Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to €5.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the IT industry in Germany. Reported Earnings • Aug 08
First quarter 2027 earnings released: EPS: JP¥16.06 (vs JP¥20.82 in 1Q 2026) First quarter 2027 results: EPS: JP¥16.06 (down from JP¥20.82 in 1Q 2026). Revenue: JP¥9.85b (up 5.0% from 1Q 2026). Net income: JP¥358.0m (down 23% from 1Q 2026). Profit margin: 3.6% (down from 4.9% in 1Q 2026). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the IT industry in Germany. Declared Dividend • Jul 26
Final dividend of JP¥12.50 announced Shareholders will receive a dividend of JP¥12.50. Ex-date: 29th September 2026 Payment date: 7th December 2026 Dividend yield will be 342%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 11% 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 109% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €86.5m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€86.5m market cap, or US$99.7m). Aankondiging • Jun 02
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q1, 2027 Results on Aug 06, 2026 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q1, 2027 results at 9:00 AM, Tokyo Standard Time on Aug 06, 2026 Aankondiging • May 13
DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 25, 2026 DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 25, 2026. Aankondiging • May 07
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Aankondiging • Mar 20
DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) agreed to acquire an additional 28.38% stake in G-angle Co., Ltd. from Kazumasa Takahashi and Gonta Terada. DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) agreed to acquire an additional 28.38% stake in G-angle Co., Ltd. from Kazumasa Takahashi and Gonta Terada on March 19, 2026. Upon completion, DIGITAL HEARTS HOLDINGS Co., Ltd. will own 33.48% stake in G-angle Co., Ltd. If the alliance between G-angle and DIGITAL HEARTS progresses as initially expected and the anticipated synergies are realized, and if the effects of the alliance are confirmed in terms of business performance and other factors by 2028, and no issues are identified through further due diligence or other reviews, DIGITAL HEARTS HOLDINGS plans to acquire all of the remaining 1,684 shares of G-angle.
For the period ending December 31, 2025, G-Angle Co., Ltd. reported total revenue of ¥2.24 billion, EBIT of ¥123 million and net income of ¥102 million. As of December 31, 2025, G-Angle Co., Ltd. reported total assets of ¥884 million and total common equity of ¥317 million.
The conclusion of the share transfer agreement is schedule to take place on March 19, 2026. The expected completion of the transaction is March 31, 2026. Aankondiging • Sep 01
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q2, 2026 Results on Nov 06, 2025 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q2, 2026 results on Nov 06, 2025 Aankondiging • May 31
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Aankondiging • May 13
DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 26, 2025 DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 26, 2025. Aankondiging • Mar 04
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 13, 2025 Aankondiging • Dec 12
Universal Inc. agreed to acquire Identity Inc. from DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) for ¥2.0 billion. Universal Inc. agreed to acquire Identity Inc. from DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) for ¥2.0 billion on December 11, 2024. Universal Inc shall acquire 0.03 million shares of Identity Inc for cash.
For the period ending March 31, 2024, Identity Inc. reported total revenue of ¥3.74 billion, EBIT of ¥126 million and net income of ¥120 million. As of March 31, 2024, Identity Inc. reported total assets of ¥784 million and total common equity of ¥364 million.
The expected completion of the transaction is December 25, 2024. Aankondiging • Nov 30
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Aankondiging • Aug 26
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q2, 2025 Results on Nov 07, 2024 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q2, 2025 results on Nov 07, 2024 Aankondiging • Jun 06
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q1, 2025 Results on Aug 08, 2024 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q1, 2025 results on Aug 08, 2024 Aankondiging • May 11
DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 27, 2024 DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 27, 2024. Aankondiging • Feb 27
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q4, 2024 Results on May 09, 2024 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q4, 2024 results on May 09, 2024 Aankondiging • Nov 28
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q3, 2024 Results on Feb 08, 2024 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Aankondiging • Aug 28
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q2, 2024 Results on Nov 09, 2023 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q2, 2024 results on Nov 09, 2023 Aankondiging • Jun 17
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q1, 2024 Results on Aug 10, 2023 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Aankondiging • May 12
DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 27, 2023 DIGITAL HEARTS HOLDINGS Co., Ltd., Annual General Meeting, Jun 27, 2023. Agenda: Annual General Meeting. Reported Earnings • Feb 13
Third quarter 2023 earnings released: EPS: JP¥20.37 (vs JP¥20.62 in 3Q 2022) Third quarter 2023 results: EPS: JP¥20.37. Revenue: JP¥9.32b (up 20% from 3Q 2022). Net income: JP¥450.0m (flat on 3Q 2022). Profit margin: 4.8% (down from 5.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the IT industry in Germany. Buying Opportunity • Feb 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be €16.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 63% in the next 2 years. Aankondiging • Dec 02
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q3, 2023 Results on Feb 09, 2023 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q3, 2023 results on Feb 09, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥24.65 (vs JP¥19.89 in 2Q 2022) Second quarter 2023 results: EPS: JP¥24.65 (up from JP¥19.89 in 2Q 2022). Revenue: JP¥9.19b (up 24% from 2Q 2022). Net income: JP¥534.0m (up 24% from 2Q 2022). Profit margin: 5.8% (in line with 2Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Germany. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.50 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (1.8%). Aankondiging • Sep 09
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q2, 2023 Results on Nov 10, 2022 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥19.24 (vs JP¥22.53 in 1Q 2022) First quarter 2023 results: EPS: JP¥19.24 (down from JP¥22.53 in 1Q 2022). Revenue: JP¥8.37b (up 37% from 1Q 2022). Net income: JP¥416.1m (down 15% from 1Q 2022). Profit margin: 5.0% (down from 8.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 17%, compared to a 16% growth forecast for the industry in Germany. Aankondiging • Jul 20
DIGITAL HEARTS HOLDINGS Co., Ltd. announced that it has received ¥11.46837 million in funding from BofA Securities Japan Co., Ltd. On July 19, 2022, DIGITAL HEARTS HOLDINGS Co., Ltd. closed the transaction. Aankondiging • Jun 19
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Q1, 2023 Results on Aug 09, 2022 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report Q1, 2023 results on Aug 09, 2022 Board Change • Jun 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Takashi Yanagiya was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 21
DIGITAL HEARTS HOLDINGS Co., Ltd. Announces Resignation of Gaku Ishiwata as Outside Director DIGITAL HEARTS HOLDINGS Co., Ltd. announced Director scheduled to resign is Gaku Ishiwata (Outside Director). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Takashi Yanagiya was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥7.50 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 09 June 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 17% share price gain to €12.62, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 28x in the IT industry in Germany. Total returns to shareholders of 22% over the past year. Aankondiging • Feb 19
DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) entered into share transfer agreement to acquire CEGB Co., Ltd. from Tetsuo Serizawa. DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) entered into share transfer agreement to acquire CEGB Co., Ltd. from Tetsuo Serizawa on February 18, 2022. DIGITAL HEARTS HOLDINGS Co., Ltd. agreed to buy 300 shares from Tetsuo Serizawa. DIGITAL HEARTS HOLDINGS Co., Ltd. passed a resolution at its Board of Directors’ Meeting held on February 18, 2022. Expected date of the stock acquisition is March 31, 2022. Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥20.62 (up from JP¥20.31 in 3Q 2021). Revenue: JP¥7.75b (up 34% from 3Q 2021). Net income: JP¥446.0m (up 1.6% from 3Q 2021). Profit margin: 5.8% (down from 7.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the industry in Germany. Board Change • Jan 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Takashi Yanagiya was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥19.89 (vs JP¥11.87 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥7.40b (up 36% from 2Q 2021). Net income: JP¥430.0m (up 68% from 2Q 2021). Profit margin: 5.8% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥7.50 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (0.8%). Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥22.53 (vs JP¥4.60 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥6.10b (up 20% from 1Q 2021). Net income: JP¥487.0m (up 392% from 1Q 2021). Profit margin: 8.0% (up from 1.9% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥45.13 (vs JP¥36.31 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥22.7b (up 7.2% from FY 2020). Net income: JP¥974.0m (up 23% from FY 2020). Profit margin: 4.3% (up from 3.7% in FY 2020). Aankondiging • May 12
DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) intends to acquire Identity Inc. from Tsutomu KONNO and others for ¥1.615 billion. DIGITAL HEARTS HOLDINGS Co., Ltd. (TSE:3676) intends to acquire Identity Inc. from Tsutomu KONNO and others for ¥1.615 billion on May 11, 2021. Date of conclusion of the stock purchase agreement is May 13, 2021. DIGITAL HEARTS HOLDINGS Co., Ltd. will acquire 0.02805 million shares in Identity Inc. Identity Inc. reported net assets of ¥56.4 million, total assets of ¥423.114 million, net sales of ¥1,264.32 million, operating loss of ¥128.361 million and net loss of ¥128.043 for July 31, 2020. The board of directors of DIGITAL HEARTS HOLDINGS Co., Ltd. resolved the transaction. The transaction is expected to close on June 30, 2021. Aankondiging • Apr 25
Digital Hearts Holdings Co., Ltd. Revises Earnings Guidance for the Fiscal Year Ended March 31, 2021 DIGITAL HEARTS HOLDINGS Co., Ltd. revised earnings guidance for the fiscal year ended March 31, 2021. For the year, the company expects net sales of JPY 23,080 million against previous forecast of JPY 23,080 million. Operating income of JPY 1,900 million against previous forecast of JPY 1,600 million. Profit attributable to owners of parent of JPY 1,000 million or JPY 46.33 per share against previous forecast of JPY 1,100 million or JPY 51.09 per share . Aankondiging • Feb 28
DIGITAL HEARTS HOLDINGS Co., Ltd. to Report Fiscal Year 2021 Results on May 11, 2021 DIGITAL HEARTS HOLDINGS Co., Ltd. announced that they will report fiscal year 2021 results on May 11, 2021 Analyst Estimate Surprise Post Earnings • Feb 12
Revenue misses expectations Revenue missed analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 15%, compared to a 12% growth forecast for the IT industry in Germany. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥20.31 (vs JP¥17.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥5.78b (up 6.0% from 3Q 2020). Net income: JP¥439.0m (up 17% from 3Q 2020). Profit margin: 7.6% (up from 6.9% in 3Q 2020). The increase in margin was driven by higher revenue. 
