New Risk • Jul 05
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Price Target Changed • Jul 01
Price target increased by 7.7% to JP¥2,800 Up from JP¥2,600, the current price target is provided by 1 analyst. New target price is 40% above last closing price of JP¥2,006. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of JP¥125 for next year compared to JP¥104 last year. Reported Earnings • May 16
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥104 (up from JP¥103 in FY 2025). Revenue: JP¥11.8b (up 8.6% from FY 2025). Net income: JP¥2.89b (flat on FY 2025). Profit margin: 24% (down from 26% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Commercial 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 2% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Midac Holdings Co., Ltd., Annual General Meeting, Jun 26, 2026 Midac Holdings Co., Ltd., Annual General Meeting, Jun 26, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.0%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥29.70 (vs JP¥31.11 in 3Q 2025) Third quarter 2026 results: EPS: JP¥29.70 (down from JP¥31.11 in 3Q 2025). Revenue: JP¥3.19b (up 8.7% from 3Q 2025). Net income: JP¥822.0m (down 4.5% from 3Q 2025). Profit margin: 26% (down from 29% in 3Q 2025). 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 4.0% growth forecast for the Commercial 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 fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Feb 14
Midac Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 Midac Holdings Co., Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2026. For the year, the company expects net sales to be JPY 11,617 million. Operating profit to be JPY 4,792 million. Profit attributable to owners of parent to be JPY 2,930 million. Basic earnings per share to be JPY 105.92. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥18.22 (vs JP¥16.45 in 2Q 2025) Second quarter 2026 results: EPS: JP¥18.22 (up from JP¥16.45 in 2Q 2025). Revenue: JP¥2.69b (up 8.7% from 2Q 2025). Net income: JP¥504.2m (up 11% from 2Q 2025). Profit margin: 19% (in line with 2Q 2025). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 16
Dividend increased to JP¥18.00 Dividend of JP¥18.00 is 29% higher than last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 0.9%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 71%. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,947, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Commercial Services industry in Japan. Total loss to shareholders of 37% over the past three years. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥25.20 (vs JP¥21.33 in 1Q 2025) First quarter 2026 results: EPS: JP¥25.20 (up from JP¥21.33 in 1Q 2025). Revenue: JP¥2.70b (up 5.1% from 1Q 2025). Net income: JP¥697.0m (up 18% from 1Q 2025). Profit margin: 26% (up from 23% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 04
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥103 (up from JP¥69.00 in FY 2024). Revenue: JP¥10.9b (up 14% from FY 2024). Net income: JP¥2.86b (up 50% from FY 2024). Profit margin: 26% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥103 (up from JP¥69.00 in FY 2024). Revenue: JP¥10.9b (up 14% from FY 2024). Net income: JP¥2.86b (up 50% from FY 2024). Profit margin: 26% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 15
Midac Holdings Co., Ltd., Annual General Meeting, Jun 27, 2025 Midac Holdings Co., Ltd., Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to JP¥2,293, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Commercial Services industry in Japan. Negligible returns to shareholders over past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 8.2% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.1%). Buy Or Sell Opportunity • Mar 10
Now 21% undervalued Over the last 90 days, the stock has risen 27% to JP¥2,040. The fair value is estimated to be JP¥2,582, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,183, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Commercial Services industry in Japan. Negligible returns to shareholders over past three years. New Risk • Feb 25
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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥31.13 (vs JP¥18.01 in 3Q 2024) Third quarter 2025 results: EPS: JP¥31.13 (up from JP¥18.01 in 3Q 2024). Revenue: JP¥2.94b (up 8.7% from 3Q 2024). Net income: JP¥861.0m (up 73% from 3Q 2024). Profit margin: 29% (up from 18% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 16
Dividend increased to JP¥10.00 Dividend of JP¥10.00 is 25% higher than last year. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 0.6%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 10%. Cash payout ratio: 36%. Price Target Changed • Aug 27
Price target increased by 8.0% to JP¥2,700 Up from JP¥2,500, the current price target is provided by 1 analyst. New target price is 57% above last closing price of JP¥1,725. Stock is down 1.2% over the past year. The company is forecast to post earnings per share of JP¥95.80 for next year compared to JP¥68.99 last year. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥26.18 (vs JP¥18.08 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.18 (up from JP¥18.08 in 1Q 2024). Revenue: JP¥2.67b (up 25% from 1Q 2024). Net income: JP¥724.0m (up 45% from 1Q 2024). Profit margin: 27% (up from 23% in 1Q 2024). 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 3.9% growth forecast for the Commercial 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 fallen by 26% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to JP¥1,177, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Commercial Services industry in Japan. Total loss to shareholders of 73% over the past three years. New Risk • May 29
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 5.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 20
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥69.00 (up from JP¥61.09 in FY 2023). Revenue: JP¥9.55b (up 23% from FY 2023). Net income: JP¥1.91b (up 13% from FY 2023). Profit margin: 20% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.0%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • May 17
Midac Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024 Midac Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 7.7% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.8%). Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: JP¥18.01 (vs JP¥14.93 in 3Q 2023) Third quarter 2024 results: EPS: JP¥18.01 (up from JP¥14.93 in 3Q 2023). Revenue: JP¥2.70b (up 37% from 3Q 2023). Net income: JP¥498.0m (up 21% from 3Q 2023). Profit margin: 18% (down from 21% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 26
Now 20% undervalued Over the last 90 days, the stock has risen 10% to JP¥1,885. The fair value is estimated to be JP¥2,366, 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 18%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Reported Earnings • Nov 18
Second quarter 2024 earnings released: EPS: JP¥9.19 (vs JP¥10.99 in 2Q 2023) Second quarter 2024 results: EPS: JP¥9.19 (down from JP¥10.99 in 2Q 2023). Revenue: JP¥2.06b (up 14% from 2Q 2023). Net income: JP¥254.0m (down 16% from 2Q 2023). Profit margin: 12% (down from 17% in 2Q 2023). 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 3.8% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 22
Midac Holdings Co., Ltd. (TSE:6564) agreed to acquire Friend Sanitary, K.K. from Masakatsu Tanaka, Nobutaka Izumi and Yoko Izumi. Midac Holdings Co., Ltd. (TSE:6564) agreed to acquire Friend Sanitary, K.K. from Masakatsu Tanaka, Nobutaka Izumi and Yoko Izumi on Sptember 21, 2023. The transaction is expected to close on September 21, 2023. Buying Opportunity • Sep 07
Now 23% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be JP¥2,468, 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 19%. Revenue is forecast to grow by 26% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥18.08 (vs JP¥15.57 in 1Q 2023) First quarter 2024 results: EPS: JP¥18.08 (up from JP¥15.57 in 1Q 2023). Revenue: JP¥2.13b (up 7.6% from 1Q 2023). Net income: JP¥499.0m (up 16% from 1Q 2023). Profit margin: 23% (up from 22% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial 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 increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥3.50 per share at 0.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 9.6% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.2%). Reported Earnings • Feb 19
Third quarter 2023 earnings released: EPS: JP¥14.93 (vs JP¥13.01 in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.93 (up from JP¥13.01 in 3Q 2022). Revenue: JP¥1.97b (up 24% from 3Q 2022). Net income: JP¥412.0m (up 19% from 3Q 2022). Profit margin: 21% (in line with 3Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 16
Midac Holdings Co., Ltd. Provides Dividend Guidance for the Year Ending March 31, 2023 Midac Holdings Co., Ltd. expected to pay dividend of JPY 3.50 per share for the year ending March 31, 2023 compared to JPY 5 per share paid a year ago. Announcement • Feb 15
Midac Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2023 Midac Holdings Co., Ltd. provided consolidated earnings guidance for the full year ending March 31, 2023. For the year, the company expected net sales of ¥7,844 million, operating profit of ¥2,962 million, profit attributable to owners of parent of ¥1,750 million and earnings per share of ¥63.46. Announcement • Nov 25
Midac Holdings Co., Ltd. (TSE:6564) agreed to acquire Iwahara Orchard Co., Ltd. from Yukihiko Iwahara and Kazue Iwahara for approximately ¥130 million. Midac Holdings Co., Ltd. (TSE:6564) agreed to acquire Iwahara Orchard Co., Ltd. from Yukihiko Iwahara and Kazue Iwahara for approximately ¥130 million on November 24, 2022. The transaction is expected to close on November 30, 2022. Reported Earnings • Nov 18
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: JP¥10.99 (up from JP¥10.87 in 2Q 2022). Revenue: JP¥1.80b (up 21% from 2Q 2022). Net income: JP¥303.0m (up 4.8% from 2Q 2022). Profit margin: 17% (down from 19% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 2.3%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Commercial 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 58% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 16
Midac Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2023 Midac Holdings Co., Ltd. provided consolidated earnings guidance for the full year ending March 31, 2023. For the year, the company expected net sales of ¥7,844 million, operating profit of ¥2,962 million, profit attributable to owners of parent of ¥1,750 million and earnings per share of ¥63.46. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Hatsuo Hyouyama was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥3,625, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 14x in the Commercial Services industry in Japan. Total returns to shareholders of 532% over the past three years. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥15.57 (vs JP¥13.27 in 1Q 2022) First quarter 2023 results: EPS: JP¥15.57 (up from JP¥13.27 in 1Q 2022). Revenue: JP¥1.98b (up 27% from 1Q 2022). Net income: JP¥429.0m (up 22% from 1Q 2022). Profit margin: 22% (down from 23% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 21%, compared to a 5.0% 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 increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 28
Midac Holdings Co.,Ltd. (TSE:6564) announces an Equity Buyback for 65,000 shares, representing 0.24% for ¥176.61 million. Midac Holdings Co.,Ltd. (TSE:6564) announces a share repurchase program. Under the program, the company will repurchase 65,000 shares, representing 0.24% of the outstanding shares, at ¥2,717 per share for ¥176.61 million. The purpose of the program is to implement agile capital policies and improve capital efficiency in response to changes in the business environment. As of March 31, 2022, the company had 27,572,833 shares outstanding and 200,667 shares in treasury. Announcement • May 27
Midac Holdings Co.,Ltd. (TSE:6564) acquired LOVE THY NEIGHBOR Co., Ltd. Midac Holdings Co.,Ltd. (TSE:6564) acquired LOVE THY NEIGHBOR Co., Ltd on May 26, 2022. As of May 26, 2022, the board of Midac Holdings Co.,Ltd. approved the transaction.
Midac Holdings Co.,Ltd. (TSE:6564) completed the acquisition of LOVE THY NEIGHBOR Co., Ltd on May 26, 2022. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 24% share price gain to JP¥2,577, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 15x in the Commercial Services industry in Japan. Total returns to shareholders of 707% over the past three years. Reported Earnings • May 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥48.59 (up from JP¥38.42 in FY 2021). Revenue: JP¥6.38b (up 12% from FY 2021). Net income: JP¥1.30b (up 28% from FY 2021). Profit margin: 20% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 15%, compared to a 2.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 98% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Outside Director Tetsuya Okugawa was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥2,418, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 15x in the Commercial Services industry in Japan. Total returns to shareholders of 674% over the past three years. Announcement • Apr 08
Midac Holdings Co.,Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 Midac Holdings Co.,Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 5.3% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.1%). Reported Earnings • Feb 18
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥13.01 (up from JP¥10.98 in 3Q 2021). Revenue: JP¥1.60b (up 10% from 3Q 2021). Net income: JP¥346.0m (up 19% from 3Q 2021). Profit margin: 22% (up from 20% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 9.5%, compared to a 2.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥2,504, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 16x in the Commercial Services industry in Japan. Total returns to shareholders of 727% over the past three years. Reported Earnings • Nov 17
Second quarter 2022 earnings released: EPS JP¥10.87 (vs JP¥8.17 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.49b (up 6.9% from 2Q 2021). Net income: JP¥289.0m (up 34% from 2Q 2021). Profit margin: 19% (up from 16% in 2Q 2021). The increase in margin was driven by higher revenue. Announcement • Sep 25
Midac Holdings Co.,Ltd. (TSE:6564) signed a basic agreement to acquire Yanagi Sangyo Co., Ltd from Masatoshi Yanagi. Midac Holdings Co.,Ltd. (TSE:6564) signed a basic agreement to acquire Yanagi Sangyo Co., Ltd from Masatoshi Yanagi on September 24, 2021. Midac Holdings will acquire all 5000 shares in Yanagi Sangyo. Share transfer agreement is planned to be signed on October 21, 2021 and the completion is expected on October 21, 2021 as well. If the Share Acquisition is carried out as planned, the impact on consolidated business results of Midac is considered to be minor. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS JP¥26.55 (vs JP¥9.68 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥1.56b (up 12% from 1Q 2021). Net income: JP¥353.0m (up 38% from 1Q 2021). Profit margin: 23% (up from 18% in 1Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorated over the past week After last week's 49% share price decline to JP¥3,580, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 19x in the Commercial Services industry in Japan. Total returns to shareholders of 102% over the past year. Major Estimate Revision • Jun 05
Consensus EPS estimates increase to JP¥91.20 The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥6.00b to JP¥6.10b. EPS estimate increased from JP¥80.13 to JP¥91.20 per share. Net income forecast to grow 4.9% next year vs 13% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥3,100 unchanged from last update. Share price rose 2.5% to JP¥6,140 over the past week. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥5,690, the stock trades at a forward P/E ratio of 73x. Average forward P/E is 18x in the Commercial Services industry in Japan. Total returns to shareholders of 289% over the past year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 30 June 2021. Trailing yield: 0.1%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.8%). Announcement • Mar 04
Midac Co.,Ltd. to Report Fiscal Year 2021 Results on May 14, 2021 Midac Co.,Ltd. announced that they will report fiscal year 2021 results on May 14, 2021 Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 23% share price gain to JP¥4,125, the stock is trading at a trailing P/E ratio of 52.3x, up from the previous P/E ratio of 42.4x. This compares to an average P/E of 16x in the Commercial Services industry in Japan. Total returns to shareholders over the past year are 244%. Is New 90 Day High Low • Feb 15
New 90-day high: JP¥3,605 The company is up 8.0% from its price of JP¥3,330 on 17 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥82.38 per share. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥21.96 (vs JP¥18.39 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥1.45b (up 4.3% from 3Q 2020). Net income: JP¥292.0m (up 28% from 3Q 2020). Profit margin: 20% (up from 17% in 3Q 2020). Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 4.8%, compared to a 3.6% growth forecast for the Commercial Services industry in Japan. Major Estimate Revision • Dec 04
Analysts increase EPS estimates to JP¥73.90 The 2021 consensus revenue estimate increased from JP¥5.60b to JP¥5.66b. The earnings per share estimate also received an upgrade from JP¥66.20 to JP¥73.90 for the same period. Net income is expected to grow by 4.9% next year compared to 7.4% growth forecast for the Commercial Services industry in Japan. The consensus price target of JP¥2,000 was unchanged from the last update. Share price stayed mostly flat at JP¥3,330 over the past week. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥3,550 The company is up 73% from its price of JP¥2,051 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥559 per share. Price Target Changed • Dec 01
Price target raised to JP¥2,000 Up from JP¥1,200, the current price target is an average from 3 analysts. The new target price is 41% below the current share price of JP¥3,365. As of last close, the stock is up 119% over the past year. 
