Buy Or Sell Opportunity • Jun 20
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at JP¥3,620. The fair value is estimated to be JP¥2,979, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period. Live News • May 14
Valor Holdings Refreshes Board and Audit Committee to Tighten Governance Oversight Valor Holdings is keeping Masami Tashiro in the dual role of chairperson and CEO while reshaping its board structure.
Chubu Ryutsu president Takehiko Yamada will join as a director, adding operating experience from within the broader group.
The company is renewing its Audit and Supervisory Committee with four new members who bring legal, tax, banking and internal control backgrounds to tighten oversight and risk management.
These governance changes indicate a clear focus on risk controls and board-level supervision as Valor moves into its next phase of development.
For investors, the key question is whether the refreshed audit committee and added expertise offset any concerns about keeping the CEO and chair roles combined. Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: JP¥313 (up from JP¥258 in FY 2025). Revenue: JP¥924.1b (up 8.2% from FY 2025). Net income: JP¥16.5b (up 21% from FY 2025). Profit margin: 1.8% (up from 1.6% in FY 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Consumer Retailing 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 • May 13
Valor Holdings Co., Ltd., Annual General Meeting, Jun 26, 2026 Valor Holdings Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • May 09
Valor Holdings Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Valor Holdings Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 11 June 2026. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥116 (vs JP¥95.64 in 3Q 2025) Third quarter 2026 results: EPS: JP¥116 (up from JP¥95.64 in 3Q 2025). Revenue: JP¥243.3b (up 19% from 3Q 2025). Net income: JP¥6.12b (up 22% from 3Q 2025). Profit margin: 2.5% (in line with 3Q 2025). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year and the company’s share price has also increased by 24% per year. Declared Dividend • Dec 09
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 30th March 2026 Payment date: 11th June 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 7.5% 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 5.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 02
Valor Holdings Co., Ltd. to Report Q3, 2026 Results on Feb 12, 2026 Valor Holdings Co., Ltd. announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥83.57 (vs JP¥64.97 in 2Q 2025) Second quarter 2026 results: EPS: JP¥83.57 (up from JP¥64.97 in 2Q 2025). Revenue: JP¥235.9b (up 9.9% from 2Q 2025). Net income: JP¥4.40b (up 28% from 2Q 2025). Profit margin: 1.9% (up from 1.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 25% and the cash payout ratio is 99%. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Announcement • Sep 01
Valor Holdings Co., Ltd. to Report Q2, 2026 Results on Nov 14, 2025 Valor Holdings Co., Ltd. announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Aug 22
Valor Holdings Co., Ltd. (TSE:9956) completed the acquisition of 95.81% stake in Domy Co.,Ltd. for ¥4.9 billion. Valor Holdings Co., Ltd. (TSE:9956) proposed to acquire Domy Co.,Ltd. for ¥5.2 billion on July 7, 2025. As part of acquisition, 2,702,165 shares will be acquired for ¥1,917 per share. The minimum number of shares to be purchased in offer is 1,801,400 shares. The offer will begin on July 8, 2025 and ends on August 20, 2025.
Valor Holdings Co., Ltd. (TSE:9956) completed the acquisition of 95.81% stake in Domy Co.,Ltd. for ¥4.9 billion on August 20, 2025. As part of offer, 2,588,918 shares were tendered. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥73.57 (vs JP¥61.36 in 1Q 2025) First quarter 2026 results: EPS: JP¥73.57 (up from JP¥61.36 in 1Q 2025). Revenue: JP¥221.5b (up 6.8% from 1Q 2025). Net income: JP¥3.88b (up 18% from 1Q 2025). Profit margin: 1.7% (up from 1.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Buy Or Sell Opportunity • Jul 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.2% to JP¥2,579. The fair value is estimated to be JP¥2,115, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 4.3% per annum over the same time period. Declared Dividend • Jul 09
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th September 2025 Payment date: 9th December 2025 Dividend yield will be 2.9%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 7.5% 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 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 07
Valor Holdings Co., Ltd. (TSE:9956) proposed to acquire Domy Co.,Ltd. for ¥5.2 billion. Valor Holdings Co., Ltd. (TSE:9956) proposed to acquire Domy Co.,Ltd. for ¥5.2 billion on July 7, 2025. As part of acquisition, 2,702,165 shares will be acquired for ¥1,917 per share. The minimum number of shares to be purchased in offer is 1,801,400 shares. The offer will begin on July 8, 2025 and ends on August 20, 2025. Buy Or Sell Opportunity • Jun 24
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at JP¥2,456. The fair value is estimated to be JP¥2,034, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 17%. Buy Or Sell Opportunity • Jun 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.5% to JP¥2,457. The fair value is estimated to be JP¥2,028, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 6.0% in 2 years. Earnings are forecast to grow by 7.7% in the next 2 years. Announcement • Jun 03
Valor Holdings Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Valor Holdings Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 New Risk • May 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 99% Dividend yield: 2.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by cash flows (99% cash payout ratio). Reported Earnings • May 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥258 (up from JP¥223 in FY 2024). Revenue: JP¥854.4b (up 5.8% from FY 2024). Net income: JP¥13.7b (up 14% from FY 2024). Profit margin: 1.6% (up from 1.5% 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 11%. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥39.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 12 June 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Announcement • Mar 04
Valor Holdings Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Valor Holdings Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥95.64 (vs JP¥85.15 in 3Q 2024) Third quarter 2025 results: EPS: JP¥95.64 (up from JP¥85.15 in 3Q 2024). Revenue: JP¥225.0b (up 6.4% from 3Q 2024). Net income: JP¥5.04b (up 10% from 3Q 2024). Profit margin: 2.2% (in line with 3Q 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 24
Price target increased by 14% to JP¥3,200 Up from JP¥2,795, the current price target is provided by 1 analyst. New target price is 47% above last closing price of JP¥2,176. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of JP¥232 for next year compared to JP¥223 last year. Declared Dividend • Dec 10
First half dividend of JP¥39.00 announced Shareholders will receive a dividend of JP¥39.00. Ex-date: 28th March 2025 Payment date: 12th June 2025 Dividend yield will be 3.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 8.5% 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 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
Valor Holdings Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Valor Holdings Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: JP¥64.97 (vs JP¥59.26 in 2Q 2024) Second quarter 2025 results: EPS: JP¥64.97 (up from JP¥59.26 in 2Q 2024). Revenue: JP¥214.6b (up 5.8% from 2Q 2024). Net income: JP¥3.45b (up 8.7% from 2Q 2024). Profit margin: 1.6% (in line with 2Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Consumer Retailing 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 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Announcement • Aug 27
Valor Holdings Co., Ltd. to Report Q2, 2025 Results on Nov 12, 2024 Valor Holdings Co., Ltd. announced that they will report Q2, 2025 results on Nov 12, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥61.36 (vs JP¥64.47 in 1Q 2024) First quarter 2025 results: EPS: JP¥61.36 (down from JP¥64.47 in 1Q 2024). Revenue: JP¥207.5b (up 5.7% from 1Q 2024). Net income: JP¥3.29b (down 4.8% from 1Q 2024). Profit margin: 1.6% (down from 1.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 3% per year. Announcement • Aug 11
Valor Holdings Co., Ltd. (TSE:9956) announces an Equity Buyback for 900,000 shares, representing 1.67% for ¥2,119.5 million. Nagaileben Co., Ltd. (TSE:7447) announces a share repurchase program. Under the program, the company will repurchase up to 900,000 shares, representing 1.67% of its issued share capital (excluding treasury stock), for a total purchase price of ¥2,119.50 million. The shares will be repurchased at a price of ¥2,355 per share. The purpose of the program is to enhance return of profits to shareholders and improve capital efficiency. As of end of June 2024, the company has 53,987,499 issued shares (excluding treasury stock) and 421,996 treasury shares. Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to JP¥2,220. The fair value is estimated to be JP¥2,968, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has declined by 6.0%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Announcement • Jul 20
Valor Holdings Co., Ltd. (TSE:9956) completed the acquisition of 24.99% stake in M-aid Co., Ltd. from Shojinkai Medical Association. Valor Holdings Co., Ltd. (TSE:9956) agreed to acquire 24.99% stake in M-aid Co., Ltd. from Shojinkai Medical Association for ¥310 million on May 14, 2024.
Valor Holdings Co., Ltd. (TSE:9956) completed the acquisition of 24.99% stake in M-aid Co., Ltd. from Shojinkai Medical Association on July 18, 2024. Declared Dividend • Jul 11
Final dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 2.7%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 8.5% 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 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 02
Valor Holdings Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Valor Holdings Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 18
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥223 (up from JP¥142 in FY 2023). Revenue: JP¥807.8b (up 6.3% from FY 2023). Net income: JP¥11.9b (up 57% from FY 2023). Profit margin: 1.5% (up from 1.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 28
Now 21% undervalued Over the last 90 days, the stock has risen 1.1% to JP¥2,469. The fair value is estimated to be JP¥3,116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 4.9% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 13 June 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.5%). Announcement • Mar 02
Valor Holdings Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Valor Holdings Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥85.15 (vs JP¥79.61 in 3Q 2023) Third quarter 2024 results: EPS: JP¥85.15 (up from JP¥79.61 in 3Q 2023). Revenue: JP¥211.4b (up 5.8% from 3Q 2023). Net income: JP¥4.56b (up 6.7% from 3Q 2023). Profit margin: 2.2% (in line with 3Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Nov 27
Valor Holdings Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Valor Holdings Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥59.26 (vs JP¥49.16 in 2Q 2023) Second quarter 2024 results: EPS: JP¥59.26 (up from JP¥49.16 in 2Q 2023). Revenue: JP¥202.9b (up 7.9% from 2Q 2023). Net income: JP¥3.17b (up 20% from 2Q 2023). Profit margin: 1.6% (up from 1.4% in 2Q 2023). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buying Opportunity • Sep 28
Now 21% undervalued Over the last 90 days, the stock is up 8.5%. The fair value is estimated to be JP¥2,748, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 3.9% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥28.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.6%). Buying Opportunity • Sep 08
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be JP¥2,734, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 3.9% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Announcement • Aug 27
Valor Holdings Co., Ltd. to Report Q2, 2024 Results on Nov 10, 2023 Valor Holdings Co., Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥64.47 (vs JP¥57.65 in 1Q 2023) First quarter 2024 results: EPS: JP¥64.47 (up from JP¥57.65 in 1Q 2023). Revenue: JP¥190.0b (up 1.8% from 1Q 2023). Net income: JP¥3.45b (up 12% from 1Q 2023). Profit margin: 1.8% (in line with 1Q 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • May 28
Valor Holdings Co., Ltd. to Report Q1, 2024 Results on Aug 10, 2023 Valor Holdings Co., Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥142 (down from JP¥168 in FY 2022). Revenue: JP¥760.0b (up 3.7% from FY 2022). Net income: JP¥7.60b (down 16% from FY 2022). Profit margin: 1.0% (down from 1.2% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 12
Valor Holdings Co., Ltd., Annual General Meeting, Jun 29, 2023 Valor Holdings Co., Ltd., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥31.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 14 June 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥79.61 (vs JP¥50.74 in 3Q 2022) Third quarter 2023 results: EPS: JP¥79.61 (up from JP¥50.74 in 3Q 2022). Revenue: JP¥199.9b (up 6.5% from 3Q 2022). Net income: JP¥4.28b (up 57% from 3Q 2022). Profit margin: 2.1% (up from 1.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Price Target Changed • Dec 23
Price target decreased to JP¥2,377 Down from JP¥2,577, the current price target is an average from 3 analysts. New target price is 33% above last closing price of JP¥1,792. Stock is down 17% over the past year. The company is forecast to post earnings per share of JP¥176 for next year compared to JP¥168 last year. Major Estimate Revision • Dec 02
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥200 to JP¥176 per share. Revenue forecast steady at JP¥747.5b. Net income forecast to grow 14% next year vs 6.0% growth forecast for Consumer Retailing industry in Japan. Consensus price target of JP¥2,577 unchanged from last update. Share price fell 7.4% to JP¥1,733 over the past week. Announcement • Nov 27
Valor Holdings Co., Ltd. to Report Q3, 2023 Results on Feb 10, 2023 Valor Holdings Co., Ltd. announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥49.16 (vs JP¥42.98 in 2Q 2022) Second quarter 2023 results: EPS: JP¥49.16 (up from JP¥42.98 in 2Q 2022). Revenue: JP¥181.9b (flat on 2Q 2022). Net income: JP¥2.64b (up 14% from 2Q 2022). Profit margin: 1.5% (up from 1.3% in 2Q 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥49.16 (vs JP¥42.98 in 2Q 2022) Second quarter 2023 results: EPS: JP¥49.16 (up from JP¥42.98 in 2Q 2022). Revenue: JP¥181.9b (flat on 2Q 2022). Net income: JP¥2.64b (up 14% from 2Q 2022). Profit margin: 1.5% (up from 1.3% in 2Q 2022). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Consumer Retailing industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be JP¥2,145, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to grow by 47% in the next 2 years.