Anuncio • Jun 01
EM Systems Co., Ltd. to Report Q2, 2026 Results on Aug 10, 2026 EM Systems Co., Ltd. announced that they will report Q2, 2026 results on Aug 10, 2026 Board Change • May 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Outside Director Hidenori Akabane was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • May 21
Dividend of JP¥5.00 announced Shareholders will receive a dividend of JP¥5.00. Ex-date: 29th June 2026 Payment date: 3rd September 2026 Dividend yield will be 187%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is not covered by earnings (184% earnings payout ratio) nor is it covered by cash flows (353% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 104% to bring the payout ratio under control. EPS is expected to grow by 62% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Anuncio • Feb 13
EM Systems Co., Ltd., Annual General Meeting, Mar 27, 2026 EM Systems Co., Ltd., Annual General Meeting, Mar 27, 2026. Anuncio • Dec 27
EM Systems Co., Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 EM Systems Co., Ltd. announced that they will report fiscal year 2025 results on Feb 13, 2026 Anuncio • Sep 27
EM Systems Co., Ltd. to Report Q3, 2025 Results on Nov 14, 2025 EM Systems Co., Ltd. announced that they will report Q3, 2025 results on Nov 14, 2025 Anuncio • Sep 12
EM Systems Co., Ltd. (TSE:4820) agreed to acquire precal Inc from Yoshiki Osuga and others. EM Systems Co., Ltd. (TSE:4820) agreed to acquire precal Inc from Yoshiki Osuga and others on September 11, 2025. EM Systems Co., Ltd. will acquire 0.02 million shares in precal Inc.
For the period ending June 30, 2025, precal Inc reported total revenue of ¥14 million, operating loss of ¥169 million and net loss of ¥157 million. As of June 30, 2025, precal Inc reported total assets of ¥176 million and total common equity of ¥140 million.
The expected completion of the transaction is September 30, 2025. Anuncio • May 31
EM Systems Co., Ltd. to Report Q2, 2025 Results on Aug 08, 2025 EM Systems Co., Ltd. announced that they will report Q2, 2025 results on Aug 08, 2025 Anuncio • Mar 27
EM Systems Co., Ltd. to Report Q1, 2025 Results on May 14, 2025 EM Systems Co., Ltd. announced that they will report Q1, 2025 results on May 14, 2025 Anuncio • Feb 14
EM Systems Co., Ltd., Annual General Meeting, Mar 28, 2025 EM Systems Co., Ltd., Annual General Meeting, Mar 28, 2025. Anuncio • Dec 03
EM Systems Co., Ltd. to Report Fiscal Year 2024 Results on Feb 14, 2025 EM Systems Co., Ltd. announced that they will report fiscal year 2024 results on Feb 14, 2025 Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.80, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Healthcare Services industry in Europe. Total loss to shareholders of 30% over the past three years. Anuncio • Oct 06
EM Systems Co., Ltd. to Report Q3, 2024 Results on Nov 14, 2024 EM Systems Co., Ltd. announced that they will report Q3, 2024 results on Nov 14, 2024 Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: JP¥5.89 (vs JP¥3.93 in 2Q 2023) Second quarter 2024 results: EPS: JP¥5.89 (up from JP¥3.93 in 2Q 2023). Revenue: JP¥5.42b (up 9.7% from 2Q 2023). Net income: JP¥414.0m (up 49% from 2Q 2023). Profit margin: 7.6% (up from 5.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥7.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 04 September 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.6%). Anuncio • Jun 02
EM Systems Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 EM Systems Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 17
First quarter 2024 earnings released: EPS: JP¥8.09 (vs JP¥7.23 in 1Q 2023) First quarter 2024 results: EPS: JP¥8.09 (up from JP¥7.23 in 1Q 2023). Revenue: JP¥5.57b (up 14% from 1Q 2023). Net income: JP¥571.0m (up 12% from 1Q 2023). Profit margin: 10% (in line with 1Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Europe. Anuncio • Apr 03
EM Systems Co., Ltd. to Report Q1, 2024 Results on May 14, 2024 EM Systems Co., Ltd. announced that they will report Q1, 2024 results on May 14, 2024 Buy Or Sell Opportunity • Mar 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to €4.22. The fair value is estimated to be €5.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 3.9%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Anuncio • Feb 16
EM Systems Co., Ltd., Annual General Meeting, Mar 28, 2024 EM Systems Co., Ltd., Annual General Meeting, Mar 28, 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: JP¥27.76 (vs JP¥26.74 in FY 2022) Full year 2023 results: EPS: JP¥27.76 (up from JP¥26.74 in FY 2022). Revenue: JP¥20.4b (up 20% from FY 2022). Net income: JP¥1.96b (up 3.6% from FY 2022). Profit margin: 9.6% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Anuncio • Feb 14
EM Systems Co., Ltd. (TSE:4820) announces an Equity Buyback for 1,600,000 shares, representing 2.26% for ¥1,000 million. EM Systems Co., Ltd. (TSE:4820) announces a share repurchase program. Under the program, the company will repurchase up to 1,600,000 shares, representing 2.26% of its issued share capital, for ¥1,000 million. The purpose of the program is to implement flexible capital policies in response to changes in the business environment, improve capital efficiency, and strengthen shareholder returns. The program will continue through December 30, 2024. As of December 31, 2023, the company had 70,696,151 issued shares (excluding treasury stock) and 3,818,649 treasury shares. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥7.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 25 March 2024. Payout ratio is a comfortable 66% and the cash payout ratio is 90%. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.5%). Anuncio • Dec 15
EM Systems Co., Ltd. to Report Fiscal Year 2023 Results on Feb 14, 2024 EM Systems Co., Ltd. announced that they will report fiscal year 2023 results on Feb 14, 2024 Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: JP¥8.03 (vs JP¥7.86 in 3Q 2022) Third quarter 2023 results: EPS: JP¥8.03 (up from JP¥7.86 in 3Q 2022). Revenue: JP¥5.38b (up 24% from 3Q 2022). Net income: JP¥568.0m (up 2.3% from 3Q 2022). Profit margin: 11% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Anuncio • Sep 28
EM Systems Co., Ltd. to Report Q3, 2023 Results on Nov 10, 2023 EM Systems Co., Ltd. announced that they will report Q3, 2023 results on Nov 10, 2023 New Risk • Aug 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.6% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Profit margins are more than 30% lower than last year (8.6% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: JP¥3.93 (vs JP¥7.43 in 2Q 2022) Second quarter 2023 results: EPS: JP¥3.93 (down from JP¥7.43 in 2Q 2022). Revenue: JP¥4.94b (up 18% from 2Q 2022). Net income: JP¥278.0m (down 47% from 2Q 2022). Profit margin: 5.6% (down from 13% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Healthcare Services industry in Europe are expected to grow by 7.7%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥5.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 04 September 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.3%). Anuncio • May 28
EM Systems Co., Ltd. to Report Q2, 2023 Results on Aug 09, 2023 EM Systems Co., Ltd. announced that they will report Q2, 2023 results on Aug 09, 2023 Reported Earnings • May 14
First quarter 2023 earnings released: EPS: JP¥7.23 (vs JP¥7.92 in 1Q 2022) First quarter 2023 results: EPS: JP¥7.23 (down from JP¥7.92 in 1Q 2022). Revenue: JP¥4.88b (up 22% from 1Q 2022). Net income: JP¥511.0m (down 9.2% from 1Q 2022). Profit margin: 11% (down from 14% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 8.9% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: JP¥26.74 (vs JP¥25.72 in FY 2021) Full year 2022 results: EPS: JP¥26.74 (up from JP¥25.72 in FY 2021). Revenue: JP¥16.9b (up 17% from FY 2021). Net income: JP¥1.89b (up 3.5% from FY 2021). Profit margin: 11% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: JP¥26.74 (vs JP¥25.72 in FY 2021) Full year 2022 results: EPS: JP¥26.74 (up from JP¥25.72 in FY 2021). Revenue: JP¥16.9b (up 17% from FY 2021). Net income: JP¥1.89b (up 3.5% from FY 2021). Profit margin: 11% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 9.7% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be €7.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 3.2% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥7.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 22 March 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (1.4%). Anuncio • Dec 06
EM Systems Co., Ltd. to Report Fiscal Year 2022 Results on Feb 14, 2023 EM Systems Co., Ltd. announced that they will report fiscal year 2022 results on Feb 14, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent External Director Shinobu Okamoto was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: JP¥7.86 (vs JP¥8.12 in 3Q 2021) Third quarter 2022 results: EPS: JP¥7.86 (down from JP¥8.12 in 3Q 2021). Revenue: JP¥4.33b (up 6.8% from 3Q 2021). Net income: JP¥555.0m (down 4.0% from 3Q 2021). Profit margin: 13% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Healthcare Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €6.05, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 33x in the Healthcare Services industry in Europe. Total loss to shareholders of 21% over the past three years. Anuncio • Aug 31
EM Systems Co., Ltd. to Report Q3, 2022 Results on Nov 10, 2022 EM Systems Co., Ltd. announced that they will report Q3, 2022 results on Nov 10, 2022 Reported Earnings • Aug 11
Second quarter 2022 earnings released Second quarter 2022 results: EPS: JP¥7.43. Revenue: JP¥4.18b (flat on 2Q 2021). Net income: JP¥526.0m (up JP¥526.0m from 2Q 2021). Profit margin: 13% (up from null in 2Q 2021). Over the next year, revenue is forecast to grow 4.2%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Anuncio • Jun 23
EM Systems Co., Ltd. to Report Q2, 2022 Results on Aug 09, 2022 EM Systems Co., Ltd. announced that they will report Q2, 2022 results on Aug 09, 2022 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (1.4%). Reported Earnings • May 16
First quarter 2022 earnings released First quarter 2022 results: EPS: JP¥7.92. Revenue: JP¥3.99b (flat on 1Q 2021). Net income: JP¥563.0m (up JP¥563.0m from 1Q 2021). Profit margin: 14% (up from null in 1Q 2021). Over the next year, revenue is forecast to grow 3.6%, compared to a 24% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent External Director Shinobu Okamoto was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Anuncio • Apr 08
EM Systems Co., Ltd. to Report Q1, 2022 Results on May 13, 2022 EM Systems Co., Ltd. announced that they will report Q1, 2022 results on May 13, 2022 Anuncio • Feb 12
EM Systems Co., Ltd., Annual General Meeting, Mar 18, 2022 EM Systems Co., Ltd., Annual General Meeting, Mar 18, 2022. Reported Earnings • Feb 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: JP¥25.72 (up from JP¥18.07 in FY 2020). Revenue: JP¥14.4b (up 7.9% from FY 2020). Net income: JP¥1.83b (up 42% from FY 2020). Profit margin: 13% (up from 9.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 2.5%, compared to a 44% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Anuncio • Feb 10
EM Systems Co., Ltd. (TSE:4820) announces an Equity Buyback for 900,000 shares, representing 1.26% for ¥500 million. EM Systems Co., Ltd. (TSE:4820) announces a share repurchase program. Under the program, the company will repurchase up to 900,000 shares, representing 1.26% of its issued share capital (excluding treasury stock), for a total purchase price of ¥500 million. The purpose of the program is to improve capital efficiency and agile capital policy in response to changes in the business environment. The program will continue through August 31, 2022. As of December 31, 2021, the company had 71,179,183 issued shares (excluding treasury stock) and 3,335,617 treasury shares. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 18 March 2022. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.3%). In line with average of industry peers (1.0%). Anuncio • Dec 15
EM Systems Co., Ltd. (TSE:4820) agreed to acquire additional 28.83% stake in Good Cycle System Inc. for ¥460 million. EM Systems Co., Ltd. (TSE:4820) agreed to acquire additional 28.85% stake in Good Cycle System Inc. for ¥460 million on December 13, 2021. Share transfer agreement is expected to be entered between December 13, 2021 to December 29, 2021. The transaction is expected to close on January 5, 2021. Anuncio • Mar 21
EM Systems Co., Ltd. to Report Q1, 2021 Results on May 14, 2021 EM Systems Co., Ltd. announced that they will report Q1, 2021 results on May 14, 2021 Is New 90 Day High Low • Feb 26
New 90-day low: €6.35 The company is down 4.0% from its price of €6.60 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare Services industry, which is down 8.0% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥3.21 (vs JP¥4.37 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥3.34b (up 3.5% from 3Q 2020). Net income: JP¥260.0m (down 16% from 3Q 2020). Profit margin: 7.8% (down from 9.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Anuncio • Feb 12
EM Systems Co., Ltd., Annual General Meeting, Mar 17, 2021 EM Systems Co., Ltd., Annual General Meeting, Mar 17, 2021. Anuncio • Jan 31
EM Systems Co., Ltd. (TSE:4820) acquired minority stake in NHOSA Corporation from CLSA Sunrise Capital III managed by CLSA Capital Partners. EM Systems Co., Ltd. (TSE:4820) acquired minority stake in NHOSA Corporation from CLSA Sunrise Capital III managed by CLSA Capital Partners on January 29, 2021. Sunrise III will continue to retain a majority stake following the transaction and there will be no material changes to NHOSA’s management team, company name and business operations.
EM Systems Co., Ltd. (TSE:4820) completed the acquisition of minority stake in NHOSA Corporation from CLSA Sunrise Capital III managed by CLSA Capital Partners on January 29, 2021. Is New 90 Day High Low • Jan 13
New 90-day high: €7.65 The company is up 14% from its price of €6.70 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €7.30 The company is up 7.0% from its price of €6.80 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare Services industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.37 per share. Anuncio • Dec 05
EM Systems Co., Ltd. to Report Fiscal Year 2020 Results on Feb 10, 2021 EM Systems Co., Ltd. announced that they will report fiscal year 2020 results on Feb 10, 2021 Reported Earnings • Nov 14
Second quarter 2021 earnings released: EPS JP¥7.11 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: JP¥3.40b (down 11% from 2Q 2020). Net income: JP¥505.0m (up 29% from 2Q 2020). Profit margin: 15% (up from 10% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 21
New 90-day low: €6.35 The company is down 14% from its price of €7.40 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare Services industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.83 per share. Anuncio • Aug 30
EM Systems Co., Ltd. to Report Q2, 2021 Results on Nov 11, 2020 EM Systems Co., Ltd. announced that they will report Q2, 2021 results on Nov 11, 2020 Anuncio • Jul 05
EM Systems Co., Ltd. to Report Q1, 2021 Results on Aug 12, 2020 EM Systems Co., Ltd. announced that they will report Q1, 2021 results on Aug 12, 2020 
