<p>日本三天制药（TSE:4536）已通过交付后与业绩挂钩的股票薪酬计划完成了国库股票的处置。这一举措得到了董事会的批准，旨在更好地将管理层激励与业务表现对齐。</p>
<p>请查看我们对日本三天制药的最新分析。</p>
<p>日本三天制药的最新举措是在过去一年中势头持续下降之后做出的，过去一年总股东回报率为-13.16%，30 天股价回报率为-8.07%。尽管其三年总股东回报率接近 65%，显示长期持有者仍然获得了可观的收益，但近期股价疲软可能反映出投资者在权衡新治理举措与业绩压力时情绪的变化。</p>
<p>如果这样的治理变革引发了你对医疗保健未来的好奇，现在是查看我们完整列表的好时机，免费获取信息。</p>
<p>随着近期治理改革和分析师目标价格的显著折扣，投资者可能会想知道日本三天制药当前的估值是否预示着反弹的开始，或者市场是否已经考虑了未来的任何上行空间。</p>
<h2>15.5 倍的市盈率：是否合理？</h2>
<p>日本三天制药的股票市盈率为 15.5 倍，显著高于同行和行业平均水平。在最后一次收盘时为¥1,509，这表明投资者相对于日本制药行业的类似公司支付了溢价。</p>
<p>市盈率是一个广泛使用的指标，用于比较公司的股价与每股收益。这有助于投资者评估相对于利润的估值。对于制药行业而言，收益的稳定性和增长潜力至关重要，较高的市盈率可能表明更强的预期增长或股票被高估。</p>
<p>日本三天制药的市盈率为 15.5 倍，超过了行业平均的 14.8 倍，并且远高于同行组的 11.8 倍。然而，与估计的公允价值市盈率 18.9 倍相比，市场似乎还有重新校准的空间。如果日本三天制药能够实现其预期的增长轨迹，这一差距可能会缩小。</p>
<p>探索日本三天制药的 SWS 公允比率</p>
<p><strong>结果：15.5 倍的市盈率（被高估）</strong></p>
<p>然而，较弱的收入增长或持续的股价压力可能会挑战乐观情绪，并限制任何潜在股价反弹的速度。</p>
<p>了解影响日本三天制药叙述的关键风险。</p>
<h2>另一种观点：折现现金流讲述了不同的故事</h2>
<p>虽然使用市盈率来看，日本三天制药显得昂贵，但我们的折现现金流（DCF）模型表明，该股票可能被显著低估，交易价格低于其估计公允价值的 58%。该方法依赖于未来现金流的预测，而非过去的利润，可能揭示隐藏的上行空间。市场是否低估了日本三天制药未来的增长潜力？</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b3936bd3-dba2-404a-8aeb-a075d4bde705/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b3936bd3-dba2-404a-8aeb-a075d4bde705/chart/dcf"/></p>
<p>截至 2025 年 11 月的 4536 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看日本三天制药）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 840 只基于现金流的被低估股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>构建您自己的日本三天制药叙述</h2>
<p>如果您有不同的看法或想自己深入数字，您可以使用我们的工具在几分钟内快速形成自己的观点。那么为什么不按照您的方式来做呢？</p>
<p>一个好的起点是我们的分析，强调投资者对日本三天制药的四个关键回报的乐观预期。</p>
<h2>寻找更多投资想法？</h2>
<p>不要再等待完美的股票，拓宽您的策略，抓住市场上不断出现的新机会。现在就获取独特的投资见解：</p>
<ul>
<li>通过瞄准收入增长，捕捉这些 22 只股息收益率超过 3% 的股票，提供来自可靠公司的吸引回报。</li>
<li>加入人工智能革命，通过审查这些 27 只 AI 便士股票，利用智能创新重塑行业，挖掘前沿潜力。</li>
<li>通过搜索这些 840 只基于现金流的被低估股票，增强您投资组合的高回报潜力，这些股票目前可能低于其真实价值。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

参天制药(ADR)

<p>参天制药（TSE:4536）已处置库存股，以使管理层激励与业绩相一致。尽管过去一年总股东回报率为-13.16%，但长期持有者仍获得了收益。该公司的市盈率为 15.5 倍，高于行业平均水平，暗示被高估，但折现现金流模型显示其可能被低估 58%。投资者正在权衡治理变革与业绩压力，如果参天能够实现其目标，未来有增长潜力</p>

<p>Santen Pharmaceutical (TSE:4536) has completed the disposal of treasury shares through a post-delivery performance-linked stock remuneration plan. This move, approved by its Board, is aimed at better aligning management incentives with business performance.</p>
<div class="lb-trans"><p>日本三天制药（TSE:4536）已通过交付后与业绩挂钩的股票薪酬计划完成了国库股票的处置。这一举措得到了董事会的批准，旨在更好地将管理层激励与业务表现对齐。</p>
</div><p>See our latest analysis for Santen Pharmaceutical.</p>
<div class="lb-trans"><p>请查看我们对日本三天制药的最新分析。</p>
</div><p>Santen’s latest move comes after a year marked by a steady decline in momentum, with a 1-year total shareholder return of -13.16% and a 30-day share price return of -8.07%. While its 3-year total shareholder return of nearly 65% shows that long-term holders have still seen meaningful gains, recent price softness may reflect shifting sentiment as investors weigh the new governance initiatives in relation to performance pressures.</p>
<div class="lb-trans"><p>日本三天制药的最新举措是在过去一年中势头持续下降之后做出的，过去一年总股东回报率为-13.16%，30 天股价回报率为-8.07%。尽管其三年总股东回报率接近 65%，显示长期持有者仍然获得了可观的收益，但近期股价疲软可能反映出投资者在权衡新治理举措与业绩压力时情绪的变化。</p>
</div><p>If governance changes like this spark your curiosity about what’s next in healthcare, it’s a great time to check out our See the full list for free.</p>
<div class="lb-trans"><p>如果这样的治理变革引发了你对医疗保健未来的好奇，现在是查看我们完整列表的好时机，免费获取信息。</p>
</div><p>With recent governance reforms and a notable discount to analyst price targets, investors might wonder whether Santen’s current valuation offers the beginnings of a rebound or if the market is already accounting for any future upside.</p>
<div class="lb-trans"><p>随着近期治理改革和分析师目标价格的显著折扣，投资者可能会想知道日本三天制药当前的估值是否预示着反弹的开始，或者市场是否已经考虑了未来的任何上行空间。</p>
</div><h2>Price-to-Earnings of 15.5x: Is it justified?</h2>
<div class="lb-trans"><h2>15.5 倍的市盈率：是否合理？</h2>
</div><p>Santen Pharmaceutical's shares are priced at a price-to-earnings (P/E) ratio of 15.5x, notably higher than both peer and industry averages. At a last close of ¥1,509, this suggests investors are paying a premium relative to similar companies in the Japanese pharmaceuticals sector.</p>
<div class="lb-trans"><p>日本三天制药的股票市盈率为 15.5 倍，显著高于同行和行业平均水平。在最后一次收盘时为¥1,509，这表明投资者相对于日本制药行业的类似公司支付了溢价。</p>
</div><p>The price-to-earnings ratio is a widely used metric that compares a company's share price to its earnings per share. This helps investors assess valuation relative to profits. For pharmaceuticals, where earnings stability and growth potential matter, a higher P/E can indicate either stronger expected growth or an overvalued stock.</p>
<div class="lb-trans"><p>市盈率是一个广泛使用的指标，用于比较公司的股价与每股收益。这有助于投资者评估相对于利润的估值。对于制药行业而言，收益的稳定性和增长潜力至关重要，较高的市盈率可能表明更强的预期增长或股票被高估。</p>
</div><p>Santen's P/E of 15.5x surpasses the industry average of 14.8x, and is well above the peer group average of 11.8x. However, when benchmarked against the estimated fair value P/E of 18.9x, there appears to be room for the market to recalibrate. This gap could potentially close if Santen delivers on its projected growth trajectory.</p>
<div class="lb-trans"><p>日本三天制药的市盈率为 15.5 倍，超过了行业平均的 14.8 倍，并且远高于同行组的 11.8 倍。然而，与估计的公允价值市盈率 18.9 倍相比，市场似乎还有重新校准的空间。如果日本三天制药能够实现其预期的增长轨迹，这一差距可能会缩小。</p>
</div><p>Explore the SWS fair ratio for Santen Pharmaceutical</p>
<div class="lb-trans"><p>探索日本三天制药的 SWS 公允比率</p>
</div><p><strong>Result: Price-to-Earnings of 15.5x (OVERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：15.5 倍的市盈率（被高估）</strong></p>
</div><p>However, weaker revenue growth or continued share price pressure could challenge optimism and limit the pace of any potential share price rebound.</p>
<div class="lb-trans"><p>然而，较弱的收入增长或持续的股价压力可能会挑战乐观情绪，并限制任何潜在股价反弹的速度。</p>
</div><p>Find out about the key risks to this Santen Pharmaceutical narrative.</p>
<div class="lb-trans"><p>了解影响日本三天制药叙述的关键风险。</p>
</div><h2>Another View: Discounted Cash Flow Tells a Different Story</h2>
<div class="lb-trans"><h2>另一种观点：折现现金流讲述了不同的故事</h2>
</div><p>While Santen Pharmaceutical looks expensive using the price-to-earnings ratio, our DCF model suggests the stock could be significantly undervalued, trading at 58% below its estimated fair value. This method relies on future cash flow projections rather than past profits and may reveal hidden upside. Could the market be underestimating Santen's future growth potential?</p>
<div class="lb-trans"><p>虽然使用市盈率来看，日本三天制药显得昂贵，但我们的折现现金流（DCF）模型表明，该股票可能被显著低估，交易价格低于其估计公允价值的 58%。该方法依赖于未来现金流的预测，而非过去的利润，可能揭示隐藏的上行空间。市场是否低估了日本三天制药未来的增长潜力？</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b3936bd3-dba2-404a-8aeb-a075d4bde705/chart/dcf" alt="" original-src="https://images.simplywall.st/company/b3936bd3-dba2-404a-8aeb-a075d4bde705/chart/dcf"/></p>
<p>4536 Discounted Cash Flow as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 4536 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Santen Pharmaceutical for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 840 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看日本三天制药）。我们展示了完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 840 只基于现金流的被低估股票。如果您保存了筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own Santen Pharmaceutical Narrative</h2>
<div class="lb-trans"><h2>构建您自己的日本三天制药叙述</h2>
</div><p>If you see things differently or want to dig into the numbers yourself, you can quickly shape your own perspective using our tools in just a few minutes. So why not Do it your way</p>
<div class="lb-trans"><p>如果您有不同的看法或想自己深入数字，您可以使用我们的工具在几分钟内快速形成自己的观点。那么为什么不按照您的方式来做呢？</p>
</div><p>A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Santen Pharmaceutical.</p>
<div class="lb-trans"><p>一个好的起点是我们的分析，强调投资者对日本三天制药的四个关键回报的乐观预期。</p>
</div><h2>Looking for More Investment Ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Stop waiting for the perfect stock and broaden your strategy with new opportunities cropping up across the market. Get ahead and access unique investment insights now:</p>
<div class="lb-trans"><p>不要再等待完美的股票，拓宽您的策略，抓住市场上不断出现的新机会。现在就获取独特的投资见解：</p>
</div><ul>
<li>Capture impressive yields by targeting income growth with these 22 dividend stocks with yields &gt; 3%, offering attractive returns from reliable companies.</li>
<li>Join the AI revolution and tap into cutting-edge potential by reviewing these 27 AI penny stocks, reshaping industries with intelligent innovation.</li>
<li>Strengthen your portfolio’s potential for high returns by searching through these 840 undervalued stocks based on cash flows, which may be trading below their true worth right now.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过瞄准收入增长，捕捉这些 22 只股息收益率超过 3% 的股票，提供来自可靠公司的吸引回报。</li>
<li>加入人工智能革命，通过审查这些 27 只 AI 便士股票，利用智能创新重塑行业，挖掘前沿潜力。</li>
<li>通过搜索这些 840 只基于现金流的被低估股票，增强您投资组合的高回报潜力，这些股票目前可能低于其真实价值。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成购买或出售任何股票的推荐，也不考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

参天制药（TSE:4536）在为绩效挂钩管理计划处置库藏股后，估值受到关注