Board Change • Jun 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Shin Kikuchi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Jun 13
Integral Corporation to Report Q2, 2026 Results on Aug 12, 2026 Integral Corporation announced that they will report Q2, 2026 results on Aug 12, 2026 New Risk • May 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 08
Now 21% undervalued Over the last 90 days, the stock has risen 6.4% to JP¥3,650. The fair value is estimated to be JP¥4,602, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 25%. Annonce • Apr 22
Integral Corporation to Report Q1, 2026 Results on May 11, 2026 Integral Corporation announced that they will report Q1, 2026 results on May 11, 2026 Declared Dividend • Apr 11
Final dividend increased to JP¥18.50 Dividend of JP¥18.50 is 8.8% higher than last year. Ex-date: 29th June 2026 Payment date: 20th August 2026 Dividend yield will be 1.1%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (21% 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 24% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Mar 24
Brother Industries, Ltd. (TSE:6448) completed the acquisition of Mutoh Holdings Co., Ltd. (TSE:7999) from a group of shareholders. Brother Industries, Ltd. (TSE:6448) proposed to acquire Mutoh Holdings Co., Ltd. (TSE:7999) from a group of shareholders for ¥35 billion on February 4, 2026. A cash consideration valued at ¥7626 per share will be paid by Brother Industries, Ltd. The transaction will be financed through own funds of the offeror. The offeror also entered into tender agreements with the shareholders of Mutoh who agreed to tender all of their shares in the offer. In the event that the minimum number of shares to be purchased is reached but not all of the shares are acquired, the Offeror intends to make the Target its wholly-owned subsidiary through what is known as a squeeze-out procedure.
The transaction is subject to approval of merger agreement by target board and minimum tender. The Board of Directors of Mutoh Holdings Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is March 23, 2026.
Mizuho Securities Co., Ltd. acted as financial advisor for Brother Industries, Ltd. Nomura Securities Co., Ltd. acted as financial advisor for Mutoh Holdings Co., Ltd. Anderson Mori & Tomotsune acted as legal advisor for Brother Industries, Ltd. Nishimura & Asahi acted as legal advisor for Mutoh Holdings Co., Ltd.
Brother Industries, Ltd. (TSE:6448) completed the acquisition of Mutoh Holdings Co., Ltd. (TSE:7999) from a group of shareholders on March 23, 2026. As the total number of Tendered Shares (4,039,103 shares) exceeded the minimum number of tendered shares to be purchased (3,042,700 shares), the Offeror will purchase all of the Tendered Shares. In light of the results of the Tender Offer, the Offeror plans to implement procedures for the purpose of acquiring all of the Mutoh's Stock. After the delisting of the Mutoh's Stock, the shares of Mutoh's Stock may no longer be traded on the Standard Market of the TSE. Annonce • Mar 18
Roodhalsgans 1 Co., Ltd. completed the acquisition of an unknown minority stake in M&I Co., Ltd. from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842). Roodhalsgans 1 Co., Ltd. agreed to acquire an unknown minority stake in M&I Co., Ltd. from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842) on January 23, 2026. The closing of the Share Transfer is contingent upon the successful completion of the tender offer of Mamezo Co., Ltd. The expected completion of transaction is March 17, 2026.
Roodhalsgans 1 Co., Ltd. completed the acquisition of an unknown minority stake in M&I Co., Ltd. from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842) on March 17, 2026. Annonce • Feb 10
Integral Corporation, Annual General Meeting, Mar 24, 2026 Integral Corporation, Annual General Meeting, Mar 24, 2026. Annonce • Feb 04
Brother Industries, Ltd. (TSE:6448) proposed to acquire Mutoh Holdings Co., Ltd. (TSE:7999) from a group of shareholders for ¥35 billion. Brother Industries, Ltd. (TSE:6448) proposed to acquire Mutoh Holdings Co., Ltd. (TSE:7999) from a group of shareholders for ¥35 billion on February 4, 2026. A cash consideration valued at ¥7626 per share will be paid by Brother Industries, Ltd. The transaction will be financed through own funds of the offeror. The offeror also entered into tender agreements with the shareholders of Mutoh who agreed to tender all of their shares in the offer. In the event that the minimum number of shares to be purchased is reached but not all of the shares are acquired, the Offeror intends to make the Target its wholly-owned subsidiary through what is known as a squeeze-out procedure.
The transaction is subject to approval of merger agreement by target board and minimum tender. The Board of Directors of Mutoh Holdings Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is March 23, 2026.
Mizuho Securities Co., Ltd. acted as financial advisor for Brother Industries, Ltd. Nomura Securities Co., Ltd. acted as financial advisor for Mutoh Holdings Co., Ltd. Anderson Mori & Tomotsune acted as legal advisor for Brother Industries, Ltd. Nishimura & Asahi acted as legal advisor for Mutoh Holdings Co., Ltd. Annonce • Jan 25
EQT AB (publ) (OM:EQT) agreed to acquire an unknown minority stake in M&I Co., Ltd. from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842). EQT AB (publ) (OM:EQT) agreed to acquire an unknown minority stake in M&I Co., Ltd. from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842) on January 23, 2026. The closing of the Share Transfer is contingent upon the successful completion of the tender offer of Mamezo Co., Ltd. The expected completion of transaction is March 17, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 25 March 2026. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.2%). Annonce • Dec 18
Integral Corporation to Report Fiscal Year 2025 Results on Feb 10, 2026 Integral Corporation announced that they will report fiscal year 2025 results on Feb 10, 2026 Board Change • Dec 01
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Shin Kikuchi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Annonce • Sep 03
Integral Corporation to Report Q3, 2025 Results on Nov 13, 2025 Integral Corporation announced that they will report Q3, 2025 results on Nov 13, 2025 Declared Dividend • Aug 21
First half dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 29th December 2025 Payment date: 25th March 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.8%. Payout Ratios Payout ratio: 5%. Cash payout ratio: 14%. Board Change • Jun 24
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Masaaki Kushida was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 12 September 2025. Payout ratio is a comfortable 7.4% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (4.0%). Lower than average of industry peers (4.3%). Annonce • May 31
Integral Corporation to Report Q2, 2025 Results on Aug 12, 2025 Integral Corporation announced that they will report Q2, 2025 results on Aug 12, 2025 Annonce • May 16
An unknown funds managed by Integral Corporation (TSE:5842) proposed to acquire 54.37% stake in Golf Digest Online Inc. (TSE:3319) for ¥4.3 billion. An unknown funds managed by Integral Corporation (TSE:5842) proposed to acquire 54.37% stake in Golf Digest Online Inc. (TSE:3319) for ¥4.3 billion on May 15, 2025. Cash consideration of ¥430 per share was paid for common equity and ¥1 per share was paid for Stock Acquisition Rights rights. The Tender Offer was for the purpose of acquiring all of Golf Digest Online Inc shares listed on the TSE and the not tendered shares and taking the Golf Digest Online Inc shares private. The Non-tender shareholders are Nobuya Ishizaka, the President & CEO Golf Digest Online Inc with 17.73% stake, Golf Digest Sha Co., Ltd., with 9.57% stake, Motor Magazine Ltd., with 8.75% stake, Genichi Kimura, the Director of Golf Digest Online Inc with 6.29% stake, Masahiro Kimura, with 4.38% stake in Golf Digest Online Inc and the Non-tender shareholders have agreed not to tender their shares in the Tender Offer. The minimum number of shares to be purchased with respect to the tender offer is 3,599,800 shares.
The tender offer period will commence on May 16, 2025 and will end on July 3, 2025, followed by the Squeeze-out Procedures. The settlement of the offer will take place on July 10, 2025.
The transaction is subject to approval by the shareholders of Golf Digest Online Inc, de-listing of company stock and minimum tender. The deal has been approved by the board of directors of Golf Digest Online Inc. The expected completion of the transaction is July 3, 2025. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥2,967, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 11x in the Capital Markets industry in Japan. Total loss to shareholders of 7.7% over the past year. Annonce • Apr 16
Integral Corporation to Report Q1, 2025 Results on May 12, 2025 Integral Corporation announced that they will report Q1, 2025 results on May 12, 2025 Declared Dividend • Apr 11
Final dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 27th June 2025 Payment date: 12th September 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (26% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 65% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,474, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 10x in the Capital Markets industry in Japan. Total loss to shareholders of 26% over the past year. Buy Or Sell Opportunity • Feb 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to JP¥3,485. The fair value is estimated to be JP¥4,473, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last 3 years. Earnings per share has grown by 56%. Annonce • Feb 10
Integral Corporation, Annual General Meeting, Mar 24, 2025 Integral Corporation, Annual General Meeting, Mar 24, 2025. New Risk • Jan 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.4% average weekly change). High level of non-cash earnings (24% accrual ratio). Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥4,335, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 13x in the Capital Markets industry in Japan. Total returns to shareholders of 69% over the past year. Buy Or Sell Opportunity • Dec 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to JP¥3,685. The fair value is estimated to be JP¥4,615, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Earnings per share has grown by 56%. Annonce • Dec 03
Integral Corporation to Report Fiscal Year 2024 Results on Feb 10, 2025 Integral Corporation announced that they will report fiscal year 2024 results on Feb 10, 2025 Buy Or Sell Opportunity • Nov 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.7% to JP¥3,770. The fair value is estimated to be JP¥4,746, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last 3 years. Earnings per share has grown by 56%. Annonce • Nov 13
Hoei Jitsugyo Co., Ltd and Integral Corporation (TSE:5842) proposed to acquire additional 49.1% stake in Mutoh Holdings Co., Ltd. (TSE:7999) for ¥4.9 billion. Hoei Jitsugyo Co., Ltd and Integral Corporation (TSE:5842) proposed to acquire additional 49.1% stake in Mutoh Holdings Co., Ltd. (TSE:7999) for ¥4.9 billion on November 13, 2024.
The expected completion of the transaction is December 11, 2024.
Irokawa Legal Professional Corporation acted as legal advisor for Mutoh Holdings Co., Ltd. Kuroda Yutaka, Tamura Masaru, Kono Hitomi and Hatayama Takeshi Nagashima Ohno & Tsunematsu acted as legal advisor for Integral Corporation. SBI Securities Co., Ltd. acted as the tender offer agent to Mutoh Holdings. Annonce • Sep 05
Integral Corporation Appoints Shigehiro Nishioka as New Partner Integral Corporation resolved the appointment of a Shigehiro Nishioka as new Partner at the meeting of the Board of Directors held on September 2, 2024. Mr. Shigehiro Nishioka joined Integral in September 2014. He was in charge of investment at Skymark Airlines Inc. ("Skymark"), where he was stationed to provide the support for the management of Skymark. He left Integral in October 2019 to assume the position of Representative Director, Senior Managing Director and Executive Officer at Skymark. Then, he resigned the position at Skymark's general meeting of shareholders held in June 2024. He starts to work at Integral again in September 2024 and was appointed as a Partner at the same time. His background is as follows April, 2003 Joined Tokio Marine Asset Management Co. Ltd., February, 2005 Joined Morgan Stanley (Currently, Morgan Stanley MUFG Securities) September, 2014 Joined Integral (left in October, 2019) September, 2015 Appointed Director and Executive Officer at Skymark Airlines Inc. November, 2019 Appointed Representative Director, Senior Managing Director and Executive Officer at Skymark Airlines Inc. Buy Or Sell Opportunity • Aug 14
Now 21% undervalued Over the last 90 days, the stock has risen 8.8% to JP¥3,655. The fair value is estimated to be JP¥4,637, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 79% over the last year. Earnings per share has grown by 65%. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to JP¥2,909, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 12x in the Capital Markets industry in Japan. Board Change • Aug 02
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Masaaki Kushida was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Jul 05
Ogiwara Corporation agreed to acquire an unknown stake in Mamezou K2TOP Holdings Corporation from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842). Ogiwara Corporation agreed to acquire an unknown stake in Mamezou K2TOP Holdings Corporation from Integral 3 Limited Partnership and Innovation Alpha L.P managed by Integral Corporation (TSE:5842) on July 5, 2024. Annonce • Jul 03
Accenture plc (NYSE:ACN) completed the acquisition of Openstream Holdings. Accenture plc (NYSE:ACN) agreed to acquire Openstream Holdings on May 16, 2024. Mitsubishi UFJ Morgan Stanley Securities advised Integral on the sale of OPENSTREAM.
Accenture plc (NYSE:ACN) completed the acquisition of Openstream Holdings on July 1, 2024. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to JP¥4,170, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 14x in the Capital Markets industry in Japan. Buy Or Sell Opportunity • May 24
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to JP¥3,455. The fair value is estimated to be JP¥2,737, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 110% over the last year. Earnings per share has grown by 127%. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥3,700, the stock trades at a forward P/E ratio of 234x. Average forward P/E is 22x in the Capital Markets industry in Japan. Annonce • Feb 13
Integral Corporation, Annual General Meeting, Mar 26, 2024 Integral Corporation, Annual General Meeting, Mar 26, 2024. Agenda: To consider Appointment of board members after transition to Company with an Audit and Supervisory Committee. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,635, the stock trades at a trailing P/E ratio of 43.2x. Average trailing P/E is 16x in the Capital Markets industry in Japan. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥2,044, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 16x in the Capital Markets industry in Japan. Annonce • Sep 29
Integral Corporation to Report Q3, 2023 Results on Nov 13, 2023 Integral Corporation announced that they will report Q3, 2023 results on Nov 13, 2023 Annonce • Sep 21
Integral Corporation has completed an IPO in the amount of ¥18 billion. Integral Corporation has completed an IPO in the amount of ¥18 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,465,000
Price\Range: ¥2400
Discount Per Security: ¥168
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 4,035,000
Price\Range: ¥2400
Discount Per Security: ¥168
Transaction Features: Rule 144A 
