Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥584, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 19x in the Healthcare Services industry in Japan. Total loss to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥510, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 18x in the Healthcare Services industry in Japan. Total loss to shareholders of 81% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥632, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 19x in the Healthcare Services industry in Japan. Total loss to shareholders of 76% over the past three years. New Risk • May 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (30% accrual ratio). Minor Risk Market cap is less than US$100m (JP¥7.37b market cap, or US$46.4m). Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥21.04 (vs JP¥258 loss in FY 2025) Full year 2026 results: EPS: JP¥21.04 (up from JP¥258 loss in FY 2025). Revenue: JP¥5.14b (up 5.8% from FY 2025). Net income: JP¥267.0m (up JP¥3.54b from FY 2025). Profit margin: 5.2% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Announcement • May 12
Data Horizon Co.,Ltd., Annual General Meeting, Jun 30, 2026 Data Horizon Co.,Ltd., Annual General Meeting, Jun 30, 2026. New Risk • May 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). Revenue has declined by 5.9% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Market cap is less than US$100m (JP¥6.35b market cap, or US$40.3m). New Risk • Jan 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 65% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (JP¥6.66b market cap, or US$42.1m). New Risk • Jul 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -JP¥3.3b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥3.3b free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 65% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥7.03b market cap, or US$48.6m). Reported Earnings • May 12
Third quarter 2025 earnings released: JP¥188 loss per share (vs JP¥6.31 loss in 3Q 2024) Third quarter 2025 results: JP¥188 loss per share (further deteriorated from JP¥6.31 loss in 3Q 2024). Revenue: JP¥1.67b (up 2.5% from 3Q 2024). Net loss: JP¥2.39b (loss widened JP¥2.31b from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Announcement • May 09
Data Horizon Co.,Ltd., Annual General Meeting, Jun 26, 2025 Data Horizon Co.,Ltd., Annual General Meeting, Jun 26, 2025. Reported Earnings • Feb 08
Second quarter 2025 earnings released: JP¥19.94 loss per share (vs JP¥15.46 loss in 2Q 2024) Second quarter 2025 results: JP¥19.94 loss per share (further deteriorated from JP¥15.46 loss in 2Q 2024). Revenue: JP¥1.10b (down 7.9% from 2Q 2024). Net loss: JP¥253.0m (loss widened 29% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 08
First quarter 2025 earnings released: JP¥25.17 loss per share (vs JP¥17.69 loss in 1Q 2024) First quarter 2025 results: JP¥25.17 loss per share (further deteriorated from JP¥17.69 loss in 1Q 2024). Revenue: JP¥1.08b (down 8.2% from 1Q 2024). Net loss: JP¥319.0m (loss widened 42% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 22 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 03
Full year 2024 earnings released: JP¥63.68 loss per share (vs JP¥53.26 loss in FY 2023) Full year 2024 results: JP¥63.68 loss per share (further deteriorated from JP¥53.26 loss in FY 2023). Revenue: JP¥5.01b (up 14% from FY 2023). Net loss: JP¥807.0m (loss widened 22% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Announcement • Aug 28
Data Horizon Co.,Ltd. to Report Q1, 2025 Results on Nov 06, 2024 Data Horizon Co.,Ltd. announced that they will report Q1, 2025 results on Nov 06, 2024 Reported Earnings • Aug 13
Full year 2024 earnings released: JP¥63.68 loss per share (vs JP¥53.26 loss in FY 2023) Full year 2024 results: JP¥63.68 loss per share (further deteriorated from JP¥53.26 loss in FY 2023). Revenue: JP¥5.01b (up 14% from FY 2023). Net loss: JP¥807.0m (loss widened 22% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Aug 08
Data Horizon Co.,Ltd., Annual General Meeting, Sep 27, 2024 Data Horizon Co.,Ltd., Annual General Meeting, Sep 27, 2024. Announcement • Jun 06
Data Horizon Co.,Ltd. to Report Fiscal Year 2024 Results on Aug 08, 2024 Data Horizon Co.,Ltd. announced that they will report fiscal year 2024 results on Aug 08, 2024 Reported Earnings • May 09
Third quarter 2024 earnings released: JP¥6.31 loss per share (vs JP¥0.95 loss in 3Q 2023) Third quarter 2024 results: JP¥6.31 loss per share (further deteriorated from JP¥0.95 loss in 3Q 2023). Revenue: JP¥1.63b (up 5.9% from 3Q 2023). Net loss: JP¥80.0m (loss widened JP¥68.0m from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Announcement • Apr 02
Data Horizon Co.,Ltd. SHS to be Deleted from OTC Equity Data Horizon Co.,Ltd. SHS (Japan) will be deleted from OTC Equity effective April 02, 2024, due to inactive security. Announcement • Feb 29
Data Horizon Co.,Ltd. to Report Q3, 2024 Results on May 08, 2024 Data Horizon Co.,Ltd. announced that they will report Q3, 2024 results on May 08, 2024 Board Change • Feb 26
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. 4 non-independent directors. Independent Outside Director Tamotsu Okamoto 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. New Risk • Feb 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -JP¥1.3b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥1.3b free cash flow). Earnings have declined by 56% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (JP¥11.0b market cap, or US$73.4m). Reported Earnings • Feb 09
Second quarter 2024 earnings released: JP¥15.46 loss per share (vs JP¥29.57 loss in 2Q 2023) Second quarter 2024 results: JP¥15.46 loss per share (improved from JP¥29.57 loss in 2Q 2023). Revenue: JP¥1.20b (up 21% from 2Q 2023). Net loss: JP¥196.0m (loss narrowed 48% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • Dec 10
Data Horizon Co.,Ltd. to Report Q2, 2024 Results on Feb 07, 2024 Data Horizon Co.,Ltd. announced that they will report Q2, 2024 results on Feb 07, 2024 Reported Earnings • Nov 09
First quarter 2024 earnings released: JP¥17.69 loss per share (vs JP¥14.09 loss in 1Q 2023) First quarter 2024 results: JP¥17.69 loss per share (further deteriorated from JP¥14.09 loss in 1Q 2023). Revenue: JP¥1.18b (up 63% from 1Q 2023). Net loss: JP¥224.0m (loss widened 33% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • Oct 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥923m free cash flow). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 52% per year over the past 5 years. Announcement • Sep 24
Data Horizon Co.,Ltd. to Report Q1, 2024 Results on Nov 08, 2023 Data Horizon Co.,Ltd. announced that they will report Q1, 2024 results on Nov 08, 2023 Announcement • Aug 11
Data Horizon Co.,Ltd., Annual General Meeting, Sep 28, 2023 Data Horizon Co.,Ltd., Annual General Meeting, Sep 28, 2023. Reported Earnings • Aug 10
Full year 2023 earnings released: JP¥53.26 loss per share (vs JP¥38.61 loss in FY 2022) Full year 2023 results: JP¥53.26 loss per share (further deteriorated from JP¥38.61 loss in FY 2022). Revenue: JP¥4.41b (up 48% from FY 2022). Net loss: JP¥664.0m (loss widened 62% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 148 percentage points per year, which is a significant difference in performance. Announcement • Jul 06
Data Horizon Co.,Ltd. to Report Fiscal Year 2023 Results on Aug 09, 2023 Data Horizon Co.,Ltd. announced that they will report fiscal year 2023 results on Aug 09, 2023 Reported Earnings • May 12
Third quarter 2023 earnings released: JP¥0.95 loss per share (vs JP¥10.83 loss in 3Q 2022) Third quarter 2023 results: JP¥0.95 loss per share (improved from JP¥10.83 loss in 3Q 2022). Revenue: JP¥1.54b (up 87% from 3Q 2022). Net loss: JP¥12.0m (loss narrowed 90% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 136 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 10
Second quarter 2023 earnings released: JP¥29.57 loss per share (vs JP¥12.62 loss in 2Q 2022) Second quarter 2023 results: JP¥29.57 loss per share (further deteriorated from JP¥12.62 loss in 2Q 2022). Revenue: JP¥989.0m (up 83% from 2Q 2022). Net loss: JP¥374.0m (loss widened 179% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Announcement • Dec 28
Data Horizon Corporation to Report Q2, 2023 Results on Feb 08, 2023 Data Horizon Corporation announced that they will report Q2, 2023 results on Feb 08, 2023 Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. No independent directors (7 non-independent directors). External Standing Corporate Auditor Hiroshi Noma was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
First quarter 2023 earnings released: JP¥14.09 loss per share (vs JP¥1.13 loss in 1Q 2022) First quarter 2023 results: JP¥14.09 loss per share (further deteriorated from JP¥1.13 loss in 1Q 2022). Revenue: JP¥721.0m (down 4.4% from 1Q 2022). Net loss: JP¥168.0m (loss widened JP¥156.0m from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Oct 06
Full year 2022 earnings released: JP¥38.61 loss per share (vs JP¥26.65 profit in FY 2021) Full year 2022 results: JP¥38.61 loss per share (down from JP¥26.65 profit in FY 2021). Revenue: JP¥2.99b (down 10% from FY 2021). Net loss: JP¥410.0m (down 245% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Announcement • Sep 28
Data Horizon Corporation to Report Q1, 2023 Results on Nov 08, 2022 Data Horizon Corporation announced that they will report Q1, 2023 results on Nov 08, 2022 Announcement • Aug 12
Data Horizon Corporation, Annual General Meeting, Sep 29, 2022 Data Horizon Corporation, Annual General Meeting, Sep 29, 2022. Reported Earnings • Aug 12
Full year 2022 earnings released: JP¥38.61 loss per share (vs JP¥26.65 profit in FY 2021) Full year 2022 results: JP¥38.61 loss per share (down from JP¥26.65 profit in FY 2021). Revenue: JP¥2.99b (down 10% from FY 2021). Net loss: JP¥410.0m (down 245% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Aug 04
Data Horizon Corporation announced that it has received ¥3.3999876 billion in funding from DeNA Co., Ltd. On August 3, 2022, Data Horizon Corporation closed the transaction. Out of total gross proceeds, ¥1,699,993,800 will go towards capital and the remaining will go towards capital reserve. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥6.67 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 September 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (0.5%). Announcement • Jun 04
Data Horizon Corporation to Report Fiscal Year 2022 Results on Aug 10, 2022 Data Horizon Corporation announced that they will report fiscal year 2022 results on Aug 10, 2022 Reported Earnings • May 19
Third quarter 2022 earnings released: JP¥10.83 loss per share (vs JP¥38.61 profit in 3Q 2021) Third quarter 2022 results: JP¥10.83 loss per share (down from JP¥38.61 profit in 3Q 2021). Revenue: JP¥824.0m (down 34% from 3Q 2021). Net loss: JP¥115.0m (down 128% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 43% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. No independent directors (7 non-independent directors). External Standing Corporate Auditor Hiroshi Noma was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Data Horizon Corporation to Report Q3, 2022 Results on May 10, 2022 Data Horizon Corporation announced that they will report Q3, 2022 results on May 10, 2022 Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥1,042, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 28x in the Healthcare Services industry in Japan. Total returns to shareholders of 73% over the past three years. Reported Earnings • Feb 17
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: JP¥12.62 loss per share (down from JP¥12.43 loss in 2Q 2021). Revenue: JP¥541.0m (up 30% from 2Q 2021). Net loss: JP¥134.0m (loss widened 1.5% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
First quarter 2022 earnings released: JP¥3.39 loss per share (vs JP¥22.88 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: JP¥754.0m (up 156% from 1Q 2021). Net loss: JP¥12.0m (loss narrowed 95% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 05
Full year 2021 earnings released: EPS JP¥79.94 (vs JP¥18.93 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥3.33b (up 20% from FY 2020). Net income: JP¥283.0m (up 41% from FY 2020). Profit margin: 8.5% (up from 7.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 27% share price gain to JP¥5,330, the stock trades at a trailing P/E ratio of 66.7x. Average trailing P/E is 59x in the Healthcare Services industry in Japan. Total returns to shareholders of 257% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 30 September 2021. Trailing yield: 0.4%. Lower than top quartile of Japanese dividend payers (3.1%). Higher than average of industry peers (0.2%). Reported Earnings • May 15
Third quarter 2021 earnings released: EPS JP¥116 (vs JP¥87.01 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥1.24b (up 13% from 3Q 2020). Net income: JP¥410.0m (up 33% from 3Q 2020). Profit margin: 33% (up from 28% 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 21% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 20
New 90-day high: JP¥3,890 The company is up 13% from its price of JP¥3,435 on 20 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 7.0% over the same period. Reported Earnings • Feb 14
Second quarter 2021 earnings released: JP¥37.29 loss per share (vs JP¥45.48 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: JP¥417.0m (up 57% from 2Q 2020). Net loss: JP¥132.0m (loss narrowed 18% from 2Q 2020). Is New 90 Day High Low • Feb 04
New 90-day low: JP¥2,991 The company is down 15% from its price of JP¥3,510 on 06 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare Services industry, which is up 13% over the same period. Announcement • Jan 08
Data Horizon Corporation to Report Q2, 2021 Results on Feb 12, 2021 Data Horizon Corporation announced that they will report Q2, 2021 results on Feb 12, 2021