--- title: "Assessing Santen Pharmaceutical (TSE:4536) Valuation After Nine Month Declines In Sales And Net Income" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275460692.md" description: "Santen Pharmaceutical (TSE:4536) reported nine-month sales of ¥210,763 million and net income of ¥21,816 million, both lower than the previous year. Despite a 1-day share price decline of 1.79%, the stock has seen a 13.19% return over 90 days and a 25.93% return over the past year. The current P/E ratio of 18.2x is above industry averages, suggesting potential overvaluation, while a DCF analysis indicates the stock may be undervalued at ¥1,729.5 compared to a DCF value of ¥3,500.12. Investors are encouraged to consider both perspectives." datetime: "2026-02-10T12:48:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275460692.md) - [en](https://longbridge.com/en/news/275460692.md) - [zh-HK](https://longbridge.com/zh-HK/news/275460692.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275460692.md) | [English](https://longbridge.com/en/news/275460692.md) # Assessing Santen Pharmaceutical (TSE:4536) Valuation After Nine Month Declines In Sales And Net Income ## Why Santen Pharmaceutical’s Latest Earnings Matter for Shareholders Santen Pharmaceutical (TSE:4536) has put fresh numbers on the table, reporting nine month sales of ¥210,763 million and net income of ¥21,816 million, both below the prior year’s levels. Earnings per share from continuing operations also softened, with basic EPS at ¥66.16 and diluted EPS at ¥66.05, compared with ¥78.21 and ¥77.98 a year earlier. This represents a shift many investors are now reassessing. See our latest analysis for Santen Pharmaceutical. Despite the softer nine month earnings, the 90 day share price return of 13.19% and 1 year total shareholder return of 25.93% suggest momentum has been building, even with a 1 day share price decline of 1.79% around the latest results. If this earnings update has you rethinking your watchlist, it could be a good time to widen your search and uncover 10 top founder-led companies. With earnings softer but the share price still up 26% over 1 year and the stock trading below some analyst targets, you have to ask: is there real value left here, or is the market already pricing in future growth? ## Price-to-Earnings of 18.2x: Is it justified? Santen Pharmaceutical currently trades on a P/E of 18.2x, a level that sits above both its industry peers and the wider Japanese pharmaceuticals group. The P/E ratio compares the share price to earnings per share and is a quick way to see how much investors are paying for each unit of profit. For a business like Santen, with established products and ongoing clinical programs, a higher P/E can indicate that the market is willing to pay a premium for its earnings profile. Here, the market is assigning Santen a richer P/E than the peer average of 15.3x and the Japan pharmaceuticals industry average of 15.4x, even though its earnings growth over the last year did not exceed the industry. At the same time, our fair P/E estimate of 21.2x sits above the current 18.2x level. This suggests there could be scope for the valuation multiple to move closer to that fair ratio if earnings forecasts are met. Explore the SWS fair ratio for Santen Pharmaceutical **Result: Price-to-Earnings of 18.2x (OVERVALUED)** However, there are clear risks here, including softer recent earnings and the possibility that clinical trial setbacks or pricing pressure could challenge today’s 18.2x P/E multiple. Find out about the key risks to this Santen Pharmaceutical narrative. ## Another View: DCF Points to a Different Story While the 18.2x P/E makes Santen Pharmaceutical look expensive against peers, our DCF model paints a different picture. With the share price at ¥1,729.5 versus a DCF value of ¥3,500.12, the stock is described as trading about 50.6% below that estimate. Which signal do you put more weight on? Look into how the SWS DCF model arrives at its fair value. 4536 Discounted Cash Flow as at Feb 2026 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 22 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. ## Build Your Own Santen Pharmaceutical Narrative If you see the numbers differently or simply prefer to rely on your own work, you can pull the data together and build a full view of Santen in just a few minutes, then Do it your way. A good starting point is our analysis highlighting 5 key rewards investors are optimistic about regarding Santen Pharmaceutical. ## Looking for more investment ideas? Once you have formed a view on Santen, do not stop there. Broaden your opportunity set with a few targeted stock ideas pulled straight from our screener. - Target potential mispricings by checking out 22 high quality undervalued stocks that combine solid fundamentals with room for the market to catch up. - Strengthen your income stream by scanning 13 dividend fortresses that focus on companies with higher yields. - Prioritise resilience by reviewing 51 resilient stocks with low risk scores that score well on balance sheet and risk factors. _This article by Simply Wall St is general in nature. **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.** 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._ ### **New:** Manage All Your Stock Portfolios in One Place We've created the **ultimate portfolio companion** for stock investors, **and it's free.** • Connect an unlimited number of Portfolios and see your total in one currency • Be alerted to new Warning Signs or Risks via email or mobile • Track the Fair Value of your stocks Try a Demo Portfolio for Free ### 相關股票 - [Santen Pharmaceutical Co., Ltd. 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