View Future GrowthFusionLtd 過去の業績過去 基準チェック /26FusionLtdの収益は年間平均-31.9%の割合で減少していますが、 Media業界の収益は年間 増加しています。収益は年間7.1% 3.1%割合で 増加しています。 FusionLtdの自己資本利益率は0.3%であり、純利益率は0.07%です。主要情報-31.90%収益成長率-33.77%EPS成長率Media 業界の成長9.30%収益成長率3.07%株主資本利益率0.28%ネット・マージン0.067%前回の決算情報28 Feb 2026最近の業績更新Reported Earnings • Oct 17Second quarter 2025 earnings released: JP¥11.11 loss per share (vs JP¥6.94 loss in 2Q 2024)Second quarter 2025 results: JP¥11.11 loss per share (further deteriorated from JP¥6.94 loss in 2Q 2024). Revenue: JP¥303.0m (down 16% from 2Q 2024). Net loss: JP¥16.0m (loss widened 220% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 11% per year.Reported Earnings • Jul 16First quarter 2025 earnings released: EPS: JP¥13.19 (vs JP¥30.56 in 1Q 2024)First quarter 2025 results: EPS: JP¥13.19 (down from JP¥30.56 in 1Q 2024). Revenue: JP¥427.0m (up 9.2% from 1Q 2024). Net income: JP¥19.0m (down 14% from 1Q 2024). Profit margin: 4.4% (down from 5.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.Reported Earnings • Jun 02Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).Reported Earnings • Apr 14Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).Reported Earnings • Jan 15Third quarter 2024 earnings released: EPS: JP¥7.64 (vs JP¥11.11 in 3Q 2023)Third quarter 2024 results: EPS: JP¥7.64. Revenue: JP¥371.0m (up 9.4% from 3Q 2023). Net income: JP¥22.0m (up 175% from 3Q 2023). Profit margin: 5.9% (up from 2.4% in 3Q 2023). The increase in margin was driven by higher revenue.Reported Earnings • Oct 15Second quarter 2024 earnings released: JP¥6.94 loss per share (vs JP¥15.28 profit in 2Q 2023)Second quarter 2024 results: JP¥6.94 loss per share (down from JP¥15.28 profit in 2Q 2023). Revenue: JP¥359.0m (up 7.2% from 2Q 2023). Net loss: JP¥5.00m (down 146% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.すべての更新を表示Recent updatesBoard Change • May 21Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. 1 independent director (5 non-independent directors). Independent Outside Director Hidenori Kawamura was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Oct 17Second quarter 2025 earnings released: JP¥11.11 loss per share (vs JP¥6.94 loss in 2Q 2024)Second quarter 2025 results: JP¥11.11 loss per share (further deteriorated from JP¥6.94 loss in 2Q 2024). Revenue: JP¥303.0m (down 16% from 2Q 2024). Net loss: JP¥16.0m (loss widened 220% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 11% per year.New Risk • Aug 05New 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 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 Share price has been highly volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$10m (JP¥659.8m market cap, or US$4.58m).Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to JP¥395, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 16x in the Media industry in Japan. Total loss to shareholders of 25% over the past three years.Reported Earnings • Jul 16First quarter 2025 earnings released: EPS: JP¥13.19 (vs JP¥30.56 in 1Q 2024)First quarter 2025 results: EPS: JP¥13.19 (down from JP¥30.56 in 1Q 2024). Revenue: JP¥427.0m (up 9.2% from 1Q 2024). Net income: JP¥19.0m (down 14% from 1Q 2024). Profit margin: 4.4% (down from 5.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.Reported Earnings • Jun 02Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).New Risk • May 31New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (JP¥718.9m market cap, or US$4.57m). Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change).Reported Earnings • Apr 14Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).Reported Earnings • Jan 15Third quarter 2024 earnings released: EPS: JP¥7.64 (vs JP¥11.11 in 3Q 2023)Third quarter 2024 results: EPS: JP¥7.64. Revenue: JP¥371.0m (up 9.4% from 3Q 2023). Net income: JP¥22.0m (up 175% from 3Q 2023). Profit margin: 5.9% (up from 2.4% in 3Q 2023). The increase in margin was driven by higher revenue.Board Change • Oct 25No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Oct 15Second quarter 2024 earnings released: JP¥6.94 loss per share (vs JP¥15.28 profit in 2Q 2023)Second quarter 2024 results: JP¥6.94 loss per share (down from JP¥15.28 profit in 2Q 2023). Revenue: JP¥359.0m (up 7.2% from 2Q 2023). Net loss: JP¥5.00m (down 146% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • Jul 17First quarter 2024 earnings released: EPS: JP¥30.56 (vs JP¥34.72 in 1Q 2023)First quarter 2024 results: EPS: JP¥30.56 (down from JP¥34.72 in 1Q 2023). Revenue: JP¥391.0m (up 7.4% from 1Q 2023). Net income: JP¥22.0m (down 12% from 1Q 2023). Profit margin: 5.6% (down from 6.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.Board Change • May 13No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Apr 16Full year 2023 earnings released: EPS: JP¥61.11 (vs JP¥45.83 in FY 2022)Full year 2023 results: EPS: JP¥61.11 (up from JP¥45.83 in FY 2022). Revenue: JP¥1.46b (up 3.8% from FY 2022). Net income: JP¥44.0m (up 33% from FY 2022). Profit margin: 3.0% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth.Board Change • Apr 13No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Buying Opportunity • Mar 13Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 3.0%. The fair value is estimated to be JP¥1,515, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable.Valuation Update With 7 Day Price Move • Feb 09Investor sentiment improves as stock rises 29%After last week's 29% share price gain to JP¥1,459, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 14x in the Media industry in Japan. Total returns to shareholders of 39% over the past three years.Buying Opportunity • Jan 18Now 21% undervaluedOver the last 90 days, the stock is up 4.5%. The fair value is estimated to be JP¥1,472, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable.Reported Earnings • Jan 15Third quarter 2023 earnings released: EPS: JP¥11.11 (vs JP¥6.94 in 3Q 2022)Third quarter 2023 results: EPS: JP¥11.11 (up from JP¥6.94 in 3Q 2022). Revenue: JP¥339.0m (up 5.9% from 3Q 2022). Net income: JP¥8.00m (up 60% from 3Q 2022). Profit margin: 2.4% (up from 1.6% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.Board Change • Dec 14No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Nov 17No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Oct 21No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Oct 17Second quarter 2023 earnings released: EPS: JP¥15.28 (vs JP¥4.17 in 2Q 2022)Second quarter 2023 results: EPS: JP¥15.28 (up from JP¥4.17 in 2Q 2022). Revenue: JP¥335.0m (up 3.4% from 2Q 2022). Net income: JP¥11.0m (up 267% from 2Q 2022). Profit margin: 3.3% (up from 0.9% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.Board Change • Sep 21No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Board Change • Aug 17No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Jul 17First quarter 2023 earnings released: EPS: JP¥34.72 (vs JP¥18.06 in 1Q 2022)First quarter 2023 results: EPS: JP¥34.72 (up from JP¥18.06 in 1Q 2022). Revenue: JP¥364.0m (up 2.5% from 1Q 2022). Net income: JP¥25.0m (up 92% from 1Q 2022). Profit margin: 6.9% (up from 3.7% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Reported Earnings • Jun 03Full year 2022 earnings released: EPS: JP¥45.83 (vs JP¥2.78 in FY 2021)Full year 2022 results: EPS: JP¥45.83 (up from JP¥2.78 in FY 2021). Revenue: JP¥1.40b (up 13% from FY 2021). Net income: JP¥33.0m (up JP¥31.0m from FY 2021). Profit margin: 2.4% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.Board Change • Apr 28No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.Reported Earnings • Apr 15Full year 2022 earnings released: EPS: JP¥45.83 (vs JP¥2.78 in FY 2021)Full year 2022 results: EPS: JP¥45.83 (up from JP¥2.78 in FY 2021). Revenue: JP¥1.40b (up 13% from FY 2021). Net income: JP¥33.0m (up JP¥31.0m from FY 2021). Profit margin: 2.4% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jan 22Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to JP¥1,218, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 16x in the Media industry in Japan. Total returns to shareholders of 28% over the past three years.Reported Earnings • Jan 17Third quarter 2022 earnings: Revenues and EPS in line with analyst expectationsThird quarter 2022 results: EPS: JP¥6.94 (up from JP¥22.22 loss in 3Q 2021). Revenue: JP¥320.0m (up 19% from 3Q 2021). Net income: JP¥5.00m (up JP¥21.0m from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Dec 18Investor sentiment improved over the past weekAfter last week's 17% share price gain to JP¥1,388, the stock trades at a trailing P/E ratio of 76.9x. Average trailing P/E is 17x in the Media industry in Japan. Total returns to shareholders of 63% over the past three years.Reported Earnings • Oct 15Second quarter 2022 earnings released: EPS JP¥4.17 (vs JP¥31.94 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¥324.0m (up 41% from 2Q 2021). Net income: JP¥3.00m (up JP¥26.0m from 2Q 2021). Profit margin: 0.9% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Reported Earnings • Jul 11First quarter 2022 earnings released: EPS JP¥18.06 (vs JP¥38.89 in 1Q 2021)The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥355.0m (down 9.4% from 1Q 2021). Net income: JP¥13.0m (down 54% from 1Q 2021). Profit margin: 3.7% (down from 7.1% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.Reported Earnings • Jun 03Full year 2021 earnings released: EPS JP¥2.78 (vs JP¥19.44 in FY 2020)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.24b (down 6.2% from FY 2020). Net income: JP¥2.00m (down 86% from FY 2020). Profit margin: 0.2% (down from 1.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.Reported Earnings • Apr 17Full year 2021 earnings released: EPS JP¥2.78 (vs JP¥19.44 in FY 2020)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.24b (down 6.2% from FY 2020). Net income: JP¥2.00m (down 86% from FY 2020). Profit margin: 0.2% (down from 1.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.分析記事 • Apr 08FusionLtd (SPSE:3977) Has Debt But No Earnings; Should You Worry?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Reported Earnings • Jan 15Third quarter 2021 earnings released: JP¥22.22 loss per shareThe company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2021 results: Revenue: JP¥268.0m (down 17% from 3Q 2020). Net loss: JP¥16.0m (down 246% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.Is New 90 Day High Low • Jan 12New 90-day low: JP¥955The company is down 20% from its price of JP¥1,200 on 15 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 2.0% over the same period.分析記事 • Dec 24Is Fusion Co.,Ltd.'s (SPSE:3977) 4.0% ROE Worse Than Average?While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...Is New 90 Day High Low • Dec 09New 90-day low: JP¥1,000The company is down 34% from its price of JP¥1,520 on 10 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 12% over the same period.Is New 90 Day High Low • Nov 17New 90-day low: JP¥1,030The company is down 38% from its price of JP¥1,670 on 19 August 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 6.0% over the same period.Is New 90 Day High Low • Nov 02New 90-day low: JP¥1,153The company is down 27% from its price of JP¥1,570 on 03 August 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 11% over the same period.Is New 90 Day High Low • Oct 12New 90-day low: JP¥1,250The company is down 27% from its price of JP¥1,710 on 14 July 2020. The Japanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 14% over the same period.Is New 90 Day High Low • Sep 24New 90-day low: JP¥1,450The company is down 15% from its price of JP¥1,700 on 25 June 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 12% over the same period.収支内訳FusionLtd の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史SPSE:3977 収益、費用、利益 ( )JPY Millions日付収益収益G+A経費研究開発費28 Feb 261,4901613030 Nov 251,491-72609031 Aug 251,480-63610031 May 251,456-51605028 Feb 251,504-16585030 Nov 241,45921587031 Aug 241,44738579031 May 241,50349576029 Feb 241,46752566030 Nov 231,53839573031 Aug 231,50625564031 May 231,48241552028 Feb 231,45544547030 Nov 221,44156528031 Aug 221,42253520031 May 221,41145513028 Feb 221,40233508030 Nov 211,35134473031 Aug 211,29913464031 May 211,205-13445028 Feb 211,2422428030 Nov 201,266-17443031 Aug 201,32010439031 May 201,40940442029 Feb 201,32414454030 Nov 191,223-2441031 Aug 191,234-223446031 May 191,224-225447028 Feb 191,200-228446030 Nov 181,242-192436031 Aug 181,22425426031 May 181,21732418028 Feb 181,20341401030 Nov 171,16022407028 Feb 171,13935369029 Feb 16985273570質の高い収益: 3977には¥13.0M } という大きな 一回限りの 損失があり、過去 12 か月の財務実績が28th February, 2026に影響を及ぼしています。利益率の向上: 3977過去に利益を上げました。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: 3977過去 5 年間で収益を上げており、収益は年間-31.9%増加しています。成長の加速: 3977は昨年収益を上げたため、収益成長率を 5 年間の平均と比較することは困難です。収益対業界: 3977昨年収益を上げたため、昨年の収益成長をMedia業界 ( 28.7% ) と比較することは困難です。株主資本利益率高いROE: 3977の 自己資本利益率 ( 0.3% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMedia 、過去の業績が好調な企業。View Financial Health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 06:29終値2026/05/22 00:00収益2026/02/28年間収益2026/02/28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Fusion Co.,Ltd. 0 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。0
Reported Earnings • Oct 17Second quarter 2025 earnings released: JP¥11.11 loss per share (vs JP¥6.94 loss in 2Q 2024)Second quarter 2025 results: JP¥11.11 loss per share (further deteriorated from JP¥6.94 loss in 2Q 2024). Revenue: JP¥303.0m (down 16% from 2Q 2024). Net loss: JP¥16.0m (loss widened 220% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 11% per year.
Reported Earnings • Jul 16First quarter 2025 earnings released: EPS: JP¥13.19 (vs JP¥30.56 in 1Q 2024)First quarter 2025 results: EPS: JP¥13.19 (down from JP¥30.56 in 1Q 2024). Revenue: JP¥427.0m (up 9.2% from 1Q 2024). Net income: JP¥19.0m (down 14% from 1Q 2024). Profit margin: 4.4% (down from 5.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
Reported Earnings • Jun 02Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).
Reported Earnings • Apr 14Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).
Reported Earnings • Jan 15Third quarter 2024 earnings released: EPS: JP¥7.64 (vs JP¥11.11 in 3Q 2023)Third quarter 2024 results: EPS: JP¥7.64. Revenue: JP¥371.0m (up 9.4% from 3Q 2023). Net income: JP¥22.0m (up 175% from 3Q 2023). Profit margin: 5.9% (up from 2.4% in 3Q 2023). The increase in margin was driven by higher revenue.
Reported Earnings • Oct 15Second quarter 2024 earnings released: JP¥6.94 loss per share (vs JP¥15.28 profit in 2Q 2023)Second quarter 2024 results: JP¥6.94 loss per share (down from JP¥15.28 profit in 2Q 2023). Revenue: JP¥359.0m (up 7.2% from 2Q 2023). Net loss: JP¥5.00m (down 146% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Board Change • May 21Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. 1 independent director (5 non-independent directors). Independent Outside Director Hidenori Kawamura was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Oct 17Second quarter 2025 earnings released: JP¥11.11 loss per share (vs JP¥6.94 loss in 2Q 2024)Second quarter 2025 results: JP¥11.11 loss per share (further deteriorated from JP¥6.94 loss in 2Q 2024). Revenue: JP¥303.0m (down 16% from 2Q 2024). Net loss: JP¥16.0m (loss widened 220% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 11% per year.
New Risk • Aug 05New 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 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 Share price has been highly volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$10m (JP¥659.8m market cap, or US$4.58m).
Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to JP¥395, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 16x in the Media industry in Japan. Total loss to shareholders of 25% over the past three years.
Reported Earnings • Jul 16First quarter 2025 earnings released: EPS: JP¥13.19 (vs JP¥30.56 in 1Q 2024)First quarter 2025 results: EPS: JP¥13.19 (down from JP¥30.56 in 1Q 2024). Revenue: JP¥427.0m (up 9.2% from 1Q 2024). Net income: JP¥19.0m (down 14% from 1Q 2024). Profit margin: 4.4% (down from 5.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
Reported Earnings • Jun 02Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).
New Risk • May 31New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (JP¥718.9m market cap, or US$4.57m). Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change).
Reported Earnings • Apr 14Full year 2024 earnings released: EPS: JP¥36.10 (vs JP¥61.11 in FY 2023)Full year 2024 results: EPS: JP¥36.10. Revenue: JP¥1.47b (flat on FY 2023). Net income: JP¥52.0m (up 18% from FY 2023). Profit margin: 3.5% (up from 3.0% in FY 2023).
Reported Earnings • Jan 15Third quarter 2024 earnings released: EPS: JP¥7.64 (vs JP¥11.11 in 3Q 2023)Third quarter 2024 results: EPS: JP¥7.64. Revenue: JP¥371.0m (up 9.4% from 3Q 2023). Net income: JP¥22.0m (up 175% from 3Q 2023). Profit margin: 5.9% (up from 2.4% in 3Q 2023). The increase in margin was driven by higher revenue.
Board Change • Oct 25No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Oct 15Second quarter 2024 earnings released: JP¥6.94 loss per share (vs JP¥15.28 profit in 2Q 2023)Second quarter 2024 results: JP¥6.94 loss per share (down from JP¥15.28 profit in 2Q 2023). Revenue: JP¥359.0m (up 7.2% from 2Q 2023). Net loss: JP¥5.00m (down 146% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • Jul 17First quarter 2024 earnings released: EPS: JP¥30.56 (vs JP¥34.72 in 1Q 2023)First quarter 2024 results: EPS: JP¥30.56 (down from JP¥34.72 in 1Q 2023). Revenue: JP¥391.0m (up 7.4% from 1Q 2023). Net income: JP¥22.0m (down 12% from 1Q 2023). Profit margin: 5.6% (down from 6.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
Board Change • May 13No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Apr 16Full year 2023 earnings released: EPS: JP¥61.11 (vs JP¥45.83 in FY 2022)Full year 2023 results: EPS: JP¥61.11 (up from JP¥45.83 in FY 2022). Revenue: JP¥1.46b (up 3.8% from FY 2022). Net income: JP¥44.0m (up 33% from FY 2022). Profit margin: 3.0% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 13No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Buying Opportunity • Mar 13Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 3.0%. The fair value is estimated to be JP¥1,515, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable.
Valuation Update With 7 Day Price Move • Feb 09Investor sentiment improves as stock rises 29%After last week's 29% share price gain to JP¥1,459, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 14x in the Media industry in Japan. Total returns to shareholders of 39% over the past three years.
Buying Opportunity • Jan 18Now 21% undervaluedOver the last 90 days, the stock is up 4.5%. The fair value is estimated to be JP¥1,472, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company has become profitable.
Reported Earnings • Jan 15Third quarter 2023 earnings released: EPS: JP¥11.11 (vs JP¥6.94 in 3Q 2022)Third quarter 2023 results: EPS: JP¥11.11 (up from JP¥6.94 in 3Q 2022). Revenue: JP¥339.0m (up 5.9% from 3Q 2022). Net income: JP¥8.00m (up 60% from 3Q 2022). Profit margin: 2.4% (up from 1.6% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
Board Change • Dec 14No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Nov 17No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Oct 21No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Oct 17Second quarter 2023 earnings released: EPS: JP¥15.28 (vs JP¥4.17 in 2Q 2022)Second quarter 2023 results: EPS: JP¥15.28 (up from JP¥4.17 in 2Q 2022). Revenue: JP¥335.0m (up 3.4% from 2Q 2022). Net income: JP¥11.0m (up 267% from 2Q 2022). Profit margin: 3.3% (up from 0.9% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.
Board Change • Sep 21No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Board Change • Aug 17No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Jul 17First quarter 2023 earnings released: EPS: JP¥34.72 (vs JP¥18.06 in 1Q 2022)First quarter 2023 results: EPS: JP¥34.72 (up from JP¥18.06 in 1Q 2022). Revenue: JP¥364.0m (up 2.5% from 1Q 2022). Net income: JP¥25.0m (up 92% from 1Q 2022). Profit margin: 6.9% (up from 3.7% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Jun 03Full year 2022 earnings released: EPS: JP¥45.83 (vs JP¥2.78 in FY 2021)Full year 2022 results: EPS: JP¥45.83 (up from JP¥2.78 in FY 2021). Revenue: JP¥1.40b (up 13% from FY 2021). Net income: JP¥33.0m (up JP¥31.0m from FY 2021). Profit margin: 2.4% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 28No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). President and Representative Director Takuya Sasaki was the last director to join the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
Reported Earnings • Apr 15Full year 2022 earnings released: EPS: JP¥45.83 (vs JP¥2.78 in FY 2021)Full year 2022 results: EPS: JP¥45.83 (up from JP¥2.78 in FY 2021). Revenue: JP¥1.40b (up 13% from FY 2021). Net income: JP¥33.0m (up JP¥31.0m from FY 2021). Profit margin: 2.4% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jan 22Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to JP¥1,218, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 16x in the Media industry in Japan. Total returns to shareholders of 28% over the past three years.
Reported Earnings • Jan 17Third quarter 2022 earnings: Revenues and EPS in line with analyst expectationsThird quarter 2022 results: EPS: JP¥6.94 (up from JP¥22.22 loss in 3Q 2021). Revenue: JP¥320.0m (up 19% from 3Q 2021). Net income: JP¥5.00m (up JP¥21.0m from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Dec 18Investor sentiment improved over the past weekAfter last week's 17% share price gain to JP¥1,388, the stock trades at a trailing P/E ratio of 76.9x. Average trailing P/E is 17x in the Media industry in Japan. Total returns to shareholders of 63% over the past three years.
Reported Earnings • Oct 15Second quarter 2022 earnings released: EPS JP¥4.17 (vs JP¥31.94 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¥324.0m (up 41% from 2Q 2021). Net income: JP¥3.00m (up JP¥26.0m from 2Q 2021). Profit margin: 0.9% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Jul 11First quarter 2022 earnings released: EPS JP¥18.06 (vs JP¥38.89 in 1Q 2021)The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥355.0m (down 9.4% from 1Q 2021). Net income: JP¥13.0m (down 54% from 1Q 2021). Profit margin: 3.7% (down from 7.1% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
Reported Earnings • Jun 03Full year 2021 earnings released: EPS JP¥2.78 (vs JP¥19.44 in FY 2020)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.24b (down 6.2% from FY 2020). Net income: JP¥2.00m (down 86% from FY 2020). Profit margin: 0.2% (down from 1.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
Reported Earnings • Apr 17Full year 2021 earnings released: EPS JP¥2.78 (vs JP¥19.44 in FY 2020)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.24b (down 6.2% from FY 2020). Net income: JP¥2.00m (down 86% from FY 2020). Profit margin: 0.2% (down from 1.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.
分析記事 • Apr 08FusionLtd (SPSE:3977) Has Debt But No Earnings; Should You Worry?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Reported Earnings • Jan 15Third quarter 2021 earnings released: JP¥22.22 loss per shareThe company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2021 results: Revenue: JP¥268.0m (down 17% from 3Q 2020). Net loss: JP¥16.0m (down 246% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.
Is New 90 Day High Low • Jan 12New 90-day low: JP¥955The company is down 20% from its price of JP¥1,200 on 15 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 2.0% over the same period.
分析記事 • Dec 24Is Fusion Co.,Ltd.'s (SPSE:3977) 4.0% ROE Worse Than Average?While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...
Is New 90 Day High Low • Dec 09New 90-day low: JP¥1,000The company is down 34% from its price of JP¥1,520 on 10 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 12% over the same period.
Is New 90 Day High Low • Nov 17New 90-day low: JP¥1,030The company is down 38% from its price of JP¥1,670 on 19 August 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 6.0% over the same period.
Is New 90 Day High Low • Nov 02New 90-day low: JP¥1,153The company is down 27% from its price of JP¥1,570 on 03 August 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 11% over the same period.
Is New 90 Day High Low • Oct 12New 90-day low: JP¥1,250The company is down 27% from its price of JP¥1,710 on 14 July 2020. The Japanese market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 14% over the same period.
Is New 90 Day High Low • Sep 24New 90-day low: JP¥1,450The company is down 15% from its price of JP¥1,700 on 25 June 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 12% over the same period.