Announcement • Jun 24
Aozora Bank, Ltd. to Report Q1, 2027 Results on Jul 31, 2026 Aozora Bank, Ltd. announced that they will report Q1, 2027 results on Jul 31, 2026 Declared Dividend • Jun 14
Fourth quarter dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 29th June 2026 Payment date: 2nd September 2026 Dividend yield will be 162%, which is higher than the industry average of 4.8%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 28
Aozora Bank, Ltd. announces Quarterly dividend, payable on September 02, 2026 Aozora Bank, Ltd. announced Quarterly dividend of JPY 23.0000 per share payable on September 02, 2026, ex-date on June 29, 2026 and record date on June 30, 2026. Board Change • May 21
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Hiromasa Kawashima was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 15
Aozora Bank, Ltd., Annual General Meeting, Jun 23, 2026 Aozora Bank, Ltd., Annual General Meeting, Jun 23, 2026. Announcement • Apr 08
Aozora Bank, Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Aozora Bank, Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Announcement • Feb 05
Aozora Bank, Ltd. announces Quarterly dividend, payable on June 25, 2026 Aozora Bank, Ltd. announced Quarterly dividend of JPY 22.0000 per share payable on June 25, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Announcement • Dec 13
Aozora Bank, Ltd. to Report Q3, 2026 Results on Feb 04, 2026 Aozora Bank, Ltd. announced that they will report Q3, 2026 results on Feb 04, 2026 Announcement • Nov 14
Aozora Bank, Ltd. announces Quarterly dividend, payable on March 17, 2026 Aozora Bank, Ltd. announced Quarterly dividend of JPY 22.0000 per share payable on March 17, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Sep 30
Aozora Bank, Ltd. to Report Q2, 2026 Results on Nov 13, 2025 Aozora Bank, Ltd. announced that they will report Q2, 2026 results at 3:00 PM, Tokyo Standard Time on Nov 13, 2025 Announcement • Aug 02
Aozora Bank, Ltd. announces Quarterly dividend, payable on December 16, 2025 Aozora Bank, Ltd. announced Quarterly dividend of JPY 22.0000 per share payable on December 16, 2025, ex-date on September 29, 2025 and record date on September 30, 2025. Announcement • Jun 25
Aozora Bank, Ltd. to Report Q1, 2026 Results on Aug 01, 2025 Aozora Bank, Ltd. announced that they will report Q1, 2026 results on Aug 01, 2025 Announcement • May 14
Aozora Bank, Ltd., Annual General Meeting, Jun 24, 2025 Aozora Bank, Ltd., Annual General Meeting, Jun 24, 2025. Announcement • Apr 02
Aozora Bank, Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Aozora Bank, Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Announcement • Feb 03
Aozora Bank, Ltd. Declares Dividend for the Third Quarter of the Fiscal Year 2024, Payable on March 17, 2025 and Provides Dividend Guidance for the Fourth Quarter 2024 Aozora Bank, Ltd. announced that the bank's board of directors resolved to pay a dividend from retained earnings for the third quarter of the fiscal year 2024 and provided dividend guidance for the fourth quarter of 2024. for the third quarter, The dividend is JPY 19 per common share, 25% of the full-year dividend forecast of JPY 76 per common share. Effective date is March 17, 2025. Record date is December 31, 2024.
for the fourth quarter, the company expects dividend of JPY 19 per share against JPY 19 per share in the previous quarter. With the third quarter dividend payment now finalized and the latest FY2024 full-year dividend forecast of JPY 76 per share remaining unchanged, the forecast for the fourth quarter dividend per common share, previously undecided, has been updated to JPY 19 per share. Announcement • Dec 11
Aozora Bank, Ltd. to Report Q3, 2025 Results on Feb 03, 2025 Aozora Bank, Ltd. announced that they will report Q3, 2025 results on Feb 03, 2025 Reported Earnings • Nov 17
Second quarter 2025 earnings released: EPS: JP¥31.39 (vs JP¥45.17 in 2Q 2024) Second quarter 2025 results: EPS: JP¥31.39 (down from JP¥45.17 in 2Q 2024). Revenue: JP¥28.6b (flat on 2Q 2024). Net income: JP¥4.35b (down 18% from 2Q 2024). Profit margin: 15% (down from 18% in 2Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Announcement • Oct 04
Aozora Bank, Ltd. to Report Q2, 2025 Results on Nov 15, 2024 Aozora Bank, Ltd. announced that they will report Q2, 2025 results on Nov 15, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 16 December 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.4%). Declared Dividend • Aug 05
Dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 27th September 2024 Payment date: 16th December 2024 Dividend yield will be 134%, which is higher than the industry average of 4.8%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: JP¥64.81 (vs JP¥57.98 in 1Q 2024) First quarter 2025 results: EPS: JP¥64.81 (up from JP¥57.98 in 1Q 2024). Revenue: JP¥28.9b (up 1.5% from 1Q 2024). Net income: JP¥7.57b (up 12% from 1Q 2024). Profit margin: 26% (up from 24% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Aug 02
Aozora Bank, Ltd. Announces First Quarter of Fiscal Year 2024 Dividend, Effective September 17, 2024 Aozora Bank, Ltd. announced that the Bank's Board of Directors resolved to pay a dividend from retained earnings for the first quarter of fiscal year 2024 (record date: June 30, 2024). The quarterly dividend per common share is JPY 19, approximately 25% of the full-year dividend forecast of JPY 76. Effective date is September 17, 2024. Board Change • Jul 26
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 3 experienced directors. 2 highly experienced directors. Independent Outside Director Hideyuki Takahashi is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Jul 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (18% increase in shares outstanding). Buy Or Sell Opportunity • May 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €13.60. The fair value is estimated to be €17.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 16
Full year 2024 earnings released: JP¥427 loss per share (vs JP¥74.66 profit in FY 2023) Full year 2024 results: JP¥427 loss per share (down from JP¥74.66 profit in FY 2023). Revenue: JP¥67.7b (down 38% from FY 2023). Net loss: JP¥49.9b (down JP¥58.6b from profit in FY 2023). Net interest margin (NIM): 0.69% (down from 0.88% in FY 2023). Non-performing loans: 3.21% (up from 0.99% in FY 2023). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Declared Dividend • May 06
Dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 27th June 2024 Payment date: 17th September 2024 Dividend yield will be 127%, which is higher than the industry average of 4.8%. New Risk • Apr 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.8% 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. Announcement • Apr 05
Aozora Bank, Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Aozora Bank, Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Feb 03
Third quarter 2024 earnings released: JP¥229 loss per share (vs JP¥2.76 profit in 3Q 2023) Third quarter 2024 results: JP¥229 loss per share (down from JP¥2.76 profit in 3Q 2023). Revenue: JP¥33.4b (up 55% from 3Q 2023). Net loss: JP¥26.8b (down JP¥27.1b from profit in 3Q 2023). Revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €15.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Banks industry in Europe. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.40 per share. Announcement • Dec 24
Aozora Bank, Ltd. to Report Q3, 2024 Results on Feb 01, 2024 Aozora Bank, Ltd. announced that they will report Q3, 2024 results on Feb 01, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥39.00 per share at 5.0% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 March 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.0%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.2%). Reported Earnings • Nov 15
Second quarter 2024 earnings released: EPS: JP¥45.17 (vs JP¥60.09 in 2Q 2023) Second quarter 2024 results: EPS: JP¥45.17 (down from JP¥60.09 in 2Q 2023). Revenue: JP¥37.9b (up 35% from 2Q 2023). Net income: JP¥5.28b (down 25% from 2Q 2023). Profit margin: 14% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Nov 15
Aozora Bank, Ltd. Declares Second Quarter Dividend of Financial Year 2023, Payable on December 15, 2023 Aozora Bank, Ltd. announced that the Bank's Board of Directors resolved to pay a dividend from retained earnings for the second quarter of FY2023 (record date: September 30, 2023). The quarterly dividend per common share is JPY 38, approximately 25% of the full-year dividend forecast of JPY 154. Total dividend amount is JPY 4,439 million; Effective date is December 15, 2023. Announcement • Sep 28
Aozora Bank, Ltd. to Report Q2, 2024 Results on Nov 13, 2023 Aozora Bank, Ltd. announced that they will report Q2, 2024 results on Nov 13, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥38.00 per share at 4.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 15 December 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.0%). Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: JP¥57.98 (vs JP¥71.70 in 1Q 2023) First quarter 2024 results: EPS: JP¥57.98 (down from JP¥71.70 in 1Q 2023). Revenue: JP¥29.2b (down 18% from 1Q 2023). Net income: JP¥6.77b (down 19% from 1Q 2023). Profit margin: 23% (in line with 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Jul 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Audit & Supervisory Board Member Junichi Maeda was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 24
Aozora Bank, Ltd. to Report Q1, 2024 Results on Aug 02, 2023 Aozora Bank, Ltd. announced that they will report Q1, 2024 results on Aug 02, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥38.00 per share at 5.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 15 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (6.1%). Announcement • May 19
Aozora Bank, Ltd., Annual General Meeting, Jun 22, 2023 Aozora Bank, Ltd., Annual General Meeting, Jun 22, 2023. Reported Earnings • May 18
Full year 2023 earnings released: EPS: JP¥74.66 (vs JP¥300 in FY 2022) Full year 2023 results: EPS: JP¥74.66 (down from JP¥300 in FY 2022). Revenue: JP¥109.1b (down 6.1% from FY 2022). Net income: JP¥8.72b (down 75% from FY 2022). Profit margin: 8.0% (down from 30% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buying Opportunity • Apr 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €20.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 6.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (6.1%). Buying Opportunity • Feb 10
Now 21% undervalued Over the last 90 days, the stock is up 4.0%. The fair value is estimated to be €23.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: JP¥2.76 (vs JP¥78.32 in 3Q 2022) Third quarter 2023 results: EPS: JP¥2.76 (down from JP¥78.32 in 3Q 2022). Revenue: JP¥21.8b (down 26% from 3Q 2022). Net income: JP¥322.0m (down 97% from 3Q 2022). Profit margin: 1.5% (down from 31% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Banks 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 11% per year, which means it is significantly lagging earnings. Announcement • Feb 04
Aozora Bank, Ltd. Declares Dividend for the Third Quarter Ended December 31, 2022, Payable on March 15, 2023; Provides Dividend Guidance for the Fourth Quarter Ending March 31, 2023 Aozora Bank, Ltd. declared dividend of ¥38.00 per share for the third quarter ended December 31, 2022. The dividend payable on March 15, 2023.For the fourth quarter ending March 31, 2023, the company expects to pay dividend of ¥40 against ¥45 paid last year. Announcement • Jan 28
Aozora Bank, Ltd. Revises Consolidated and Non-Consolidated Earnings Guidance for the Full Year Ending March 31, 2023 Aozora Bank, Ltd. revised consolidated and non-consolidated earnings guidance for the full year ending March 31, 2023. For the period on the consolidated basis, the company expects net revenue of ¥62.0 billion, ordinary profit of ¥10 billion, profit attributable to owners of parent of ¥10 billion and profit attributable to owners of parent per common share of ¥85.63 compare to previous forecast of net revenue of ¥103 billion, ordinary profit of ¥429.5 billion, profit attributable to owners of parent of ¥36.0 billion and profit attributable to owners of parent per common share of ¥308.29. On the non-consolidated basis, the company expects net revenue of ¥47.0 billion, ordinary profit of ¥7 billion, net loss of ¥5 billion and net loss per common share of ¥42.81 compared to previous forecast of net revenue of ¥85.0 billion, ordinary profit of ¥41.0 billion, net income of ¥29.0 billion and net income per common share of ¥248.34. Announcement • Dec 24
Aozora Bank, Ltd. to Report Q3, 2023 Results on Feb 03, 2023 Aozora Bank, Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥60.09 (vs JP¥67.51 in 2Q 2022) Second quarter 2023 results: EPS: JP¥60.09 (down from JP¥67.51 in 2Q 2022). Revenue: JP¥28.0b (up 5.5% from 2Q 2022). Net income: JP¥7.02b (down 11% from 2Q 2022). Profit margin: 25% (down from 30% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥60.09 (vs JP¥67.51 in 2Q 2022) Second quarter 2023 results: EPS: JP¥60.09 (down from JP¥67.51 in 2Q 2022). Revenue: JP¥28.0b (up 5.5% from 2Q 2022). Net income: JP¥7.02b (down 11% from 2Q 2022). Profit margin: 25% (down from 30% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Banks industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
First quarter 2023 earnings released: EPS: JP¥71.70 (vs JP¥99.03 in 1Q 2022) First quarter 2023 results: EPS: JP¥71.70 (down from JP¥99.03 in 1Q 2022). Revenue: JP¥35.6b (up 9.1% from 1Q 2022). Net income: JP¥8.37b (down 28% from 1Q 2022). Profit margin: 24% (down from 35% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 13% compared to a 22% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Board Change • Jun 27
Less than half of directors are independent Following 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. 4 non-independent directors. Independent Outside Director Tomonori Ito 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. Announcement • Jun 23
Aozora Bank, Ltd. to Report Q1, 2023 Results on Aug 01, 2022 Aozora Bank, Ltd. announced that they will report Q1, 2023 results on Aug 01, 2022 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.4%). Lower than average of industry peers (6.6%). Reported Earnings • May 18
Full year 2022 earnings released: EPS: JP¥300 (vs JP¥248 in FY 2021) Full year 2022 results: EPS: JP¥300 (up from JP¥248 in FY 2021). Revenue: JP¥117.5b (flat on FY 2021). Net income: JP¥35.0b (up 21% from FY 2021). Profit margin: 30% (up from 25% in FY 2021). Net interest margin (NIM): 1.00% (down from 1.09% in FY 2021). Non-performing loans: 0.62% (down from 0.91% in FY 2021). Over the next year, revenue is expected to shrink by 15% compared to a 13% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Announcement • Apr 19
Aozora Bank, Ltd., Annual General Meeting, Jun 22, 2022 Aozora Bank, Ltd., Annual General Meeting, Jun 22, 2022. Announcement • Apr 08
Aozora Bank, Ltd. to Report Fiscal Year 2022 Results on May 16, 2022 Aozora Bank, Ltd. announced that they will report fiscal year 2022 results on May 16, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of German dividend payers (3.6%). In line with average of industry peers (5.7%). Buying Opportunity • Feb 19
Now 20% undervalued Over the last 90 days, the stock is up 4.1%. The fair value is estimated to be JP¥25.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% per annum over the last 3 years. Earnings per share has declined by 7.4% per annum over the last 3 years. Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥78.32 (up from JP¥58.93 in 3Q 2021). Revenue: JP¥29.9b (up 6.3% from 3Q 2021). Net income: JP¥9.15b (up 33% from 3Q 2021). Profit margin: 31% (up from 25% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 29%. Over the next year, revenue is expected to shrink by 21% compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Buying Opportunity • Jan 19
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥25.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13% per annum over the last 3 years. Reported Earnings • Nov 14
Second quarter 2022 earnings released: EPS JP¥67.51 (vs JP¥65.77 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥26.5b (down 7.9% from 2Q 2021). Net income: JP¥7.88b (up 2.7% from 2Q 2021). Profit margin: 30% (up from 27% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 12% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 15 December 2021. Trailing yield: 4.7%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.4%). Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥99.03 (vs JP¥63.85 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥28.8b (up 4.9% from 1Q 2021). Net income: JP¥11.6b (up 55% from 1Q 2021). Profit margin: 40% (up from 27% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 16% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 15 September 2021. Trailing yield: 5.3%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.7%). Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥248 (vs JP¥241 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: JP¥117.9b (up 1.9% from FY 2020). Net income: JP¥29.0b (up 2.9% from FY 2020). Profit margin: 25% (in line with FY 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Upcoming Dividend • Mar 24
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (3.9%). Is New 90 Day High Low • Mar 06
New 90-day high: €18.60 The company is up 27% from its price of €14.70 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.19 per share. Is New 90 Day High Low • Feb 05
New 90-day high: €16.00 The company is up 13% from its price of €14.20 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.35 per share. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥58.93 (vs JP¥81.44 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥27.7b (down 16% from 3Q 2020). Net income: JP¥6.88b (down 28% from 3Q 2020). Profit margin: 25% (down from 29% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year and the company’s share price has also fallen by 22% per year. Announcement • Feb 02
Aozora Bank, Ltd. Revises Year End Dividend Guidance for the Year 2020 Aozora Bank, Ltd. revised year end dividend guidance for the year 2020. The year-end dividend per common share is expected to reach JPY 32. Is New 90 Day High Low • Jan 13
New 90-day high: €15.60 The company is up 12% from its price of €13.90 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.38 per share. Announcement • Dec 26
Aozora Bank, Ltd. to Report Q3, 2021 Results on Feb 01, 2021 Aozora Bank, Ltd. announced that they will report Q3, 2021 results on Feb 01, 2021 Is New 90 Day High Low • Nov 25
New 90-day high: €15.50 The company is up 5.0% from its price of €14.70 on 27 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €20.58 per share. Reported Earnings • Nov 19
Second quarter 2021 earnings released: EPS JP¥65.77 The company reported a soft second quarter result with weaker earnings and profit margins, although revenues were improved. Second quarter 2021 results: Revenue: JP¥33.9b (up 20% from 2Q 2020). Net income: JP¥7.68b (down 8.2% from 2Q 2020). Profit margin: 23% (down from 30% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Oct 10
Aozora Bank, Ltd. to Report Q2, 2021 Results on Nov 16, 2020 Aozora Bank, Ltd. announced that they will report Q2, 2021 results on Nov 16, 2020 
