Upcoming Dividend • Jun 22
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.1%). Declared Dividend • May 20
Dividend of JP¥22.00 announced Shareholders will receive a dividend of JP¥22.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 321%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 14% 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 decline by 1.1% over the next 3 years. However, it would need to fall by 66% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 10
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2026 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2026. Announcement • Dec 27
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2025 Results on Feb 10, 2026 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2025 results on Feb 10, 2026 Announcement • Feb 12
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2025 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2025. Announcement • Dec 03
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2024 Results on Feb 12, 2025 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2024 results on Feb 12, 2025 Reported Earnings • Nov 08
Third quarter 2024 earnings released: JP¥6.42 loss per share (vs JP¥14.38 profit in 3Q 2023) Third quarter 2024 results: JP¥6.42 loss per share (down from JP¥14.38 profit in 3Q 2023). Revenue: JP¥47.5b (up 13% from 3Q 2023). Net loss: JP¥483.0m (down 145% from profit in 3Q 2023). 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 10% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 09
Dividend of JP¥27.00 announced Shareholders will receive a dividend of JP¥27.00. Ex-date: 27th December 2024 Payment date: 28th March 2025 Dividend yield will be 471%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 10% 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 2.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 07
Shizuoka Gas Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2024 Shizuoka Gas Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2024. For the period, Company now expects net sales of JPY 206,760 million against previous guidance of JPY 206,710 million, operating profit of JPY 7,330 million against previous guidance of JPY 8,070 million, profit attributable to owners of parent of JPY 6,320 million against previous guidance of JPY 5,460 million or JPY 84.23 per share against previous guidance of JPY 73.60 per share. Reasons for Revision: As a result of reflecting the impact of crude oil prices and exchange rates, the cost of raw materials is expected to exceed the previous estimate, leading to operating profit falling below the previous forecast. However, profit attributable to owners of parent is expected to exceed the previous forecast due to the impact of exchange rate valuation. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: JP¥34.66 (vs JP¥140 in 1Q 2023) First quarter 2024 results: EPS: JP¥34.66 (down from JP¥140 in 1Q 2023). Revenue: JP¥54.4b (down 26% from 1Q 2023). Net income: JP¥2.58b (down 75% from 1Q 2023). Profit margin: 4.7% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.6% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥13.00 announced Shareholders will receive a dividend of JP¥13.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 226%, which is higher than the industry average of 4.4%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 7.2% 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 decline by 67% over the next 2 years. However, it would need to fall by 90% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 28
Shizuoka Gas Co., Ltd. has completed a Follow-on Equity Offering in the amount of ¥3.358478 billion. Shizuoka Gas Co., Ltd. has completed a Follow-on Equity Offering in the amount of ¥3.358478 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,727,500
Price\Range: ¥901
Discount Per Security: ¥41.81 Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €6.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Negligible returns to shareholders over past three years. Announcement • Feb 21
Shizuoka Gas Co., Ltd. has filed a Follow-on Equity Offering. Shizuoka Gas Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,727,500 Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: JP¥190 (vs JP¥80.59 in FY 2022) Full year 2023 results: EPS: JP¥190 (up from JP¥80.59 in FY 2022). Revenue: JP¥214.0b (up 3.2% from FY 2022). Net income: JP¥14.1b (up 136% from FY 2022). Profit margin: 6.6% (up from 2.9% in FY 2022). Revenue is expected to fall by 8.4% p.a. on average during the next 2 years compared to a 1.2% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Feb 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 47% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Feb 07
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 27, 2024 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 27, 2024. Announcement • Dec 28
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2023 Results on Feb 07, 2024 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2023 results on Feb 07, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥10.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 25 March 2024. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.3%). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: JP¥14.38 (vs JP¥19.53 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.38 (up from JP¥19.53 loss in 3Q 2022). Revenue: JP¥42.2b (down 14% from 3Q 2022). Net income: JP¥1.07b (up JP¥2.52b from 3Q 2022). Profit margin: 2.5% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 2.0% decline forecast for the Gas Utilities industry in Europe. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: JP¥46.38 (vs JP¥52.32 in 2Q 2022) Second quarter 2023 results: EPS: JP¥46.38 (down from JP¥52.32 in 2Q 2022). Revenue: JP¥52.5b (up 13% from 2Q 2022). Net income: JP¥3.44b (down 11% from 2Q 2022). Profit margin: 6.6% (down from 8.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Gas Utilities industry in Europe. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥10.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 9.9% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.7%). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: JP¥140 (vs JP¥28.09 in 1Q 2022) First quarter 2023 results: EPS: JP¥140 (up from JP¥28.09 in 1Q 2022). Revenue: JP¥73.7b (up 52% from 1Q 2022). Net income: JP¥10.4b (up 399% from 1Q 2022). Profit margin: 14% (up from 4.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 11% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: JP¥80.59 (vs JP¥55.54 in FY 2021) Full year 2022 results: EPS: JP¥80.59 (up from JP¥55.54 in FY 2021). Revenue: JP¥207.3b (up 56% from FY 2021). Net income: JP¥5.98b (up 45% from FY 2021). Profit margin: 2.9% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 6.3% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Gas Utilities industry in Europe. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: JP¥80.59 (vs JP¥55.54 in FY 2021) Full year 2022 results: EPS: JP¥80.59 (up from JP¥55.54 in FY 2021). Revenue: JP¥207.3b (up 56% from FY 2021). Net income: JP¥5.98b (up 45% from FY 2021). Profit margin: 2.9% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 6.3% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Announcement • Feb 11
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 23, 2023 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 23, 2023. Announcement • Dec 28
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥9.50 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 24 March 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.8%). 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. 6 non-independent directors. Independent Outside Director Yuriko Kato was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: JP¥19.53 loss per share (vs JP¥0.31 profit in 3Q 2021) Third quarter 2022 results: JP¥19.53 loss per share (down from JP¥0.31 profit in 3Q 2021). Revenue: JP¥49.2b (up 51% from 3Q 2021). Net loss: JP¥1.45b (down JP¥1.47b from profit in 3Q 2021). Revenue is forecast to decline by 8.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: JP¥52.32 (vs JP¥19.65 in 2Q 2021) Second quarter 2022 results: EPS: JP¥52.32 (up from JP¥19.65 in 2Q 2021). Revenue: JP¥46.4b (up 50% from 2Q 2021). Net income: JP¥3.88b (up 166% from 2Q 2021). Profit margin: 8.4% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 1.7% compared to a 11% decline forecast for the industry in Germany. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥9.50 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (5.3%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: JP¥28.09 (vs JP¥38.81 in 1Q 2021) First quarter 2022 results: EPS: JP¥28.09 (down from JP¥38.81 in 1Q 2021). Revenue: JP¥48.4b (up 54% from 1Q 2021). Net income: JP¥2.08b (down 28% from 1Q 2021). Profit margin: 4.3% (down from 9.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11% compared to a 6.4% decline forecast for the industry in Germany. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Yuriko Kato was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Buying Opportunity • Feb 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be JP¥8.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% per annum over the last 3 years. Earnings per share has grown by 9.7% per annum over the last 3 years. Reported Earnings • Feb 09
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: JP¥55.54 (up from JP¥50.10 in FY 2020). Revenue: JP¥133.0b (up 9.6% from FY 2020). Net income: JP¥4.12b (up 11% from FY 2020). Profit margin: 3.1% (in line with FY 2020). Revenue missed analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 28% compared to a 2.7% decline forecast for the industry in Germany. Announcement • Jan 09
Shizuoka Gas Co., Ltd. (TSE:9543) completed the acquisition of 49% stake in Thai-Japan Gas Network Company Limited from Scan Inter Public Company Limited (SET:SCN). Shizuoka Gas Co., Ltd. (TSE:9543) entered into the share sale and purchase agreement to acquire a 49% stake in Thai-Japan Gas Network Company Limited from Scan Inter Public Company Limited (SET:SCN) for approximately THB 310 million on August 5, 2021. Post completion, Shizuoka Gas will hold 2,101,199 shares representing 50.9% stake, Scan Inter will hold 2,018,800 shares representing 49% stake and 1 share by a designated person by Shizuoka Gas. The transaction is subject to completion of the business transfer transaction between Scan Inter and Thai-Japan Gas. Shizuoka Gas and Scan Inter shall obtain corporate approvals necessary for the asset disposal transaction and Thai-Japan Gas shall have obtained key licenses necessary for the operation of iCNG business and iLNG business. The transaction is expected to complete on December 28, 2021.
Shizuoka Gas Co., Ltd. (TSE:9543) completed the acquisition of 49% stake in Thai-Japan Gas Network Company Limited from Scan Inter Public Company Limited (SET:SCN) on January 7, 2022. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 March 2022. Payout ratio is a comfortable 29% and the cash payout ratio is 89%. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (5.2%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS JP¥0.31 (vs JP¥37.15 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¥32.7b (up 16% from 3Q 2020). Net income: JP¥23.0m (down 99% from 3Q 2020). Profit margin: 0.1% (down from 9.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Executive Departure • Oct 12
Senior Operating Officer Toshihiro Nakai has left the company On the 1st of October, Toshihiro Nakai's tenure as Senior Operating Officer ended. We don't have any record of a personal shareholding under Toshihiro's name. Toshihiro is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.75 years. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS JP¥19.65 (vs JP¥13.36 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥31.0b (up 2.2% from 2Q 2020). Net income: JP¥1.46b (up JP¥2.45b from 2Q 2020). Profit margin: 4.7% (up from net loss in 2Q 2020). The move to profitability was primarily driven by lower expenses. Announcement • Aug 06
Shizuoka Gas Co., Ltd. (TSE:9543) entered into the share sale and purchase agreement to acquire a 49% stake in Thai-Japan Gas Network Company Limited from Scan Inter Public Company Limited (SET:SCN) for approximately THB 310 million. Shizuoka Gas Co., Ltd. (TSE:9543) entered into the share sale and purchase agreement to acquire a 49% stake in Thai-Japan Gas Network Company Limited from Scan Inter Public Company Limited (SET:SCN) for approximately THB 310 million on August 5, 2021. Post completion, Shizuoka Gas will hold 2,101,199 shares representing 50.9% stake, Scan Inter will hold 2,018,800 shares representing 49% stake and 1 share by a designated person by Shizuoka Gas. The transaction is subject to completion of the business transfer transaction between Scan Inter and Thai-Japan Gas. Shizuoka Gas and Scan Inter shall obtain corporate approvals necessary for the asset disposal transaction and Thai-Japan Gas shall have obtained key licenses necessary for the operation of iCNG business and iLNG business. The transaction is expected to complete on December 28, 2021. Reported Earnings • May 14
First quarter 2021 earnings released: EPS JP¥38.81 (vs JP¥24.55 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: JP¥31.5b (down 13% from 1Q 2020). Net income: JP¥2.87b (up 58% from 1Q 2020). Profit margin: 9.1% (up from 5.0% in 1Q 2020). The increase in margin was driven by lower expenses. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS JP¥50.10 (vs JP¥74.62 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥121.3b (down 14% from FY 2019). Net income: JP¥3.71b (down 33% from FY 2019). Profit margin: 3.1% (down from 3.9% in FY 2019). The decrease in margin was driven by lower revenue. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue misses expectations Revenue missed analyst estimates by 9.4%. Over the next year, revenue is forecast to grow 7.3%, compared to a 3.7% growth forecast for the Gas Utilities industry in Germany. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥50.10 (vs JP¥74.62 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥121.3b (down 14% from FY 2019). Net income: JP¥3.71b (down 33% from FY 2019). Profit margin: 3.1% (down from 3.9% in FY 2019). The decrease in margin was driven by lower revenue. Announcement • Feb 10
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2021 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2021. 
