Declared Dividend • Jun 12
Final dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 28th August 2026 Payment date: 10th November 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 02
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥74.26 (up from JP¥62.74 in FY 2025). Revenue: JP¥236.8b (up 14% from FY 2025). Net income: JP¥10.1b (up 19% from FY 2025). Profit margin: 4.3% (up from 4.1% in FY 2025). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • May 23
Onward Holdings Co., Ltd. to Report Q1, 2027 Results on Jul 09, 2026 Onward Holdings Co., Ltd. announced that they will report Q1, 2027 results on Jul 09, 2026 Major Estimate Revision • May 21
Consensus EPS estimates increase by 25% The consensus outlook for fiscal year 2027 has been updated. 2027 EPS estimate increased from JP¥67.60 to JP¥84.50. Revenue forecast steady at JP¥247.6b. Net income forecast to grow 14% next year vs 12% growth forecast for Luxury industry in Japan. Consensus price target of JP¥920 unchanged from last update. Share price rose 2.4% to JP¥756 over the past week. Reported Earnings • Apr 10
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥74.26 (up from JP¥62.74 in FY 2025). Revenue: JP¥236.8b (up 14% from FY 2025). Net income: JP¥10.1b (up 19% from FY 2025). Profit margin: 4.3% (up from 4.1% in FY 2025). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 28% per year. Announcement • Apr 09
Onward Holdings Co., Ltd., Annual General Meeting, May 28, 2026 Onward Holdings Co., Ltd., Annual General Meeting, May 28, 2026. Announcement • Apr 02
Onward Holdings Co., Ltd. to Report Fiscal Year 2026 Results on Apr 09, 2026 Onward Holdings Co., Ltd. announced that they will report fiscal year 2026 results on Apr 09, 2026 Upcoming Dividend • Feb 19
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 25 May 2026. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 09
Third quarter 2026 earnings released: EPS: JP¥20.68 (vs JP¥12.32 in 3Q 2025) Third quarter 2026 results: EPS: JP¥20.68 (up from JP¥12.32 in 3Q 2025). Revenue: JP¥62.1b (up 13% from 3Q 2025). Net income: JP¥2.81b (up 68% from 3Q 2025). Profit margin: 4.5% (up from 3.0% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 35% per year. Declared Dividend • Nov 11
First half dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 26th February 2026 Payment date: 25th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 73% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 03
Second quarter 2026 earnings released: EPS: JP¥4.05 (vs JP¥0.66 in 2Q 2025) Second quarter 2026 results: EPS: JP¥4.05 (up from JP¥0.66 in 2Q 2025). Revenue: JP¥52.5b (up 20% from 2Q 2025). Net income: JP¥551.0m (up JP¥462.0m from 2Q 2025). Profit margin: 1.0% (up from 0.2% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Oct 02
Onward Holdings Co., Ltd. Announces Second Quarter End Dividend for the Six Months Ended August 31, 2025, Payable on November 10, 2025 Onward Holdings Co., Ltd. announced second quarter end Dividend for the six months ended August 31, 2025. For the period, the company reported dividend of JPY 14.00 per share. Scheduled date of commencing dividend payments: November 10, 2025. Announcement • Jul 26
Onward Holdings Co., Ltd. to Report Q2, 2026 Results on Oct 02, 2025 Onward Holdings Co., Ltd. announced that they will report Q2, 2026 results on Oct 02, 2025 Reported Earnings • Jul 04
First quarter 2026 earnings released: EPS: JP¥31.46 (vs JP¥29.61 in 1Q 2025) First quarter 2026 results: EPS: JP¥31.46 (up from JP¥29.61 in 1Q 2025). Revenue: JP¥60.2b (up 17% from 1Q 2025). Net income: JP¥4.27b (up 6.3% from 1Q 2025). Profit margin: 7.1% (down from 7.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Onward Holdings Co., Ltd. to Report Q1, 2026 Results on Jul 03, 2025 Onward Holdings Co., Ltd. announced that they will report Q1, 2026 results on Jul 03, 2025 Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: JP¥62.74 (vs JP¥48.71 in FY 2024) Full year 2025 results: EPS: JP¥62.74 (up from JP¥48.71 in FY 2024). Revenue: JP¥208.4b (up 9.9% from FY 2024). Net income: JP¥8.52b (up 29% from FY 2024). Profit margin: 4.1% (up from 3.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 03
Onward Holdings Co., Ltd., Annual General Meeting, May 22, 2025 Onward Holdings Co., Ltd., Annual General Meeting, May 22, 2025. Announcement • Feb 22
Onward Holdings Co., Ltd. to Report Fiscal Year 2025 Results on Apr 03, 2025 Onward Holdings Co., Ltd. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Apr 03, 2025 Upcoming Dividend • Feb 20
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 11
Third quarter 2025 earnings released: EPS: JP¥12.32 (vs JP¥21.25 in 3Q 2024) Third quarter 2025 results: EPS: JP¥12.32 (down from JP¥21.25 in 3Q 2024). Revenue: JP¥54.8b (up 7.6% from 3Q 2024). Net income: JP¥1.67b (down 42% from 3Q 2024). Profit margin: 3.0% (down from 5.7% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 25% per year. Declared Dividend • Dec 19
Dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 27th February 2025 Payment date: 26th May 2025 Dividend yield will be 4.2%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 69% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 05
Onward Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the Year Ending February 28, 2025 Onward Holdings Co., Ltd. revised consolidated earnings guidance for the year ending February 28, 2025. For the year, the company expects net sales to be ¥210,000 million. Operating profit to be ¥12,500 million. Profit attributable to owners of parent to be ¥8,250 million, Basic earnings per share to be ¥60.78. Reported Earnings • Oct 04
Second quarter 2025 earnings released: EPS: JP¥0.66 (vs JP¥3.58 loss in 2Q 2024) Second quarter 2025 results: EPS: JP¥0.66 (up from JP¥3.58 loss in 2Q 2024). Revenue: JP¥43.7b (up 8.0% from 2Q 2024). Net income: JP¥89.0m (up JP¥575.0m from 2Q 2024). Profit margin: 0.2% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Aug 28
Onward Holdings Co., Ltd. (TSE:8016) agreed to acquire remaining 79.73% stake in WEGO Co.,Ltd. from J-Star No. 3 Investment Limited Partnership, J-Star No.3 Gf, LP, J-Star No.3 Jc, LP and J-Star No.3 Jf, LP, manage by J-STAR Co., Ltd., and others for ¥500 million. Onward Holdings Co., Ltd. (TSE:8016) agreed to acquire remaining 79.73% stake in WEGO Co.,Ltd. from J-Star No. 3 Investment Limited Partnership, J-Star No.3 Gf, LP, J-Star No.3 Jc, LP and J-Star No.3 Jf, LP, manage by J-STAR Co., Ltd., and others for ¥500 million on August 28, 2024. Upon completion, Onward Holdings Co., Ltd. will own 100% stake in WEGO Co.,Ltd. For the period ending February 29, 2024, WEGO Co.,Ltd. reported total revenue of ¥28.31 billion, net loss of ¥1.52 billion and loss before interest, tax, depreciation and amortization of ¥44 million. As of February 29, 2024, WEGO Co.,Ltd. reported total assets of ¥13.36 billion and total common equity of ¥531 million. The expected completion of the transaction is September 27, 2024. Buy Or Sell Opportunity • Aug 06
Now 26% overvalued Over the last 90 days, the stock has fallen 17% to JP¥506. The fair value is estimated to be JP¥401, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥445, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Luxury industry in Japan. Total returns to shareholders of 70% over the past three years. Major Estimate Revision • Aug 02
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥196.8b to JP¥198.9b. EPS estimate increased from JP¥49.32 to JP¥55.83 per share. Net income forecast to grow 5.3% next year vs 14% growth forecast for Luxury industry in Japan. Consensus price target broadly unchanged at JP¥620. Share price fell 5.2% to JP¥512 over the past week. Reported Earnings • Jul 06
First quarter 2025 earnings released: EPS: JP¥29.61 (vs JP¥24.67 in 1Q 2024) First quarter 2025 results: EPS: JP¥29.61 (up from JP¥24.67 in 1Q 2024). Revenue: JP¥51.4b (up 2.9% from 1Q 2024). Net income: JP¥4.02b (up 20% from 1Q 2024). Profit margin: 7.8% (up from 6.7% in 1Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Onward Holdings Co., Ltd. to Report Q1, 2025 Results on Jul 04, 2024 Onward Holdings Co., Ltd. announced that they will report Q1, 2025 results on Jul 04, 2024 Reported Earnings • Apr 06
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥48.71 (up from JP¥22.57 in FY 2023). Revenue: JP¥189.6b (up 7.7% from FY 2023). Net income: JP¥6.61b (up 116% from FY 2023). Profit margin: 3.5% (up from 1.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. New Risk • Apr 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥660, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Luxury industry in Japan. Total returns to shareholders of 154% over the past three years. Major Estimate Revision • Apr 05
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥43.17 to JP¥49.32. Revenue forecast steady at JP¥196.8b. Net income forecast to grow 5.9% next year vs 11% growth forecast for Luxury industry in Japan. Consensus price target up from JP¥580 to JP¥630. Share price rose 16% to JP¥660 over the past week. Major Estimate Revision • Mar 09
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥36.97 to JP¥41.73. Revenue forecast steady at JP¥189.5b. Net income forecast to shrink 4.5% next year vs 11% growth forecast for Luxury industry in Japan . Consensus price target up from JP¥550 to JP¥580. Share price rose 3.0% to JP¥519 over the past week. Upcoming Dividend • Feb 21
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (10%). Announcement • Feb 04
Onward Holdings Co., Ltd. to Report Fiscal Year 2024 Results on Apr 04, 2024 Onward Holdings Co., Ltd. announced that they will report fiscal year 2024 results on Apr 04, 2024 Reported Earnings • Jan 13
Third quarter 2024 earnings released: EPS: JP¥21.25 (vs JP¥16.56 in 3Q 2023) Third quarter 2024 results: EPS: JP¥21.25 (up from JP¥16.56 in 3Q 2023). Revenue: JP¥51.0b (up 5.7% from 3Q 2023). Net income: JP¥2.88b (up 28% from 3Q 2023). Profit margin: 5.7% (up from 4.7% in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Nov 22
Onward Holdings Co., Ltd. to Report Q3, 2024 Results on Jan 11, 2024 Onward Holdings Co., Ltd. announced that they will report Q3, 2024 results on Jan 11, 2024 Reported Earnings • Oct 06
Second quarter 2024 earnings released: JP¥3.58 loss per share (vs JP¥9.93 loss in 2Q 2023) Second quarter 2024 results: JP¥3.58 loss per share (improved from JP¥9.93 loss in 2Q 2023). Revenue: JP¥40.5b (up 7.7% from 2Q 2023). Net loss: JP¥486.0m (loss narrowed 64% from 2Q 2023). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 29
Consensus EPS estimates increase by 91% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥182.2b to JP¥188.9b. EPS estimate increased from JP¥19.37 to JP¥37.04 per share. Net income forecast to grow 11% next year vs 8.4% growth forecast for Luxury industry in Japan. Consensus price target up from JP¥330 to JP¥550. Share price was steady at JP¥522 over the past week. Announcement • Aug 11
Onward Holdings Co., Ltd. to Report Q2, 2024 Results on Oct 05, 2023 Onward Holdings Co., Ltd. announced that they will report Q2, 2024 results on Oct 05, 2023 Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to JP¥545, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 23x in the Luxury industry in Japan. Total returns to shareholders of 95% over the past three years. New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Jul 07
First quarter 2024 earnings released: EPS: JP¥24.67 (vs JP¥13.44 in 1Q 2023) First quarter 2024 results: EPS: JP¥24.67 (up from JP¥13.44 in 1Q 2023). Revenue: JP¥49.9b (up 12% from 1Q 2023). Net income: JP¥3.35b (up 84% from 1Q 2023). Profit margin: 6.7% (up from 4.1% in 1Q 2023). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
Onward Holdings Co., Ltd. (TSE:8016) acquired additional 28.9% stake in SanMarino Co Ltd. Onward Holdings Co., Ltd. (TSE:8016) acquired additional 28.9% stake in SanMarino Co Ltd. on June 19, 2023. Onward Holdings Co., Ltd. will acquire additional 22,800 shares of SanMarino Co Ltd.Onward Holdings Co., Ltd. (TSE:8016) Completed the acquisition of additional 28.9% stake in SanMarino Co Ltd. on June 19, 2023. Board Change • Jun 21
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Yoshie Komuro was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 30
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥22.57 (down from JP¥63.16 in FY 2022). Revenue: JP¥176.1b (up 4.5% from FY 2022). Net income: JP¥3.06b (down 64% from FY 2022). Profit margin: 1.7% (down from 5.1% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 19
Onward Holdings Co., Ltd. to Report Q1, 2024 Results on Jul 06, 2023 Onward Holdings Co., Ltd. announced that they will report Q1, 2024 results on Jul 06, 2023 Reported Earnings • Apr 07
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥22.57 (down from JP¥63.16 in FY 2022). Revenue: JP¥176.1b (up 4.5% from FY 2022). Net income: JP¥3.06b (down 64% from FY 2022). Profit margin: 1.7% (down from 5.1% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 26
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥174.3b to JP¥176.5b. EPS estimate increased from JP¥15.97 to JP¥17.88 per share. Net income forecast to shrink 27% next year vs 8.0% growth forecast for Luxury industry in Japan . Consensus price target up from JP¥270 to JP¥300. Share price was steady at JP¥359 over the past week. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥12.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 29 May 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.9%). Announcement • Feb 15
Onward Holdings Co., Ltd. to Report Fiscal Year 2023 Results on Apr 06, 2023 Onward Holdings Co., Ltd. announced that they will report fiscal year 2023 results on Apr 06, 2023 Announcement • Feb 01
Onward Holdings Co., Ltd. Provides Dividend Guidance for the Year Ending February 28, 2023 Onward Holdings Co., Ltd. provided dividend guidance for the year ending February 28, 2023. For the year, the company expects to pay dividend of ¥12.00 against ¥12.00 paid last year. Announcement • Jan 25
Onward Holdings Co., Ltd. Revises Earnings Guidance for the Full Year Ending February 28, 2023 Onward Holdings Co., Ltd. revised earnings guidance for the full year ending February 28, 2023. For the period, the company revised Net sales from JPY 173,800 million to JPY 175,000 million, Operating profit from JPY 4,100 million to JPY 5,000 million, Profit attributable to owners of parent from JPY 2,200 million to JPY 2,600 million and Basic earnings per share from JPY 16.22 to JPY 19.17. Buying Opportunity • Jan 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be JP¥382, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 0.07% in 2 years. Earnings is forecast to decline by 32% in the next 2 years. Reported Earnings • Jan 13
Third quarter 2023 earnings released: EPS: JP¥16.56 (vs JP¥4.68 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.56 (up from JP¥4.68 in 3Q 2022). Revenue: JP¥48.2b (up 11% from 3Q 2022). Net income: JP¥2.25b (up 254% from 3Q 2022). Profit margin: 4.7% (up from 1.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.3% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 27
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥172.3b to JP¥174.3b. EPS estimate increased from JP¥14.38 to JP¥15.97 per share. Net income forecast to grow 34% next year vs 34% growth forecast for Luxury industry in Japan. Consensus price target of JP¥270 unchanged from last update. Share price was steady at JP¥308 over the past week. Announcement • Nov 16
Onward Holdings Co., Ltd. to Report Q3, 2023 Results on Jan 12, 2023 Onward Holdings Co., Ltd. announced that they will report Q3, 2023 results on Jan 12, 2023 Price Target Changed • Nov 16
Price target increased to JP¥270 Up from JP¥240, the current price target is provided by 1 analyst. New target price is 12% below last closing price of JP¥306. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of JP¥14.38 for next year compared to JP¥63.16 last year. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). CEO, President & Representative Director Michinobu Yasumoto is the most experienced director on the board, commencing their role in 2015. Independent Outside Director Yoshie Komuro was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 08
Second quarter 2023 earnings released: JP¥9.93 loss per share (vs JP¥39.73 profit in 2Q 2022) Second quarter 2023 results: JP¥9.93 loss per share (down from JP¥39.73 profit in 2Q 2022). Revenue: JP¥37.6b (up 8.2% from 2Q 2022). Net loss: JP¥1.35b (down 125% from profit in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.0% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 29
Price target increased to JP¥270 Up from JP¥240, the current price target is provided by 1 analyst. New target price is 11% below last closing price of JP¥304. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥14.38 for next year compared to JP¥63.16 last year. Announcement • Aug 20
Onward Holdings Co., Ltd. to Report Q2, 2023 Results on Oct 06, 2022 Onward Holdings Co., Ltd. announced that they will report Q2, 2023 results on Oct 06, 2022 Reported Earnings • Jul 09
First quarter 2023 earnings released: EPS: JP¥13.44 (vs JP¥15.19 in 1Q 2022) First quarter 2023 results: EPS: JP¥13.44 (down from JP¥15.19 in 1Q 2022). Revenue: JP¥44.6b (down 3.2% from 1Q 2022). Net income: JP¥1.82b (down 12% from 1Q 2022). Profit margin: 4.1% (down from 4.5% in 1Q 2022). Over the next year, revenue is forecast to stay flat compared to a 9.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings.