Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €11.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Real Estate industry in Germany. Total returns to shareholders of 3.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.58 per share. Announcement • Jul 01
Relo Group, Inc. to Report Q1, 2027 Results on Aug 06, 2026 Relo Group, Inc. announced that they will report Q1, 2027 results on Aug 06, 2026 Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥137 (vs JP¥287 in FY 2025) Full year 2026 results: EPS: JP¥137 (down from JP¥287 in FY 2025). Revenue: JP¥151.1b (up 5.7% from FY 2025). Net income: JP¥20.7b (down 52% from FY 2025). Profit margin: 14% (down from 30% in FY 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • May 20
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Kaori Sato 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. Announcement • May 15
Relo Group, Inc., Annual General Meeting, Jun 24, 2026 Relo Group, Inc., Annual General Meeting, Jun 24, 2026. Announcement • May 09
Relo Group, Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Relo Group, Inc. announced that they will report fiscal year 2026 results on May 14, 2026 Announcement • Jan 07
Relo Group, Inc. to Report Q3, 2026 Results on Feb 12, 2026 Relo Group, Inc. announced that they will report Q3, 2026 results on Feb 12, 2026 Announcement • Oct 01
Relo Group, Inc. to Report Q2, 2026 Results on Nov 13, 2025 Relo Group, Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Announcement • May 31
Relo Group, Inc. to Report Q1, 2026 Results on Aug 07, 2025 Relo Group, Inc. announced that they will report Q1, 2026 results on Aug 07, 2025 Announcement • May 08
Relo Group, Inc., Annual General Meeting, Jun 25, 2025 Relo Group, Inc., Annual General Meeting, Jun 25, 2025. Announcement • Mar 27
Relo Group, Inc. to Report Fiscal Year 2025 Results on May 08, 2025 Relo Group, Inc. announced that they will report fiscal year 2025 results on May 08, 2025 Announcement • Mar 11
Relo Group, Inc. (TSE:8876) agreed to acquire 20% stake in Answer Holdings Co.,Ltd from Shunsuke Mitani. Relo Group, Inc. (TSE:8876) agreed to acquire 20.43% stake in Answer Holdings Co.,Ltd from Shunsuke Mitani on March 10, 2025.
The expected completion of the transaction is March 12, 2025. Announcement • Jan 03
Relo Group, Inc. to Report Q3, 2025 Results on Feb 13, 2025 Relo Group, Inc. announced that they will report Q3, 2025 results on Feb 13, 2025 Declared Dividend • Nov 10
Dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 400%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (32% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Buy Or Sell Opportunity • Oct 11
Now 21% undervalued Over the last 90 days, the stock has risen 17% to €11.70. The fair value is estimated to be €14.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 27
Relo Group, Inc. to Report Q2, 2025 Results on Nov 07, 2024 Relo Group, Inc. announced that they will report Q2, 2025 results on Nov 07, 2024 Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: JP¥157 (vs JP¥26.15 in 1Q 2024) First quarter 2025 results: EPS: JP¥157 (up from JP¥26.15 in 1Q 2024). Revenue: JP¥34.6b (up 13% from 1Q 2024). Net income: JP¥24.0b (up JP¥20.0b from 1Q 2024). Profit margin: 69% (up from 13% in 1Q 2024). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 16% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
Relo Group, Inc. (TSE:8876) announces an Equity Buyback for 4,000,000 shares, representing 2.62% for ¥5,500 million. Relo Group, Inc. (TSE:8876) announces a share repurchase program. Under the program, the company will repurchase 4,000,000 shares, representing 2.62% of the outstanding shares for ¥5,500 million. The purpose of the program is to use the shares to deliver shares associated with the exercise of stock options, to execute flexible capital policies to adapt to changes in the management environment, and improving capital efficiency. The program will run until October 31, 2024. As of June 30, 2024, the company had 152,829,130 shares outstanding and 187,070 shares in treasury. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (75% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Announcement • Jun 28
Relo Group, Inc. to Report Q1, 2025 Results on Aug 08, 2024 Relo Group, Inc. announced that they will report Q1, 2025 results on Aug 08, 2024 New Risk • Jun 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% 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 High level of debt (81% net debt to equity). Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.9% average weekly change). Reported Earnings • May 11
Full year 2024 earnings released: JP¥182 loss per share (vs JP¥105 profit in FY 2023) Full year 2024 results: JP¥182 loss per share (down from JP¥105 profit in FY 2023). Revenue: JP¥132.6b (up 7.2% from FY 2023). Net loss: JP¥27.8b (down 273% from profit in FY 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 16% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Relo Group, Inc. to Report Fiscal Year 2024 Results on May 09, 2024 Relo Group, Inc. announced that they will report fiscal year 2024 results on May 09, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €7.80, the stock trades at a forward P/E ratio of 11x. Average trailing P/E is 26x in the Real Estate industry in Germany. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.27 per share. New Risk • Feb 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥24.95 (vs JP¥29.36 in 3Q 2023) Third quarter 2024 results: EPS: JP¥24.95 (down from JP¥29.36 in 3Q 2023). Revenue: JP¥31.2b (up 4.1% from 3Q 2023). Net income: JP¥3.81b (down 15% from 3Q 2023). Profit margin: 12% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. New Risk • Feb 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Announcement • Dec 28
Relo Group, Inc. to Report Q3, 2024 Results on Feb 08, 2024 Relo Group, Inc. announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥31.60 (vs JP¥27.72 in 2Q 2023) Second quarter 2024 results: EPS: JP¥31.60 (up from JP¥27.72 in 2Q 2023). Revenue: JP¥32.5b (up 5.8% from 2Q 2023). Net income: JP¥4.83b (up 14% from 2Q 2023). Profit margin: 15% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Announcement • Sep 29
Relo Group, Inc. to Report Q2, 2024 Results on Nov 09, 2023 Relo Group, Inc. announced that they will report Q2, 2024 results on Nov 09, 2023 Buying Opportunity • Aug 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €14.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: JP¥26.15 (vs JP¥26.17 in 1Q 2023) First quarter 2024 results: EPS: JP¥26.15 (down from JP¥26.17 in 1Q 2023). Revenue: JP¥30.7b (up 8.2% from 1Q 2023). Net income: JP¥4.00b (flat on 1Q 2023). Profit margin: 13% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Announcement • Jun 28
Relo Group, Inc. to Report Q1, 2024 Results on Aug 10, 2023 Relo Group, Inc. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥105 (vs JP¥103 in FY 2022) Full year 2023 results: EPS: JP¥105 (up from JP¥103 in FY 2022). Revenue: JP¥123.7b (down 21% from FY 2022). Net income: JP¥16.0b (up 2.5% from FY 2022). Profit margin: 13% (up from 10.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 20% decline forecast for the Real Estate industry in Germany. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥31.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 23% and the cash payout ratio is 96%. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.5%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥29.36 (vs JP¥16.86 in 3Q 2022) Third quarter 2023 results: EPS: JP¥29.36 (up from JP¥16.86 in 3Q 2022). Revenue: JP¥30.0b (down 25% from 3Q 2022). Net income: JP¥4.49b (up 74% from 3Q 2022). Profit margin: 15% (up from 6.5% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Announcement • Jan 12
Relo Group, Inc. to Report Q3, 2023 Results on Feb 09, 2023 Relo Group, Inc. announced that they will report Q3, 2023 results on Feb 09, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥27.72 (vs JP¥24.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥27.72 (up from JP¥24.52 in 2Q 2022). Revenue: JP¥30.7b (down 19% from 2Q 2022). Net income: JP¥4.24b (up 14% from 2Q 2022). Profit margin: 14% (up from 9.8% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Board Change • Nov 16
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. 5 non-independent directors. External Independent Director Kazuya Udagawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥27.72 (vs JP¥24.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥27.72 (up from JP¥24.52 in 2Q 2022). Revenue: JP¥30.7b (down 19% from 2Q 2022). Net income: JP¥4.24b (up 14% from 2Q 2022). Profit margin: 14% (up from 9.8% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 13% decline forecast for the Real Estate industry in Germany. Announcement • Oct 28
Relo Group, Inc. (TSE:8876) signed a share purchaseto acquire Stage Planner Co., Ltd. from Yasuaki Nihashi. Relo Group, Inc. (TSE:8876) signed a share purchaseto acquire Stage Planner Co., Ltd. from Yasuaki Nihashi on October 27, 2022. As a part of transaction, Relo Group, Inc. will acquire 200 shares of Stage Planner Co., Ltd. For the year ended October 31, 2021, Stage Planner Co., Ltd. reported total assets of ?2.9 billion, net assets of ?1.6 billion, net sales of ?7.4 billion and operating income of ?266 million. The transaction is expected to complete on November 1, 2022. Announcement • Aug 28
Relo Group, Inc. to Report Q2, 2023 Results on Nov 10, 2022 Relo Group, Inc. announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: JP¥26.17 (vs JP¥18.54 in 1Q 2022) First quarter 2023 results: EPS: JP¥26.17 (up from JP¥18.54 in 1Q 2022). Revenue: JP¥28.4b (down 26% from 1Q 2022). Net income: JP¥4.00b (up 43% from 1Q 2022). Profit margin: 14% (up from 7.3% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 13% compared to a 47% decline forecast for the industry in Germany. Announcement • Aug 02
SIRVA, Inc. completed the acquisition of BGRS, LLC. SIRVA, Inc. entered into a definitive agreement to acquire BGRS, LLC on May 6, 2022. the new organization will be named SIRVA BGRS, Inc. Following the closing of the transaction, existing SIRVA and BGRS owners, funds managed by Madison Dearborn Partners, LLC and Relo Group, Inc., respectively, will maintain interests in the new organization. The transaction is expected to close within the next 90 days and is subject to regulatory approvals. Richard J. Campbell, P.C., Jon-Micheal A. Wheat, P.C., Kamilya Jumagulova, Adam DeSantis, Angela C. Oldham, Janette A. McMahan and Philipp Gnatzy of Kirkland and Ellis, LLP acted as legal advisor SIRVA, Inc. Robert W. Baird & Co. Incorporated acted as financial advisor BGRS, LLC. Mori Hamada & Matsumoto acted as legal advisor to BGRS, LLC. Davis Polk & Wardwell LLP acted as legal advisor to BGRS, LLC.
SIRVA, Inc. completed the acquisition of BGRS, LLC on August 1, 2022. Announcement • Jun 29
Relo Group, Inc. to Report Q1, 2023 Results on Aug 12, 2022 Relo Group, Inc. announced that they will report Q1, 2023 results on Aug 12, 2022 Announcement • May 26
Relo Group, Inc. Provides Consolidated Earnings Guidance for the Year 2024 and 2025 Relo Group, Inc. provided consolidated earnings guidance for the year 2024 and 2025. For the 2024, the company expects revenue of JPY 135 billion, Profit before income taxes of JPY 29 billion.For the 2025, the company expects revenue of JPY 150 billion, Profit before income taxes of JPY 35.5 billion. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 18% share price gain to €15.40, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 8x in the Real Estate industry in Germany. Total loss to shareholders of 4.6% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €22.91 per share. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥103 (vs JP¥61.88 in FY 2021) Full year 2022 results: EPS: JP¥103 (up from JP¥61.88 in FY 2021). Revenue: JP¥156.6b (down 53% from FY 2021). Net income: JP¥15.6b (up 67% from FY 2021). Profit margin: 10.0% (up from 2.8% in FY 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.1% compared to a 42% decline forecast for the industry in Germany. Announcement • May 08
SIRVA, Inc. entered into a definitive agreement to acquire BGRS, LLC. SIRVA, Inc. entered into a definitive agreement to acquire BGRS, LLC on May 6, 2022. the new organization will be named SIRVA BGRS, Inc. Following the closing of the transaction, existing SIRVA and BGRS owners, funds managed by Madison Dearborn Partners, LLC and Relo Group, Inc., respectively, will maintain interests in the new organization. The transaction is expected to close within the next 90 days and is subject to regulatory approvals. Kirkland and Ellis, LLP acted as legal advisor SIRVA, Inc. Robert W. Baird & Co. Incorporated acted as financial advisor BGRS, LLC. Mori Hamada & Matsumoto acted as legal advisor to BGRS, LLC. Davis Polk & Wardwell LLP acted as legal advisor to BGRS, LLC. 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. 6 non-independent directors. External Independent Director Kazuya Udagawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Relo Group, Inc. to Report Fiscal Year 2022 Results on May 12, 2022 Relo Group, Inc. announced that they will report fiscal year 2022 results on May 12, 2022 Board Change • Apr 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. 6 non-independent directors. External Independent Director Kazuya Udagawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 11
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: JP¥16.79 (down from JP¥17.60 in 3Q 2021). Revenue: JP¥39.7b (down 52% from 3Q 2021). Net income: JP¥2.57b (down 3.5% from 3Q 2021). Profit margin: 6.5% (up from 3.2% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.5%. Over the next year, revenue is expected to shrink by 14% compared to a 24% decline forecast for the industry in Germany. Buying Opportunity • Jan 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be JP¥18.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% per annum over the last 3 years. Earnings per share has declined by 23% per annum over the last 3 years. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥24.60 (vs JP¥20.27 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¥37.9b (down 55% from 2Q 2021). Net income: JP¥3.73b (up 22% from 2Q 2021). Profit margin: 9.8% (up from 3.6% in 2Q 2021). The increase in margin was driven by lower expenses. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥18.54 (vs JP¥6.55 in 1Q 2021) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2022 results: Revenue: JP¥38.3b (down 52% from 1Q 2021). Net income: JP¥2.81b (up 183% from 1Q 2021). Profit margin: 7.3% (up from 1.2% in 1Q 2021). The increase in margin was driven by lower expenses. Announcement • Aug 13
Relo Group, Inc. Provides Earnings Guidance for the Year Ending March 31, 2022 Relo Group, Inc. provided earnings guidance for the year ending March 31, 2022. For the year, the company expects revenue of JPY 165,000, Operating Profit of JPY 17,000, Net Income Attributable to Parent Shareholders of JPY 11,400 and Basic Net Income per Share of JPY 74.75. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥18.14, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 12x in the Real Estate industry in Germany. Simply Wall St's valuation model estimates the intrinsic value at €18.36 per share. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥61.88 (vs JP¥25.35 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥333.6b (up 6.6% from FY 2020). Net income: JP¥9.35b (up 145% from FY 2020). Profit margin: 2.8% (up from 1.2% in FY 2020). The increase in margin was driven by higher revenue. Announcement • Mar 25
Relo Group, Inc. Revises Earnings Guidance for the Fiscal Year Ending March 31, 2021 Relo Group, Inc. revised earnings guidance for the fiscal year ending March 31, 2021. For the year, the company expects sales of JPY 320,000 million against previous forecast of JPY 290,000 million. Operating profit of JPY 11,900 million against previous forecast of JPY 9,800 million. Net income attributable to owners of parent of JPY 9,000 million or JPY 59.60 against previous forecast of JPY 5,500 million or JPY 36.43. Announcement • Mar 21
Relo Group, Inc. to Report Fiscal Year 2021 Results on May 13, 2021 Relo Group, Inc. announced that they will report fiscal year 2021 results on May 13, 2021 Reported Earnings • Feb 07
Third quarter 2021 earnings released: EPS JP¥17.60 (vs JP¥22.91 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥83.2b (up 6.4% from 3Q 2020). Net income: JP¥2.66b (down 23% from 3Q 2020). Profit margin: 3.2% (down from 4.4% in 3Q 2020). Analyst Estimate Surprise Post Earnings • Feb 07
Revenue beats expectations Revenue exceeded analyst estimates by 5.0%. Over the next year, revenue is forecast to stay flat compared to a 32% decline forecast for the Real Estate industry in Germany. 
