Reported Earnings • May 06
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥72.53 (up from JP¥59.62 in FY 2025). Revenue: JP¥351.4b (up 23% from FY 2025). Net income: JP¥49.1b (up 21% from FY 2025). Profit margin: 14% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • May 02
M3, Inc., Annual General Meeting, Jun 26, 2026 M3, Inc., Annual General Meeting, Jun 26, 2026. Announcement • Apr 22
M3, Inc. to Report Fiscal Year 2026 Results on May 01, 2026 M3, Inc. announced that they will report fiscal year 2026 results on May 01, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.4%). Declared Dividend • Mar 07
Dividend of JP¥21.00 announced Dividend of JP¥21.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 9th June 2026 Dividend yield will be 1.3%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 18% 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 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 26
Now 27% overvalued Over the last 90 days, the stock has fallen 36% to JP¥1,637. The fair value is estimated to be JP¥1,288, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 3.5%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 05
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥29.40 (up from JP¥22.46 in 3Q 2025). Revenue: JP¥93.5b (up 16% from 3Q 2025). Net income: JP¥19.9b (up 31% from 3Q 2025). Profit margin: 21% (up from 19% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 28%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Nov 29
M3, Inc. to Report Q3, 2026 Results on Feb 04, 2026 M3, Inc. announced that they will report Q3, 2026 results on Feb 04, 2026 Price Target Changed • Nov 15
Price target increased by 7.2% to JP¥2,616 Up from JP¥2,440, the current price target is an average from 15 analysts. New target price is approximately in line with last closing price of JP¥2,738. Stock is up 119% over the past year. The company is forecast to post earnings per share of JP¥72.06 for next year compared to JP¥59.62 last year. Reported Earnings • Nov 14
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥17.38 (up from JP¥8.90 in 2Q 2025). Revenue: JP¥84.7b (up 40% from 2Q 2025). Net income: JP¥11.8b (up 95% from 2Q 2025). Profit margin: 14% (up from 10.0% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Nov 13
Now 43% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to JP¥2,630. The fair value is estimated to be JP¥1,843, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Buy Or Sell Opportunity • Oct 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to JP¥2,264. The fair value is estimated to be JP¥1,883, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Buy Or Sell Opportunity • Sep 29
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to JP¥2,371. The fair value is estimated to be JP¥1,907, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Sep 04
Intermestic Inc. (TSE:262A) agreed to acquire Horus Co., Ltd. from M3, Inc. (TSE:2413), NIC Fund II Cayman, LP, Camellia Fund 2 Cayman L.P., Kerasus Fund 2 Cayman L.P., Wisteria Fund II Cayman, LP and Horus IE Limited Liability Partnership for ¥19.1 billion. Intermestic Inc. (TSE:262A) agreed to acquire Horus Co., Ltd. from M3, Inc. (TSE:2413), NIC Fund II Cayman, LP, Camellia Fund 2 Cayman L.P., Kerasus Fund 2 Cayman L.P., Wisteria Fund II Cayman, LP and Horus IE Limited Liability Partnership for ¥19.1 billion on September 2, 2025. A cash consideration of ¥19.08 billion will be paid by Intermestic Inc. As part of consideration, ¥19.08 billion is paid towards common equity of Horus Co., Ltd. The transaction will be financed through senior debt of ¥18 billion.
For the period ending April 30, 2025, Horus Co., Ltd. reported total revenue of ¥28.19 billion and EBIT of ¥1.84 billion. As of April 30, 2025, Horus Co., Ltd. reported total assets of ¥19.95 billion and total common equity of ¥4.42 billion.
The expected completion of the transaction is October 1, 2025. Buy Or Sell Opportunity • Sep 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to JP¥2,320. The fair value is estimated to be JP¥1,915, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Sep 01
M3, Inc. to Report Q2, 2026 Results on Nov 12, 2025 M3, Inc. announced that they will report Q2, 2026 results on Nov 12, 2025 Price Target Changed • Aug 20
Price target increased by 8.3% to JP¥2,285 Up from JP¥2,109, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of JP¥2,333. Stock is up 67% over the past year. The company is forecast to post earnings per share of JP¥70.58 for next year compared to JP¥59.62 last year. Buy Or Sell Opportunity • Aug 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to JP¥2,328. The fair value is estimated to be JP¥1,890, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥2,201, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 23x in the Healthcare Services industry in Japan. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,057 per share. Reported Earnings • Aug 07
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥17.44 (up from JP¥16.57 in 1Q 2025). Revenue: JP¥86.2b (up 34% from 1Q 2025). Net income: JP¥11.8b (up 5.3% from 1Q 2025). Profit margin: 14% (down from 18% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Aug 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to JP¥1,896. The fair value is estimated to be JP¥1,577, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Jul 01
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥59.62 (down from JP¥66.68 in FY 2024). Revenue: JP¥284.9b (up 19% from FY 2024). Net income: JP¥40.5b (down 11% from FY 2024). Profit margin: 14% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Announcement • Jun 05
EUCALIA Inc. (TSE:286A) signed an agreement to acquire Epigno Inc. from a group of shareholders. EUCALIA Inc. (TSE:286A) signed an agreement to acquire Epigno Inc. from a group of shareholders on June 5, 2025. EUCALIA Inc acquired 0.053 shares in Epigno Inc. The sellers were 19.9% stake from M3, Inc., 9.4% stake from M3 Career, Inc., 11.7% stake from THVP-No. 1 Limited Partnership, a fund managed by Tohoku University Venture Partners Co.,Ltd., 22.5% stake from Fumiyoshi Inui,12.1% stake from Takuya Shiga. The other sellers were Lifetime Ventures Investment LP, Kanshin Mirai No.2 Investment LP, Healthcare New Frontier Investment LP, and Colopl Next No.7 Fund Investment LP.
For the period ending August 31, 2024, Epigno Inc. reported total revenue of approximately ¥110 million, operating loss of ¥83.7 million, net loss of ¥81.19 million, total assets of approximately ¥190 million and net assets of ¥23.3 million. The transaction is expected to close on July 1, 2025. Announcement • May 31
M3, Inc. to Report Q1, 2026 Results on Aug 06, 2025 M3, Inc. announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • May 03
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥59.62 (down from JP¥66.68 in FY 2024). Revenue: JP¥284.9b (up 19% from FY 2024). Net income: JP¥40.5b (down 11% from FY 2024). Profit margin: 14% (down from 19% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • May 03
M3, Inc. (TSE:2413) announces an Equity Buyback for 20,000,000 shares, representing 2.95% for ¥20,000 million. M3, Inc. (TSE:2413) announces a share repurchase program. Under the program, the company will repurchase up to 20,000,000 shares, representing 2.95% of its total shares outstanding (excluding treasury shares), for a total of ¥20,000 million. The purpose of repurchase program is to provide returns to shareholders. The repurchase program is valid till April 30, 2026. As of March 31, 2025, the company had 679,032,629 shares issued (excluding treasury shares) and 45,271 treasury shares Buy Or Sell Opportunity • Apr 07
Now 23% undervalued Over the last 90 days, the stock has risen 6.6% to JP¥1,510. The fair value is estimated to be JP¥1,952, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (1.2%). Announcement • Mar 07
M3, Inc. (TSE:2413) entered into Share transfer agreement to acquire 51% stake in Ewel Inc. from Tokyu Land Corporation for ¥10.2 billion. M3, Inc. (TSE:2413) agreed to acquire 51% stake in Ewel Inc. from Tokyu Land Corporation for ¥10.2 billion on March 5, 2025. A cash consideration of ¥10.2 billion will be paid by M3, Inc. As part of consideration, ¥10.2 billion is paid towards common equity of Ewel Inc. The transaction will be financed through Cash on Hand of ¥10.2 billion.
For the period ending March 31, 2024, Ewel Inc. reported total revenue of ¥11.67 billion, EBIT of ¥887 million and net income of ¥566 million. As of March 31, 2024, Ewel Inc. reported total assets of ¥13.65 billion and total common equity of ¥5.88 billion.
The expected completion of the transaction is April 1, 2025. Declared Dividend • Mar 06
Dividend increased to JP¥22.00 Dividend of JP¥22.00 is 4.8% higher than last year. Ex-date: 28th March 2025 Payment date: 10th June 2025 Dividend yield will be 1.2%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 21% 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 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 01
M3, Inc. to Report Fiscal Year 2025 Results on May 02, 2025 M3, Inc. announced that they will report fiscal year 2025 results on May 02, 2025 Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥1,738, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 19x in the Healthcare Services industry in Japan. Total loss to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,519 per share. Reported Earnings • Feb 11
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥22.46 (up from JP¥19.45 in 3Q 2024). Revenue: JP¥80.7b (up 27% from 3Q 2024). Net income: JP¥15.3b (up 16% from 3Q 2024). Profit margin: 19% (down from 21% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Healthcare Services 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 fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Feb 10
M3, Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025 M3, Inc. provided consolidated earnings guidance for the fiscal year ending March 31, 2025. For the period, the company expected revenue to be in the range of JPY 268,000 million to JPY 273,000 million, operating profit to be in the range of JPY 67,000 million to JPY 70,000 million, profit attributable to owners of the parent to be in the range of JPY 44,000 million to JPY 46,000 million and basic earnings per share to be in the range of JPY 64.80 to JPY 67.75. Announcement • Nov 30
M3, Inc. to Report Q3, 2025 Results on Feb 10, 2025 M3, Inc. announced that they will report Q3, 2025 results on Feb 10, 2025 Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,507, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Healthcare Services industry in Japan. Total loss to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,327 per share. Reported Earnings • Nov 01
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: JP¥8.90 (down from JP¥16.19 in 2Q 2024). Revenue: JP¥60.6b (up 3.8% from 2Q 2024). Net income: JP¥6.05b (down 45% from 2Q 2024). Profit margin: 10.0% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Healthcare Services 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 fallen by 38% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,692, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Healthcare Services industry in Japan. Total loss to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,342 per share. Price Target Changed • Sep 03
Price target decreased by 7.2% to JP¥1,834 Down from JP¥1,977, the current price target is an average from 12 analysts. New target price is 32% above last closing price of JP¥1,392. Stock is down 53% over the past year. The company is forecast to post earnings per share of JP¥68.99 for next year compared to JP¥66.68 last year. Announcement • Aug 27
M3, Inc. to Report Q2, 2025 Results on Oct 30, 2024 M3, Inc. announced that they will report Q2, 2025 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,394, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the Healthcare Services industry in Japan. Total loss to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,547 per share. Price Target Changed • Aug 06
Price target decreased by 7.2% to JP¥2,028 Down from JP¥2,185, the current price target is an average from 12 analysts. New target price is 67% above last closing price of JP¥1,214. Stock is down 60% over the past year. The company is forecast to post earnings per share of JP¥69.78 for next year compared to JP¥66.68 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,152, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Healthcare Services industry in Japan. Total loss to shareholders of 83% over the past three years. Reported Earnings • Jul 28
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥16.57 (down from JP¥18.29 in 1Q 2024). Revenue: JP¥64.2b (up 12% from 1Q 2024). Net income: JP¥11.2b (down 9.4% from 1Q 2024). Profit margin: 18% (down from 22% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare Services 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 fallen by 41% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 01
Now 18% overvalued Over the last 90 days, the stock has fallen 31% to JP¥1,492. The fair value is estimated to be JP¥1,259, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 5.0%. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Price Target Changed • Jun 20
Price target decreased by 9.3% to JP¥2,215 Down from JP¥2,443, the current price target is an average from 13 analysts. New target price is 49% above last closing price of JP¥1,491. Stock is down 53% over the past year. The company is forecast to post earnings per share of JP¥70.17 for next year compared to JP¥66.68 last year. Buy Or Sell Opportunity • Jun 20
Now 20% overvalued Over the last 90 days, the stock has fallen 30% to JP¥1,491. The fair value is estimated to be JP¥1,237, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 5.0%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. New Risk • Jun 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 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Jun 03
M3, Inc. to Report Q1, 2025 Results on Jul 26, 2024 M3, Inc. announced that they will report Q1, 2025 results on Jul 26, 2024 Price Target Changed • May 16
Price target decreased by 7.4% to JP¥2,263 Down from JP¥2,443, the current price target is an average from 11 analysts. New target price is 36% above last closing price of JP¥1,662. Stock is down 46% over the past year. The company is forecast to post earnings per share of JP¥70.29 for next year compared to JP¥66.68 last year. Reported Earnings • May 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥66.68 (down from JP¥72.22 in FY 2023). Revenue: JP¥238.9b (up 3.5% from FY 2023). Net income: JP¥45.3b (down 7.7% from FY 2023). Profit margin: 19% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.1%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Healthcare Services industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 12 June 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (0.9%). Declared Dividend • Mar 02
Dividend increased to JP¥21.00 Dividend of JP¥21.00 is 11% higher than last year. Ex-date: 28th March 2024 Payment date: 12th June 2024 Dividend yield will be 1.0%, which is about the same as the industry average. Payout Ratios Payout ratio: 28%. Cash payout ratio: 27%. Announcement • Mar 02
M3, Inc. to Report Fiscal Year 2024 Results on Apr 26, 2024 M3, Inc. announced that they will report fiscal year 2024 results on Apr 26, 2024 Buy Or Sell Opportunity • Feb 13
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to JP¥2,050. The fair value is estimated to be JP¥1,691, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Price Target Changed • Feb 08
Price target decreased by 7.9% to JP¥2,762 Down from JP¥3,000, the current price target is an average from 11 analysts. New target price is 41% above last closing price of JP¥1,960. Stock is down 44% over the past year. The company is forecast to post earnings per share of JP¥73.20 for next year compared to JP¥72.22 last year. Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: JP¥19.45 (down from JP¥22.42 in 3Q 2023). Revenue: JP¥63.4b (up 1.4% from 3Q 2023). Net income: JP¥13.2b (down 13% from 3Q 2023). Profit margin: 21% (down from 24% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Healthcare Services industry in Japan. 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 38% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,057, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 22x in the Healthcare Services industry in Japan. Total loss to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,535 per share. New Risk • Jan 18
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 5.6% 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. Announcement • Nov 29
M3, Inc. to Report Q3, 2024 Results on Jan 31, 2024 M3, Inc. announced that they will report Q3, 2024 results on Jan 31, 2024 Price Target Changed • Nov 28
Price target decreased by 8.7% to JP¥3,000 Down from JP¥3,285, the current price target is an average from 11 analysts. New target price is 26% above last closing price of JP¥2,380. Stock is down 44% over the past year. The company is forecast to post earnings per share of JP¥76.69 for next year compared to JP¥72.22 last year. Price Target Changed • Nov 21
Price target decreased by 7.7% to JP¥3,158 Down from JP¥3,422, the current price target is an average from 12 analysts. New target price is 32% above last closing price of JP¥2,394. Stock is down 45% over the past year. The company is forecast to post earnings per share of JP¥76.69 for next year compared to JP¥72.22 last year. 
