Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 11 June 2026. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥54.71 (vs JP¥37.02 in 3Q 2025) Third quarter 2026 results: EPS: JP¥54.71 (up from JP¥37.02 in 3Q 2025). Revenue: JP¥35.6b (up 8.3% from 3Q 2025). Net income: JP¥851.0m (up 51% from 3Q 2025). Profit margin: 2.4% (up from 1.7% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Annonce • Dec 05
Sun-Wa Technos Corporation to Report Q3, 2026 Results on Jan 30, 2026 Sun-Wa Technos Corporation announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Dec 02
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 30th March 2026 Payment date: 11th June 2026 Dividend yield will be 4.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥63.19 (vs JP¥43.88 in 2Q 2025) Second quarter 2026 results: EPS: JP¥63.19 (up from JP¥43.88 in 2Q 2025). Revenue: JP¥38.1b (up 1.3% from 2Q 2025). Net income: JP¥962.0m (up 44% from 2Q 2025). Profit margin: 2.5% (up from 1.8% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Annonce • Aug 29
Sun-Wa Technos Corporation to Report Q2, 2026 Results on Oct 31, 2025 Sun-Wa Technos Corporation announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Jul 30
First quarter 2026 earnings released: EPS: JP¥16.14 (vs JP¥40.04 in 1Q 2025) First quarter 2026 results: EPS: JP¥16.14 (down from JP¥40.04 in 1Q 2025). Revenue: JP¥31.3b (down 1.7% from 1Q 2025). Net income: JP¥245.0m (down 60% from 1Q 2025). Profit margin: 0.8% (down from 1.9% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Annonce • Jul 28
Sun-Wa Technos Corporation (TSE:8137) entered in share transfer agreement to acquire Htk Europe Limited from Honda Tsushin Kogyo Co., Ltd Sun-Wa Technos Corporation (TSE:8137) entered in share transfer agreement to acquire Htk Europe Limited from Honda Tsushin Kogyo Co., Ltd. on July 28, 2025. The expected completion of the transaction is October 3, 2025. Annonce • Jul 25
Sun-Wa Technos Corporation (TSE:8137) agreed to acquire 50.5% stake in MTEC Co., Ltd for approximately ¥810 million. Sun-Wa Technos Corporation (TSE:8137) agreed to acquire 50.5% stake in MTEC Co., Ltd for approximately ¥810 million on July 24, 2025. As part of the acquisition, Sun-Wa Technos Corporation will acquire 110 shares in MTEC Co., Ltd. The consideration consists issue of 0.33 million common equity of Sun-Wa Technos Corporation at a ratio of 3266 per common equity of MTEC Co., Ltd.
For the period ending March 31, 2025, MTEC Co., Ltd reported total revenue of approximately ¥220 million, operating loss of approximately ¥130 million and net loss of approximately ¥120 million. As of March 31, 2025, MTEC Co., Ltd reported total assets of approximately ¥950 million and net assets of ¥930 million.
The expected completion of the transaction is September 30, 2025. Declared Dividend • Jul 09
Final dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 5.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jun 03
Sun-Wa Technos Corporation to Report Q1, 2026 Results on Jul 29, 2025 Sun-Wa Technos Corporation announced that they will report Q1, 2026 results on Jul 29, 2025 Reported Earnings • May 10
Full year 2025 earnings released: EPS: JP¥161 (vs JP¥330 in FY 2024) Full year 2025 results: EPS: JP¥161 (down from JP¥330 in FY 2024). Revenue: JP¥139.6b (down 16% from FY 2024). Net income: JP¥2.44b (down 51% from FY 2024). Profit margin: 1.8% (down from 3.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Annonce • May 09
Sun-Wa Technos Corporation, Annual General Meeting, Jun 26, 2025 Sun-Wa Technos Corporation, Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 5.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Annonce • Mar 08
Sun-Wa Technos Corporation to Report Fiscal Year 2025 Results on May 09, 2025 Sun-Wa Technos Corporation announced that they will report fiscal year 2025 results on May 09, 2025 Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: JP¥37.02 (vs JP¥55.32 in 3Q 2024) Third quarter 2025 results: EPS: JP¥37.02 (down from JP¥55.32 in 3Q 2024). Revenue: JP¥32.9b (down 16% from 3Q 2024). Net income: JP¥562.0m (down 33% from 3Q 2024). Profit margin: 1.7% (down from 2.1% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jan 31
Sun-Wa Technos Corporation Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2025 Sun-Wa Technos Corporation provided consolidated earnings guidance for the full year ending March 31, 2025. For the year, the company expects net sales of JPY 140,000 million, operating profit of JPY 3,200 million, profit attributable to owners of parent JPY 2,600 million and basic earnings per share of JPY 171.54. Declared Dividend • Dec 03
First half dividend of JP¥70.00 announced Shareholders will receive a dividend of JP¥70.00. Ex-date: 28th March 2025 Payment date: 10th June 2025 Dividend yield will be 5.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Nov 30
Sun-Wa Technos Corporation to Report Q3, 2025 Results on Jan 30, 2025 Sun-Wa Technos Corporation announced that they will report Q3, 2025 results on Jan 30, 2025 Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: JP¥43.87 (vs JP¥112 in 2Q 2024) Second quarter 2025 results: EPS: JP¥43.87 (down from JP¥112 in 2Q 2024). Revenue: JP¥37.6b (down 19% from 2Q 2024). Net income: JP¥666.0m (down 61% from 2Q 2024). Profit margin: 1.8% (down from 3.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Annonce • Aug 28
Sun-Wa Technos Corporation to Report Q2, 2025 Results on Oct 30, 2024 Sun-Wa Technos Corporation announced that they will report Q2, 2025 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,724, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 48% over the past three years. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: JP¥40.04 (vs JP¥89.92 in 1Q 2024) First quarter 2025 results: EPS: JP¥40.04 (down from JP¥89.92 in 1Q 2024). Revenue: JP¥31.8b (down 25% from 1Q 2024). Net income: JP¥605.0m (down 56% from 1Q 2024). Profit margin: 1.9% (down from 3.3% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Annonce • Jul 30
Sun-Wa Technos Corporation Provides Consolidated Earnings Guidance for the Six Month Ending September 30, 2024 Sun-Wa Technos Corporation provided consolidated earnings guidance for the six month ending September 30, 2024. For the half year, the company expects net sales of JPY 67,600 million, operating profit of JPY 1,030 million, profit attributable to owners of parent JPY 1,000 million and basic earnings per share of JPY 66.17. Declared Dividend • Jul 25
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 4.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Jun 02
Sun-Wa Technos Corporation to Report Q1, 2025 Results on Jul 29, 2024 Sun-Wa Technos Corporation announced that they will report Q1, 2025 results on Jul 29, 2024 Annonce • May 15
Sun-Wa Technos Corporation, Annual General Meeting, Jun 25, 2024 Sun-Wa Technos Corporation, Annual General Meeting, Jun 25, 2024. Reported Earnings • May 12
Full year 2024 earnings released: EPS: JP¥330 (vs JP¥355 in FY 2023) Full year 2024 results: EPS: JP¥330 (down from JP¥355 in FY 2023). Revenue: JP¥166.1b (down 8.2% from FY 2023). Net income: JP¥5.01b (down 8.8% from FY 2023). Profit margin: 3.0% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 12 June 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Annonce • Mar 08
Sun-Wa Technos Corporation to Report Fiscal Year 2024 Results on May 10, 2024 Sun-Wa Technos Corporation announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥55.32 (vs JP¥85.64 in 3Q 2023) Third quarter 2024 results: EPS: JP¥55.32 (down from JP¥85.64 in 3Q 2023). Revenue: JP¥39.3b (down 16% from 3Q 2023). Net income: JP¥836.0m (down 37% from 3Q 2023). Profit margin: 2.1% (down from 2.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Annonce • Dec 27
Sun-Wa Technos Corporation to Report Q3, 2024 Results on Jan 30, 2024 Sun-Wa Technos Corporation announced that they will report Q3, 2024 results on Jan 30, 2024 Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: JP¥112 (vs JP¥90.05 in 2Q 2023) Second quarter 2024 results: EPS: JP¥112 (up from JP¥90.05 in 2Q 2023). Revenue: JP¥46.6b (up 3.0% from 2Q 2023). Net income: JP¥1.69b (up 21% from 2Q 2023). Profit margin: 3.6% (up from 3.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Annonce • Sep 27
Sun-Wa Technos Corporation to Report Q2, 2024 Results on Oct 30, 2023 Sun-Wa Technos Corporation announced that they will report Q2, 2024 results on Oct 30, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 29
First quarter 2024 earnings released: EPS: JP¥89.92 (vs JP¥73.43 in 1Q 2023) First quarter 2024 results: EPS: JP¥89.92 (up from JP¥73.43 in 1Q 2023). Revenue: JP¥42.3b (up 8.1% from 1Q 2023). Net income: JP¥1.38b (up 22% from 1Q 2023). Profit margin: 3.3% (up from 2.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Annonce • Jun 28
Sun-Wa Technos Corporation to Report Q1, 2024 Results on Jul 28, 2023 Sun-Wa Technos Corporation announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • May 09
Full year 2023 earnings released: EPS: JP¥355 (vs JP¥228 in FY 2022) Full year 2023 results: EPS: JP¥355 (up from JP¥228 in FY 2022). Revenue: JP¥181.0b (up 17% from FY 2022). Net income: JP¥5.49b (up 54% from FY 2022). Profit margin: 3.0% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Annonce • May 09
Sun-Wa Technos Corporation (TSE:8137) announces an Equity Buyback for 700,000 shares, representing 4.52% for ¥1,000 million. Sun-Wa Technos Corporation (TSE:8137) announces a share repurchase program. Under the program, the company will repurchase 700,000 shares, representing 4.52% of its share capital, for ¥1,000 million. The company will repurchase its shares in order to return profits to shareholders, improve capital efficiency, and implement a flexible capital policy that responds to the business environment. The program will run until October 31, 2023. As of March 31, 2023, the company had 15,481,669 shares outstanding (excluding treasury shares) and 562,331 shares in treasury. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: JP¥85.64 (vs JP¥60.80 in 3Q 2022) Third quarter 2023 results: EPS: JP¥85.64 (up from JP¥60.80 in 3Q 2022). Revenue: JP¥46.8b (up 22% from 3Q 2022). Net income: JP¥1.33b (up 39% from 3Q 2022). Profit margin: 2.8% (up from 2.5% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Annonce • Dec 04
Sun-Wa Technos Corporation to Report Q3, 2023 Results on Jan 30, 2023 Sun-Wa Technos Corporation announced that they will report Q3, 2023 results on Jan 30, 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, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Atsuko Sakamoto 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 • Oct 30
Second quarter 2023 earnings released: EPS: JP¥90.04 (vs JP¥53.27 in 2Q 2022) Second quarter 2023 results: EPS: JP¥90.04 (up from JP¥53.27 in 2Q 2022). Revenue: JP¥45.2b (up 21% from 2Q 2022). Net income: JP¥1.39b (up 66% from 2Q 2022). Profit margin: 3.1% (up from 2.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 14% and the cash payout ratio is 88%. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Annonce • Sep 09
Sun-Wa Technos Corporation to Report Q2, 2023 Results on Oct 28, 2022 Sun-Wa Technos Corporation announced that they will report Q2, 2023 results on Oct 28, 2022 Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥73.43 (vs JP¥44.94 in 1Q 2022) First quarter 2023 results: EPS: JP¥73.43 (up from JP¥44.94 in 1Q 2022). Revenue: JP¥39.1b (up 17% from 1Q 2022). Net income: JP¥1.13b (up 60% from 1Q 2022). Profit margin: 2.9% (up from 2.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Annonce • Jun 02
Sun-Wa Technos Corporation to Report Q1, 2023 Results on Jul 09, 2022 Sun-Wa Technos Corporation announced that they will report Q1, 2023 results on Jul 09, 2022 Reported Earnings • May 11
Full year 2022 earnings released: EPS: JP¥228 (vs JP¥113 in FY 2021) Full year 2022 results: EPS: JP¥228 (up from JP¥113 in FY 2021). Revenue: JP¥154.4b (up 15% from FY 2021). Net income: JP¥3.58b (up 100% from FY 2021). Profit margin: 2.3% (up from 1.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Ichiro Kusanagi was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Apr 08
Sun-Wa Technos Corporation to Report Fiscal Year 2022 Results on May 09, 2022 Sun-Wa Technos Corporation announced that they will report fiscal year 2022 results on May 09, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 10 June 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Jan 30
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥60.79 (up from JP¥14.52 in 3Q 2021). Revenue: JP¥38.2b (up 18% from 3Q 2021). Net income: JP¥951.0m (up 315% from 3Q 2021). Profit margin: 2.5% (up from 0.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS JP¥53.27 (vs JP¥38.41 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥37.5b (up 11% from 2Q 2021). Net income: JP¥842.0m (up 39% from 2Q 2021). Profit margin: 2.2% (up from 1.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,504, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 20% over the past three years. Reported Earnings • Jul 30
First quarter 2022 earnings released: EPS JP¥44.94 (vs JP¥6.28 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥33.5b (up 20% from 1Q 2021). Net income: JP¥709.0m (up JP¥610.0m from 1Q 2021). Profit margin: 2.1% (up from 0.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.