0.8284	-1.33	-1.51	-1.51	-1.51	28.03	-1.2192	10.48
Debt/Ratio		0.0024	0.0021	0.0017	0.002	0.0028	0.0028	0.0028	0.14	0.0023	5.92
Debt/Equity		0.0033	0.0029	0.0023	0.0026	0.0036	0.0268	0.0268	0.69	0.0076	56.01
Debt/Net Income		0.0407	0.0221	0.0153	0.0258	0.0384	0.0384	0.0384	3.47	0.0280	11.68
peg							-0.2411	-0.2411		-0.2411	0.00
Бета					2.56	1.42	0.7248	0.7248	0.76	1.57	-34.34
Индекс Альтмана					2.65	2.51	2.52	2.52	-14.01	2.56	-1.66

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	10.9	10.43	12.71	17.21	17.66	18.83	18.72		19.44	28.21		170.65	20.57	9.82
P/BV	1.63	1.49	1.53	1.64	1.8	1.91	1.78	2.19	1.83	2.2		128.93	1.98	2.87
P/S	1.25	1.16	1.27	1.31	1.46	1.54	1.44	1.72	1.49	1.8		129.32	1.60	3.17
EV/EBIT						131.65	52.48	113.45	31.05	-290.56			7.61	-217.16
EV/EBITDA	5.96	5.35	6.59	8.13	9.64	11.05	10.62	13.72	12.1	18.18		10.83	13.13	10.47
EV/S						5.96	5.06	6.52	4.28	7.84		129.06	5.93	5.64
EV/FCF						77.59	79.41	-124.88	44.5	-349		-102.61	-54.4760	-235.08
Debt/EBITDA	0.0328	0.0515	0.0385	0.2441	0.0388	0.1096	0.0517	0.1108	0.0646	-1.85		-2.77	-0.3027	-275.98
Netdebt/Ebitda						-11.1	-5.35	-7.97	-4.86	101.43		28.03	14.43	-255.66
Debt/Ratio						0.0015	0.0014	0.002	0.0028	0.0026		0.14	0.0021	11.63
Debt/Equity						0.002	0.0018	0.0026	0.0036	0.0033		0.69	0.0027	10.53
Debt/Net Income						0.0879	0.0753	-6.23	0.0719	0.7624		3.47	-1.0465	54.04
Бета											0.7248	0.76	0.7248	0.00
Индекс Альтмана											2.52	-14.01	2.52	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			2.98	2.98	2.98	4.84	5.73	5.97		5.97		4.50	14.91
Дивиденд	35	35	35	35	35	19	20	35.5	30.5	30.5		28.00	-2.71
Див доход, ао, %	1.41	1.37	0.9472	1.18	1.05	0.5758	0.9578	1.23	2.12	2.34	2.85	1.19	15.09
Дивиденды / прибыль, %				26.66	30.24	16.33	20.66	33.51	35.05	35.05	44.33	27.16	3.00

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.004	3.98	0.063	1.68	1.25	3.4	0.049	2.52	0.004	2.57		1.71	-5.44
Дивиденды / прибыль, %	0.0613	108.26	1.3	526.33	0.097	89.68	1.16	-3547.89	0.044	334.86	44.33	-624.4292	30.15

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	5751	5751	0.00

	CAGR 5

	CAGR 5