TSE: 7780 - Menicon Co., Ltd.

Yield per half year: +0.614%
Dividend yield: +3.29%
Sector: Healthcare

Reporting Menicon Co., Ltd.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								189.34
Выручка, млрд ¥	76.67	80.9	84.52	86.21	100.17	110.19	116.19	116.19	99.46	6.57
Чистая прибыль, млрд ¥	2.66	3.58	4.06	5.95	6.48	7.38	4.54	4.54	5.68	2.26
EV, млрд ¥	93.15	119.95	159.72	264.73	244.01	239.84	155.18	155.18	212.70	-0.58
EBIT, млрд ¥	4.5	5.9	7.03	8.11	9.96	12.06	7.79	7.79	8.99	2.07
EBITDA, млрд ¥	9.5	10.54	12.16	14.6	17.25	19.51	15.74	15.74	15.85	5.30
Баланс стоимость, млрд ¥	40.08	42.51	53.47	60.93	66.99	74.61	81.75	81.75	67.55	8.86
FCF, млрд ¥	3.05	1.82	2.24	-1.25	-3.23	-0.226	-9.47	-9.47	-2.3872	-233.42
Операционный денежный поток, млрд ¥	7.86	7.02	8.71	10.63	12.72	12.75	11.87	11.87	11.34	6.39
Операционная прибыль, млрд ¥	4.39	5.57	7.03	8.11	9.96	12.06	8.95	8.95	9.22	4.95
Операционные расходы, млрд ¥	36.8	37.2	38.19	37.71	42.92	46.41	52.06	52.06	43.46	6.39
CAPEX, млрд ¥	4.81	5.2	6.48	11.88	15.95	12.98	21.33	21.33	13.72	26.91

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Выручка, млрд ¥	25.47	26.84	27.29	28.33	4 357.08	28.45	29.68	29.28	28.79	30.16	29.27	1.17
Чистая прибыль, млрд ¥	1.12	2.12	2.14	2.6	81.55	1.58	1.74	1.26	-0.037	1.77	1.26	2.30
EV, млрд ¥	224.95	273.46	253.2	233.22	37 822.76	228.02	180.55	218.62	144.87	137.53	181.92	-9.62
EBIT, млрд ¥	1.92	3.43	3.44	3.72	232.07	2.61	2.61	2.46	1.3	2.68	2.33	0.53
EBITDA, млрд ¥	1.96	3.39	3.38	3.91	217.77	4.48	4.54	4.49	3.41	4.67	4.32	0.83
Баланс стоимость, млрд ¥	66.99	69.03	71.78	73.93	11 722.85	76.29	79.32	80.17	81.75	84.18	80.34	1.99
FCF, млрд ¥				598.63	3.92	3.75	3.87	4.06			122.85	-63.16
Операционный денежный поток, млрд ¥			7.01	598.63	3.92	3.75	3.87	4.06			122.85	-63.16
Операционная прибыль, млрд ¥	1.92	3.43	3.44	3.72	232.07	2.62	2.64	2.28	1.42	2.68	2.33	0.45
Операционные расходы, млрд ¥	11.57	11.08	11.29	11.42	1 983.63	12.46	12.74	13.11	13.75	13.85	13.18	2.14
CAPEX, млрд ¥			8.06		12.98						10.52	26.90

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	16.9	20.08	17.33	41.46	33.05	41.25	46.71	46.71	35.96	21.93
Short Term Investments ¥		0.055	0.048	0.042	2.75	0.036	0.198	0.198	0.6148	32.77
Total Receivables ¥		8.78	9.73	10.74	11.13	12.25	13.21	13.21	11.41	6.31
Total Current Assets ¥		42.58	41.72	70.21	64.19	77.7	85.77	85.77	67.92	15.50
Чистые активы, млрд ¥	38.97	42.58	41.72	70.21	49.42	57.14		57.14	52.21	6.06
Активы, млрд ¥	71.73	78.27	87.29	126.73	130.98	152.52	179.81	179.81	135.47	15.55
Short Term Debt ¥		3.81	4.06	4.97	4.8	3.64	26.21	26.21	8.74	45.21
Long Term Debt ¥		14.97	5.77	40.34	37.64	49.94	40.58	40.58	34.85	47.72
Задолженность, млрд ¥	31.62	35.73	33.77	65.75	63.94	77.86	98.01	98.01	67.87	23.75
Чистый долг, млрд ¥	-0.721	-1.21	-3.9	3.85	9.39	12.33	24.08	24.08	9.15	-243.92
Долг, млрд ¥	16.18	18.87	13.43	45.3	42.44	53.58	70.79	70.79	45.11	39.44
Расходы на обслуживание долга ¥		0.174	0.188	0.229	0.332	0.361	0.672	0.672	0.3564	29.02
Чист. проц. доходы, млрд ¥	0.01	0.007	0.004	0.004	0.019	0.036	0.082	0.036	0.0290	82.96
Амортизация, млрд ¥		4.64	5.42	6.03	7.29	7.45	7.95	7.95	6.83	7.96
Себестоимость, млрд ¥			39.29	40.39	47.29	51.72	55.18	55.18	46.77	7.03
Товарно материальные запасы ¥		11.96	12.93	15.5	15.78	17.42	18.8	18.8	16.09	7.77

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥		33.05	46.09	42.99	42.03	6 481.03	51.82	49.84	47.16	46.71	44.74	48.05	-2.90
Short Term Investments ¥				0.02	0.02	5.66	0.018	0.018	0.018	0.198		1.18	-48.86
Total Receivables ¥			11.71	11.93	13.03	1 950.01	12.38	13.38	14.27	13.21	13.94	13.44	2.40
Total Current Assets ¥			78.09	76.24	77.05	12 208.35	88.95	87.91	86.23	85.77	85.09	86.79	-0.88
Чистые активы, млрд ¥	68.28	64.19	78.09	76.24	77.05	8 978.29	65.35					1855.00	-3.50
Активы, млрд ¥		130.98	145.83	149.56	150.51	23 964.2	171.87	175.38	173.8	179.81	183.3	176.83	1.30
Short Term Debt ¥			4.97	4.25	4.18	572.07	3.38	3.31	3.05	26.21	26.39	12.47	50.84
Long Term Debt ¥			46.56	51.53	50.28	7 846.24	64.62	64.54	63.86	40.58		1615.97	-65.11
Задолженность, млрд ¥		63.94	76.75	77.73	76.53	12 233.18	95.53	96	93.57	98.01	99.06	96.43	0.73
Чистый долг, млрд ¥		9.39	10.8	12.79	12.42	1 937.28	20.73	22.37	23.84	24.08	28.81	23.97	6.80
Долг, млрд ¥		42.44	56.88	55.77	54.45	8 418.31	72.55	72.21	71.01	70.79	73.55	72.02	0.27
Расходы на обслуживание долга ¥		0.066	0.088	0.093	0.093	13.67	0.13	0.144	0.151	0.146	0.16	0.1462	4.24
Чист. проц. доходы, млрд ¥	0.007	0.006	0.005	0.009	0.01	1.89	1.73	2.83	3.77	0.029		2.05	-56.63
Амортизация, млрд ¥			-0.034	-0.058	0.191	-14.3	1.87	1.93	2.03	2.11	1.99	1.99	1.25
Себестоимость, млрд ¥							13.37	14.31	13.89	13.62	13.63	13.76	0.39
Товарно материальные запасы ¥			15.87	16.6	17.01	2 736.55	18.23	18.48	18.34	18.8	19.66	18.70	1.52

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	37.42	47.15	53.47	77.23	78.78	89.49	54.86		54.86	70.77	0.51
Цена акции ао					2778	2349	1400	1311	1311	1959.50	-17.12
Число акций ао, млн		75.84	75.92	77.07	82.27	82.43	82.71		82.71	80.08	1.73
FCF/акцию	42.91	24.01	29.44	-16.18	-39.23	-2.74	-114.47		-114.47	-28.6360	-231.21

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	5 quarters average	CAGR 5
EPS	14.86	25.84	26.1	31.61	985.41	19.1	21.09	15.23	-0.4855	21.39	15.26	2.29
FCF/акцию				46.31	47.32	45.38	46.75	49.26			47.00	1.24

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	6.84	8.66	8.46	10.41	10.13	10.42	5.8		5.8	8.25	9.04	-7.27
ROA, %	3.69	4.77	4.9	5.56	5.03	5.2	2.73		2.73	5.29	4.68	-11.04
ROIC, %			8.08	6.85	7.31	7.24			7.24	10.32	7.37	-2.71
ROS, %			4.8	6.9	6.47	6.69	3.91	3.91	3.91	5.75	5.58	-10.74
ROCE, %	8.48	9.88	10.73	7.78	9.19	9.41	6	9.52	9.52	10.05	8.38	4.12
Ebit margin, %			8.32	9.4	9.94	10.95	6.7	6.7	6.7		8.74	-6.55
Рентаб EBITDA, %	12.4	13.03	14.39	16.94	17.22	17.71	13.54	13.54	13.54	13.78	15.79	-4.38
Чистая рентаб, %	3.47	4.42	4.8	6.9	6.47	6.69	3.91		3.91	6.93	5.75	-4.02
Operation Margin, %			8.32	9.4	9.94	10.95	7.71	7.71	7.71	7.55	9.14	-3.89

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %	1.78	3.27	3.2	3.75	0.727	2.15	2.32	1.63	-0.0471	2.2	8.25	1.65	0.46
ROA, %	0.8622	1.53	1.45	1.73	0.3425	0.9723	1	0.7188	-0.0209	0.9722	5.29	0.7285	-0.00
ROS, %						5.54	5.88	4.29	-0.1285	5.85	5.75	4.29	1.09
ROCE, %	1.81	3.08	2.95	3.05	1.16	1.96	1.87	1.69	0.8914	1.89	10.05	1.66	-0.72
Ebit margin, %						9.17	8.78	8.39	4.51	8.89		7.95	-0.62
Рентаб EBITDA, %	7.7	12.64	12.4	13.79	5	15.75	15.29	15.33	11.84	15.48	13.78	14.74	-0.35
Чистая рентаб, %	4.41	7.9	7.85	9.16	1.87	5.54	5.88	4.29	-0.1285	5.85	6.93	4.29	1.09
Operation Margin, %						9.2	8.88	7.77	4.94	8.89	7.55	7.94	-0.68

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	35.33	33.88	40.3	43.83	36.2	30.84	28.89		28.89	170.63	36.01	-6.44
P/BV	2.34	2.85	3.06	4.28	3.5	3.05	1.6		1.6	128.93	3.10	-12.16
P/S	1.22	1.5	1.94	3.03	2.34	2.06	1.13		1.13	129.31	2.10	-10.25
P/FCF						-837.79	-20	-20	-20	14.16	-292.5967	-71.21
E/P						0.039	0.024	0.024	0.024	0.10	0.0290	-14.94
EV/EBITDA	9.8	11.38	13.13	18.13	14.15	12.29	9.86		9.86	10.76	13.51	-5.57
EV/EBIT			22.73	64.88	24.51	19.88	19.92	19.92	19.92		29.82	-21.03
EV/S			1.89	6.1	2.44	2.18	1.34	1.34	1.34	129.05	2.68	-26.15
EV/FCF			71.54	-421.8	-75.62	-1061.25	-16.39	-16.39	-16.39	-103.33	-318.2900	-47.77
Debt/EBITDA	1.7	1.79	1.1	3.1	2.46	2.75	4.5	4.5	4.5	-2.77	3.46	7.74
Netdebt/Ebitda			-0.3205	0.2636	0.5443	0.6319	1.53	1.53	1.53	27.95	0.9000	42.15
Debt/Ratio			0.1127	0.3575	0.324	0.3513	0.3937	0.3937	0.3937	0.14	0.3640	1.95
Debt/Equity			0.1839	0.7435	0.6334	0.7181	0.866	1.24	1.24	1.22	0.8402	10.77
Debt/Net Income			2.42	7.61	6.55	7.26	15.6	15.6	15.6	3.47	10.52	15.44
Бета						3.45	1.24	3.63	3.63	0.96	2.77	1.71
Индекс Альтмана						5.29	3.59	3.6	3.6	-14.01	4.16	-12.04

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2025Q1	Industry average	5 quarters average	CAGR 5
P/E	41.05	33.95	35.86	31.6	27.34	30.77	30.26	24.52	38.3		23.02		170.63	29.37	-5.64
P/BV		3.22	3.8	3.35	2.98	3.06	2.72	1.99	2.43	1.48	1.29		128.93	1.98	-13.86
P/S		2.19	2.4	2.18	2.01	2.06	1.85	1.38	1.7	1.1	0.904		129.31	1.39	-13.34
EV/EBITDA		21.88	24.79	21.34	18.45	19.94	12.25	10.03	13.09	8.56	8.04		10.76	10.39	-8.08
EV/EBIT							87.43	69.28	88.98	111.55	51.28			81.70	-10.12
EV/S							8.02	6.08	7.47	5.03	4.56		129.05	6.23	-10.68
EV/FCF							60.87	46.7	53.85				-103.33	53.81	-4.00
Debt/EBITDA		21.65	16.76	16.48	13.94	38.66	16.19	15.91	15.82	20.76	15.75		-2.77	16.89	-0.55
Netdebt/Ebitda							4.63	4.93	5.31	7.06	6.17		27.95	5.62	5.91
Debt/Ratio							0.4221	0.4117	0.4086	0.3937	0.4012		0.14	0.4075	-1.01
Debt/Equity							0.951	0.9103	0.8857	0.866	0.8737		1.22	0.8973	-1.68
Debt/Net Income							46	41.4	56.58	-1913.32	41.67		3.47	-345.5340	-1.96
Бета												3.63	0.96	3.63	0.00
Индекс Альтмана												3.6	-14.01	3.60	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		0.665	0.878	0.986	1.06	1.32	1.52	1.9		1.9		1.36	14.02
Дивиденд	7.5	9.5	12.5	14	14	2.5	20	25	25	25		17.30	12.30
Див доход, ао, %	0.9105	0.6051	0.8941	0.6114	0.448	0.0735	0.8079	1.64	3.29	3.29	2.88	1.25	49.00
Дивиденды / прибыль, %			25.03	24.55	24.29	17.73	20.38	20.59	41.89	41.89	44.50	24.98	11.52

	2022Q3	2023Q1	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.52	1.52		1.52	0.00
Дивиденды / прибыль, %	70.87	292.68	44.50	181.78	103.22

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4056	4056	0.00

	CAGR 5

	CAGR 5