View Future GrowthHokuetsu 과거 순이익 실적과거 기준 점검 1/6Hokuetsu의 수입은 연평균 -17.2%의 비율로 감소해 온 반면, Forestry 산업은 수입이 연평균 8.2% 감소했습니다. 매출은 연평균 4.5%의 비율로 증가해 왔습니다. Hokuetsu의 자기자본이익률은 2.9%이고 순이익률은 2.5%입니다.핵심 정보-17.24%순이익 성장률-17.27%주당순이익(EPS) 성장률Forestry 산업 성장률16.09%매출 성장률4.54%자기자본이익률2.95%순이익률2.54%최근 순이익 업데이트31 Mar 2026최근 과거 실적 업데이트Reported 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.공시 • 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, 2026공시 • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026공시 • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025공시 • Jun 21Hokuetsu Corporation to Report Q1, 2026 Results on Aug 08, 2025Hokuetsu Corporation announced that they will report Q1, 2026 results on Aug 08, 2025공시 • 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, 2025모든 업데이트 보기Recent 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.공시 • May 15Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026.공시 • 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, 2026공시 • 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.공시 • 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.공시 • 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.공시 • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026공시 • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025공시 • Jun 21Hokuetsu Corporation to Report Q1, 2026 Results on Aug 08, 2025Hokuetsu Corporation announced that they will report Q1, 2026 results on Aug 08, 2025공시 • May 15Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025.공시 • 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, 2025공시 • Dec 20Hokuetsu Corporation to Report Q3, 2025 Results on Feb 14, 2025Hokuetsu Corporation announced that they will report Q3, 2025 results on Feb 14, 2025공시 • 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.공시 • 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.공시 • 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.공시 • May 17Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024.공시 • 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.공시 • 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.공시 • 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.공시 • 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.공시 • Jun 26Hokuetsu Corporation to Report Q1, 2024 Results on Aug 10, 2023Hokuetsu Corporation announced that they will report Q1, 2024 results on Aug 10, 2023공시 • 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.공시 • 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.공시 • 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%).공시 • 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.공시 • 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.공시 • 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.공시 • 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%).공시 • 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.공시 • 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.공시 • Sep 19Hokuetsu Corporation to Report Q2, 2021 Results on Nov 13, 2020Hokuetsu Corporation announced that they will report Q2, 2021 results on Nov 13, 2020공시 • Jun 29Hokuetsu Corporation to Report Q1, 2021 Results on Aug 07, 2020Hokuetsu Corporation announced that they will report Q1, 2021 results on Aug 07, 2020매출 및 비용 세부 내역Hokuetsu가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이DB:HPE 매출, 비용 및 순이익 (JPY Millions)날짜매출순이익일반관리비연구개발비31 Mar 26287,7367,29948,919031 Dec 25288,91310,49947,930030 Sep 25296,14711,62348,339030 Jun 25303,83015,35249,425031 Mar 25305,71815,52949,070031 Dec 24301,24512,58947,976030 Sep 24296,2405,27447,144030 Jun 24296,0254,43646,491031 Mar 24297,0568,39644,880031 Dec 23310,82611,68946,670030 Sep 23315,19115,76947,137030 Jun 23310,63410,95846,862031 Mar 23301,2048,32546,729031 Dec 22283,3342,54944,604030 Sep 22271,4137,04642,288030 Jun 22265,17317,39741,321031 Mar 22261,61621,20640,910031 Dec 21254,84229,37139,545030 Sep 21245,54028,43239,089030 Jun 21233,30219,18137,642031 Mar 21222,45414,17236,773031 Dec 20224,39612,76837,205030 Sep 20231,2083,38737,847030 Jun 20244,4965,67138,737031 Mar 20264,6188,07240,266031 Dec 19271,5048,18640,620030 Sep 19277,70213,03240,951030 Jun 19279,00010,31941,323031 Mar 19275,8079,15541,008031 Dec 18274,5537,00640,814030 Sep 18271,4737,63240,627030 Jun 18270,27010,22740,611031 Mar 18269,09910,32740,839031 Dec 17266,72310,39840,562030 Sep 17262,52412,46540,086030 Jun 17263,44612,01440,209031 Mar 17262,39810,38039,869031 Dec 16266,77011,90140,636030 Sep 16261,8318,49138,922030 Jun 16255,6237,85436,616031 Mar 16246,8497,47634,576031 Dec 15236,7036,32932,000030 Sep 15234,7097,87631,846030 Jun 15230,9229,38031,6590양질의 수익: HPE는 고품질 수익을 보유하고 있습니다.이익 마진 증가: HPE의 현재 순 이익률 (2.5%)은 지난해 (5.1%)보다 낮습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: HPE의 수익은 지난 5년 동안 연평균 17.2% 감소했습니다.성장 가속화: HPE은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.수익 대 산업: HPE은 지난 1년 동안 수익이 감소(-53%)하여 Forestry 업계 평균(-24%)과 비교하기 어렵습니다.자기자본이익률높은 ROE: HPE의 자본 수익률(2.9%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YMaterials 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/24 02:44종가2026/05/22 00:00수익2026/03/31연간 수익2026/03/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Hokuetsu Corporation는 9명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Akiko KuwaharaBofA Global ResearchMasahiro ShibanoCitigroup IncJeremie CapronCLSA6명의 분석가 더 보기
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.
공시 • 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
공시 • 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
공시 • 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
공시 • 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
공시 • 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
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.
공시 • May 15Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026.
공시 • 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
공시 • 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.
공시 • 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.
공시 • 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.
공시 • 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
공시 • 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
공시 • 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
공시 • May 15Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025.
공시 • 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
공시 • 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
공시 • 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.
공시 • 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.
공시 • 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.
공시 • May 17Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024.
공시 • 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.
공시 • 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.
공시 • 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.
공시 • 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.
공시 • 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
공시 • 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.
공시 • 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.
공시 • 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%).
공시 • 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.
공시 • 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.
공시 • 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.
공시 • 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%).
공시 • 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.
공시 • 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.
공시 • 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
공시 • 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