Upcoming Dividend • Jun 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 28 September 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.2%). Ankündigung • Jun 17
Mobile Factory, Inc. to Report Q2, 2026 Results on Jul 24, 2026 Mobile Factory, Inc. announced that they will report Q2, 2026 results on Jul 24, 2026 Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: JP¥20.91 (vs JP¥17.30 in 1Q 2025) First quarter 2026 results: EPS: JP¥20.91 (up from JP¥17.30 in 1Q 2025). Revenue: JP¥749.0m (up 7.8% from 1Q 2025). Net income: JP¥141.0m (up 10% from 1Q 2025). Profit margin: 19% (in line with 1Q 2025). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 21
Mobile Factory, Inc. to Report Q1, 2026 Results on Apr 24, 2026 Mobile Factory, Inc. announced that they will report Q1, 2026 results on Apr 24, 2026 Reported Earnings • Jan 30
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥67.59 (down from JP¥92.18 in FY 2024). Revenue: JP¥3.43b (up 3.3% from FY 2024). Net income: JP¥488.0m (down 30% from FY 2024). Profit margin: 14% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 26 March 2026. Payout ratio is a comfortable 52% 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 (1.5%). Ankündigung • Dec 13
Mobile Factory, Inc. to Report Fiscal Year 2025 Results on Jan 29, 2026 Mobile Factory, Inc. announced that they will report fiscal year 2025 results on Jan 29, 2026 Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: JP¥27.18 (vs JP¥19.36 in 3Q 2024) Third quarter 2025 results: EPS: JP¥27.18 (up from JP¥19.36 in 3Q 2024). Revenue: JP¥822.0m (up 12% from 3Q 2024). Net income: JP¥194.0m (up 33% from 3Q 2024). Profit margin: 24% (up from 20% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Ankündigung • Sep 18
Mobile Factory, Inc. to Report Q3, 2025 Results on Oct 24, 2025 Mobile Factory, Inc. announced that they will report Q3, 2025 results on Oct 24, 2025 Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: JP¥35.67 (vs JP¥28.50 in 2Q 2024) Second quarter 2025 results: EPS: JP¥35.67 (up from JP¥28.50 in 2Q 2024). Revenue: JP¥961.0m (up 5.0% from 2Q 2024). Net income: JP¥257.0m (up 20% from 2Q 2024). Profit margin: 27% (up from 24% in 2Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Ankündigung • Jun 14
Mobile Factory, Inc. to Report Q2, 2025 Results on Jul 25, 2025 Mobile Factory, Inc. announced that they will report Q2, 2025 results on Jul 25, 2025 Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: JP¥17.30 (vs JP¥14.67 in 1Q 2024) First quarter 2025 results: EPS: JP¥17.30 (up from JP¥14.67 in 1Q 2024). Revenue: JP¥695.0m (flat on 1Q 2024). Net income: JP¥128.0m (up 13% from 1Q 2024). Profit margin: 18% (up from 16% in 1Q 2024). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to JP¥809. The fair value is estimated to be JP¥1,054, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 2.4% per annum over the same time period. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Gisuke Shiozawa was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Mar 27
Mobile Factory, Inc. to Report Q1, 2025 Results on Apr 25, 2025 Mobile Factory, Inc. announced that they will report Q1, 2025 results on Apr 25, 2025 Reported Earnings • Jan 31
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥92.18 (up from JP¥0.12 loss in FY 2023). Revenue: JP¥3.32b (down 1.6% from FY 2023). Net income: JP¥699.0m (up JP¥699.0m from FY 2023). Profit margin: 21% (up from 0% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 25 March 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Ankündigung • Dec 14
Mobile Factory, Inc. to Report Fiscal Year 2024 Results on Jan 30, 2025 Mobile Factory, Inc. announced that they will report fiscal year 2024 results on Jan 30, 2025 Reported Earnings • Oct 26
Third quarter 2024 earnings released: EPS: JP¥19.36 (vs JP¥14.59 in 3Q 2023) Third quarter 2024 results: EPS: JP¥19.36 (up from JP¥14.59 in 3Q 2023). Revenue: JP¥735.0m (down 12% from 3Q 2023). Net income: JP¥146.0m (up 27% from 3Q 2023). Profit margin: 20% (up from 14% in 3Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Ankündigung • Sep 14
Mobile Factory, Inc. to Report Q3, 2024 Results on Oct 25, 2024 Mobile Factory, Inc. announced that they will report Q3, 2024 results on Oct 25, 2024 New Risk • Aug 01
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Dividend per share is over 12x earnings per share. Dividend yield: 4.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 12x earnings per share). Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (JP¥6.19b market cap, or US$41.4m). New Risk • Jul 29
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 5.3% 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 Share price has been volatile over the past 3 months (5.3% average weekly change). Market cap is less than US$100m (JP¥6.26b market cap, or US$40.7m). Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: JP¥28.50 (vs JP¥28.40 in 2Q 2023) Second quarter 2024 results: EPS: JP¥28.50. Revenue: JP¥915.0m (down 2.5% from 2Q 2023). Net income: JP¥215.0m (down 2.3% from 2Q 2023). Profit margin: 24% (in line with 2Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Entertainment industry in Japan. Ankündigung • Jun 20
Mobile Factory, Inc. to Report Q2, 2024 Results on Jul 26, 2024 Mobile Factory, Inc. announced that they will report Q2, 2024 results on Jul 26, 2024 Reported Earnings • May 01
First quarter 2024 earnings released: EPS: JP¥14.67 (vs JP¥13.81 in 1Q 2023) First quarter 2024 results: EPS: JP¥14.67 (up from JP¥13.81 in 1Q 2023). Revenue: JP¥700.0m (up 4.2% from 1Q 2023). Net income: JP¥113.0m (up 4.6% from 1Q 2023). Profit margin: 16% (in line with 1Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 23% per year. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: JP¥0.12 loss per share (down from JP¥69.66 profit in FY 2022). Revenue: JP¥3.37b (up 7.2% from FY 2022). Net income: JP¥0 (down JP¥558.0m from profit in FY 2022). Profit margin: 0% (down from 18% in FY 2022). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Ankündigung • Mar 14
Mobile Factory, Inc. to Report Q1, 2024 Results on Apr 26, 2024 Mobile Factory, Inc. announced that they will report Q1, 2024 results on Apr 26, 2024 Reported Earnings • Feb 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: JP¥0.12 loss per share (down from JP¥69.66 profit in FY 2022). Revenue: JP¥3.37b (up 7.2% from FY 2022). Net income: JP¥0 (down JP¥558.0m from profit in FY 2022). Profit margin: 0% (down from 18% in FY 2022). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year. Ankündigung • Feb 01
Mobile Factory, Inc., Annual General Meeting, Mar 22, 2024 Mobile Factory, Inc., Annual General Meeting, Mar 22, 2024. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥752, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 21x in the Entertainment industry in Japan. Total loss to shareholders of 30% over the past three years. Ankündigung • Jan 30
Mobile Factory, Inc. (TSE:3912) announces an Equity Buyback for 360,000 shares, representing 4.57% for ¥250 million. Mobile Factory, Inc. (TSE:3912) announces a share repurchase program. Under the program, the company will repurchase up to 360,000 shares, representing 4.57% of its issued share capital, (excluding treasury stock), for total worth of ¥250 million. The purpose of share repurchases is to return profits to shareholders. The program is valid till June 30, 2024. As of December 31, 2023, the company had 7,881,340 shares in issue (excluding treasury stock) and 1,044,155 shares are in treasury. Ankündigung • Dec 21
Mobile Factory, Inc. to Report Fiscal Year 2023 Results on Jan 30, 2024 Mobile Factory, Inc. announced that they will report fiscal year 2023 results on Jan 30, 2024 Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: JP¥14.59 (vs JP¥15.45 in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.59 (down from JP¥15.45 in 3Q 2022). Revenue: JP¥834.0m (up 14% from 3Q 2022). Net income: JP¥115.0m (down 5.7% from 3Q 2022). Profit margin: 14% (down from 17% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Oct 23
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 5.3% 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 Share price has been volatile over the past 3 months (5.3% average weekly change). Market cap is less than US$100m (JP¥5.30b market cap, or US$35.3m). Ankündigung • Sep 27
Mobile Factory, Inc. to Report Q3, 2023 Results on Oct 24, 2023 Mobile Factory, Inc. announced that they will report Q3, 2023 results on Oct 24, 2023 Buying Opportunity • Jul 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be JP¥1,034, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: JP¥28.40 (vs JP¥19.87 in 2Q 2022) Second quarter 2023 results: EPS: JP¥28.40 (up from JP¥19.87 in 2Q 2022). Revenue: JP¥938.0m (up 12% from 2Q 2022). Net income: JP¥220.0m (up 38% from 2Q 2022). Profit margin: 24% (up from 19% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Ankündigung • Jun 21
Mobile Factory, Inc. to Report Q2, 2023 Results on Jul 25, 2023 Mobile Factory, Inc. announced that they will report Q2, 2023 results on Jul 25, 2023 Reported Earnings • Mar 31
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: JP¥69.66 (up from JP¥64.62 in FY 2021). Revenue: JP¥3.14b (up 8.5% from FY 2021). Net income: JP¥558.0m (up 3.7% from FY 2021). Profit margin: 18% (in line with FY 2021). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Ankündigung • Jan 29
Mobile Factory, Inc., Annual General Meeting, Mar 24, 2023 Mobile Factory, Inc., Annual General Meeting, Mar 24, 2023. Reported Earnings • Jan 28
Full year 2022 earnings: EPS in line with expectations, revenues disappoint Full year 2022 results: EPS: JP¥69.66 (up from JP¥64.62 in FY 2021). Revenue: JP¥3.14b (up 8.5% from FY 2021). Net income: JP¥558.0m (up 3.7% from FY 2021). Profit margin: 18% (in line with FY 2021). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Ankündigung • Jan 28
Mobile Factory, Inc. (TSE:3912) announces an Equity Buyback for 200,000 shares, representing 2.53% for ¥200 million. Mobile Factory, Inc. (TSE:3912) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 2.53% of its issued share capital, (excluding treasury stock), for total worth of ¥200 million. The purpose of share repurchases is to return profits to shareholders. The program is valid till June 30, 2023. As of December 31, 2022, the company had 7,901,340 shares in issue (excluding treasury stock) and 1,024,155 shares are in treasury. Ankündigung • Dec 23
Mobile Factory, Inc. to Report Fiscal Year 2022 Results on Jan 27, 2023 Mobile Factory, Inc. announced that they will report fiscal year 2022 results on Jan 27, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: JP¥15.45 (vs JP¥12.60 in 3Q 2021) Third quarter 2022 results: EPS: JP¥15.45 (up from JP¥12.60 in 3Q 2021). Revenue: JP¥734.0m (up 12% from 3Q 2021). Net income: JP¥122.0m (up 16% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 14% per year. Board Change • Nov 16
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 Part-Time Yamaguchi Shu was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 23
Third quarter 2022 earnings released: EPS: JP¥15.45 (vs JP¥12.60 in 3Q 2021) Third quarter 2022 results: EPS: JP¥15.45 (up from JP¥12.60 in 3Q 2021). Revenue: JP¥734.0m (up 12% from 3Q 2021). Net income: JP¥122.0m (up 16% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Jul 25
Second quarter 2022 earnings released: EPS: JP¥19.87 (vs JP¥18.22 in 2Q 2021) Second quarter 2022 results: EPS: JP¥19.87 (up from JP¥18.22 in 2Q 2021). Revenue: JP¥841.0m (up 15% from 2Q 2021). Net income: JP¥160.0m (up 6.0% from 2Q 2021). Profit margin: 19% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 10% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥1,023, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Entertainment industry in Japan. Total loss to shareholders of 33% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: JP¥10.62 (down from JP¥15.64 in 1Q 2021). Revenue: JP¥651.0m (flat on 1Q 2021). Net income: JP¥87.0m (down 34% from 1Q 2021). Profit margin: 13% (down from 20% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 11%, compared to a 6.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. Board Change • Apr 27
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 Part-Time Yamaguchi Shu was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 30
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: JP¥64.62 (down from JP¥68.01 in FY 2020). Revenue: JP¥2.90b (up 1.5% from FY 2020). Net income: JP¥538.0m (down 7.6% from FY 2020). Profit margin: 19% (down from 20% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 10%, compared to a 5.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥1,221, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 21x in the Entertainment industry in Japan. Total loss to shareholders of 6.3% over the past three years. Reported Earnings • Oct 24
Third quarter 2021 earnings released: EPS JP¥12.60 (vs JP¥16.07 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥654.0m (down 5.1% from 3Q 2020). Net income: JP¥105.0m (down 23% from 3Q 2020). Profit margin: 16% (down from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS JP¥18.22 (vs JP¥19.35 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: JP¥733.0m (flat on 2Q 2020). Net income: JP¥151.0m (down 8.5% from 2Q 2020). Profit margin: 21% (down from 22% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS JP¥15.64 (vs JP¥15.37 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: JP¥647.0m (down 2.9% from 1Q 2020). Net income: JP¥131.0m (down 1.5% from 1Q 2020). Profit margin: 20% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS JP¥68.01 (vs JP¥86.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥2.86b (down 11% from FY 2019). Net income: JP¥582.0m (down 25% from FY 2019). Profit margin: 20% (down from 24% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 30% share price gain to JP¥1,421, the stock trades at a trailing P/E ratio of 20.9x, up from the previous P/E ratio of 16x. Average P/E is 33x in the Entertainment industry in Japan. Total returns to shareholders over the past three years are 5.7%. Is New 90 Day High Low • Mar 10
New 90-day high: JP¥1,125 The company is up 12% from its price of JP¥1,002 on 10 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 5.0% over the same period. Reported Earnings • Jan 28
Full year 2020 earnings released: EPS JP¥68.01 (vs JP¥86.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥2.86b (down 11% from FY 2019). Net income: JP¥582.0m (down 25% from FY 2019). Profit margin: 20% (down from 24% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 14%, compared to a 4.3% growth forecast for the Entertainment industry in Japan. Is New 90 Day High Low • Jan 25
New 90-day high: JP¥1,112 The company is up 4.0% from its price of JP¥1,074 on 27 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥916 The company is down 30% from its price of JP¥1,306 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 10.0% over the same period. 
