Board Change • May 12
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. Outside Independent Director Motoi Moriwaki 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 • Apr 15
HEROZ, Inc. (TSE:4382) executed a share exchange agreement to acquire remaining 57.20% stake in Vario Secure Inc. (TSE:4494) from group of shareholders for ¥2.2 billion. HEROZ, Inc. (TSE:4382) executed a share exchange agreement to acquire remaining 57.20% stake in Vario Secure Inc. (TSE:4494) from group of shareholders for ¥2.2 billion on April 14, 2026. Upon completion, HEROZ, Inc. will own 100% stake in Vario Secure Inc. 0.99 HEROZ Common Shares will be allotted and delivered for each one (1) Variosecure Common Share. However, no allotment of shares through the Share Exchange will be made with respect to the Variosecure Common Shares held by HEROZ. Variosecure Common Shares are expected to be delisted from the Standard Market of the Tokyo Stock Exchange on June 26, 2026, in accordance with the delisting criteria of the Standard Market of the Tokyo Stock Exchange. Establishment of a Special Committee Comprising Members with No Conflicts of Interest and Obtaining of a Written Report at Variosecure.
The transaction is subject to approval of merger agreement by target board and approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is June 30, 2026.
Maxus Corporate Advisory acted as fairness opinion provider to Variosecure, Mori Hamada & Matsumoto acted as legal advisor to HEROZ, Anderson Mori & Tomotsune acted as legal advisor to Variosecure, Annonce • Apr 14
Vario Secure Inc., Annual General Meeting, May 27, 2026 Vario Secure Inc., Annual General Meeting, May 27, 2026. Buy Or Sell Opportunity • Apr 14
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at JP¥775. The fair value is estimated to be JP¥638, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Annonce • Apr 02
Vario Secure Inc. to Report Fiscal Year 2026 Results on Apr 08, 2026 Vario Secure Inc. announced that they will report fiscal year 2026 results on Apr 08, 2026 Buy Or Sell Opportunity • Feb 27
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at JP¥769. The fair value is estimated to be JP¥640, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. New Risk • Jan 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended May 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported May 2025 fiscal period end). Market cap is less than US$100m (JP¥3.48b market cap, or US$22.6m). Buy Or Sell Opportunity • Dec 29
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to JP¥743. The fair value is estimated to be JP¥619, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Buy Or Sell Opportunity • Dec 08
Now 22% overvalued Over the last 90 days, the stock has fallen 1.9% to JP¥764. The fair value is estimated to be JP¥624, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Annonce • Nov 01
Vario Secure Inc. to Report Q3, 2026 Results on Jan 09, 2026 Vario Secure Inc. announced that they will report Q3, 2026 results on Jan 09, 2026 New Risk • Sep 25
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: Major Risk Earnings have declined by 12% per year over the past 5 years. 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¥4.20b market cap, or US$28.2m). Annonce • Aug 01
Vario Secure Inc. to Report Q2, 2026 Results on Oct 10, 2025 Vario Secure Inc. announced that they will report Q2, 2026 results on Oct 10, 2025 Buy Or Sell Opportunity • Jul 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to JP¥770. The fair value is estimated to be JP¥641, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Annonce • May 10
Vario Secure Inc. to Report Q1, 2026 Results on Jul 11, 2025 Vario Secure Inc. announced that they will report Q1, 2026 results on Jul 11, 2025 Annonce • Apr 23
Vario Secure Inc. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending February 28, 2026 Vario Secure Inc. Provided Non-Consolidated earnings guidance for the fiscal year ending February 28, 2026. For the period, the company expects revenue of JPY 2,972 million, operating profit of JPY 590 million, profit of JPY 399 million and basic earnings per share of JPY 88.45. Annonce • Apr 10
Vario Secure Inc., Annual General Meeting, May 27, 2025 Vario Secure Inc., Annual General Meeting, May 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥543, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 15x in the IT industry in Japan. Total loss to shareholders of 53% over the past three years. Buy Or Sell Opportunity • Mar 25
Now 25% undervalued Over the last 90 days, the stock has risen 30% to JP¥701. The fair value is estimated to be JP¥937, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥750, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 36% over the past three years. New Risk • Mar 13
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 6.2% 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 have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (JP¥3.14b market cap, or US$21.2m). Annonce • Feb 03
Vario Secure Inc. to Report Fiscal Year 2025 Results on Apr 10, 2025 Vario Secure Inc. announced that they will report fiscal year 2025 results on Apr 10, 2025 Annonce • Nov 30
Vario Secure Inc. to Report Q3, 2025 Results on Jan 10, 2025 Vario Secure Inc. announced that they will report Q3, 2025 results on Jan 10, 2025 Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥736, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥541, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 57% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to JP¥541. The fair value is estimated to be JP¥742, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. Annonce • Aug 02
Vario Secure Inc. to Report Q2, 2025 Results on Oct 11, 2024 Vario Secure Inc. announced that they will report Q2, 2025 results on Oct 11, 2024 Reported Earnings • Jul 18
First quarter 2025 earnings released: EPS: JP¥22.34 (vs JP¥21.77 in 1Q 2024) First quarter 2025 results: EPS: JP¥22.34 (up from JP¥21.77 in 1Q 2024). Revenue: JP¥673.5m (up 4.6% from 1Q 2024). Net income: JP¥100.9m (up 2.7% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year and the company’s share price has also fallen by 22% per year. Annonce • Jul 12
Vario Secure Inc. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending February 28, 2025 Vario Secure Inc. provided non-consolidated earnings guidance for the fiscal year ending February 28, 2025. For the year, the company expects revenue of JPY 2,753 million, operating profit of JPY 485 million, profit of JPY 336 million and basic earnings per share of JPY 74.47. Annonce • May 29
Vario Secure Inc. to Report Q1, 2025 Results on Jul 10, 2024 Vario Secure Inc. announced that they will report Q1, 2025 results on Jul 10, 2024 Annonce • Apr 12
Vario Secure Inc. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending February 29, 2024 Vario Secure Inc. provided non-consolidated earnings guidance for the fiscal year ending February 29, 2024. For the year, the company expected revenue of JPY 2,753 million, operating profit of JPY 485 million, profit of JPY 336 million and basic earnings per share of JPY 74.47. Annonce • Feb 08
Vario Secure Inc. to Report Fiscal Year 2024 Results on Apr 10, 2024 Vario Secure Inc. announced that they will report fiscal year 2024 results on Apr 10, 2024 Buying Opportunity • Jan 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be JP¥839, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 45%. Buying Opportunity • Dec 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be JP¥857, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. Annonce • Nov 02
Vario Secure Inc. to Report Q3, 2024 Results on Jan 11, 2024 Vario Secure Inc. announced that they will report Q3, 2024 results on Jan 11, 2024 Buying Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be JP¥921, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. Reported Earnings • Oct 15
Second quarter 2024 earnings released: EPS: JP¥20.44 (vs JP¥31.28 in 2Q 2023) Second quarter 2024 results: EPS: JP¥20.44 (down from JP¥31.28 in 2Q 2023). Revenue: JP¥662.2m (flat on 2Q 2023). Net income: JP¥92.3m (down 22% from 2Q 2023). Profit margin: 14% (down from 18% in 2Q 2023). Buying Opportunity • Oct 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be JP¥921, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 38%. Annonce • Aug 25
Vario Secure Inc. to Report Q2, 2024 Results on Oct 10, 2023 Vario Secure Inc. announced that they will report Q2, 2024 results on Oct 10, 2023 New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings have declined by 5.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.5% per year over the past 5 years. 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 (14% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (JP¥3.96b market cap, or US$28.6m). Reported Earnings • Jul 14
First quarter 2024 earnings released: EPS: JP¥21.77 (vs JP¥33.29 in 1Q 2023) First quarter 2024 results: EPS: JP¥21.77 (down from JP¥33.29 in 1Q 2023). Revenue: JP¥643.8m (down 3.9% from 1Q 2023). Net income: JP¥98.3m (down 22% from 1Q 2023). Profit margin: 15% (down from 19% in 1Q 2023). Annonce • May 28
Vario Secure Inc. to Report Q1, 2024 Results on Jul 11, 2023 Vario Secure Inc. announced that they will report Q1, 2024 results on Jul 11, 2023 Reported Earnings • Apr 15
Full year 2023 earnings released: EPS: JP¥93.41 (vs JP¥132 in FY 2022) Full year 2023 results: EPS: JP¥93.41 (down from JP¥132 in FY 2022). Revenue: JP¥2.63b (up 2.6% from FY 2022). Net income: JP¥383.3m (down 23% from FY 2022). Profit margin: 15% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥923, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 18x in the IT industry in Japan. Total loss to shareholders of 20% over the past year. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥40.50 per share at 3.6% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 31% 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 (1.7%). Annonce • Feb 18
Vario Secure Inc. to Report Fiscal Year 2023 Results on Apr 12, 2023 Vario Secure Inc. announced that they will report fiscal year 2023 results on Apr 12, 2023 Reported Earnings • Jan 13
Third quarter 2023 earnings released: EPS: JP¥29.09 (vs JP¥32.82 in 3Q 2022) Third quarter 2023 results: EPS: JP¥29.09. Revenue: JP¥647.6m (up 1.2% from 3Q 2022). Net income: JP¥125.3m (flat on 3Q 2022). Profit margin: 19% (in line with 3Q 2022). Annonce • Nov 20
Vario Secure Inc. to Report Q3, 2023 Results on Jan 10, 2023 Vario Secure Inc. announced that they will report Q3, 2023 results on Jan 10, 2023 Board Change • Nov 16
No independent directors 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. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 13
Second quarter 2023 earnings released: EPS: JP¥31.27 (vs JP¥30.49 in 2Q 2022) Second quarter 2023 results: EPS: JP¥31.27 (up from JP¥30.49 in 2Q 2022). Revenue: JP¥667.1m (up 4.9% from 2Q 2022). Net income: JP¥118.9m (up 3.1% from 2Q 2022). Profit margin: 18% (in line with 2Q 2022). Annonce • Sep 28
Vario Secure Inc. announced that it has received ¥836.38 million in funding from HEROZ, Inc. On September 27, 2022, Vario Secure Inc. closed the transaction. Annonce • Sep 10
Vario Secure Inc. announced that it expects to receive ¥836.38 million in funding from HEROZ, Inc. Vario Secure Inc announced that it will issue 710,000 shares at an issue price of ¥1,178 per share for an aggregate gross proceeds of ¥836,380,000 on September 9, 2022. The transaction will iclude participation from HEROZ, Inc.. The transaction is expected to close from September 27, 2022 to September 29, 2022. The company issue shares through third-party allotment. The transaction has been approved by the board of the directors of the company. Annonce • Jul 31
Vario Secure Inc. to Report Q2, 2023 Results on Oct 07, 2022 Vario Secure Inc. announced that they will report Q2, 2023 results on Oct 07, 2022 Reported Earnings • Jul 19
First quarter 2023 earnings released: EPS: JP¥33.29 (vs JP¥31.37 in 1Q 2022) First quarter 2023 results: EPS: JP¥33.29 (up from JP¥31.37 in 1Q 2022). Revenue: JP¥670.1m (up 3.4% from 1Q 2022). Net income: JP¥126.5m (up 7.0% from 1Q 2022). Profit margin: 19% (in line with 1Q 2022). Buying Opportunity • Jul 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be JP¥1,449, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be JP¥1,437, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 07
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,430, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Annonce • May 25
Vario Secure Inc. to Report Q1, 2023 Results on Jul 11, 2022 Vario Secure Inc. announced that they will report Q1, 2023 results on Jul 11, 2022 Buying Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be JP¥1,438, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock is up 1.6%. The fair value is estimated to be JP¥1,419, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annonce • Apr 15
Vario Secure Inc., Annual General Meeting, May 25, 2022 Vario Secure Inc., Annual General Meeting, May 25, 2022. Upcoming Dividend • Feb 18
Upcoming dividend of JP¥40.44 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 31 May 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.5%). Annonce • Feb 17
Vario Secure Inc. to Report Fiscal Year 2021 Results on Apr 13, 2022 Vario Secure Inc. announced that they will report fiscal year 2021 results on Apr 13, 2022 Annonce • Jan 14
Vario Secure Inc. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending February 28, 2022 Vario Secure Inc. provided non-consolidated earnings guidance for the fiscal year ending February 28, 2022. For the year, the company expects revenue of JPY 2,649 million, operating profit of JPY 782 million, profit of JPY 507 million and basic earnings per share of JPY 134.79. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 22% share price gain to JP¥1,642, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 23x in the IT industry in Japan. Annonce • Jan 07
VarioSecure Inc. to Report Q3, 2021 Results on Jan 12, 2021 VarioSecure Inc. announced that they will report Q3, 2021 results on Jan 12, 2021 Annonce • Dec 01
VarioSecure Inc. has completed an IPO in the amount of ¥5.32125 billion. VarioSecure Inc. has completed an IPO in the amount of ¥5.32125 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,365,000
Price\Range: ¥2250
Discount Per Security: ¥157.5
Transaction Features: Sponsor Backed Offering