Reported Earnings • Aug 08
First quarter 2027 earnings: EPS in line with expectations, revenues disappoint First quarter 2027 results: EPS: JP¥6.23 (down from JP¥12.27 in 1Q 2026). Revenue: JP¥9.20b (down 26% from 1Q 2026). Net income: JP¥239.0m (down 49% from 1Q 2026). Profit margin: 2.6% (down from 3.7% in 1Q 2026). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to JP¥4,425. The fair value is estimated to be JP¥5,703, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.8%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥3,425, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 140% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,531 per share. Major Estimate Revision • Jul 28
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2027 has improved. 2027 revenue forecast increased from JP¥84.0b to JP¥94.0b. EPS estimate increased from JP¥225 to JP¥268 per share. Net income forecast to grow 169% next year vs 9.0% growth forecast for Machinery industry in Japan. Consensus price target up from JP¥5,300 to JP¥5,500. Share price fell 10% to JP¥3,685 over the past week. Declared Dividend • Jul 25
Final dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 29th September 2026 Payment date: 10th December 2026 Dividend yield will be 2.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 60% 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. EPS is expected to grow by 165% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥4,205, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Machinery industry in Japan. Total returns to shareholders of 198% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,548 per share. Buy Or Sell Opportunity • Jul 07
Now 21% undervalued Over the last 90 days, the stock has risen 28% to JP¥4,400. The fair value is estimated to be JP¥5,586, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.8%. For the next 3 years, revenue is forecast to grow by 26% per annum. Earnings are also forecast to grow by 39% per annum over the same time period. Major Estimate Revision • Jun 23
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2027 has improved. 2027 revenue forecast increased from JP¥72.9b to JP¥84.0b. EPS estimate increased from JP¥202 to JP¥225 per share. Net income forecast to grow 126% next year vs 9.1% growth forecast for Machinery industry in Japan. Consensus price target of JP¥5,300 unchanged from last update. Share price rose 9.3% to JP¥5,030 over the past week. Buy Or Sell Opportunity • Jun 19
Now 22% undervalued Over the last 90 days, the stock has risen 69% to JP¥4,800. The fair value is estimated to be JP¥6,170, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.8%. Revenue is forecast to grow by 94% in 2 years. Earnings are forecast to grow by 191% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to JP¥4,895, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 220% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,140 per share. Buy Or Sell Opportunity • May 19
Now 22% undervalued Over the last 90 days, the stock has risen 49% to JP¥4,690. The fair value is estimated to be JP¥6,038, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 6.8%. Revenue is forecast to grow by 94% in 2 years. Earnings are forecast to grow by 191% in the next 2 years. Reported Earnings • May 18
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: JP¥100 (down from JP¥271 in FY 2025). Revenue: JP¥56.2b (down 42% from FY 2025). Net income: JP¥3.82b (down 63% from FY 2025). Profit margin: 6.8% (down from 11% in FY 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 18
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: 6.8% Last year net profit margin: 11% 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: Major Risks Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (6.8% net profit margin). Notizie in diretta • May 17
Nomura Micro Science Lifts Dividend Despite FY2026 Profit Drop and Predicts Strong FY2027 Recovery Nomura Micro Science reported declines in sales and profits for FY2026, mainly due to a temporary slowdown in large water treatment system orders that compressed margins and returns.
The company still raised its year-end dividend forecast to ¥61 per share, taking the full-year payout to ¥81 per share as part of its TTT-26 growth plan and focus on stable shareholder returns.
Management issued a bullish forecast for FY2027, guiding for a sharp rebound in revenue, earnings and profitability as demand is expected to recover.
The key tension here is a weak FY2026 profit picture alongside a higher dividend and a strong FY2027 forecast. This signals management’s willingness to support shareholder returns even through a softer earnings patch.
Investors may want to weigh that confidence and dividend stance against the risk that any further slowdown or delay in large system orders could keep margins and profits under pressure longer than expected. Annuncio • May 14
Nomura Micro Science Co., Ltd., Annual General Meeting, Jun 24, 2026 Nomura Micro Science Co., Ltd., Annual General Meeting, Jun 24, 2026. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥4,480, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥3,700, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 308% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥3,110, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 217% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥2,876, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 201% over the past three years. Reported Earnings • Feb 15
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥38.09 (down from JP¥54.03 in 3Q 2025). Revenue: JP¥15.9b (up 15% from 3Q 2025). Net income: JP¥1.45b (down 29% from 3Q 2025). Profit margin: 9.2% (down from 15% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Feb 14
Nomura Micro Science Co., Ltd. Provides Consolidated Earnings Guidance for the Year Ending March 31, 2026 Nomura Micro Science Co., Ltd. provided consolidated earnings guidance for the year ending March 31, 2026. For the year ending March 31, 2026, the company expects net sales of JPY 60,000 million, operating profit of JPY 6,200 million and profit attributable to owners of parent of JPY 3,837 million or JPY 100.90 per basic share. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥3,485, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 250% over the past three years. New Risk • Dec 25
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 8.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.3% average weekly change). High level of non-cash earnings (23% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,931, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 212% over the past three years. Declared Dividend • Dec 11
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 2.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (26% 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 57% 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. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥3,000, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Machinery industry in Japan. Total returns to shareholders of 159% over the past three years. Reported Earnings • Nov 18
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: JP¥24.97 (up from JP¥10.18 loss in 2Q 2025). Revenue: JP¥12.8b (up 23% from 2Q 2025). Net income: JP¥948.6m (up JP¥1.33b from 2Q 2025). Profit margin: 7.4% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates by 38%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 14
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 7.7% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥3,200, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 14x in the Machinery industry in Japan. Total returns to shareholders of 285% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,671 per share. Price Target Changed • Aug 16
Price target decreased by 13% to JP¥2,900 Down from JP¥3,315, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥3,035. Stock is down 2.1% over the past year. The company is forecast to post earnings per share of JP¥106 for next year compared to JP¥271 last year. Major Estimate Revision • Aug 16
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥64.8b to JP¥59.8b. EPS estimate also fell from JP¥149 per share to JP¥106 per share. Net income forecast to shrink 51% next year vs 9.5% growth forecast for Machinery industry in Japan . Consensus price target down from JP¥3,315 to JP¥2,900. Share price rose 14% to JP¥3,035 over the past week. Reported Earnings • Aug 09
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: JP¥12.25 (up from JP¥10.95 in 1Q 2025). Revenue: JP¥12.4b (up 63% from 1Q 2025). Net income: JP¥464.0m (up 13% from 1Q 2025). Profit margin: 3.7% (down from 5.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (60% 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 57% 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. EPS is expected to decline by 6.4% over the next 3 years. However, it would need to fall by 34% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥271 (up from JP¥213 in FY 2024). Revenue: JP¥96.4b (up 32% from FY 2024). Net income: JP¥10.2b (up 28% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jun 12
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥67.3b to JP¥64.8b. EPS estimate also fell from JP¥197 per share to JP¥166 per share. Net income forecast to shrink 39% next year vs 5.0% growth forecast for Machinery industry in Japan . Consensus price target of JP¥3,465 unchanged from last update. Share price rose 7.7% to JP¥2,427 over the past week. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥2,104, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,674 per share. Reported Earnings • May 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥271 (up from JP¥213 in FY 2024). Revenue: JP¥96.4b (up 32% from FY 2024). Net income: JP¥10.2b (up 28% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is expected to decline by 2.9% p.a. on average during the next 2 years, while revenues in the Machinery industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 27% per year. Major Estimate Revision • May 16
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥224 to JP¥197. Revenue forecast unchanged from JP¥67.3b at last update. Net income forecast to grow 86% next year vs 5.3% growth forecast for Machinery industry in Japan. Consensus price target of JP¥3,465 unchanged from last update. Share price fell 5.1% to JP¥2,303 over the past week. Annuncio • May 15
Nomura Micro Science Co., Ltd., Annual General Meeting, Jun 24, 2025 Nomura Micro Science Co., Ltd., Annual General Meeting, Jun 24, 2025. Price Target Changed • Apr 10
Price target decreased by 11% to JP¥3,465 Down from JP¥3,910, the current price target is an average from 2 analysts. New target price is 57% above last closing price of JP¥2,208. Stock is down 59% over the past year. The company is forecast to post earnings per share of JP¥245 for next year compared to JP¥213 last year. Buy Or Sell Opportunity • Apr 08
Now 23% overvalued Over the last 90 days, the stock has fallen 24% to JP¥2,087. The fair value is estimated to be JP¥1,702, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 109% in 2 years. Earnings are forecast to grow by 114% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,316, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 139% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,728 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥54.03 (vs JP¥46.56 in 3Q 2024) Third quarter 2025 results: EPS: JP¥54.03 (up from JP¥46.56 in 3Q 2024). Revenue: JP¥13.8b (down 44% from 3Q 2024). Net income: JP¥2.04b (up 17% from 3Q 2024). Profit margin: 15% (up from 7.0% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥2,990, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Machinery industry in Japan. Total returns to shareholders of 235% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,779 per share. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to JP¥3,020, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 154% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,862 per share. New Risk • Dec 30
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 7.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.3% average weekly change). High level of non-cash earnings (95% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.2% net profit margin). Buy Or Sell Opportunity • Dec 30
Now 26% overvalued Over the last 90 days, the stock has fallen 6.6% to JP¥2,305. The fair value is estimated to be JP¥1,824, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 54% in 2 years. Earnings are forecast to grow by 132% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,846, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,803 per share. Declared Dividend • Dec 11
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 4.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (45% 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 43% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 92% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (95% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (7.2% net profit margin). Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥243 to JP¥213. Revenue forecast unchanged from JP¥88.3b at last update. Net income forecast to grow 20% next year vs 12% growth forecast for Machinery industry in Japan. Consensus price target down from JP¥4,010 to JP¥3,877. Share price fell 7.6% to JP¥1,878 over the past week. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.9%). Buy Or Sell Opportunity • Sep 18
Now 22% overvalued Over the last 90 days, the stock has fallen 47% to JP¥2,329. The fair value is estimated to be JP¥1,903, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥10.95 (vs JP¥29.99 in 1Q 2024) First quarter 2025 results: EPS: JP¥10.95 (down from JP¥29.99 in 1Q 2024). Revenue: JP¥7.63b (down 40% from 1Q 2024). Net income: JP¥411.0m (down 63% from 1Q 2024). Profit margin: 5.4% (down from 8.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 37% per year. Price Target Changed • Aug 10
Price target decreased by 8.2% to JP¥4,743 Down from JP¥5,167, the current price target is an average from 3 analysts. New target price is 59% above last closing price of JP¥2,980. Stock is up 101% over the past year. The company is forecast to post earnings per share of JP¥241 for next year compared to JP¥213 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to JP¥2,444, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 136% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,951 per share. Declared Dividend • Jul 11
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 5.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (17% 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 43% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 85% over the next 3 years. Since a fall of 81% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 20
Full year 2024 earnings released: EPS: JP¥854 (vs JP¥157 in FY 2023) Full year 2024 results: EPS: JP¥854 (up from JP¥157 in FY 2023). Revenue: JP¥73.0b (up 47% from FY 2023). Net income: JP¥7.98b (up 37% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 80% per year whereas the company’s share price has increased by 77% per year. 
