New Risk • Feb 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥54.88 (up from JP¥40.15 in FY 2024). Revenue: JP¥20.2b (up 14% from FY 2024). Net income: JP¥2.08b (up 36% from FY 2024). Profit margin: 10% (up from 8.6% 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 26%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Consumer 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 6% per year, which means it is significantly lagging earnings. Announcement • Feb 13
IBJ, Inc., Annual General Meeting, Mar 27, 2026 IBJ, Inc., Annual General Meeting, Mar 27, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 March 2026. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.6%). Announcement • Dec 19
IBJ, Inc. (TSE:6071) completed the acquisition of an additional 17.14% stake in Decollte Holdings Corporation (TSE:7372) from Kenichiro Kobayashi and others. IBJ, Inc. (TSE:6071) proposed to acquire an additional 17.14% stake in Decollte Holdings Corporation (TSE:7372) from Kenichiro Kobayashi and others for approximately ¥460 million on November 12, 2025. A cash consideration valued at ¥527 per share will be paid by IBJ, Inc. As part of consideration, an undisclosed value is paid towards common equity of Decollte Holdings Corporation. Upon completion, IBJ, Inc. will own 50.10% stake in Decollte Holdings Corporation. At the time of the Tender Offer, the IBJ, Inc concluded a tender offer agreement, with the second largest shareholder of Decollte Holdings Corporation , Kenichiro Kobayashi (number of shares owned: 280,000 shares; shareholding ratio: 5.46%) and agreed on the tendering of all of Decollte Holdings Corporation Shares held by Kobayashi. IBJ, Inc. is conducting a tender offer for shares of Decollte Holdings Corporation, if IBJ, Inc. fails to acquire a majority of the voting rights through the tender offer, it plans to acquire additional shares via in-market acquisition or third-party allocation to secure a majority. Additionally, IBJ, Inc. intends to dispatch a director to Decollte Holdings Corporation and will request the company to propose the appointment of its nominated officer as a director during the 9th Annual General Meeting of Shareholders in December 2025.
The tender offer stipulates that if fewer than 361,000 shares are tendered, none will be purchased, while if the number exceeds 878,900 shares, purchases will be subject to proportional distribution. The transaction is subject to minimum tender. The expected completion of the transaction is December 18, 2025.
IBJ, Inc. (TSE:6071) completed the acquisition of an additional 17.14% stake in Decollte Holdings Corporation (TSE:7372) from Kenichiro Kobayashi and others on December 18, 2025. Commencement date of the settlement of the Tender Offer will be on December 25, 2025. Major Estimate Revision • Dec 06
Consensus EPS estimates fall by 31% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥60.93 to JP¥42.20. Revenue forecast unchanged from JP¥20.0b at last update. Net income forecast to grow 12% next year vs 12% growth forecast for Consumer Services industry in Japan. Consensus price target of JP¥800 unchanged from last update. Share price was steady at JP¥754 over the past week. Announcement • Dec 06
IBJ, Inc. to Report Fiscal Year 2025 Results on Feb 13, 2026 IBJ, Inc. announced that they will report fiscal year 2025 results on Feb 13, 2026 Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: JP¥20.15 (vs JP¥11.92 in 3Q 2024) Third quarter 2025 results: EPS: JP¥20.15 (up from JP¥11.92 in 3Q 2024). Revenue: JP¥5.21b (up 15% from 3Q 2024). Net income: JP¥763.0m (up 70% from 3Q 2024). Profit margin: 15% (up from 9.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Sep 21
IBJ, Inc. to Report Q3, 2025 Results on Nov 12, 2025 IBJ, Inc. announced that they will report Q3, 2025 results on Nov 12, 2025 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¥769, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Consumer Services industry in Japan. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,401 per share. Declared Dividend • Aug 10
Dividend of JP¥8.00 announced Dividend of JP¥8.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 30th March 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.4%. Payout Ratios Payout ratio: 17%. Cash payout ratio: 35%. New Risk • Jul 11
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. This is currently the only risk that has been identified for the company. Announcement • Jun 17
IBJ, Inc. to Report Q2, 2025 Results on Aug 08, 2025 IBJ, Inc. announced that they will report Q2, 2025 results on Aug 08, 2025 New Risk • May 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 7.6% 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 10
First quarter 2025 earnings released: EPS: JP¥16.25 (vs JP¥12.53 in 1Q 2024) First quarter 2025 results: EPS: JP¥16.25 (up from JP¥12.53 in 1Q 2024). Revenue: JP¥4.82b (up 13% from 1Q 2024). Net income: JP¥614.0m (up 28% from 1Q 2024). Profit margin: 13% (up from 11% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 26
BJ, Inc. (TSE:6071) acquired additional 23.88% stake in Decollte Holdings Corporation (TSE:7372) from MIXI, Inc., Investment Arm. IBJ, Inc. (TSE:6071) signed a letter of intent to acquire an additional 23.88% stake in Decollte Holdings Corporation (TSE:7372) from MIXI, Inc., Investment Arm for approximately ¥610 million on April 3, 2025. IBJ, Inc. (TSE:6071) signed Capital and Business Alliance Agreement to acquire an additional 23.88% stake in Decollte Holdings Corporation (TSE:7372) from MIXI, Inc., Investment Arm on April 25, 2025.A cash consideration valued at ¥450 per share will be paid by IBJ, Inc. As part of consideration, an undisclosed value is paid towards common equity of Decollte Holdings Corporation. Upon completion, IBJ, Inc. will own 29.81% stake in Decollte Holdings Corporation and MIXI will continue to own 3.14% stake in Decollte Holdings Corporation.
BJ, Inc. (TSE:6071) completed the acquisition of additional 23.88% stake in Decollte Holdings Corporation (TSE:7372) from MIXI, Inc., Investment Arm on April 25, 2025. New Risk • Apr 07
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. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥539, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Consumer Services industry in Japan. Total loss to shareholders of 26% over the past three years. Announcement • Apr 04
IBJ, Inc. (TSE:6071) signed a letter of intent to acquire an additional 23.88% stake in Decollte Holdings Corporation (TSE:7372) from MIXI, Inc., Investment Arm for approximately ¥610 million. IBJ, Inc. (TSE:6071) signed a letter of intent to acquire an additional 23.88% stake in Decollte Holdings Corporation (TSE:7372) from MIXI, Inc., Investment Arm for approximately ¥610 million on April 3, 2025. A cash consideration valued at ¥450 per share will be paid by IBJ, Inc. As part of consideration, an undisclosed value is paid towards common equity of Decollte Holdings Corporation. Upon completion, IBJ, Inc. will own 29.81% stake in Decollte Holdings Corporation and MIXI will continue to own 3.14% stake in Decollte Holdings Corporation.
The expected completion of the transaction is April 10, 2025. Announcement • Mar 27
IBJ, Inc. to Report Q1, 2025 Results on May 09, 2025 IBJ, Inc. announced that they will report Q1, 2025 results on May 09, 2025 Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥19.5b to JP¥20.0b. EPS estimate increased from JP¥51.50 to JP¥63.75 per share. Net income forecast to grow 64% next year vs 18% growth forecast for Consumer Services industry in Japan. Consensus price target of JP¥700 unchanged from last update. Share price was steady at JP¥693 over the past week. Reported Earnings • Feb 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥40.15 (down from JP¥40.82 in FY 2023). Revenue: JP¥17.7b (flat on FY 2023). Net income: JP¥1.52b (down 6.5% from FY 2023). Profit margin: 8.6% (down from 9.2% in FY 2023). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Feb 12
IBJ, Inc., Annual General Meeting, Mar 27, 2025 IBJ, Inc., Annual General Meeting, Mar 27, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 26 March 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.8%). Announcement • Dec 07
IBJ, Inc. to Report Fiscal Year 2024 Results on Feb 12, 2025 IBJ, Inc. announced that they will report fiscal year 2024 results on Feb 12, 2025 Declared Dividend • Nov 11
Dividend increased to JP¥8.00 Dividend of JP¥8.00 is 33% higher than last year. Ex-date: 27th December 2024 Payment date: 26th March 2025 Dividend yield will be 1.3%, which is lower than the industry average of 2.4%. Payout Ratios Payout ratio: 15%. Cash payout ratio: 14%. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: JP¥11.91 (vs JP¥14.28 in 3Q 2023) Third quarter 2024 results: EPS: JP¥11.91 (down from JP¥14.28 in 3Q 2023). Revenue: JP¥4.53b (down 22% from 3Q 2023). Net income: JP¥450.0m (down 21% from 3Q 2023). Profit margin: 9.9% (in line with 3Q 2023). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Consumer 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 15% per year, which means it is significantly lagging earnings. Announcement • Nov 09
IBJ, Inc. Provides Dividend Guidance for the Year Ending December 31, 2024 IBJ, Inc. provided dividend guidance for the year ending December 31, 2024. For the year, the company expects to pay dividend of JPY 8.00 per share as compared to JPY 6.00 per share paid a year ago. Announcement • Sep 21
IBJ, Inc. to Report Q3, 2024 Results on Nov 08, 2024 IBJ, Inc. announced that they will report Q3, 2024 results on Nov 08, 2024 New Risk • Sep 17
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 8.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: JP¥10.20 (vs JP¥10.87 in 2Q 2023) Second quarter 2024 results: EPS: JP¥10.20 (down from JP¥10.87 in 2Q 2023). Revenue: JP¥4.31b (up 12% from 2Q 2023). Net income: JP¥385.3m (down 12% from 2Q 2023). Profit margin: 8.9% (down from 11% in 2Q 2023). 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 7.7% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. 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 6.9% 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. 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¥468, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Consumer Services industry in Japan. Total loss to shareholders of 52% over the past three years. Announcement • Jun 26
IBJ, Inc. to Report Q2, 2024 Results on Aug 09, 2024 IBJ, Inc. announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 13
First quarter 2024 earnings released: EPS: JP¥12.53 (vs JP¥9.07 in 1Q 2023) First quarter 2024 results: EPS: JP¥12.53 (up from JP¥9.07 in 1Q 2023). Revenue: JP¥4.25b (up 10% from 1Q 2023). Net income: JP¥481.0m (up 32% from 1Q 2023). Profit margin: 11% (up from 9.4% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Consumer 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 14% per year, which means it is significantly lagging earnings. Board Change • Apr 11
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. 3 highly experienced directors. President & Representative Director Shigeru Ishizaka is the most experienced director on the board, commencing their role in 2006. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 06
IBJ, Inc. to Report Q1, 2024 Results on May 10, 2024 IBJ, Inc. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 28
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥40.82 (up from JP¥37.16 in FY 2022). Revenue: JP¥17.6b (up 20% from FY 2022). Net income: JP¥1.63b (up 9.1% from FY 2022). Profit margin: 9.2% (in line with FY 2022). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 09
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥18.6b to JP¥17.2b. EPS estimate also fell from JP¥43.44 per share to JP¥38.70 per share. Net income forecast to shrink 7.9% next year vs 8.2% growth forecast for Consumer Services industry in Japan . Consensus price target down from JP¥900 to JP¥600. Share price was steady at JP¥588 over the past week. Announcement • Feb 22
IBJ, Inc. (TSE:6071) announces an Equity Buyback for 500,000 shares, representing 1.31% for ¥300 million. IBJ, Inc. (TSE:6071) announces a share repurchase program. Under the program, the company will repurchase 500,000 shares, representing 1.31% of the outstanding shares for ¥300 million. The purpose of the program is to enhance capital efficiency and improve shareholder returns and implement a flexible capital policy that responds to the business environment. The program will run until August 25, 2024. As of February 22, 2024, the company had 38,289,694 shares outstanding and 3,710,306 shares in treasury. Reported Earnings • Feb 10
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥40.82 (up from JP¥37.16 in FY 2022). Revenue: JP¥17.6b (up 20% from FY 2022). Net income: JP¥1.63b (up 9.1% from FY 2022). Profit margin: 9.2% (in line with FY 2022). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Feb 09
IBJ, Inc., Annual General Meeting, Mar 25, 2024 IBJ, Inc., Annual General Meeting, Mar 25, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥6.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 27 March 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (2.5%). Announcement • Dec 17
IBJ, Inc. to Report Fiscal Year 2023 Results on Feb 09, 2024 IBJ, Inc. announced that they will report fiscal year 2023 results on Feb 09, 2024 Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: JP¥14.28 (vs JP¥10.56 in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.28 (up from JP¥10.56 in 3Q 2022). Revenue: JP¥5.83b (up 58% from 3Q 2022). Net income: JP¥572.0m (up 35% from 3Q 2022). Profit margin: 9.8% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Oct 18
IBJ, Inc. (TSE:6071) announces an Equity Buyback for 800,000 shares, representing 2.04% for ¥500 million. IBJ, Inc. (TSE:6071) announces a share repurchase program. Under the program, the company will repurchase 800,000 shares, representing 2.04% of the outstanding shares for ¥500 million. The purpose of the program is to enhance capital efficiency and improve shareholder returns and implement a flexible capital policy that responds to the business environment. The program will run until February 8, 2024. As of September 30, 2023, the company had 39,301,494 shares outstanding and 2,698,506 shares in treasury. Announcement • Sep 07
IBJ, Inc. to Report Q3, 2023 Results on Nov 10, 2023 IBJ, Inc. announced that they will report Q3, 2023 results on Nov 10, 2023 Announcement • Sep 01
IBJ, Inc. (TSE:6071) announces an Equity Buyback for 800,000 shares, representing 1.97% for ¥500 million. IBJ, Inc. (TSE:6071) announces a share repurchase program. Under the program, the company will repurchase 800,000 shares, representing 1.97% of the outstanding shares for ¥500 million. The purpose of the program is to enhance capital efficiency and improve shareholder returns and implement a flexible capital policy that responds to the business environment. The program will run until February 8, 2024. As of August 31, 2023, the company had 40,530,994 shares outstanding and 2,255,906 shares in treasury. New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: JP¥10.88 (vs JP¥9.50 in 2Q 2022) Second quarter 2023 results: EPS: JP¥10.88 (up from JP¥9.50 in 2Q 2022). Revenue: JP¥3.86b (up 3.8% from 2Q 2022). Net income: JP¥440.3m (up 15% from 2Q 2022). Profit margin: 11% (up from 10% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Aug 11
IBJ, Inc. (TSE:6071) announces an Equity Buyback for 800,000 shares, representing 1.97% for ¥500 million. IBJ, Inc. (TSE:6071) announces a share repurchase program. Under the program, the company will repurchase 800,000 shares, representing 2.49% of the outstanding shares for ¥500 million. The purpose of the program is to enhance capital efficiency and improve shareholder returns and implement a flexible capital policy that responds to the business environment. The program will run until February 13, 2024. As of June 30, 2023, the company had 40,530,994 shares outstanding and 1,469,006 shares in treasury. Announcement • Jun 01
IBJ, Inc. to Report Q2, 2023 Results on Aug 10, 2023 IBJ, Inc. announced that they will report Q2, 2023 results on Aug 10, 2023 Reported Earnings • May 16
First quarter 2023 earnings released: EPS: JP¥9.07 (vs JP¥9.02 in 1Q 2022) First quarter 2023 results: EPS: JP¥9.07 (up from JP¥9.02 in 1Q 2022). Revenue: JP¥3.86b (up 5.9% from 1Q 2022). Net income: JP¥365.0m (up 1.1% from 1Q 2022). Profit margin: 9.4% (in line with 1Q 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Consumer Services 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 fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Kohzoh Umezu 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. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥37.16 (up from JP¥26.32 in FY 2021). Revenue: JP¥14.7b (up 4.5% from FY 2021). Net income: JP¥1.49b (up 42% from FY 2021). Profit margin: 10% (up from 7.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥694, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Consumer Services industry in Japan. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥861, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Consumer Services industry in Japan. Total loss to shareholders of 24% over the past three years. Buying Opportunity • Feb 13
Now 32% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be JP¥1,286, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.0%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • Feb 12
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥37.16 (up from JP¥26.32 in FY 2021). Revenue: JP¥14.7b (up 4.5% from FY 2021). Net income: JP¥1.49b (up 42% from FY 2021). Profit margin: 10% (up from 7.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Dec 23
IBJ, Inc. to Report Fiscal Year 2022 Results on Feb 10, 2023 IBJ, Inc. announced that they will report fiscal year 2022 results on Feb 10, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 29 March 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.6%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥10.59 (vs JP¥6.72 in 3Q 2021) Third quarter 2022 results: EPS: JP¥10.59 (up from JP¥6.72 in 3Q 2021). Revenue: JP¥3.69b (up 2.0% from 3Q 2021). Net income: JP¥425.9m (up 58% from 3Q 2021). Profit margin: 12% (up from 7.4% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: JP¥10.56 (vs JP¥6.72 in 3Q 2021) Third quarter 2022 results: EPS: JP¥10.56 (up from JP¥6.72 in 3Q 2021). Revenue: JP¥3.69b (up 2.0% from 3Q 2021). Net income: JP¥425.0m (up 58% from 3Q 2021). Profit margin: 12% (up from 7.4% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥908, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Consumer Services industry in Japan. Total loss to shareholders of 21% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥9.50 (vs JP¥2.87 in 2Q 2021) Second quarter 2022 results: EPS: JP¥9.50 (up from JP¥2.87 in 2Q 2021). Revenue: JP¥3.72b (up 7.4% from 2Q 2021). Net income: JP¥382.0m (up 232% from 2Q 2021). Profit margin: 10% (up from 3.3% in 2Q 2021). Over the next year, revenue is forecast to grow 7.5%, compared to a 9.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% 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. Reported Earnings • May 11
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: JP¥9.02 (up from JP¥6.30 in 1Q 2021). Revenue: JP¥3.65b (up 11% from 1Q 2021). Net income: JP¥361.0m (up 43% from 1Q 2021). Profit margin: 9.9% (up from 7.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 16%, compared to a 10% growth forecast for the 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 8% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target increased to JP¥1,500 Up from JP¥1,300, the current price target is provided by 1 analyst. New target price is 109% above last closing price of JP¥718. Stock is down 22% over the past year. The company is forecast to post earnings per share of JP¥37.00 for next year compared to JP¥26.32 last year. Reported Earnings • Apr 02
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: JP¥26.33 (up from JP¥17.14 in FY 2020). Revenue: JP¥14.1b (up 7.7% from FY 2020). Net income: JP¥1.05b (up 54% from FY 2020). Profit margin: 7.5% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 15%, compared to a 11% growth forecast for the 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 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 02
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: JP¥26.33 (up from JP¥17.14 in FY 2020). Revenue: JP¥14.1b (up 7.7% from FY 2020). Net income: JP¥1.05b (up 54% from FY 2020). Profit margin: 7.5% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 15%, compared to a 11% growth forecast for the 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 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥638, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Consumer Services industry in Japan. Total loss to shareholders of 27% over the past three years. Reported Earnings • Feb 10
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: JP¥26.32 (up from JP¥17.14 in FY 2020). Revenue: JP¥14.1b (up 7.7% from FY 2020). Net income: JP¥1.05b (up 54% from FY 2020). Profit margin: 7.5% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the 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. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 30 March 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.0%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS JP¥6.72 (vs JP¥3.35 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥3.62b (up 6.8% from 3Q 2020). Net income: JP¥269.0m (up 101% from 3Q 2020). Profit margin: 7.4% (up from 4.0% in 3Q 2020). The increase in margin was driven by higher revenue. 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 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS JP¥2.87 (vs JP¥2.80 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥3.46b (up 29% from 2Q 2020). Net income: JP¥115.0m (up JP¥227.0m from 2Q 2020). Profit margin: 3.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS JP¥6.30 (vs JP¥8.09 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥3.29b (down 4.7% from 1Q 2020). Net income: JP¥252.0m (down 22% from 1Q 2020). Profit margin: 7.7% (down from 9.4% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS JP¥17.14 (vs JP¥38.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥13.1b (down 14% from FY 2019). Net income: JP¥686.0m (down 55% from FY 2019). Profit margin: 5.2% (down from 10.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Announcement • Mar 12
IBJ, Inc. to Report Q1, 2021 Results on May 11, 2021 IBJ, Inc. announced that they will report Q1, 2021 results on May 11, 2021 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥1,146, the stock is trading at a trailing P/E ratio of 66.9x, up from the previous P/E ratio of 56.2x. 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 3.2%. Is New 90 Day High Low • Feb 24
New 90-day high: JP¥1,097 The company is up 38% from its price of JP¥793 on 26 November 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is up 2.0% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥17.14 (vs JP¥38.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥13.1b (down 14% from FY 2019). Net income: JP¥686.0m (down 55% from FY 2019). Profit margin: 5.2% (down from 10.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Over the next year, revenue is forecast to grow 12%, compared to a 8.1% growth forecast for the Consumer Services industry in Japan. Announcement • Feb 12
IBJ, Inc., Annual General Meeting, Mar 29, 2021 IBJ, Inc., Annual General Meeting, Mar 29, 2021. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥1,020, the stock is trading at a trailing P/E ratio of 57.4x, up from the previous P/E ratio of 48.9x. This compares to an average P/E of 24x in the Consumer Services industry in Japan. Total returns to shareholders over the past three years are 8.6%. Is New 90 Day High Low • Feb 05
New 90-day high: JP¥1,020 The company is up 5.0% from its price of JP¥973 on 06 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Services industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥746 The company is down 32% from its price of JP¥1,105 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. 
