View ValuationHokuetsu 将来の成長Future 基準チェック /36Hokuetsu利益と収益がそれぞれ年間28.4%と2.2%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に4.9% 28.2%なると予測されています。主要情報28.4%収益成長率28.20%EPS成長率Forestry 収益成長19.4%収益成長率2.2%将来の株主資本利益率4.90%アナリストカバレッジLow最終更新日15 May 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesReported Earnings • May 20Full year 2026 earnings released: EPS: JP¥43.59 (vs JP¥92.34 in FY 2025)Full year 2026 results: EPS: JP¥43.59 (down from JP¥92.34 in FY 2025). Revenue: JP¥287.7b (down 5.9% from FY 2025). Net income: JP¥7.30b (down 53% from FY 2025). Profit margin: 2.5% (down from 5.1% in FY 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.Board Change • May 20Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Outside Director Hiroko Nihei was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026.お知らせ • May 09Hokuetsu Corporation to Report Fiscal Year 2026 Results on May 15, 2026Hokuetsu Corporation announced that they will report fiscal year 2026 results on May 15, 2026お知らせ • Mar 27Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd.Daio Paper Corporation (TSE:3880) agreed to acquire an additional 16.23% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. for ¥26.3 billion on March 18, 2026. A cash consideration of ¥26.34 billion will be paid by Daio Paper Corporation. As part of consideration, ¥26.34 billion is paid towards common equity of Hokuetsu Corporation. Before completion, Daio Paper Corporation owns 1.35% stake in Hokuetsu Corporation. Upon completion, Daio Paper Corporation will own 17.58% stake in Hokuetsu Corporation. The expected completion of the transaction is March 27, 2026. Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. on March 27, 2026.お知らせ • Mar 19Hokuetsu Corporation (TSE:3865) announces an Equity Buyback for 10,000,000 shares, representing 5.92% for ¥10,700 million.Hokuetsu Corporation (TSE:3865) announces a share repurchase program. Under the program, the company will repurchase 10,000,000 shares, representing 5.92% of its share capital, for ¥10,700 million. The company will repurchase its shares in order to improve capital efficiency, strengthen shareholder returns, and mitigate the temporary impact on supply and demand of its shares following to the sale of its common shares. The program will run until March 26, 2026. As of September 30, 2025, the company had 168,814,269 shares outstanding (excluding treasury shares) and 19,238,845 shares in treasury.お知らせ • Jan 28+ 3 more updatesHokuetsu Corporation Announces Organizational ChangesHokuetsu Corporation announced that at the Board of Directors meeting held on January 27, 2026, the Company resolved Organizational Changes. In response to significant changes in the business environment surrounding the paper and pulp industry, they will newly establish the International Paper Export Sales Division and restructure organization to simultaneously strengthen the competitiveness of both domestic and overseas businesses. The Paper Sales Division will be reorganized into the Domestic Paper Sales Division, and the structure of the Domestic Paper Sales Division and International Paper Export Sales Division will be as follows: Domestic Paper Sales Division: Domestic Paper Sales Department, Product Logistics Department . International Paper Export Sales Division: International Paper Export Department, Ho Chi Minh City Office . As a result, will operate with a four-division sales structure: Domestic Paper Sales Division, International Paper Export Sales Division, White Paperboard Sales Division, and Performance Materials Sales Division.お知らせ • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026お知らせ • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025お知らせ • Jun 21Hokuetsu Corporation to Report Q1, 2026 Results on Aug 08, 2025Hokuetsu Corporation announced that they will report Q1, 2026 results on Aug 08, 2025お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025.お知らせ • Mar 20Hokuetsu Corporation to Report Fiscal Year 2025 Results on May 15, 2025Hokuetsu Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 15, 2025お知らせ • Dec 20Hokuetsu Corporation to Report Q3, 2025 Results on Feb 14, 2025Hokuetsu Corporation announced that they will report Q3, 2025 results on Feb 14, 2025お知らせ • Sep 25Hokuetsu Corporation to Report Q2, 2025 Results on Nov 14, 2024Hokuetsu Corporation announced that they will report Q2, 2025 results on Nov 14, 2024Upcoming Dividend • Sep 20Upcoming dividend of JP¥11.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.5%).Buy Or Sell Opportunity • Aug 26Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 73% to €11.40. The fair value is estimated to be €9.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to grow by 281% in the next 2 years.New Risk • Aug 20New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% 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: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin).Valuation Update With 7 Day Price Move • Aug 16Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €8.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 115% over the past three years.Reported Earnings • Aug 13First quarter 2025 earnings released: EPS: JP¥14.05 (vs JP¥37.62 in 1Q 2024)First quarter 2025 results: EPS: JP¥14.05 (down from JP¥37.62 in 1Q 2024). Revenue: JP¥74.2b (down 1.4% from 1Q 2024). Net income: JP¥2.36b (down 63% from 1Q 2024). Profit margin: 3.2% (down from 8.4% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings.Buy Or Sell Opportunity • Aug 03Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €6.85. The fair value is estimated to be €8.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. For the next 3 years, revenue is forecast to grow by 0.2% per annum. Earnings are also forecast to grow by 18% per annum over the same time period.Declared Dividend • Jul 11Final dividend of JP¥11.00 announcedShareholders will receive a dividend of JP¥11.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 186%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 6.2% 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 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Jun 23Hokuetsu Corporation to Report Q1, 2025 Results on Aug 09, 2024Hokuetsu Corporation announced that they will report Q1, 2025 results on Aug 09, 2024Buy Or Sell Opportunity • May 27Now 24% overvaluedOver the last 90 days, the stock has fallen 20% to €6.65. The fair value is estimated to be €5.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 2.5% in 2 years. Earnings are forecast to grow by 91% in the next 2 years.Reported Earnings • May 20Full year 2024 earnings released: EPS: JP¥49.94 (vs JP¥49.54 in FY 2023)Full year 2024 results: EPS: JP¥49.94 (up from JP¥49.54 in FY 2023). Revenue: JP¥297.1b (down 1.4% from FY 2023). Net income: JP¥8.40b (flat on FY 2023). Profit margin: 2.8% (in line with FY 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings.お知らせ • May 20Oasis Response to Hokuetsu’s Announcement on Reducing Daio Paper StakeOn May 19, 2024, Oasis Management Company Ltd. announced that Hokuetsu Corporation recent May 15 announcement is a transparent attempt by President Kishimoto to yet again overpromise and underdeliver. Hokuetsu claims it will achieve JPY 3 billion in synergies in FY27/3 with Daio Paper, while simultaneously reducing its Daio Paper stake. Further, Oasis Management stated that it never seen a case where a company announces a strategic alliance while simultaneously divesting its cross-shareholdings of that strategic partner. Moreover, there were no numerical details provided on where the synergies are to be gained from or by when, nor did they disclose to whom and at what price they plan to sell their Daio shares.お知らせ • May 17Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024.お知らせ • May 09Oasis Provides Information to the Shareholders of Hokuetsu CorporationOn May 7, 2024, Oasis Management Company Ltd. announced that it has adopted the Japan FSA’s Principles of Responsible Institutional Investors (a/k/a the Japan Stewardship Code), and in line with those principles, Oasis monitors and engages with its investee companies. Oasis has been engaging with Hokuetsu Corporation since 2019 to help improve the Company’s corporate governance and corporate value. Additionally, Oasis urging all shareholders to improve the Company’s governance and corporate value to vote for Oasis’s proposal to dismiss CEO & President Sekio Kishimoto, dismiss all 4 incumbent independent directors, and elect the 5 independent directors, and diverse director candidates nominated by Oasis as independent directors at Company’s AGM.お知らせ • Mar 27Hokuetsu Corporation to Report Fiscal Year 2024 Results on May 15, 2024Hokuetsu Corporation announced that they will report fiscal year 2024 results on May 15, 2024Valuation Update With 7 Day Price Move • Mar 27Investor sentiment improves as stock rises 21%After last week's 21% share price gain to €14.10, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 286% over the past three years.New Risk • Mar 21New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% 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. This is currently the only risk that has been identified for the company.Upcoming Dividend • Mar 21Upcoming dividend of JP¥9.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (3.5%).Valuation Update With 7 Day Price Move • Mar 13Investor sentiment improves as stock rises 24%After last week's 24% share price gain to €11.00, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 192% over the past three years.Reported Earnings • Feb 14Third quarter 2024 earnings released: JP¥12.59 loss per share (vs JP¥11.69 profit in 3Q 2023)Third quarter 2024 results: JP¥12.59 loss per share (down from JP¥11.69 profit in 3Q 2023). Revenue: JP¥75.2b (down 5.5% from 3Q 2023). Net loss: JP¥2.12b (down 208% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.4% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Dec 30Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €8.85, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 203% over the past three years.お知らせ • Dec 23Hokuetsu Corporation to Report Q3, 2024 Results on Feb 13, 2024Hokuetsu Corporation announced that they will report Q3, 2024 results on Feb 13, 2024Reported Earnings • Nov 12Second quarter 2024 earnings released: EPS: JP¥18.32 (vs JP¥10.30 loss in 2Q 2023)Second quarter 2024 results: EPS: JP¥18.32 (up from JP¥10.30 loss in 2Q 2023). Revenue: JP¥74.9b (up 6.5% from 2Q 2023). Net income: JP¥3.08b (up JP¥4.81b from 2Q 2023). Profit margin: 4.1% (up from net loss in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Forestry industry in Europe. 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 35% per year, which means it is well ahead of earnings.お知らせ • Sep 23Hokuetsu Corporation to Report Q2, 2024 Results on Nov 10, 2023Hokuetsu Corporation announced that they will report Q2, 2024 results on Nov 10, 2023Upcoming Dividend • Sep 21Upcoming dividend of JP¥9.00 per share at 1.7% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.4%).Reported Earnings • Aug 13First quarter 2024 earnings released: EPS: JP¥37.62 (vs JP¥21.96 in 1Q 2023)First quarter 2024 results: EPS: JP¥37.62 (up from JP¥21.96 in 1Q 2023). Revenue: JP¥75.3b (up 14% from 1Q 2023). Net income: JP¥6.32b (up 71% from 1Q 2023). Profit margin: 8.4% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings.お知らせ • Jun 26Hokuetsu Corporation to Report Q1, 2024 Results on Aug 10, 2023Hokuetsu Corporation announced that they will report Q1, 2024 results on Aug 10, 2023お知らせ • Jun 14Oasis Management Issues Statement in Response to the Hokuetsu Board of DirectorsOn June 12, 2023, Oasis Management Company Ltd announced that it has issued a statement in response to the Hokuetsu Corporation Board’s Opinion on Oasis’s presentation on June 2, 2023, where the Company acknowledges that it does not hold the Daio shares for pure investment purposes and admits that it needs to improve its relationship with Daio. In addition, Oasis Management stated that after the launch of its campaign against the Company it has received several e-mails from stakeholders expressing a sincere desire to improve Company’s governance and among them it has received a message from a former Company employee expresses concerns about the president’s personal interests and salary cuts for employees, and says he cannot see a future for the Company and Oasis Management stated that it believes now is the time to put an end to the old system and give Company employees hope for the future. Further, Oasis Management urged the shareholders to vote against the re-election of Mr. Kishimoto, at the 2023 annual meeting of shareholders.お知らせ • May 22Oasis Management Urges Hokuetsu Shareholders to Vote Against CEO Re-ElectionOn May 22, 2023, Oasis Management announced that it urged the shareholders of Hokuetsu Corp to vote against the re-election of CEO Sekio Kishimoto after Hokuetsu Corporation refused a call to sell its stake in a Daio Paper Corp. Further, Oasis Management stated that the departure of Kishimoto would enhance Hokuetsu's corporate value over the long term.Reported Earnings • May 16Full year 2023 earnings released: EPS: JP¥49.53 (vs JP¥126 in FY 2022)Full year 2023 results: EPS: JP¥49.53 (down from JP¥126 in FY 2022). Revenue: JP¥301.2b (up 15% from FY 2022). Net income: JP¥8.33b (down 61% from FY 2022). Profit margin: 2.8% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • May 14Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023.Upcoming Dividend • Mar 23Upcoming dividend of JP¥9.00 per share at 2.1% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.4%).お知らせ • Dec 18Hokuetsu Corporation to Report Q3, 2023 Results on Feb 14, 2023Hokuetsu Corporation announced that they will report Q3, 2023 results on Feb 14, 2023Board Change • Nov 16Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Outside Director Hiroko Nihei was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 13Second quarter 2023 earnings released: JP¥10.30 loss per share (vs JP¥51.30 profit in 2Q 2022)Second quarter 2023 results: JP¥10.30 loss per share (down from JP¥51.30 profit in 2Q 2022). Revenue: JP¥70.3b (up 9.7% from 2Q 2022). Net loss: JP¥1.73b (down 120% from profit in 2Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.お知らせ • Sep 24Hokuetsu Corporation to Report Q2, 2023 Results on Nov 11, 2022Hokuetsu Corporation announced that they will report Q2, 2023 results on Nov 11, 2022Upcoming Dividend • Sep 22Upcoming dividend of JP¥9.00 per shareEligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (4.1%).Reported Earnings • Aug 14First quarter 2023 earnings released: EPS: JP¥21.96 (vs JP¥44.65 in 1Q 2022)First quarter 2023 results: EPS: JP¥21.96 (down from JP¥44.65 in 1Q 2022). Revenue: JP¥65.8b (up 5.7% from 1Q 2022). Net income: JP¥3.69b (down 51% from 1Q 2022). Profit margin: 5.6% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.7%, compared to a 3.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 16Full year 2022 earnings released: EPS: JP¥126 (vs JP¥84.40 in FY 2021)Full year 2022 results: EPS: JP¥126 (up from JP¥84.40 in FY 2021). Revenue: JP¥261.6b (up 18% from FY 2021). Net income: JP¥21.2b (up 50% from FY 2021). Profit margin: 8.1% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 2.1%, compared to a 8.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 29, 2022Hokuetsu Corporation, Annual General Meeting, Jun 29, 2022.Board Change • Apr 27Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Outside Director Hiromitsu Kuramoto was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Apr 08Hokuetsu Corporation to Report Fiscal Year 2022 Results on May 13, 2022Hokuetsu Corporation announced that they will report fiscal year 2022 results on May 13, 2022Upcoming Dividend • Mar 23Upcoming dividend of JP¥17.00 per shareEligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 8.0% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (3.3%).Reported Earnings • Feb 11Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beatThird quarter 2022 results: EPS: JP¥38.45 (up from JP¥32.89 in 3Q 2021). Revenue: JP¥67.6b (up 16% from 3Q 2021). Net income: JP¥6.46b (up 17% from 3Q 2021). Profit margin: 9.6% (in line with 3Q 2021). Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 2.0%, compared to a 4.4% growth forecast for the industry in Germany. 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 4% per year, which means it is significantly lagging earnings growth.Reported Earnings • Nov 15Second quarter 2022 earnings released: EPS JP¥51.30 (vs JP¥3.76 loss in 2Q 2021)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥64.1b (up 24% from 2Q 2021). Net income: JP¥8.62b (up JP¥9.25b from 2Q 2021). Profit margin: 13% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Sep 22Upcoming dividend of JP¥7.00 per shareEligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.9%).Reported Earnings • Aug 12First quarter 2022 earnings released: EPS JP¥44.65 (vs JP¥14.83 in 1Q 2021)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥62.3b (up 21% from 1Q 2021). Net income: JP¥7.50b (up 201% from 1Q 2021). Profit margin: 12% (up from 4.8% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 18Full year 2021 earnings released: EPS JP¥84.40 (vs JP¥43.45 in FY 2020)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥222.5b (down 16% from FY 2020). Net income: JP¥14.2b (up 76% from FY 2020). Profit margin: 6.4% (up from 3.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Upcoming Dividend • Mar 23Upcoming dividend of JP¥7.00 per shareEligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (3.3%). In line with average of industry peers (2.7%).お知らせ • Mar 21Hokuetsu Corporation to Report Fiscal Year 2021 Results on May 14, 2021Hokuetsu Corporation announced that they will report fiscal year 2021 results on May 14, 2021Is New 90 Day High Low • Mar 02New 90-day high: €4.00The company is up 42% from its price of €2.82 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.78 per share.Reported Earnings • Feb 12Third quarter 2021 earnings released: EPS JP¥32.89 (vs JP¥20.41 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥58.3b (down 11% from 3Q 2020). Net income: JP¥5.52b (up JP¥9.38b from 3Q 2020). Profit margin: 9.5% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year.Analyst Estimate Surprise Post Earnings • Feb 12Revenue beats expectationsRevenue exceeded analyst estimates by 5.9%. Over the next year, revenue is forecast to decline by -2.4% while the Forestry industry in Germany is not expected to grow.Is New 90 Day High Low • Feb 06New 90-day high: €3.64The company is up 24% from its price of €2.94 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.28 per share.Is New 90 Day High Low • Jan 21New 90-day high: €3.40The company is up 20% from its price of €2.84 on 23 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.16 per share.Is New 90 Day High Low • Dec 29New 90-day high: €3.18The company is up 2.0% from its price of €3.12 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.16 per share.お知らせ • Dec 13Hokuetsu Corporation to Report Q3, 2021 Results on Feb 10, 2021Hokuetsu Corporation announced that they will report Q3, 2021 results on Feb 10, 2021Analyst Estimate Surprise Post Earnings • Nov 16Revenue misses expectationsRevenue missed analyst estimates by 4.8%. Over the next year, revenue is expected to shrink by 5.2% compared to a 1.5% decline forecast for the Forestry industry in Germany.Reported Earnings • Nov 15Second quarter 2021 earnings released: JP¥3.76 loss per shareThe company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥51.9b (down 20% from 2Q 2020). Net loss: JP¥631.0m (down 138% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year.Is New 90 Day High Low • Sep 30New 90-day high: €3.12The company is up 3.0% from its price of €3.02 on 02 July 2020. The German market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Forestry industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.58 per share.お知らせ • Sep 19Hokuetsu Corporation to Report Q2, 2021 Results on Nov 13, 2020Hokuetsu Corporation announced that they will report Q2, 2021 results on Nov 13, 2020お知らせ • Jun 29Hokuetsu Corporation to Report Q1, 2021 Results on Aug 07, 2020Hokuetsu Corporation announced that they will report Q1, 2021 results on Aug 07, 2020業績と収益の成長予測DB:HPE - アナリストの将来予測と過去の財務データ ( )JPY Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数3/31/2028301,10013,80011,40027,40013/31/2027301,50013,2006,50022,50013/31/2026287,7367,299-6,49810,192N/A12/31/2025288,91310,499N/AN/AN/A9/30/2025296,14711,6233,82921,528N/A6/30/2025303,83015,352N/AN/AN/A3/31/2025305,71815,52923,27940,932N/A12/31/2024301,24512,589N/AN/AN/A9/30/2024296,2405,27417,57733,894N/A6/30/2024296,0254,436N/AN/AN/A3/31/2024297,0568,3968,82622,320N/A12/31/2023310,82611,689N/AN/AN/A9/30/2023315,19115,7693,42515,655N/A6/30/2023310,63410,958N/AN/AN/A3/31/2023301,2048,325-10,7691,746N/A12/31/2022283,3342,549N/AN/AN/A9/30/2022271,4137,046-7,3124,921N/A6/30/2022265,17317,397N/AN/AN/A3/31/2022261,61621,2067,26820,186N/A12/31/2021254,84229,371N/AN/AN/A9/30/2021245,54028,43211,60525,615N/A6/30/2021233,30219,181N/AN/AN/A3/31/2021222,45414,1728,23423,760N/A12/31/2020224,39612,768N/AN/AN/A9/30/2020231,2083,38714,89131,274N/A6/30/2020244,4965,671N/AN/AN/A3/31/2020264,6188,07229,11743,974N/A12/31/2019271,5048,186N/AN/AN/A9/30/2019277,70213,032N/A30,831N/A6/30/2019279,00010,319N/AN/AN/A3/31/2019275,8079,155N/A21,626N/A12/31/2018274,5537,006N/AN/AN/A9/30/2018271,4737,632N/A20,927N/A6/30/2018270,27010,227N/AN/AN/A3/31/2018269,09910,327N/A19,741N/A12/31/2017266,72310,398N/AN/AN/A9/30/2017262,52412,465N/A25,757N/A6/30/2017263,44612,014N/AN/AN/A3/31/2017262,39810,380N/A28,918N/A12/31/2016266,77011,901N/AN/AN/A9/30/2016261,8318,491N/A28,044N/A6/30/2016255,6237,854N/AN/AN/A3/31/2016246,8497,476N/A20,943N/A12/31/2015236,7036,329N/AN/AN/A9/30/2015234,7097,876N/A18,462N/A6/30/2015230,9229,380N/AN/AN/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: HPEの予測収益成長率 (年間28.4% ) は 貯蓄率 ( 1.9% ) を上回っています。収益対市場: HPEの収益 ( 28.4% ) はGerman市場 ( 17.1% ) よりも速いペースで成長すると予測されています。高成長収益: HPEの収益は今後 3 年間で 大幅に 増加すると予想されています。収益対市場: HPEの収益 ( 2.2% ) German市場 ( 6.8% ) よりも低い成長が予測されています。高い収益成長: HPEの収益 ( 2.2% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: HPEの 自己資本利益率 は、3年後には低くなると予測されています ( 4.9 %)。成長企業の発掘7D1Y7D1Y7D1YMaterials 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/24 03:40終値2026/05/22 00:00収益2026/03/31年間収益2026/03/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Hokuetsu Corporation 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。9 アナリスト機関Akiko KuwaharaBofA Global ResearchMasahiro ShibanoCitigroup IncJeremie CapronCLSA6 その他のアナリストを表示
Reported Earnings • May 20Full year 2026 earnings released: EPS: JP¥43.59 (vs JP¥92.34 in FY 2025)Full year 2026 results: EPS: JP¥43.59 (down from JP¥92.34 in FY 2025). Revenue: JP¥287.7b (down 5.9% from FY 2025). Net income: JP¥7.30b (down 53% from FY 2025). Profit margin: 2.5% (down from 5.1% in FY 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings.
Board Change • May 20Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Outside Director Hiroko Nihei was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026.
お知らせ • May 09Hokuetsu Corporation to Report Fiscal Year 2026 Results on May 15, 2026Hokuetsu Corporation announced that they will report fiscal year 2026 results on May 15, 2026
お知らせ • Mar 27Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd.Daio Paper Corporation (TSE:3880) agreed to acquire an additional 16.23% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. for ¥26.3 billion on March 18, 2026. A cash consideration of ¥26.34 billion will be paid by Daio Paper Corporation. As part of consideration, ¥26.34 billion is paid towards common equity of Hokuetsu Corporation. Before completion, Daio Paper Corporation owns 1.35% stake in Hokuetsu Corporation. Upon completion, Daio Paper Corporation will own 17.58% stake in Hokuetsu Corporation. The expected completion of the transaction is March 27, 2026. Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. on March 27, 2026.
お知らせ • Mar 19Hokuetsu Corporation (TSE:3865) announces an Equity Buyback for 10,000,000 shares, representing 5.92% for ¥10,700 million.Hokuetsu Corporation (TSE:3865) announces a share repurchase program. Under the program, the company will repurchase 10,000,000 shares, representing 5.92% of its share capital, for ¥10,700 million. The company will repurchase its shares in order to improve capital efficiency, strengthen shareholder returns, and mitigate the temporary impact on supply and demand of its shares following to the sale of its common shares. The program will run until March 26, 2026. As of September 30, 2025, the company had 168,814,269 shares outstanding (excluding treasury shares) and 19,238,845 shares in treasury.
お知らせ • Jan 28+ 3 more updatesHokuetsu Corporation Announces Organizational ChangesHokuetsu Corporation announced that at the Board of Directors meeting held on January 27, 2026, the Company resolved Organizational Changes. In response to significant changes in the business environment surrounding the paper and pulp industry, they will newly establish the International Paper Export Sales Division and restructure organization to simultaneously strengthen the competitiveness of both domestic and overseas businesses. The Paper Sales Division will be reorganized into the Domestic Paper Sales Division, and the structure of the Domestic Paper Sales Division and International Paper Export Sales Division will be as follows: Domestic Paper Sales Division: Domestic Paper Sales Department, Product Logistics Department . International Paper Export Sales Division: International Paper Export Department, Ho Chi Minh City Office . As a result, will operate with a four-division sales structure: Domestic Paper Sales Division, International Paper Export Sales Division, White Paperboard Sales Division, and Performance Materials Sales Division.
お知らせ • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026
お知らせ • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025
お知らせ • Jun 21Hokuetsu Corporation to Report Q1, 2026 Results on Aug 08, 2025Hokuetsu Corporation announced that they will report Q1, 2026 results on Aug 08, 2025
お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025.
お知らせ • Mar 20Hokuetsu Corporation to Report Fiscal Year 2025 Results on May 15, 2025Hokuetsu Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 15, 2025
お知らせ • Dec 20Hokuetsu Corporation to Report Q3, 2025 Results on Feb 14, 2025Hokuetsu Corporation announced that they will report Q3, 2025 results on Feb 14, 2025
お知らせ • Sep 25Hokuetsu Corporation to Report Q2, 2025 Results on Nov 14, 2024Hokuetsu Corporation announced that they will report Q2, 2025 results on Nov 14, 2024
Upcoming Dividend • Sep 20Upcoming dividend of JP¥11.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.5%).
Buy Or Sell Opportunity • Aug 26Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 73% to €11.40. The fair value is estimated to be €9.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to grow by 281% in the next 2 years.
New Risk • Aug 20New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% 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: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin).
Valuation Update With 7 Day Price Move • Aug 16Investor sentiment improves as stock rises 18%After last week's 18% share price gain to €8.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 115% over the past three years.
Reported Earnings • Aug 13First quarter 2025 earnings released: EPS: JP¥14.05 (vs JP¥37.62 in 1Q 2024)First quarter 2025 results: EPS: JP¥14.05 (down from JP¥37.62 in 1Q 2024). Revenue: JP¥74.2b (down 1.4% from 1Q 2024). Net income: JP¥2.36b (down 63% from 1Q 2024). Profit margin: 3.2% (down from 8.4% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings.
Buy Or Sell Opportunity • Aug 03Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 10% to €6.85. The fair value is estimated to be €8.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. For the next 3 years, revenue is forecast to grow by 0.2% per annum. Earnings are also forecast to grow by 18% per annum over the same time period.
Declared Dividend • Jul 11Final dividend of JP¥11.00 announcedShareholders will receive a dividend of JP¥11.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 186%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 6.2% 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 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Jun 23Hokuetsu Corporation to Report Q1, 2025 Results on Aug 09, 2024Hokuetsu Corporation announced that they will report Q1, 2025 results on Aug 09, 2024
Buy Or Sell Opportunity • May 27Now 24% overvaluedOver the last 90 days, the stock has fallen 20% to €6.65. The fair value is estimated to be €5.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 2.5% in 2 years. Earnings are forecast to grow by 91% in the next 2 years.
Reported Earnings • May 20Full year 2024 earnings released: EPS: JP¥49.94 (vs JP¥49.54 in FY 2023)Full year 2024 results: EPS: JP¥49.94 (up from JP¥49.54 in FY 2023). Revenue: JP¥297.1b (down 1.4% from FY 2023). Net income: JP¥8.40b (flat on FY 2023). Profit margin: 2.8% (in line with FY 2023). Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings.
お知らせ • May 20Oasis Response to Hokuetsu’s Announcement on Reducing Daio Paper StakeOn May 19, 2024, Oasis Management Company Ltd. announced that Hokuetsu Corporation recent May 15 announcement is a transparent attempt by President Kishimoto to yet again overpromise and underdeliver. Hokuetsu claims it will achieve JPY 3 billion in synergies in FY27/3 with Daio Paper, while simultaneously reducing its Daio Paper stake. Further, Oasis Management stated that it never seen a case where a company announces a strategic alliance while simultaneously divesting its cross-shareholdings of that strategic partner. Moreover, there were no numerical details provided on where the synergies are to be gained from or by when, nor did they disclose to whom and at what price they plan to sell their Daio shares.
お知らせ • May 17Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024.
お知らせ • May 09Oasis Provides Information to the Shareholders of Hokuetsu CorporationOn May 7, 2024, Oasis Management Company Ltd. announced that it has adopted the Japan FSA’s Principles of Responsible Institutional Investors (a/k/a the Japan Stewardship Code), and in line with those principles, Oasis monitors and engages with its investee companies. Oasis has been engaging with Hokuetsu Corporation since 2019 to help improve the Company’s corporate governance and corporate value. Additionally, Oasis urging all shareholders to improve the Company’s governance and corporate value to vote for Oasis’s proposal to dismiss CEO & President Sekio Kishimoto, dismiss all 4 incumbent independent directors, and elect the 5 independent directors, and diverse director candidates nominated by Oasis as independent directors at Company’s AGM.
お知らせ • Mar 27Hokuetsu Corporation to Report Fiscal Year 2024 Results on May 15, 2024Hokuetsu Corporation announced that they will report fiscal year 2024 results on May 15, 2024
Valuation Update With 7 Day Price Move • Mar 27Investor sentiment improves as stock rises 21%After last week's 21% share price gain to €14.10, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 286% over the past three years.
New Risk • Mar 21New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 11% 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. This is currently the only risk that has been identified for the company.
Upcoming Dividend • Mar 21Upcoming dividend of JP¥9.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (3.5%).
Valuation Update With 7 Day Price Move • Mar 13Investor sentiment improves as stock rises 24%After last week's 24% share price gain to €11.00, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 192% over the past three years.
Reported Earnings • Feb 14Third quarter 2024 earnings released: JP¥12.59 loss per share (vs JP¥11.69 profit in 3Q 2023)Third quarter 2024 results: JP¥12.59 loss per share (down from JP¥11.69 profit in 3Q 2023). Revenue: JP¥75.2b (down 5.5% from 3Q 2023). Net loss: JP¥2.12b (down 208% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.4% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Dec 30Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €8.85, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 203% over the past three years.
お知らせ • Dec 23Hokuetsu Corporation to Report Q3, 2024 Results on Feb 13, 2024Hokuetsu Corporation announced that they will report Q3, 2024 results on Feb 13, 2024
Reported Earnings • Nov 12Second quarter 2024 earnings released: EPS: JP¥18.32 (vs JP¥10.30 loss in 2Q 2023)Second quarter 2024 results: EPS: JP¥18.32 (up from JP¥10.30 loss in 2Q 2023). Revenue: JP¥74.9b (up 6.5% from 2Q 2023). Net income: JP¥3.08b (up JP¥4.81b from 2Q 2023). Profit margin: 4.1% (up from net loss in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Forestry industry in Europe. 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 35% per year, which means it is well ahead of earnings.
お知らせ • Sep 23Hokuetsu Corporation to Report Q2, 2024 Results on Nov 10, 2023Hokuetsu Corporation announced that they will report Q2, 2024 results on Nov 10, 2023
Upcoming Dividend • Sep 21Upcoming dividend of JP¥9.00 per share at 1.7% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.4%).
Reported Earnings • Aug 13First quarter 2024 earnings released: EPS: JP¥37.62 (vs JP¥21.96 in 1Q 2023)First quarter 2024 results: EPS: JP¥37.62 (up from JP¥21.96 in 1Q 2023). Revenue: JP¥75.3b (up 14% from 1Q 2023). Net income: JP¥6.32b (up 71% from 1Q 2023). Profit margin: 8.4% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings.
お知らせ • Jun 26Hokuetsu Corporation to Report Q1, 2024 Results on Aug 10, 2023Hokuetsu Corporation announced that they will report Q1, 2024 results on Aug 10, 2023
お知らせ • Jun 14Oasis Management Issues Statement in Response to the Hokuetsu Board of DirectorsOn June 12, 2023, Oasis Management Company Ltd announced that it has issued a statement in response to the Hokuetsu Corporation Board’s Opinion on Oasis’s presentation on June 2, 2023, where the Company acknowledges that it does not hold the Daio shares for pure investment purposes and admits that it needs to improve its relationship with Daio. In addition, Oasis Management stated that after the launch of its campaign against the Company it has received several e-mails from stakeholders expressing a sincere desire to improve Company’s governance and among them it has received a message from a former Company employee expresses concerns about the president’s personal interests and salary cuts for employees, and says he cannot see a future for the Company and Oasis Management stated that it believes now is the time to put an end to the old system and give Company employees hope for the future. Further, Oasis Management urged the shareholders to vote against the re-election of Mr. Kishimoto, at the 2023 annual meeting of shareholders.
お知らせ • May 22Oasis Management Urges Hokuetsu Shareholders to Vote Against CEO Re-ElectionOn May 22, 2023, Oasis Management announced that it urged the shareholders of Hokuetsu Corp to vote against the re-election of CEO Sekio Kishimoto after Hokuetsu Corporation refused a call to sell its stake in a Daio Paper Corp. Further, Oasis Management stated that the departure of Kishimoto would enhance Hokuetsu's corporate value over the long term.
Reported Earnings • May 16Full year 2023 earnings released: EPS: JP¥49.53 (vs JP¥126 in FY 2022)Full year 2023 results: EPS: JP¥49.53 (down from JP¥126 in FY 2022). Revenue: JP¥301.2b (up 15% from FY 2022). Net income: JP¥8.33b (down 61% from FY 2022). Profit margin: 2.8% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • May 14Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023.
Upcoming Dividend • Mar 23Upcoming dividend of JP¥9.00 per share at 2.1% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.4%).
お知らせ • Dec 18Hokuetsu Corporation to Report Q3, 2023 Results on Feb 14, 2023Hokuetsu Corporation announced that they will report Q3, 2023 results on Feb 14, 2023
Board Change • Nov 16Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Outside Director Hiroko Nihei was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 13Second quarter 2023 earnings released: JP¥10.30 loss per share (vs JP¥51.30 profit in 2Q 2022)Second quarter 2023 results: JP¥10.30 loss per share (down from JP¥51.30 profit in 2Q 2022). Revenue: JP¥70.3b (up 9.7% from 2Q 2022). Net loss: JP¥1.73b (down 120% from profit in 2Q 2022). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
お知らせ • Sep 24Hokuetsu Corporation to Report Q2, 2023 Results on Nov 11, 2022Hokuetsu Corporation announced that they will report Q2, 2023 results on Nov 11, 2022
Upcoming Dividend • Sep 22Upcoming dividend of JP¥9.00 per shareEligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (4.1%).
Reported Earnings • Aug 14First quarter 2023 earnings released: EPS: JP¥21.96 (vs JP¥44.65 in 1Q 2022)First quarter 2023 results: EPS: JP¥21.96 (down from JP¥44.65 in 1Q 2022). Revenue: JP¥65.8b (up 5.7% from 1Q 2022). Net income: JP¥3.69b (down 51% from 1Q 2022). Profit margin: 5.6% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.7%, compared to a 3.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 16Full year 2022 earnings released: EPS: JP¥126 (vs JP¥84.40 in FY 2021)Full year 2022 results: EPS: JP¥126 (up from JP¥84.40 in FY 2021). Revenue: JP¥261.6b (up 18% from FY 2021). Net income: JP¥21.2b (up 50% from FY 2021). Profit margin: 8.1% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 2.1%, compared to a 8.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 29, 2022Hokuetsu Corporation, Annual General Meeting, Jun 29, 2022.
Board Change • Apr 27Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Outside Director Hiromitsu Kuramoto was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Apr 08Hokuetsu Corporation to Report Fiscal Year 2022 Results on May 13, 2022Hokuetsu Corporation announced that they will report fiscal year 2022 results on May 13, 2022
Upcoming Dividend • Mar 23Upcoming dividend of JP¥17.00 per shareEligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 8.0% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (3.3%).
Reported Earnings • Feb 11Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beatThird quarter 2022 results: EPS: JP¥38.45 (up from JP¥32.89 in 3Q 2021). Revenue: JP¥67.6b (up 16% from 3Q 2021). Net income: JP¥6.46b (up 17% from 3Q 2021). Profit margin: 9.6% (in line with 3Q 2021). Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 2.0%, compared to a 4.4% growth forecast for the industry in Germany. 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 4% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Nov 15Second quarter 2022 earnings released: EPS JP¥51.30 (vs JP¥3.76 loss in 2Q 2021)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥64.1b (up 24% from 2Q 2021). Net income: JP¥8.62b (up JP¥9.25b from 2Q 2021). Profit margin: 13% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Sep 22Upcoming dividend of JP¥7.00 per shareEligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.9%).
Reported Earnings • Aug 12First quarter 2022 earnings released: EPS JP¥44.65 (vs JP¥14.83 in 1Q 2021)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥62.3b (up 21% from 1Q 2021). Net income: JP¥7.50b (up 201% from 1Q 2021). Profit margin: 12% (up from 4.8% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 18Full year 2021 earnings released: EPS JP¥84.40 (vs JP¥43.45 in FY 2020)The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥222.5b (down 16% from FY 2020). Net income: JP¥14.2b (up 76% from FY 2020). Profit margin: 6.4% (up from 3.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Mar 23Upcoming dividend of JP¥7.00 per shareEligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (3.3%). In line with average of industry peers (2.7%).
お知らせ • Mar 21Hokuetsu Corporation to Report Fiscal Year 2021 Results on May 14, 2021Hokuetsu Corporation announced that they will report fiscal year 2021 results on May 14, 2021
Is New 90 Day High Low • Mar 02New 90-day high: €4.00The company is up 42% from its price of €2.82 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.78 per share.
Reported Earnings • Feb 12Third quarter 2021 earnings released: EPS JP¥32.89 (vs JP¥20.41 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥58.3b (down 11% from 3Q 2020). Net income: JP¥5.52b (up JP¥9.38b from 3Q 2020). Profit margin: 9.5% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year.
Analyst Estimate Surprise Post Earnings • Feb 12Revenue beats expectationsRevenue exceeded analyst estimates by 5.9%. Over the next year, revenue is forecast to decline by -2.4% while the Forestry industry in Germany is not expected to grow.
Is New 90 Day High Low • Feb 06New 90-day high: €3.64The company is up 24% from its price of €2.94 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.28 per share.
Is New 90 Day High Low • Jan 21New 90-day high: €3.40The company is up 20% from its price of €2.84 on 23 October 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.16 per share.
Is New 90 Day High Low • Dec 29New 90-day high: €3.18The company is up 2.0% from its price of €3.12 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.16 per share.
お知らせ • Dec 13Hokuetsu Corporation to Report Q3, 2021 Results on Feb 10, 2021Hokuetsu Corporation announced that they will report Q3, 2021 results on Feb 10, 2021
Analyst Estimate Surprise Post Earnings • Nov 16Revenue misses expectationsRevenue missed analyst estimates by 4.8%. Over the next year, revenue is expected to shrink by 5.2% compared to a 1.5% decline forecast for the Forestry industry in Germany.
Reported Earnings • Nov 15Second quarter 2021 earnings released: JP¥3.76 loss per shareThe company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥51.9b (down 20% from 2Q 2020). Net loss: JP¥631.0m (down 138% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year.
Is New 90 Day High Low • Sep 30New 90-day high: €3.12The company is up 3.0% from its price of €3.02 on 02 July 2020. The German market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Forestry industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.58 per share.
お知らせ • Sep 19Hokuetsu Corporation to Report Q2, 2021 Results on Nov 13, 2020Hokuetsu Corporation announced that they will report Q2, 2021 results on Nov 13, 2020
お知らせ • Jun 29Hokuetsu Corporation to Report Q1, 2021 Results on Aug 07, 2020Hokuetsu Corporation announced that they will report Q1, 2021 results on Aug 07, 2020