New Risk • Feb 09
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 5.3% 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: Major Risk Revenue has declined by 0.8% over the past year. Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Market cap is less than US$100m (JP¥2.06b market cap, or US$13.1m). Reported Earnings • Feb 09
Full year 2025 earnings released: JP¥0.47 loss per share (vs JP¥11.09 profit in FY 2024) Full year 2025 results: JP¥0.47 loss per share (down from JP¥11.09 profit in FY 2024). Revenue: JP¥1.93b (flat on FY 2024). Net loss: JP¥3.00m (down 104% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 27, 2026 SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 27, 2026. Announcement • Dec 04
SuRaLa Net Co.,Ltd. to Report Fiscal Year 2025 Results on Feb 06, 2026 SuRaLa Net Co.,Ltd. announced that they will report fiscal year 2025 results on Feb 06, 2026 Reported Earnings • Nov 09
Third quarter 2025 earnings released: JP¥10.94 loss per share (vs JP¥7.76 profit in 3Q 2024) Third quarter 2025 results: JP¥10.94 loss per share (down from JP¥7.76 profit in 3Q 2024). Revenue: JP¥499.0m (up 1.6% from 3Q 2024). Net loss: JP¥69.0m (down 238% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. New Risk • Sep 12
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 5.2% 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: Major Risk Revenue has declined by 6.9% over the past year. Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (JP¥2.47b market cap, or US$16.7m). Announcement • Sep 05
SuRaLa Net Co.,Ltd. to Report Q3, 2025 Results on Nov 07, 2025 SuRaLa Net Co.,Ltd. announced that they will report Q3, 2025 results on Nov 07, 2025 Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥404, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 17x in the Consumer Services industry in Japan. Total loss to shareholders of 60% over the past three years. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: JP¥0.63 (vs JP¥10.60 loss in 2Q 2024) Second quarter 2025 results: EPS: JP¥0.63 (up from JP¥10.60 loss in 2Q 2024). Revenue: JP¥467.0m (flat on 2Q 2024). Net income: JP¥4.00m (up JP¥73.0m from 2Q 2024). Profit margin: 0.9% (up from net loss in 2Q 2024). Announcement • Jun 03
SuRaLa Net Co.,Ltd. to Report Q2, 2025 Results on Aug 08, 2025 SuRaLa Net Co.,Ltd. announced that they will report Q2, 2025 results on Aug 08, 2025 Reported Earnings • May 12
First quarter 2025 earnings released: EPS: JP¥4.83 (vs JP¥9.45 in 1Q 2024) First quarter 2025 results: EPS: JP¥4.83 (down from JP¥9.45 in 1Q 2024). Revenue: JP¥479.0m (down 4.0% from 1Q 2024). Net income: JP¥31.0m (down 50% from 1Q 2024). Profit margin: 6.5% (down from 12% in 1Q 2024). Announcement • Mar 18
SuRaLa Net Co.,Ltd. to Report Q1, 2025 Results on May 09, 2025 SuRaLa Net Co.,Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Feb 08
Full year 2024 earnings released: EPS: JP¥11.09 (vs JP¥46.25 in FY 2023) Full year 2024 results: EPS: JP¥11.09 (down from JP¥46.25 in FY 2023). Revenue: JP¥1.95b (down 9.2% from FY 2023). Net income: JP¥72.0m (down 76% from FY 2023). Profit margin: 3.7% (down from 14% in FY 2023). Board Change • Dec 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Outside Director Hiromitsu Kobayashi was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 03
SuRaLa Net Co.,Ltd. to Report Fiscal Year 2024 Results on Feb 07, 2025 SuRaLa Net Co.,Ltd. announced that they will report fiscal year 2024 results on Feb 07, 2025 Reported Earnings • Nov 11
Third quarter 2024 earnings released: EPS: JP¥7.76 (vs JP¥13.27 in 3Q 2023) Third quarter 2024 results: EPS: JP¥7.76 (down from JP¥13.27 in 3Q 2023). Revenue: JP¥491.0m (down 9.9% from 3Q 2023). Net income: JP¥50.0m (down 43% from 3Q 2023). Profit margin: 10% (down from 16% in 3Q 2023). Announcement • Aug 28
SuRaLa Net Co.,Ltd. to Report Q3, 2024 Results on Nov 08, 2024 SuRaLa Net Co.,Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 New Risk • Aug 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.8% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 2.8% over the past year. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (9.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.8% net profit margin). Market cap is less than US$100m (JP¥2.41b market cap, or US$16.5m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to JP¥364, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 15x in the Consumer Services industry in Japan. Total loss to shareholders of 80% over the past three years. New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.3% average weekly change). Revenue has declined by 1.7% over the past year. Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (JP¥3.06b market cap, or US$19.0m). Announcement • Jun 02
SuRaLa Net Co.,Ltd. to Report Q2, 2024 Results on Aug 02, 2024 SuRaLa Net Co.,Ltd. announced that they will report Q2, 2024 results on Aug 02, 2024 New Risk • May 28
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 2.8% 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: Major Risk Revenue has declined by 1.7% over the past year. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (2.8% average weekly change). Market cap is less than US$100m (JP¥2.60b market cap, or US$16.6m). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥477, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 15x in the Consumer Services industry in Japan. Total loss to shareholders of 83% over the past three years. Reported Earnings • May 04
First quarter 2024 earnings released: EPS: JP¥9.45 (vs JP¥14.66 in 1Q 2023) First quarter 2024 results: EPS: JP¥9.45 (down from JP¥14.66 in 1Q 2023). Revenue: JP¥499.0m (down 8.6% from 1Q 2023). Net income: JP¥62.0m (down 36% from 1Q 2023). Profit margin: 12% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Announcement • May 03
SuRaLa Net Co.,Ltd. (TSE:3998) announces an Equity Buyback for 170,000 shares, representing 2.59% for ¥50 million. SuRaLa Net Co.,Ltd. (TSE:3998) announces a share repurchase program. Under the program, the company will repurchase 170,000 shares, representing 2.59% of its issued share capital (excluding treasury stock), for a total purchase price of ¥50 million. The purpose of the program is to implement an agile capital policy and shareholder return policy in response to changes in the business environment. The program will run until July 31, 2024. As of March 31, 2024, the company had 6,558,556 issued shares (excluding treasury stock) and 136,208 treasury shares. Announcement • Mar 06
SuRaLa Net Co.,Ltd. to Report Q1, 2024 Results on May 02, 2024 SuRaLa Net Co.,Ltd. announced that they will report Q1, 2024 results on May 02, 2024 Reported Earnings • Feb 04
Full year 2023 earnings released: EPS: JP¥46.25 (vs JP¥53.04 in FY 2022) Full year 2023 results: EPS: JP¥46.25 (down from JP¥53.04 in FY 2022). Revenue: JP¥2.15b (flat on FY 2022). Net income: JP¥304.0m (down 14% from FY 2022). Profit margin: 14% (down from 17% in FY 2022). Announcement • Feb 04
SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 27, 2024 SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 27, 2024. Announcement • Dec 06
SuRaLa Net Co.,Ltd. to Report Fiscal Year 2023 Results on Feb 02, 2024 SuRaLa Net Co.,Ltd. announced that they will report fiscal year 2023 results on Feb 02, 2024 Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: JP¥13.27 (vs JP¥8.52 in 3Q 2022) Third quarter 2023 results: EPS: JP¥13.27 (up from JP¥8.52 in 3Q 2022). Revenue: JP¥545.0m (flat on 3Q 2022). Net income: JP¥87.0m (up 53% from 3Q 2022). Profit margin: 16% (up from 11% in 3Q 2022). Announcement • Sep 07
SuRaLa Net Co.,Ltd. to Report Q3, 2023 Results on Nov 02, 2023 SuRaLa Net Co.,Ltd. announced that they will report Q3, 2023 results on Nov 02, 2023 New Risk • Aug 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 56% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (56% accrual ratio). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (JP¥4.16b market cap, or US$29.0m). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: JP¥5.79 (vs JP¥8.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥5.79 (down from JP¥8.52 in 2Q 2022). Revenue: JP¥497.0m (down 8.0% from 2Q 2022). Net income: JP¥38.0m (down 33% from 2Q 2022). Profit margin: 7.6% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Announcement • Jun 03
SuRaLa Net Co.,Ltd. to Report Q2, 2023 Results on Aug 04, 2023 SuRaLa Net Co.,Ltd. announced that they will report Q2, 2023 results on Aug 04, 2023 Announcement • Feb 05
SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 28, 2023 SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 28, 2023. Announcement • Feb 04
SuRaLa Net Co.,Ltd. (TSE:3998) announces an Equity Buyback for 134,000 shares, representing 2% for ¥134 million. SuRaLa Net Co.,Ltd. (TSE:3998) announces a share repurchase program. Under the program, the company will repurchase 134,000 shares, representing 2% of its issued share capital (excluding treasury stock), for a total purchase price of ¥134 million. The purpose of the program is to implement an agile capital policy and shareholder return policy in response to changes in the business environment. The program will run until April 28, 2023. As of December 31, 2022, the company had 6,694,764 issued shares (excluding treasury stock) and 1,936 treasury shares. Announcement • Dec 14
SuRaLa Net Co.,Ltd. to Report Fiscal Year 2022 Results on Feb 03, 2023 SuRaLa Net Co.,Ltd. announced that they will report fiscal year 2022 results on Feb 03, 2023 Announcement • Sep 07
SuRaLa Net Co.,Ltd. to Report Q3, 2022 Results on Nov 04, 2022 SuRaLa Net Co.,Ltd. announced that they will report Q3, 2022 results on Nov 04, 2022 Buying Opportunity • Jun 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be JP¥1,308, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 12%. Announcement • Jun 03
SuRaLa Net Co.,Ltd. to Report Q2, 2022 Results on Aug 05, 2022 SuRaLa Net Co.,Ltd. announced that they will report Q2, 2022 results on Aug 05, 2022 Reported Earnings • May 11
First quarter 2022 earnings released: EPS: JP¥24.80 (vs JP¥20.37 in 1Q 2021) First quarter 2022 results: EPS: JP¥24.80 (up from JP¥20.37 in 1Q 2021). Revenue: JP¥559.0m (up 12% from 1Q 2021). Net income: JP¥166.0m (up 25% from 1Q 2021). Profit margin: 30% (up from 27% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors 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. No highly experienced directors. Director Masashiro Sato was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 07
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥59.98 (up from JP¥59.52 in FY 2020). Revenue: JP¥1.95b (up 18% from FY 2020). Net income: JP¥399.0m (up 5.3% from FY 2020). Profit margin: 20% (down from 23% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 5% per year, which means it is significantly lagging earnings. Announcement • Feb 06
SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 28, 2022 SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 28, 2022. Board Change • Feb 01
Insufficient new directors 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. No highly experienced directors. Director Masashiro Sato was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥1,266, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 18x in the Consumer Services industry in Japan. Total loss to shareholders of 24% over the past three years. Announcement • Dec 24
SuRaLa Net Co.,Ltd. (TSE:3998) acquired 39.8% stake in Fantamstick, Ltd. from AMG Co., Ltd. and CA Startups Internet Fund 1, a fund managed by CyberAgent Capital Co., Ltd. SuRaLa Net Co.,Ltd. (TSE:3998) acquired 39.8% stake in Fantamstick, Ltd. from AMG Co., Ltd. and CA Startups Internet Fund 1, a fund managed by CyberAgent Capital Co., Ltd. on December 22, 2021. Fantamstick reported net assets as approximately ¥100 million, total assets as approximately ¥130 million and sales as approximately ¥100 million for the period end on September 2020. Execution date of share transfer will be January 14, 2022. SuRaLa Net , Berton Shain, and Hayato Shinohara have resolved to conclude a shareholder agreement and decided to include Fantamstick in the scope of consolidation from the next fiscal year.
SuRaLa Net Co.,Ltd. (TSE:3998) completed the acquisition of 39.8% stake in Fantamstick, Ltd. from AMG Co., Ltd. and CA Startups Internet Fund 1, a fund managed by CyberAgent Capital Co., Ltd. on December 22, 2021. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS JP¥15.83 (vs JP¥8.56 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥489.0m (up 4.9% from 3Q 2020). Net income: JP¥106.0m (down 25% from 3Q 2020). Profit margin: 22% (down from 30% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥2,039, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 26x in the Consumer Services industry in Japan. Total returns to shareholders of 64% over the past three years. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS JP¥10.16 (vs JP¥59.17 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: JP¥424.0m (up 16% from 2Q 2020). Net income: JP¥68.0m (down 9.3% from 2Q 2020). Profit margin: 16% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 21% share price decline to JP¥1,657, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 27x in the Consumer Services industry in Japan. Total returns to shareholders of 15% over the past three years. Reported Earnings • May 02
First quarter 2021 earnings released: EPS JP¥20.37 (vs JP¥46.58 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥501.0m (up 61% from 1Q 2020). Net income: JP¥133.0m (up 125% from 1Q 2020). Profit margin: 27% (up from 19% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 18% share price decline to JP¥3,480, the stock is trading at a trailing P/E ratio of 58.5x, down from the previous P/E ratio of 71.3x. This compares to an average P/E of 25x in the Consumer Services industry in Japan. Total returns to shareholders over the past three years are 239%. Is New 90 Day High Low • Mar 03
New 90-day low: JP¥3,665 The company is down 43% from its price of JP¥6,380 on 03 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is flat over the same period. Announcement • Feb 28
SuRaLa Net Co.,Ltd. to Report Q1, 2021 Results on Apr 30, 2021 SuRaLa Net Co.,Ltd. announced that they will report Q1, 2021 results on Apr 30, 2021 Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorated over the past week After last week's 25% share price decline to JP¥3,820, the stock is trading at a trailing P/E ratio of 64.2x, down from the previous P/E ratio of 85.4x. This compares to an average P/E of 23x in the Consumer Services industry in Japan. Total returns to shareholders over the past three years are 397%. Announcement • Feb 09
SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 26, 2021 SuRaLa Net Co.,Ltd., Annual General Meeting, Mar 26, 2021. Reported Earnings • Feb 08
Full year 2020 earnings released: EPS JP¥59.52 (vs JP¥33.95 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥1.65b (up 45% from FY 2019). Net income: JP¥379.0m (up JP¥336.0m from FY 2019). Profit margin: 23% (up from 3.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 08
New 90-day low: JP¥4,080 The company is down 31% from its price of JP¥5,890 on 10 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 14
New 90-day low: JP¥5,050 The company is down 43% from its price of JP¥8,880 on 16 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is down 10.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥5,170 The company is down 17% from its price of JP¥6,220 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is down 8.0% over the same period. Announcement • Dec 05
SuRaLa Net Co.,Ltd. to Report Q4, 2020 Results on Feb 05, 2021 SuRaLa Net Co.,Ltd. announced that they will report Q4, 2020 results on Feb 05, 2021 Announcement • Aug 31
SuRaLa Net Co.,Ltd. to Report Q3, 2020 Results on Oct 30, 2020 SuRaLa Net Co.,Ltd. announced that they will report Q3, 2020 results on Oct 30, 2020 