Announcement • Jun 03
CREEK & RIVER Co., Ltd. to Report Q1, 2027 Results on Jul 09, 2026 CREEK & RIVER Co., Ltd. announced that they will report Q1, 2027 results on Jul 09, 2026 Reported Earnings • Apr 10
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥193 (up from JP¥105 in FY 2025). Revenue: JP¥61.4b (up 22% from FY 2025). Net income: JP¥4.08b (up 81% from FY 2025). Profit margin: 6.6% (up from 4.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Apr 09
CREEK & RIVER Co., Ltd., Annual General Meeting, May 27, 2026 CREEK & RIVER Co., Ltd., Annual General Meeting, May 27, 2026. Announcement • Mar 17
CREEK & RIVER Co., Ltd. to Report Fiscal Year 2026 Results on Apr 09, 2026 CREEK & RIVER Co., Ltd. announced that they will report fiscal year 2026 results on Apr 09, 2026 Upcoming Dividend • Feb 19
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 01 June 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.5%). Reported Earnings • Jan 09
Third quarter 2026 earnings released: EPS: JP¥41.77 (vs JP¥26.52 in 3Q 2025) Third quarter 2026 results: EPS: JP¥41.77 (up from JP¥26.52 in 3Q 2025). Revenue: JP¥17.5b (up 42% from 3Q 2025). Net income: JP¥884.0m (up 58% from 3Q 2025). Profit margin: 5.1% (up from 4.6% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Professional Services industry in Japan. 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 9% per year, which means it is significantly lagging earnings. Price Target Changed • Dec 02
Price target decreased by 12% to JP¥2,410 Down from JP¥2,725, the current price target is provided by 1 analyst. New target price is 68% above last closing price of JP¥1,431. Stock is down 9.9% over the past year. The company is forecast to post earnings per share of JP¥151 for next year compared to JP¥105 last year. Announcement • Nov 29
CREEK & RIVER Co., Ltd. to Report Q3, 2026 Results on Jan 08, 2026 CREEK & RIVER Co., Ltd. announced that they will report Q3, 2026 results at 9:00 AM, Tokyo Standard Time on Jan 08, 2026 Declared Dividend • Oct 11
Dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 26th February 2026 Payment date: 1st June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 19% 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 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 10
Second quarter 2026 earnings released: EPS: JP¥61.48 (vs JP¥28.48 in 2Q 2025) Second quarter 2026 results: EPS: JP¥61.48 (up from JP¥28.48 in 2Q 2025). Revenue: JP¥14.3b (up 9.8% from 2Q 2025). Net income: JP¥1.30b (up 113% from 2Q 2025). Profit margin: 9.1% (up from 4.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Board Change • Jul 16
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: 4 independent directors. 6 non-independent directors. Independent Outside Director Takashi Watanabe 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. Reported Earnings • Jul 13
First quarter 2026 earnings released: EPS: JP¥43.17 (vs JP¥39.66 in 1Q 2025) First quarter 2026 results: EPS: JP¥43.17 (up from JP¥39.66 in 1Q 2025). Revenue: JP¥13.8b (up 7.7% from 1Q 2025). Net income: JP¥913.0m (up 6.2% from 1Q 2025). Profit margin: 6.6% (down from 6.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jun 04
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥105 (down from JP¥121 in FY 2024). Revenue: JP¥50.3b (up 1.0% from FY 2024). Net income: JP¥2.25b (down 15% from FY 2024). Profit margin: 4.5% (down from 5.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Price Target Changed • May 04
Price target increased by 9.7% to JP¥2,720 Up from JP¥2,480, the current price target is an average from 2 analysts. New target price is 80% above last closing price of JP¥1,510. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of JP¥154 for next year compared to JP¥105 last year. Reported Earnings • Apr 11
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥105 (down from JP¥121 in FY 2024). Revenue: JP¥50.3b (up 1.0% from FY 2024). Net income: JP¥2.25b (down 15% from FY 2024). Profit margin: 4.5% (down from 5.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 9.5% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Apr 10
CREEK & RIVER Co., Ltd., Annual General Meeting, May 29, 2025 CREEK & RIVER Co., Ltd., Annual General Meeting, May 29, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,385, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Professional Services industry in Japan. Total loss to shareholders of 27% over the past three years. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.9%). Announcement • Feb 04
CREEK & RIVER Co., Ltd. to Report Fiscal Year 2025 Results on Apr 10, 2025 CREEK & RIVER Co., Ltd. announced that they will report fiscal year 2025 results on Apr 10, 2025 Reported Earnings • Jan 15
Third quarter 2025 earnings released: EPS: JP¥26.52 (vs JP¥25.39 in 3Q 2024) Third quarter 2025 results: EPS: JP¥26.52 (up from JP¥25.39 in 3Q 2024). Revenue: JP¥12.3b (down 2.4% from 3Q 2024). Net income: JP¥561.0m (flat on 3Q 2024). Profit margin: 4.6% (up from 4.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Professional Services industry in Japan. 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 4% per year, which means it is significantly lagging earnings. Announcement • Jan 09
CREEK & RIVER Co., Ltd. (TSE:4763) announces an Equity Buyback for 400,000 shares, representing 1.84% for ¥500 million. CREEK & RIVER Co., Ltd. (TSE:4763) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 1.84% of its total shares outstanding excluding treasury shares, for a total of ¥500 million. The purpose of repurchase program is to implement a flexible capital policy in response to changes in the business environment. The repurchase program is valid till May 31, 2025. As of January 9, 2025, the company has 21,778,911 shares outstanding excluding treasury shares and has 1,230,089 shares in treasury. Announcement • Nov 06
CREEK & RIVER Co., Ltd. to Report Q3, 2025 Results on Jan 09, 2025 CREEK & RIVER Co., Ltd. announced that they will report Q3, 2025 results on Jan 09, 2025 Declared Dividend • Oct 12
Dividend of JP¥43.00 announced Shareholders will receive a dividend of JP¥43.00. Ex-date: 27th February 2025 Payment date: 30th May 2025 Dividend yield will be 2.9%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 22% 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 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,502, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Professional Services industry in Japan. Negligible returns to shareholders over past three years. Reported Earnings • Jul 11
First quarter 2025 earnings released: EPS: JP¥39.66 (vs JP¥47.41 in 1Q 2024) First quarter 2025 results: EPS: JP¥39.66 (down from JP¥47.41 in 1Q 2024). Revenue: JP¥12.9b (flat on 1Q 2024). Net income: JP¥860.0m (down 18% from 1Q 2024). Profit margin: 6.7% (down from 8.2% in 1Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jul 09
CREEK & RIVER Co., Ltd. (TSE:4763) announces an Equity Buyback for 350,000 shares, representing 1.63% for ¥500 million. CREEK & RIVER Co., Ltd. (TSE:4763) announces a share repurchase program. Under the program, the company will repurchase up to 350,000 shares, representing 1.63% of its total shares outstanding excluding treasury shares, for a total of ¥500 million. The purpose of repurchase program is to implement a flexible capital policy in response to changes in the business environment. The repurchase program is valid till November 30, 2024. As of July 9, 2024, the company has 21,499,015 shares outstanding excluding treasury shares and has 879,985 shares in treasury. Announcement • Jun 02
CREEK & RIVER Co., Ltd. to Report Q1, 2025 Results on Jul 09, 2024 CREEK & RIVER Co., Ltd. announced that they will report Q1, 2025 results on Jul 09, 2024 Announcement • May 30
CREEK & RIVER Co., Ltd. to Report Q2, 2025 Results on Oct 03, 2024 CREEK & RIVER Co., Ltd. announced that they will report Q2, 2025 results on Oct 03, 2024 Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,617, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Professional Services industry in Japan. Total returns to shareholders of 7.2% over the past three years. Announcement • Apr 13
CREEK & RIVER Co., Ltd., Annual General Meeting, May 29, 2024 CREEK & RIVER Co., Ltd., Annual General Meeting, May 29, 2024. Reported Earnings • Apr 12
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥121 (down from JP¥130 in FY 2023). Revenue: JP¥49.8b (up 13% from FY 2023). Net income: JP¥2.66b (down 8.3% from FY 2023). Profit margin: 5.3% (down from 6.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 11
CREEK & RIVER Co., Ltd. (TSE:4763) announces an Equity Buyback for 300,000 shares, representing 1.34% for ¥500 million. CREEK & RIVER Co., Ltd. (TSE:4763) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 1.34% of its total shares outstanding excluding treasury shares, for a total of ¥500 million. The purpose of repurchase program is to implement a flexible capital policy that responds to changes in the business environment. The repurchase program is valid till August 31, 2024. As of April 11, 2024, the company has 22,429,015 shares outstanding excluding treasury shares and has 579,985 shares in treasury. Upcoming Dividend • Feb 21
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.2%). Announcement • Feb 02
CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire Shiftall Inc. from Panasonic Holdings Corporation (TSE:6752) CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire Shiftall Inc. from Panasonic Holdings Corporation (TSE:6752) on January 31, 2024.Shiftall Inc. reported Total assets worth ¥390.5 million and Net income of ¥34.59 million on March 31, 2023. Announcement • Jan 31
CREEK & RIVER Co., Ltd. to Report Fiscal Year 2024 Results on Apr 11, 2024 CREEK & RIVER Co., Ltd. announced that they will report fiscal year 2024 results on Apr 11, 2024 Reported Earnings • Jan 13
Third quarter 2024 earnings released: EPS: JP¥25.39 (vs JP¥26.72 in 3Q 2023) Third quarter 2024 results: EPS: JP¥25.39 (down from JP¥26.72 in 3Q 2023). Revenue: JP¥12.6b (up 15% from 3Q 2023). Net income: JP¥559.0m (down 5.9% from 3Q 2023). Profit margin: 4.4% (down from 5.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 22% per year. Announcement • Nov 10
CREEK & RIVER Co., Ltd. to Report Q3, 2024 Results on Jan 11, 2024 CREEK & RIVER Co., Ltd. announced that they will report Q3, 2024 results on Jan 11, 2024 Announcement • Oct 27
CREEK & RIVER Co., Ltd. (TSE:4763) announces an Equity Buyback for 265,000 shares, representing 9.88% for ¥500 million. CREEK & RIVER Co., Ltd. (TSE:4763) announces a share repurchase program. Under the program, the company will repurchase up to 265,000 shares, representing 9.88% of its total shares outstanding excluding treasury shares, for a total of ¥500 million. The purpose of repurchase program is to implement a flexible capital policy that responds to changes in the business environment. The repurchase program is valid till February 29, 2024. As of October 26, 2023, the company has 22,682,315 shares outstanding excluding treasury shares and has 326,685 shares in treasury. Reported Earnings • Oct 06
Second quarter 2024 earnings released: EPS: JP¥30.53 (vs JP¥24.40 in 2Q 2023) Second quarter 2024 results: EPS: JP¥30.53 (up from JP¥24.40 in 2Q 2023). Revenue: JP¥12.5b (up 14% from 2Q 2023). Net income: JP¥673.0m (up 24% from 2Q 2023). Profit margin: 5.4% (up from 5.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Jul 07
First quarter 2024 earnings released: EPS: JP¥47.41 (vs JP¥55.81 in 1Q 2023) First quarter 2024 results: EPS: JP¥47.41 (down from JP¥55.81 in 1Q 2023). Revenue: JP¥12.7b (up 12% from 1Q 2023). Net income: JP¥1.05b (down 16% from 1Q 2023). Profit margin: 8.2% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥130 (up from JP¥99.77 in FY 2022). Revenue: JP¥44.1b (up 5.6% from FY 2022). Net income: JP¥2.90b (up 30% from FY 2022). Profit margin: 6.6% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 23% per year. Announcement • May 26
CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire ALFA PMC Co., Ltd. from Hidehito Kawahara for ¥1 million. CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire ALFA PMC Co., Ltd. from Hidehito Kawahara for ¥1 million on May 24, 2023. In similar transaction CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire ALFA PMC Co., Ltd. newly issued shares. The transaction is expected to close on May 31, 2023. Reported Earnings • Apr 08
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥131 (up from JP¥99.77 in FY 2022). Revenue: JP¥44.1b (up 5.6% from FY 2022). Net income: JP¥2.90b (up 30% from FY 2022). Profit margin: 6.6% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥23.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 29 May 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.2%). Announcement • Jan 31
CREEK & RIVER Co., Ltd. to Report Fiscal Year 2023 Final Results on Apr 06, 2023 CREEK & RIVER Co., Ltd. announced that they will report fiscal year 2023 final results on Apr 06, 2023 Announcement • Jan 13
CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire Sion Group Co., Ltd. from Shinichi Ito and 2 other investors. CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire Sion Group Co., Ltd. from Shinichi Ito on January 11, 2023. Reported Earnings • Jan 12
Third quarter 2023 earnings released: EPS: JP¥26.72 (vs JP¥25.66 in 3Q 2022) Third quarter 2023 results: EPS: JP¥26.72 (up from JP¥25.66 in 3Q 2022). Revenue: JP¥10.9b (up 6.3% from 3Q 2022). Net income: JP¥594.0m (up 3.8% from 3Q 2022). Profit margin: 5.5% (down from 5.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 9 highly experienced directors. No independent directors (7 non-independent directors). Director Nonohito Goto was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 06
CREEK & RIVER Co., Ltd. to Report Q3, 2023 Results on Nov 01, 2023 CREEK & RIVER Co., Ltd. announced that they will report Q3, 2023 results on Nov 01, 2023 Announcement • Oct 29
Toshiyoshi Yamashita agreed to acquire a 75% stake in Grune Co., Ltd. from CREEK & RIVER Co., Ltd. (TSE:4763). Toshiyoshi Yamashita agreed to acquire a 75% stake in Grune Co., Ltd. from CREEK & RIVER Co., Ltd. (TSE:4763) on October 27, 2022. The transaction is expected to close on October 28, 2022. Announcement • Oct 28
CREEK & RIVER Co., Ltd. (TSE:4763) announces an Equity Buyback for 250,000 shares, representing 1.1% for ¥500 million. CREEK & RIVER Co., Ltd. (TSE:4763) announces a share repurchase program. Under the program, the company will repurchase up to 250,000 shares, representing 1.1% of its total shares outstanding excluding treasury shares, for a total of ¥500 million. The purpose of repurchase program is to implement a flexible capital policy that responds to changes in the business environment. The repurchase program is valid till February 28, 2023. As of October 27, 2022, the company has 22,711,205 shares outstanding excluding treasury shares and has 297,795 shares in treasury. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 23% share price decline to JP¥2,001, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Professional Services industry in Japan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Oct 09
Second quarter 2023 earnings released: EPS: JP¥24.40 (vs JP¥23.55 in 2Q 2022) Second quarter 2023 results: EPS: JP¥24.40 (up from JP¥23.55 in 2Q 2022). Revenue: JP¥11.0b (up 5.0% from 2Q 2022). Net income: JP¥544.0m (up 3.6% from 2Q 2022). Profit margin: 5.0% (in line with 2Q 2022). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 24% per year. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥2,422, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Professional Services industry in Japan. Total returns to shareholders of 93% over the past three years. Reported Earnings • Jul 09
First quarter 2023 earnings released: EPS: JP¥55.81 (vs JP¥39.52 in 1Q 2022) First quarter 2023 results: EPS: JP¥55.81 (up from JP¥39.52 in 1Q 2022). Revenue: JP¥11.4b (up 7.3% from 1Q 2022). Net income: JP¥1.24b (up 41% from 1Q 2022). Profit margin: 11% (up from 8.3% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.0%, compared to a 14% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 02
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥99.78 (up from JP¥74.22 in FY 2021). Revenue: JP¥41.8b (up 12% from FY 2021). Net income: JP¥2.22b (up 35% from FY 2021). Profit margin: 5.3% (up from 4.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 8.3%, compared to a 12% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire unknown minority stake in ANIFTY Inc. CREEK & RIVER Co., Ltd. (TSE:4763) agreed to acquire unknown minority stake in ANIFTY Inc. on April 26, 2022. In the related transaction CREEK & RIVER Co., Ltd. is also subscribing for ANIFTY shares. Post-closing of acquisition and private placement CREEK & RIVER Co., Ltd will hold 51.8% stake in the transaction. Transaction is expected to close on May 19, 2022. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 9 highly experienced directors. No independent directors (7 non-independent directors). Director Nonohito Goto was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 08
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥99.77 (up from JP¥74.22 in FY 2021). Revenue: JP¥41.8b (up 12% from FY 2021). Net income: JP¥2.22b (up 35% from FY 2021). Profit margin: 5.3% (up from 4.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 7.6%, compared to a 12% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 18
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 28 May 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (0.9%). Buying Opportunity • Feb 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be JP¥2,354, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% per annum over the last 3 years. Earnings per share has grown by 27% per annum over the last 3 years. 
