Price Target Changed • May 19
Price target decreased by 14% to JP¥3,600 Down from JP¥4,200, the current price target is provided by 1 analyst. New target price is 31% above last closing price of JP¥2,739. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥300 for next year compared to JP¥307 last year. Board Change • May 19
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Outside Director Takuo Sukigara was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Warabeya Nichiyo Holdings Co., Ltd., Annual General Meeting, May 28, 2026 Warabeya Nichiyo Holdings Co., Ltd., Annual General Meeting, May 28, 2026. Announcement • Apr 02
Warabeya Nichiyo Holdings Co., Ltd. to Report Fiscal Year 2026 Results on Apr 08, 2026 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report fiscal year 2026 results on Apr 08, 2026 Announcement • Jan 08
Warabeya Nichiyo Holdings Co., Ltd. Announces Closure of Murayama Plant No.2 Warabeya Nichiyo Holdings Co., Ltd. has decided on January 8, 2026 to close its Murayama Plant No.2 as follows. 1. Reason for Closing the Plant: The Company is working to rebuild the production structure in the main domestic food products business in order to respond to changes in the external environment surrounding the Group and achieve sustainable growth. The Company has decided to close the Murayama Plant No.2, which has been operated by Warabeya Nichiyo Foods Co., Ltd., based on the decision that transferring the production of products at the plant to other plants will improve the productivity throughout the Group while maintaining the same level of production output. Outline of the Plant: Name: Murayama Plant No.2; Location: 3-18-1 Enoki, Musashimurayama-shi, Tokyo, Japan; Established: October 1992; Business: Manufacture and sale of prepared foods for convenience stores. Number of employees (as of November 30, 2025): 248 (of which, 225 are temporary employees); Handling of Employees, etc. The employees of the plant will be transferred or otherwise managed within the Group. Timing of Closing the Plant: Murayama Plant No.2 to be closed at the end of February 2027. Declared Dividend • Nov 15
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 26th February 2026 Payment date: 25th May 2026 Dividend yield will be 3.7%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% 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 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 14
Warabeya Nichiyo Holdings Co., Ltd. to Report Q3, 2026 Results on Jan 08, 2026 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q3, 2026 results at 9:00 AM, Tokyo Standard Time on Jan 08, 2026 Major Estimate Revision • Oct 30
Consensus EPS estimates increase by 33%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from JP¥235.9b to JP¥229.2b. EPS estimate rose from JP¥252 to JP¥335. Net income forecast to grow 41% next year vs 10% growth forecast for Food industry in Japan. Consensus price target up from JP¥3,500 to JP¥4,100. Share price fell 4.9% to JP¥3,115 over the past week. New Risk • Oct 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Oct 08
Second quarter 2026 earnings released: EPS: JP¥143 (vs JP¥75.18 in 2Q 2025) Second quarter 2026 results: EPS: JP¥143 (up from JP¥75.18 in 2Q 2025). Revenue: JP¥62.1b (up 5.5% from 2Q 2025). Net income: JP¥2.48b (up 89% from 2Q 2025). Profit margin: 4.0% (up from 2.2% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food 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 increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 17 November 2025. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). Announcement • Aug 20
Warabeya Nichiyo Holdings Co., Ltd. to Report Q2, 2026 Results on Oct 07, 2025 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q2, 2026 results on Oct 07, 2025 Reported Earnings • Jul 10
First quarter 2026 earnings released: EPS: JP¥87.02 (vs JP¥85.55 in 1Q 2025) First quarter 2026 results: EPS: JP¥87.02 (up from JP¥85.55 in 1Q 2025). Revenue: JP¥57.5b (up 5.1% from 1Q 2025). Net income: JP¥1.52b (up 1.7% from 1Q 2025). Profit margin: 2.6% (down from 2.7% in 1Q 2025). Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Declared Dividend • Jun 18
Final dividend of JP¥45.00 announced Dividend of JP¥45.00 is the same as last year. Ex-date: 28th August 2025 Payment date: 17th November 2025 Dividend yield will be 4.0%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.4% 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 49% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 21
Warabeya Nichiyo Holdings Co., Ltd. to Report Q1, 2026 Results on Jul 08, 2025 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q1, 2026 results at 9:00 AM, Tokyo Standard Time on Jul 08, 2025 Reported Earnings • Apr 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥153 (down from JP¥245 in FY 2024). Revenue: JP¥222.5b (up 7.5% from FY 2024). Net income: JP¥2.68b (down 37% from FY 2024). Profit margin: 1.2% (down from 2.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Announcement • Apr 10
Warabeya Nichiyo Holdings Co., Ltd., Annual General Meeting, May 22, 2025 Warabeya Nichiyo Holdings Co., Ltd., Annual General Meeting, May 22, 2025. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥228.0b to JP¥223.4b. EPS estimate also fell from JP¥189 per share to JP¥132 per share. Net income forecast to shrink 38% next year vs 10% growth forecast for Food industry in Japan . Consensus price target down from JP¥3,050 to JP¥2,100. Share price was steady at JP¥2,048 over the past week. Buy Or Sell Opportunity • Feb 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.0% to JP¥2,096. The fair value is estimated to be JP¥1,744, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.8%). Announcement • Feb 19
Warabeya Nichiyo Holdings Co., Ltd. to Report Fiscal Year 2025 Results on Apr 10, 2025 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report fiscal year 2025 results at 9:00 AM, Tokyo Standard Time on Apr 10, 2025 Reported Earnings • Jan 11
Third quarter 2025 earnings released: EPS: JP¥47.63 (vs JP¥40.60 in 3Q 2024) Third quarter 2025 results: EPS: JP¥47.63 (up from JP¥40.60 in 3Q 2024). Revenue: JP¥55.6b (up 11% from 3Q 2024). Net income: JP¥832.0m (up 17% from 3Q 2024). Profit margin: 1.5% (up from 1.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food 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 only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jan 09
Warabeya Nichiyo Holdings Co., Ltd. Provides Cash Dividend Guidance for the Fiscal Year Ending February 28, 2025 Warabeya Nichiyo Holdings Co., Ltd. provided cash dividend guidance for the fiscal year ending February 28, 2025. For the year-end, the company expects to pay cash dividend of JPY 45.00 per share against JPY 45.00 per share paid a year ago. Board Change • Jan 08
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Chikako Irie was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 22
Warabeya Nichiyo Holdings Co., Ltd. to Report Q3, 2025 Results on Jan 09, 2025 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q3, 2025 results on Jan 09, 2025 Announcement • Aug 23
Warabeya Nichiyo Holdings Co., Ltd. to Report Q2, 2025 Results on Oct 08, 2024 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q2, 2025 results on Oct 08, 2024 Upcoming Dividend • Aug 22
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 15 November 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,146, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Food industry in Japan. Total returns to shareholders of 6.7% over the past three years. Buy Or Sell Opportunity • Jul 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to JP¥2,544. The fair value is estimated to be JP¥2,099, however this is not to be taken as a sell 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 grown by 18%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to decline by 5.7% in the next 2 years. Reported Earnings • Jul 11
First quarter 2025 earnings released: EPS: JP¥85.55 (vs JP¥85.55 in 1Q 2024) First quarter 2025 results: EPS: JP¥85.55 (in line with 1Q 2024). Revenue: JP¥54.7b (up 9.9% from 1Q 2024). Net income: JP¥1.49b (flat on 1Q 2024). Profit margin: 2.7% (down from 3.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 06
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 29th August 2024 Payment date: 15th November 2024 Dividend yield will be 3.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.9% 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 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 23
Warabeya Nichiyo Holdings Co., Ltd. to Report Q1, 2025 Results on Jul 09, 2024 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q1, 2025 results on Jul 09, 2024 Major Estimate Revision • Apr 19
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥229.6b to JP¥232.1b. EPS estimate fell from JP¥233 to JP¥200 per share. Net income forecast to shrink 18% next year vs 6.6% growth forecast for Food industry in Japan . Consensus price target down from JP¥3,105 to JP¥2,875. Share price was steady at JP¥2,391 over the past week. Announcement • Apr 13
Warabeya Nichiyo Holdings Co., Ltd., Annual General Meeting, May 23, 2024 Warabeya Nichiyo Holdings Co., Ltd., Annual General Meeting, May 23, 2024. Reported Earnings • Apr 12
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥245 (up from JP¥161 in FY 2023). Revenue: JP¥207.0b (up 6.5% from FY 2023). Net income: JP¥4.27b (up 52% from FY 2023). Profit margin: 2.1% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.7%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food 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 only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 22
Warabeya Nichiyo Holdings Co., Ltd. to Report Fiscal Year 2024 Results on Apr 11, 2024 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report fiscal year 2024 results on Apr 11, 2024 Upcoming Dividend • Feb 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.7%). Price Target Changed • Jan 30
Price target decreased by 19% to JP¥3,105 Down from JP¥3,850, the current price target is an average from 2 analysts. New target price is 6.8% above last closing price of JP¥2,906. Stock is up 48% over the past year. The company is forecast to post earnings per share of JP¥226 for next year compared to JP¥161 last year. Reported Earnings • Jan 13
Third quarter 2024 earnings released: EPS: JP¥40.60 (vs JP¥43.46 in 3Q 2023) Third quarter 2024 results: EPS: JP¥40.60 (down from JP¥43.46 in 3Q 2023). Revenue: JP¥50.2b (up 1.7% from 3Q 2023). Net income: JP¥709.0m (down 6.6% from 3Q 2023). Profit margin: 1.4% (in line with 3Q 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food 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 only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Jan 12
Warabeya Nichiyo Holdings Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending February 29, 2024 Warabeya Nichiyo Holdings Co., Ltd. provided dividend guidance for the fiscal year ending February 29, 2024. For the year, the company expects to pay dividend of JPY 45.00 per share against JPY 65.00 per share paid a year ago. Announcement • Nov 22
Warabeya Nichiyo Holdings Co., Ltd. to Report Q3, 2024 Results on Jan 11, 2024 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q3, 2024 results on Jan 11, 2024 Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥3,285, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Food industry in Japan. Total returns to shareholders of 144% over the past three years. Reported Earnings • Oct 07
Second quarter 2024 earnings released: EPS: JP¥72.38 (vs JP¥19.18 in 2Q 2023) Second quarter 2024 results: EPS: JP¥72.38 (up from JP¥19.18 in 2Q 2023). Revenue: JP¥53.2b (up 5.5% from 2Q 2023). Net income: JP¥1.26b (up 277% from 2Q 2023). Profit margin: 2.4% (up from 0.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Aug 18
Warabeya Nichiyo Holdings Co., Ltd. to Report Q2, 2024 Results on Oct 06, 2023 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q2, 2024 results on Oct 06, 2023 Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,638, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 19x in the Food industry in Japan. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,478 per share. New Risk • Jul 08
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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (368% cash payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Jul 07
First quarter 2024 earnings released: EPS: JP¥85.55 (vs JP¥72.78 in 1Q 2023) First quarter 2024 results: EPS: JP¥85.55 (up from JP¥72.78 in 1Q 2023). Revenue: JP¥49.8b (up 5.0% from 1Q 2023). Net income: JP¥1.49b (up 18% from 1Q 2023). Profit margin: 3.0% (up from 2.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥161 (down from JP¥187 in FY 2022). Revenue: JP¥194.4b (up 1.1% from FY 2022). Net income: JP¥2.81b (down 14% from FY 2022). Profit margin: 1.4% (down from 1.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 22
Price target increased by 12% to JP¥2,900 Up from JP¥2,600, the current price target is provided by 1 analyst. New target price is 26% above last closing price of JP¥2,307. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥186 for next year compared to JP¥161 last year. Announcement • May 19
Warabeya Nichiyo Holdings Co., Ltd. to Report Q1, 2024 Results on Jul 06, 2023 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q1, 2024 results on Jul 06, 2023 Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥2,114, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Food industry in Japan. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥910 per share. Reported Earnings • Apr 13
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥161 (down from JP¥187 in FY 2022). Revenue: JP¥194.4b (up 1.1% from FY 2022). Net income: JP¥2.81b (down 14% from FY 2022). Profit margin: 1.4% (down from 1.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥50.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 29 May 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Jan 11
Third quarter 2023 earnings released: EPS: JP¥43.46 (vs JP¥45.42 in 3Q 2022) Third quarter 2023 results: EPS: JP¥43.46 (down from JP¥45.42 in 3Q 2022). Revenue: JP¥49.3b (up 1.2% from 3Q 2022). Net income: JP¥759.0m (down 4.3% from 3Q 2022). Profit margin: 1.5% (down from 1.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Nov 23
Warabeya Nichiyo Holdings Co., Ltd. to Report Q3, 2023 Results on Jan 10, 2023 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q3, 2023 results on Jan 10, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Hidetora Yoshimine was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 14
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥204 to JP¥155 per share. Revenue forecast steady at JP¥195.0b. Net income forecast to grow 26% next year vs 8.7% decline forecast for Food industry in Japan. Consensus price target of JP¥2,760 unchanged from last update. Share price fell 9.2% to JP¥1,915 over the past week. Reported Earnings • Oct 09
Second quarter 2023 earnings released: EPS: JP¥19.18 (vs JP¥95.89 in 2Q 2022) Second quarter 2023 results: EPS: JP¥19.18 (down from JP¥95.89 in 2Q 2022). Revenue: JP¥50.4b (up 3.1% from 2Q 2022). Net income: JP¥335.0m (down 80% from 2Q 2022). Profit margin: 0.7% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Aug 21
Warabeya Nichiyo Holdings Co., Ltd. to Report Q2, 2023 Results on Oct 07, 2022 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q2, 2023 results on Oct 07, 2022 Reported Earnings • Jul 08
First quarter 2023 earnings released: EPS: JP¥72.78 (vs JP¥43.60 in 1Q 2022) First quarter 2023 results: EPS: JP¥72.78 (up from JP¥43.60 in 1Q 2022). Revenue: JP¥47.4b (flat on 1Q 2022). Net income: JP¥1.27b (up 67% from 1Q 2022). Profit margin: 2.7% (up from 1.6% in 1Q 2022). Over the next year, revenue is forecast to grow 2.5%, compared to a 7.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥2,095, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Food industry in Japan. Total returns to shareholders of 25% over the past three years. Reported Earnings • Jun 02
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥187 (up from JP¥39.00 in FY 2021). Revenue: JP¥192.3b (down 1.0% from FY 2021). Net income: JP¥3.26b (up 379% from FY 2021). Profit margin: 1.7% (up from 0.4% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 1.3%, compared to a 5.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 20
Warabeya Nichiyo Holdings Co., Ltd. to Report Q1, 2023 Results on Jul 06, 2022 Warabeya Nichiyo Holdings Co., Ltd. announced that they will report Q1, 2023 results on Jul 06, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Hidetora Yoshimine was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
Warabeya Nichiyo Holdings Co., Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending August 31, 2022 and Full Year Ending February 28, 2023 Warabeya Nichiyo Holdings Co., Ltd. provided consolidated earnings guidance for the six months ending August 31, 2022 and full year ending February 28, 2023. For the six months, the company expected net sales of JPY 96,700 million, operating profit of JPY 2,600 million, profit attributable to owners of parent of JPY 1,750 million and earnings per share of JPY 100.20. For the full year, the company expected net sales of JPY 194,000 million, operating profit of JPY 4,500 million, profit attributable to owners of parent of JPY 3,000 million and earnings per share of JPY 171.78.