Upcoming Dividend • Jun 22
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (1.1%). Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥41.41 (vs JP¥38.81 in 1Q 2025) First quarter 2026 results: EPS: JP¥41.41 (up from JP¥38.81 in 1Q 2025). Revenue: JP¥24.6b (up 48% from 1Q 2025). Net income: JP¥1.45b (up 6.0% from 1Q 2025). Profit margin: 5.9% (down from 8.2% 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 7.2% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 14% per year. Declared Dividend • Apr 11
Final dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 3.7%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (359% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥137 (down from JP¥156 in FY 2024). Revenue: JP¥77.2b (up 13% from FY 2024). Net income: JP¥4.78b (down 13% from FY 2024). Profit margin: 6.2% (down from 8.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to stay flat during the next 2 years compared to a 7.2% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. Announcement • Jan 31
Fullcast Holdings Co., Ltd. (TSE:4848) acquired Entry, Inc. from MERCURY Inc. (TSE:5025) and Jun Teramoto for ¥1.1 billion. Fullcast Holdings Co., Ltd. (TSE:4848) acquired Entry, Inc. from MERCURY Inc. (TSE:5025) and Jun Teramoto for ¥1.1 billion on January 30, 2026. The consideration consists of common equity of Fullcast Holdings Co., Ltd. having a value of ¥1.07 billion to be issued for common equity of Entry, Inc.
For the period ending January 31, 2025, Entry, Inc. reported total revenue of ¥11.18 billion and EBIT of ¥27 million. As of January 31, 2025, Entry, Inc. reported total assets of ¥2.88 billion and total common equity of ¥458 million.
Fullcast Holdings Co., Ltd. (TSE:4848) completed the acquisition of Entry, Inc. from MERCURY Inc. (TSE:5025) and Jun Teramoto on January 30, 2026. Announcement • Jan 23
Fullcast Holdings Co., Ltd. (TSE:4848) signed a share purchase agreement to acquire RGF Talent Solutions Japan K.K. and RGF International Recruitment Holdings Limited from Recruit Co., Ltd. for ¥1.2 billion. Fullcast Holdings Co., Ltd. (TSE:4848) signed a share purchase agreement to acquire RGF Talent Solutions Japan K.K. and RGF International Recruitment Holdings Limited from Recruit Co., Ltd. for ¥1.2 billion on January 22, 2026. A cash consideration of ¥1.2 billion will be paid by Fullcast Holdings Co., Ltd. As of January 22, 2026, RGF International Recruitment Holdings Limited has 836,224,386 ordinary shares and RGF Talent Solutions Japan K.K. 1,126,966 ordinary shares.
The expected completion of the transaction is April 1, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 March 2026. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.1%). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: JP¥35.17 (vs JP¥17.47 in 3Q 2024) Third quarter 2025 results: EPS: JP¥35.17 (up from JP¥17.47 in 3Q 2024). Revenue: JP¥18.8b (up 11% from 3Q 2024). Net income: JP¥1.23b (up 100% from 3Q 2024). Profit margin: 6.5% (up from 3.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Oct 08
Fullcast Holdings Co., Ltd. to Report Q3, 2025 Results on Nov 07, 2025 Fullcast Holdings Co., Ltd. announced that they will report Q3, 2025 results on Nov 07, 2025 Declared Dividend • Sep 02
First half dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 29th December 2025 Payment date: 13th March 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (301% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: JP¥42.39 (vs JP¥37.57 in 2Q 2024) Second quarter 2025 results: EPS: JP¥42.39 (up from JP¥37.57 in 2Q 2024). Revenue: JP¥18.1b (up 9.5% from 2Q 2024). Net income: JP¥1.48b (up 12% from 2Q 2024). Profit margin: 8.2% (up from 8.0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 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 7% per year whereas the company’s share price has fallen by 12% per year. Announcement • Jul 09
Fullcast Holdings Co., Ltd. to Report Q2, 2025 Results on Aug 08, 2025 Fullcast Holdings Co., Ltd. announced that they will report Q2, 2025 results on Aug 08, 2025 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.2%). Reported Earnings • May 10
First quarter 2025 earnings released: EPS: JP¥38.81 (vs JP¥62.54 in 1Q 2024) First quarter 2025 results: EPS: JP¥38.81 (down from JP¥62.54 in 1Q 2024). Revenue: JP¥16.6b (down 3.0% from 1Q 2024). Net income: JP¥1.36b (down 38% from 1Q 2024). Profit margin: 8.2% (down from 13% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.2% 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 4% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Apr 11
Final dividend of JP¥31.00 announced Shareholders will receive a dividend of JP¥31.00. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 4.1%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 10
Fullcast Holdings Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Fullcast Holdings Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Feb 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥156 (down from JP¥165 in FY 2023). Revenue: JP¥68.6b (flat on FY 2023). Net income: JP¥5.49b (down 6.7% from FY 2023). Profit margin: 8.0% (down from 8.5% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.5% 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 13% per year, which means it is significantly lagging earnings. Announcement • Feb 15
Fullcast Holdings Co., Ltd. (TSE:4848) announces an Equity Buyback for 500,000 shares, representing 1.42% for ¥564 million. Fullcast Holdings Co., Ltd. (TSE:4848) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.42% of its share capital for ¥564 million. The purpose of the program is to implement shareholder returns and enhance the return of profits to shareholders, we also aim to improve capital efficiency. The program will expire on March 24, 2025. As of December 31, 2024, the company had 35,213,549 shares outstanding (excluding treasury shares) and 2,272,851 shares in treasury. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 07 March 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.9%). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: JP¥17.47 (vs JP¥38.31 in 3Q 2023) Third quarter 2024 results: EPS: JP¥17.47 (down from JP¥38.31 in 3Q 2023). Revenue: JP¥16.9b (down 2.2% from 3Q 2023). Net income: JP¥615.0m (down 55% from 3Q 2023). Profit margin: 3.6% (down from 7.9% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Oct 09
Fullcast Holdings Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Fullcast Holdings Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Announcement • Aug 16
Fullcast Holdings Co., Ltd. Declares Interim Dividend for the Fiscal Year Ending December 31, 2024 Fullcast Holdings Co., Ltd. announced that a resolution as follows was passed at the Board of Directors' meeting convened on August 9, 2024 to pay the dividends (interim dividend) of ¥31 per share from surplus to shareholders recorded on the shareholder registry as of June 30, 2024. Record date is June 30, 2024. Effective date is September 2, 2024. Taking into account such factors as business performance, the company will pay an interim dividend of ¥31 per share for the fiscal year ending December 31, 2024, in line with the dividend forecast released on February 9, 2024. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: JP¥37.57 (vs JP¥45.53 in 2Q 2023) Second quarter 2024 results: EPS: JP¥37.57 (down from JP¥45.53 in 2Q 2023). Revenue: JP¥16.5b (down 3.7% from 2Q 2023). Net income: JP¥1.32b (down 19% from 2Q 2023). Profit margin: 8.0% (down from 9.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 11
Dividend of JP¥31.00 announced Shareholders will receive a dividend of JP¥31.00. Ex-date: 27th December 2024 Payment date: 7th March 2025 Dividend yield will be 4.6%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 05
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 Japanese stocks, typically moving 6.0% 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 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 (6.0% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥1,139, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Professional Services industry in Japan. Total loss to shareholders of 43% over the past three years. Announcement • Jul 11
Fullcast Holdings Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Fullcast Holdings Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 04 September 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.0%). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: JP¥62.54 (vs JP¥43.70 in 1Q 2023) First quarter 2024 results: EPS: JP¥62.54 (up from JP¥43.70 in 1Q 2023). Revenue: JP¥17.1b (up 7.3% from 1Q 2023). Net income: JP¥2.20b (up 40% from 1Q 2023). Profit margin: 13% (up from 9.9% in 1Q 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 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 fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Apr 12
Fullcast Holdings Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Fullcast Holdings Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Declared Dividend • Apr 11
Final dividend of JP¥31.00 announced Shareholders will receive a dividend of JP¥31.00. Ex-date: 27th June 2024 Payment date: 4th September 2024 Dividend yield will be 4.4%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (43% 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. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: JP¥165 (down from JP¥183 in FY 2022). Revenue: JP¥69.0b (up 6.7% from FY 2022). Net income: JP¥5.89b (down 11% from FY 2022). Profit margin: 8.5% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.0% 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 increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,462, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 18x in the Professional Services industry in Japan. Total loss to shareholders of 16% over the past three years. New Risk • Feb 14
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 Japanese stocks, typically moving 5.5% 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 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 (5.5% average weekly change). Announcement • Feb 11
Fullcast Holdings Co., Ltd., Annual General Meeting, Mar 22, 2024 Fullcast Holdings Co., Ltd., Annual General Meeting, Mar 22, 2024. Reported Earnings • Feb 10
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: JP¥165 (down from JP¥183 in FY 2022). Revenue: JP¥69.0b (up 6.7% from FY 2022). Net income: JP¥5.89b (down 11% from FY 2022). Profit margin: 8.5% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 11
Fullcast Holdings Co., Ltd. to Report Fiscal Year 2023 Results on Feb 09, 2024 Fullcast Holdings Co., Ltd. announced that they will report fiscal year 2023 results on Feb 09, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥30.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 11 March 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.2%). Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from JP¥66.8b to JP¥67.7b. EPS estimate fell from JP¥186 to JP¥165 per share. Net income forecast to grow 7.7% next year vs 19% growth forecast for Professional Services industry in Japan. Consensus price target of JP¥2,900 unchanged from last update. Share price rose 6.9% to JP¥1,963 over the past week. Announcement • Nov 15
Fullcast Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2023 Fullcast Holdings Co., Ltd. provided consolidated earnings guidance for the Fiscal Year Ending December 31, 2023. For the period, the company expects Net sales to be JPY 67,200 million, operating profit to be JPY 8,400 million, profit attributable to owners of the parent to be JPY 5,735 million, basic earnings per share to be JPY 160.59. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: JP¥38.31 (vs JP¥49.06 in 3Q 2022) Third quarter 2023 results: EPS: JP¥38.31 (down from JP¥49.06 in 3Q 2022). Revenue: JP¥17.3b (up 4.8% from 3Q 2022). Net income: JP¥1.37b (down 23% from 3Q 2022). Profit margin: 7.9% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 8.1% 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 but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 04
Fullcast Holdings Co., Ltd. (TSE:4848) completed the acquisition of AppX Inc. Fullcast Holdings Co., Ltd. (TSE:4848) entered into an agreement to acquire AppX Inc. for ¥2.7 billion on October 23, 2023. AppX reported net assets of ¥363 million, total assets of ¥1.1 billion, net sales of 0, operating profit of -¥4 million for fiscal year ended March 2023. The transaction is expected to complete on October 27, 2023.Fullcast Holdings Co., Ltd. (TSE:4848) completed the acquisition of AppX Inc. on October 27, 2023. Announcement • Oct 28
Fullcast Holdings Co., Ltd. (TSE:4848) agreed to acquire AppX Inc. for ¥123 million. Fullcast Holdings Co., Ltd. (TSE:4848) agreed to acquire AppX Inc. for ¥123 million on October 26, 2023. Announcement • Oct 12
Fullcast Holdings Co., Ltd. to Report Q3, 2023 Results on Nov 10, 2023 Fullcast Holdings Co., Ltd. announced that they will report Q3, 2023 results on Nov 10, 2023 Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: JP¥45.53 (vs JP¥44.11 in 2Q 2022) Second quarter 2023 results: EPS: JP¥45.53 (up from JP¥44.11 in 2Q 2022). Revenue: JP¥17.2b (up 11% from 2Q 2022). Net income: JP¥1.62b (up 1.9% from 2Q 2022). Profit margin: 9.5% (in line with 2Q 2022). Revenue is forecast to grow 6.4% 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 19% per year whereas the company’s share price has increased by 14% per year. Announcement • Jul 12
Fullcast Holdings Co., Ltd. to Report Q2, 2023 Results on Aug 10, 2023 Fullcast Holdings Co., Ltd. announced that they will report Q2, 2023 results on Aug 10, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥29.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.3%). Reported Earnings • May 16
First quarter 2023 earnings released: EPS: JP¥43.70 (vs JP¥47.49 in 1Q 2022) First quarter 2023 results: EPS: JP¥43.70 (down from JP¥47.49 in 1Q 2022). Revenue: JP¥16.0b (up 4.5% from 1Q 2022). Net income: JP¥1.58b (down 8.6% from 1Q 2022). Profit margin: 9.9% (down from 11% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Mar 31
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥183 (up from JP¥137 in FY 2021). Revenue: JP¥64.6b (up 23% from FY 2021). Net income: JP¥6.62b (up 32% from FY 2021). Profit margin: 10% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 9.3% 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 increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥183 (up from JP¥137 in FY 2021). Revenue: JP¥64.6b (up 23% from FY 2021). Net income: JP¥6.62b (up 32% from FY 2021). Profit margin: 10% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 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 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.7%. The fair value is estimated to be JP¥3,402, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 48% in the next 2 years. Announcement • Feb 12
Fullcast Holdings Co., Ltd., Annual General Meeting, Mar 24, 2023 Fullcast Holdings Co., Ltd., Annual General Meeting, Mar 24, 2023. Announcement • Feb 11
Fullcast Holdings Co., Ltd. (TSE:4848) announces an Equity Buyback for 485,900 shares, representing 1.35% for ¥1,238.75 million. Fullcast Holdings Co., Ltd. (TSE:4848) announces a share repurchase program. Under the program, the company will repurchase 485,900 shares, representing 1.35% of its share capital, for ¥1,238.75 million. The shares will be repurchased at a price of ¥2,505 per share. The company plans to use its own funds for the funds required for the Tender Offer. The purpose of the program is to enhance the return of profits to shareholders and improve capital efficiency. The start date of settlement for tender offer is April 5, 2023. The program will run until March 13, 2023. As of February 10, 2023, the company had 36,110,749 shares outstanding (excluding treasury shares) and 1,375,651 shares in treasury. Announcement • Jan 12
Fullcast Holdings Co., Ltd. to Report Fiscal Year 2022 Results on Feb 10, 2023 Fullcast Holdings Co., Ltd. announced that they will report fiscal year 2022 results on Feb 10, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 March 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Outside Director Kouji Sasaki was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: JP¥49.06 (vs JP¥40.63 in 3Q 2021) Third quarter 2022 results: EPS: JP¥49.06 (up from JP¥40.63 in 3Q 2021). Revenue: JP¥16.5b (up 15% from 3Q 2021). Net income: JP¥1.77b (up 20% from 3Q 2021). Profit margin: 11% (in line with 3Q 2021). Revenue is forecast to grow 4.7% 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 13% per year whereas the company’s share price has increased by 10% per year. Announcement • Oct 13
Fullcast Holdings Co., Ltd. to Report Q3, 2022 Results on Nov 11, 2022 Fullcast Holdings Co., Ltd. announced that they will report Q3, 2022 results on Nov 11, 2022 Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: JP¥44.11 (vs JP¥35.89 in 2Q 2021) Second quarter 2022 results: EPS: JP¥44.11 (up from JP¥35.89 in 2Q 2021). Revenue: JP¥15.5b (up 20% from 2Q 2021). Net income: JP¥1.59b (up 22% from 2Q 2021). Profit margin: 10% (in line with 2Q 2021). Over the next year, revenue is expected to shrink by 2.4% compared to a 13% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Announcement • Jul 14
Fullcast Holdings Co., Ltd. to Report Q2, 2022 Results on Aug 12, 2022 Fullcast Holdings Co., Ltd. announced that they will report Q2, 2022 results on Aug 12, 2022 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 06 September 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Announcement • Jun 02
Fullcast Holdings Co., Ltd. (TSE:4848) acquired Hayfield Inc. from Osen inc. and an individual shareholder. Fullcast Holdings Co., Ltd. (TSE:4848) agreed to acquire Hayfield Inc. from Osen inc. and an individual shareholder on May 13, 2022. As part of the transaction, Fullcast acquired 300 shares from Osen, representing 98.04% stake and the 6 shares from an individual shareholder, representing the remaining 1.96% stake in Hayfield. For the Fiscal year ended March 2022, Hayfield reported Net worth of ¥139 million, Total assets of ¥297 million, Sales of ¥408 million, Operating income of ¥171 million and Net income of ¥115 million. The transaction is resolved by the board of Fullcast and will have a minor impact on consolidated business results Fullcast.
Fullcast Holdings Co., Ltd. (TSE:4848) completed the acquisition of Hayfield Inc. from Osen inc. and an individual shareholder on May 31, 2022. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: JP¥47.49 (up from JP¥28.72 in 1Q 2021). Revenue: JP¥15.3b (up 41% from 1Q 2021). Net income: JP¥1.73b (up 64% from 1Q 2021). Profit margin: 11% (up from 9.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) missed analyst estimates by 2.8%. Over the next year, revenue is forecast to stay flat compared to a 12% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Independent Outside Director Kouji Sasaki was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 15
Fullcast Holdings Co., Ltd. to Report Q1, 2022 Results on May 13, 2022 Fullcast Holdings Co., Ltd. announced that they will report Q1, 2022 results on May 13, 2022 
