Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €2.42, the stock trades at a forward P/E ratio of 288x. Average forward P/E is 9x in the Airlines industry in Europe. Total loss to shareholders of 13% over the past year. New Risk • Jun 25
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Aankondiging • Jun 03
Skymark Airlines Inc. to Report Q1, 2027 Results on Aug 07, 2026 Skymark Airlines Inc. announced that they will report Q1, 2027 results on Aug 07, 2026 Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €2.10, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 8x in the Airlines industry in Europe. Total loss to shareholders of 30% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €3.54 per share. Board Change • May 20
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 2 experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). External Auditor Hirotaka Yamauchi is the most experienced director on the board, commencing their role in 2015. Independent Outside Director Katsuichiro Toyoshima was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • May 18
Skymark Airlines Inc., Annual General Meeting, Jun 25, 2026 Skymark Airlines Inc., Annual General Meeting, Jun 25, 2026. Aankondiging • Apr 03
Skymark Airlines Inc. to Report Fiscal Year 2026 Results on May 15, 2026 Skymark Airlines Inc. announced that they will report fiscal year 2026 results on May 15, 2026 Aankondiging • Nov 29
Skymark Airlines Inc. to Report Q3, 2026 Results on Feb 06, 2026 Skymark Airlines Inc. announced that they will report Q3, 2026 results on Feb 06, 2026 Aankondiging • Sep 03
Skymark Airlines Inc. to Report Q2, 2026 Results on Nov 13, 2025 Skymark Airlines Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Aankondiging • May 31
Skymark Airlines Inc. to Report Q1, 2026 Results on Aug 12, 2025 Skymark Airlines Inc. announced that they will report Q1, 2026 results on Aug 12, 2025 Aankondiging • May 15
Skymark Airlines Inc., Annual General Meeting, Jun 26, 2025 Skymark Airlines Inc., Annual General Meeting, Jun 26, 2025. Aankondiging • Mar 04
Skymark Airlines Inc. to Report Fiscal Year 2025 Results on May 15, 2025 Skymark Airlines Inc. announced that they will report fiscal year 2025 results on May 15, 2025 Aankondiging • Feb 10
Skymark Airlines Inc. Provides Earnings Guidance for the Year Ending March 31, 2025 Skymark Airlines Inc. provided earnings guidance for the year ending March 31, 2025. For the period, the company expects operating revenues of JPY 107,500 million, operating income of JPY 600 million, ordinary income of JPY 1,500 million, net income of JPY 1,500 million and net income per share of JPY 25.44. Aankondiging • Dec 03
Skymark Airlines Inc. to Report Q3, 2025 Results on Feb 10, 2025 Skymark Airlines Inc. announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: JP¥15.71 (vs JP¥71.46 in 2Q 2024) Second quarter 2025 results: EPS: JP¥15.71 (down from JP¥71.46 in 2Q 2024). Revenue: JP¥30.9b (up 3.6% from 2Q 2024). Net income: JP¥926.0m (down 79% from 2Q 2024). Profit margin: 3.0% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Airlines industry in Europe. Buy Or Sell Opportunity • Sep 03
Now 21% overvalued Over the last 90 days, the stock has fallen 3.7% to €4.14. The fair value is estimated to be €3.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 282% in the next 2 years. Aankondiging • Aug 27
Skymark Airlines Inc. to Report Q2, 2025 Results on Nov 11, 2024 Skymark Airlines Inc. announced that they will report Q2, 2025 results on Nov 11, 2024 Reported Earnings • Aug 13
First quarter 2025 earnings released: JP¥25.72 loss per share (vs JP¥16.46 loss in 1Q 2024) First quarter 2025 results: JP¥25.72 loss per share (further deteriorated from JP¥16.46 loss in 1Q 2024). Revenue: JP¥23.5b (up 6.3% from 1Q 2024). Net loss: JP¥1.52b (loss widened 53% from 1Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Airlines industry in Europe. Buy Or Sell Opportunity • Aug 06
Now 29% overvalued Over the last 90 days, the stock has fallen 22% to €4.28. The fair value is estimated to be €3.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 43% per annum over the same time period. Aankondiging • Jun 02
Skymark Airlines Inc. to Report Q1, 2025 Results on Aug 09, 2024 Skymark Airlines Inc. announced that they will report Q1, 2025 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.62, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Airlines industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €2.64 per share. Reported Earnings • May 20
Full year 2024 earnings released: EPS: JP¥49.93 (vs JP¥112 in FY 2023) Full year 2024 results: EPS: JP¥49.93 (down from JP¥112 in FY 2023). Revenue: JP¥104.1b (up 23% from FY 2023). Net income: JP¥3.00b (down 48% from FY 2023). Profit margin: 2.9% (down from 6.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Airlines industry in Europe. Aankondiging • May 17
Skymark Airlines Inc., Annual General Meeting, Jun 26, 2024 Skymark Airlines Inc., Annual General Meeting, Jun 26, 2024. Aankondiging • Mar 03
Skymark Airlines Inc. to Report Fiscal Year 2024 Results on May 15, 2024 Skymark Airlines Inc. announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥4.51 (vs JP¥63.99 in 3Q 2023) Third quarter 2024 results: EPS: JP¥4.51 (down from JP¥63.99 in 3Q 2023). Revenue: JP¥26.2b (up 19% from 3Q 2023). Net income: JP¥272.0m (down 93% from 3Q 2023). Profit margin: 1.0% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Airlines industry in Europe. Aankondiging • Jan 09
Skymark Airlines Inc. (TSE:9204) announces an Equity Buyback for 1,380,000 shares, representing 2.29% for ¥1,393.8 million. Skymark Airlines Inc. (TSE:9204) announces a share repurchase program. Under the program, the company will repurchase up to 1,380,000 shares, representing 2.29% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,393.8 million. The shares will be repurchased at a price of ¥1,010 per share. The purpose of the program is to raise awareness of management participation by the employees thorough owning company stock, aiming to continuously improve corporate value and further promote sharing of value with the shareholders. Most of the repurchased stock will be allocated to the shares to be delivered as restricted stock compensation. As of December 31, 2023, the company had 60,329,400 issued shares (excluding treasury stock) and had 0 treasury shares. Board Change • Dec 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 8 highly experienced directors. 1 independent director (8 non-independent directors). Chairman Nobuo Sayama was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
