Reported Earnings • May 18
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: JP¥331 (up from JP¥273 in FY 2025). Revenue: JP¥424.9b (up 4.5% from FY 2025). Net income: JP¥52.2b (up 19% from FY 2025). Profit margin: 12% (up from 11% in FY 2025). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 4.0%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Live News • May 14
TBS Holdings Achieves Record Profits Boosts Dividend and Strengthens Takeover Defenses TBS Holdings reported record consolidated net sales and operating profit for FY2025, supported by broadcasting, streaming advertising and lifestyle segment contributions, and met its Medium-Term Plan profit targets one year ahead of schedule.
The company raised its FY2026 forecasts, increased the year-end dividend to ¥49 per share for a full-year total of ¥84, and outlined plans for ¥105b in total shareholder returns over the next three years.
TBS is pursuing higher capital efficiency through a greater focus on return on invested capital, increased use of debt financing, faster asset sales and growth investments in content IP, overseas expansion and new business areas, while also tightening takeover defenses by reshaping its Special Committee to include only outside directors and auditors.
The combination of higher profit targets, stepped-up shareholder returns and a clearer capital allocation policy signals a management team that is actively adjusting its balance sheet and governance structure.
For you, the key questions are whether TBS can sustain its content and streaming momentum and how the updated takeover defenses and increased leverage align with your comfort level on corporate control and financial risk. Announcement • May 14
TBS Holdings,Inc. to Report Q1, 2026 Results on May 22, 2026 TBS Holdings,Inc. announced that they will report Q1, 2026 results Pre-Market on May 22, 2026 Announcement • May 09
TBS Holdings,Inc. to Report Fiscal Year 2026 Results on May 14, 2026 TBS Holdings,Inc. announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 22% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.0%). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥65.75 (vs JP¥63.35 in 3Q 2025) Third quarter 2026 results: EPS: JP¥65.75 (up from JP¥63.35 in 3Q 2025). Revenue: JP¥108.6b (up 3.3% from 3Q 2025). Net income: JP¥10.3b (up 1.4% from 3Q 2025). Profit margin: 9.5% (in line with 3Q 2025). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Media 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 increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 17
TBS Holdings,Inc. (TSE:9401) acquired an unknown minority stake in Legend Pictures, LLC from Apollo Global Management, Inc. (NYSE:APO) and Legendary’s leadership. TBS Holdings,Inc. (TSE:9401) acquired an unknown minority stake in Legend Pictures, LLC from Apollo Global Management, Inc. (NYSE:APO) and Legendary’s leadership on January 16, 2026.
As part of the acquisition, Legendary Entertainment's management and Apollo-affiliated funds will be retaining the majority control in TBS Holdings,Inc.
The Raine Group LLC acted as financial advisor for Legend Pictures, LLC.
TBS Holdings,Inc. (TSE:9401) completed the acquisition of an unknown minority stake in Legend Pictures, LLC from Apollo Global Management, Inc. (NYSE:APO) and Legendary’s leadership on January 16, 2026. New Risk • Jan 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • Dec 16
TBS Holdings,Inc. to Report Q3, 2026 Results on Feb 05, 2026 TBS Holdings,Inc. announced that they will report Q3, 2026 results on Feb 05, 2026 Declared Dividend • Dec 09
First half dividend of JP¥38.00 announced Shareholders will receive a dividend of JP¥38.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not covered by cash flows (dividend approximately 27x free cash flows). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 1.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: JP¥177 (vs JP¥119 in 2Q 2025) Second quarter 2026 results: EPS: JP¥177 (up from JP¥119 in 2Q 2025). Revenue: JP¥110.0b (up 11% from 2Q 2025). Net income: JP¥27.7b (up 44% from 2Q 2025). Profit margin: 25% (up from 19% in 2Q 2025). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Oct 08
Consensus EPS estimates increase by 27% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥281 to JP¥355. Revenue forecast steady at JP¥427.8b. Net income forecast to grow 12% next year vs 28% growth forecast for Media industry in Japan. Consensus price target up from JP¥5,463 to JP¥5,630. Share price was steady at JP¥5,403 over the past week. Announcement • Sep 26
TBS Holdings,Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 TBS Holdings,Inc. revised consolidated earnings guidance for the fiscal year ending March 31, 2026. For the period, company now expects net sales of JPY 425,000 million, operating profit of JPY 21,500 million, profit attributable to owners of parent JPY 52,500 million and earnings per share of JPY 337.13 against previous guidance of net sales of JPY 425,000 million, operating profit of JPY 21,500 million, profit attributable to owners of parent JPY 27,500 million and earnings per share of JPY 173.41. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 08 December 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.6%). Announcement • Sep 14
TBS Holdings,Inc. to Report Q2, 2026 Results on Nov 11, 2025 TBS Holdings,Inc. announced that they will report Q2, 2026 results on Nov 11, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥111 (vs JP¥88.95 in 1Q 2025) First quarter 2026 results: EPS: JP¥111 (up from JP¥88.95 in 1Q 2025). Revenue: JP¥100.6b (up 2.1% from 1Q 2025). Net income: JP¥17.7b (up 23% from 1Q 2025). Profit margin: 18% (up from 15% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 6.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 18
TBS Holdings,Inc. Appoints Yosuke Yagi as Chairperson of the Special Committee for Appraising Corporate Value TBS HOLDINGS, INC. announced the appointment of Yosuke Yagi, an outside director of the company, as the chairperson of the Special Committee for Appraising Corporate Value. The Company's Special Committee for Appraising Corporate Value is an outside advisory body of the Company's Board of Directors that will consider the adequacy of measures for matters such as those inquired about by the Company's Board of Directors in relation to the "Policy on Responding to Takeover Proposals for Company Shares" established by the Company, and other such matters in determining whether such items will maximize the Company's corporate value, and give recommendations based upon the results. The term for the five (5) current members will expire at the conclusion of the Company's first Board of Directors meeting, held following the conclusion of the Company's Ordinary General Meeting of Shareholders with respect to the fiscal year 2026. Members of the Special Committee for Appraising Corporate Value: (Chairperson) Yosuke Yagi /Outside director of the Company; (Member) Natsuko Takei /Outside director of the Company; (Member) Junko Kogayu /Outside audit & supervisory board member; (Member) Masakazu Iwakura /Partner, TMI Associates; (Member) Zenichi Shishido /Professor of Law at Musashino University, Professor Emeritus at Hitotsubashi University. Declared Dividend • Jul 09
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 1.6%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (25% 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 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jul 03
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. 5 non-independent directors. Independent Director Natsuko Takei was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Jul 02
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥233 to JP¥257. Revenue forecast steady at JP¥425.4b. Net income forecast to shrink 7.6% next year vs 21% growth forecast for Media industry in Japan . Consensus price target broadly unchanged at JP¥5,055. Share price rose 6.9% to JP¥5,035 over the past week. Announcement • Jun 27
TBS Holdings,Inc. Approves Special Committee Changes TBS Holdings,Inc. at its board of directors meeting held on June 27, 2025, resolved to appoint the following individuals as members of the Company's Special Committee for Appraising Corporate Value (the ‘Committee’). The term for each member listed below shall commence now and expire at the conclusion of the Company's first Board of Directors meeting, held following the conclusion of the Company's Ordinary General Meeting of Shareholders with respect to the fiscal year 2026. Each member has consented to the assumption of office as a member of the Committee. (Member, Reappointment) -Yosuke Yagi /Outside director of the Company. (Member, New Appointment) - Natsuko Takei /Outside director of the Company. (Member, Reappointment) - Junko Kogayu /Outside audit & supervisory board member. (Member, Reappointment) - Masakazu Iwakura /Partner, TMI Associates. (Member, Reappointment) - Zenichi Shishido /Professor of Law at Musashino University, Professor Emeritus at Hitotsubashi University. Mr. Hitoshi Kashiwaki, who was previously a member of the Committee, has resigned in connection with the resignation of the Company's Outside Director as of the conclusion of the Company's 98th Ordinary General Meeting of Shareholders held today. Ms. Natsuko Takei, the Company's Outside Director, was newly elected as the Committee member. Announcement • Jun 18
TBS Holdings,Inc. to Report Q1, 2026 Results on Aug 07, 2025 TBS Holdings,Inc. announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 18
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: JP¥273 (up from JP¥232 in FY 2024). Revenue: JP¥406.7b (up 3.1% from FY 2024). Net income: JP¥43.9b (up 15% from FY 2024). Profit margin: 11% (up from 9.7% in FY 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
TBS Holdings,Inc. (TSE:9401) announces an Equity Buyback for 5,000,000 shares, representing 3.05% for ¥25,000 million. TBS Holdings,Inc. (TSE:9401) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 3.05% of its issued share capital, for ¥25,000 million. The purpose of the buyback is to improve capital efficiency and enhance shareholder returns. The program will expire on November 30, 2025. As of March 31, 2025, the company had 163,719,353 shares in issue(excluding treasury stock) and 1,871,712 shares in treasury. Announcement • May 14
TBS Holdings,Inc., Annual General Meeting, Jun 27, 2025 TBS Holdings,Inc., Annual General Meeting, Jun 27, 2025. Announcement • Apr 11
TBS Holdings,Inc. (TSE:9401) proposed to acquire Wacul.Inc (TSE:4173) for ¥3.6 billion. TBS Holdings,Inc. (TSE:9401) proposed to acquire Wacul.Inc (TSE:4173) for ¥3.6 billion on April 10, 2025. A cash consideration of ¥3.58 billion valued at ¥502 per share will be paid by TBS Holdings,Inc. As part of consideration, ¥3.58 billion is paid towards common equity of Wacul.Inc. The Tender Offeror intends to implement a series of procedures after the successful completion of the Tender Offer.
The expected completion of the transaction is May 29, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.3%). Announcement • Mar 19
TBS Holdings,Inc. to Report Fiscal Year 2025 Results on May 14, 2025 TBS Holdings,Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥63.35 (vs JP¥173 in 3Q 2024) Third quarter 2025 results: EPS: JP¥63.35 (down from JP¥173 in 3Q 2024). Revenue: JP¥105.1b (flat on 3Q 2024). Net income: JP¥10.2b (down 64% from 3Q 2024). Profit margin: 9.7% (down from 27% in 3Q 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 31% per year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,304, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Media industry in Japan. Total returns to shareholders of 160% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥8,509 per share. Announcement • Dec 17
TBS Holdings,Inc. to Report Q3, 2025 Results on Feb 06, 2025 TBS Holdings,Inc. announced that they will report Q3, 2025 results on Feb 06, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥119 (vs JP¥0.71 in 2Q 2024) Second quarter 2025 results: EPS: JP¥119 (up from JP¥0.71 in 2Q 2024). Revenue: JP¥99.2b (up 3.3% from 2Q 2024). Net income: JP¥19.2b (up JP¥19.1b from 2Q 2024). Profit margin: 19% (up from 0.1% in 2Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year and the company’s share price has also increased by 26% per year. Announcement • Nov 08
TBS Holdings,Inc. (TSE:9401) announces an Equity Buyback for 3,000,000 shares, representing 1.81% for ¥11,274 million. TBS Holdings,Inc. (TSE:9401) announces a share repurchase program. Under the program, the company will repurchase up to 3,000,000 shares, representing 1.81% of its issued share capital, for ¥11,274 million. The shares will be repurchased at a price of ¥3,758 per share. The purpose of the buyback is to improve capital efficiency and return to shareholders as part of the TBS Group Medium-term Management Plan 2026J. The program will expire on November 11, 2024. As of September 30, 2024, the company had 165,449,533 shares in issue(excluding treasury stock) and 3,141,532 shares in treasury. New Risk • Sep 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 06 December 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.3%). Announcement • Sep 14
TBS Holdings,Inc. to Report Q2, 2025 Results on Nov 08, 2024 TBS Holdings,Inc. announced that they will report Q2, 2025 results on Nov 08, 2024 Major Estimate Revision • Sep 10
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥209 to JP¥243. Revenue forecast steady at JP¥398.5b. Net income forecast to shrink 12% next year vs 7.5% growth forecast for Media industry in Japan . Consensus price target broadly unchanged at JP¥4,417. Share price was steady at JP¥4,071 over the past week. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥3,202, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Media industry in Japan. Total returns to shareholders of 100% over the past three years. New Risk • Aug 02
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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Announcement • Jun 28
TBS Holdings,Inc. to Report Q1, 2025 Results on Aug 08, 2024 TBS Holdings,Inc. announced that they will report Q1, 2025 results at 4:30 PM, Tokyo Standard Time on Aug 08, 2024 Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥232 (up from JP¥209 in FY 2023). Revenue: JP¥394.3b (up 7.1% from FY 2023). Net income: JP¥38.1b (up 8.4% from FY 2023). Profit margin: 9.7% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media 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 increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
TBS Holdings,Inc., Annual General Meeting, Jun 27, 2024 TBS Holdings,Inc., Annual General Meeting, Jun 27, 2024. Major Estimate Revision • May 15
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥407.2b to JP¥402.7b. EPS estimate also fell from JP¥206 per share to JP¥127 per share. Net income forecast to shrink 45% next year vs 18% growth forecast for Media industry in Japan . Consensus price target broadly unchanged at JP¥4,282. Share price fell 3.6% to JP¥3,797 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.2%). Announcement • Mar 20
TBS Holdings,Inc. to Report Fiscal Year 2024 Results on May 14, 2024 TBS Holdings,Inc. announced that they will report fiscal year 2024 results on May 14, 2024 Buy Or Sell Opportunity • Mar 06
Now 20% undervalued Over the last 90 days, the stock has risen 33% to JP¥3,946. The fair value is estimated to be JP¥4,957, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 8.0%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are forecast to decline by 5.7% per annum over the same time period. Price Target Changed • Feb 21
Price target increased by 9.4% to JP¥3,730 Up from JP¥3,410, the current price target is an average from 5 analysts. New target price is 12% below last closing price of JP¥4,253. Stock is up 141% over the past year. The company is forecast to post earnings per share of JP¥238 for next year compared to JP¥209 last year. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥173 (vs JP¥71.12 in 3Q 2023) Third quarter 2024 results: EPS: JP¥173 (up from JP¥71.12 in 3Q 2023). Revenue: JP¥104.7b (up 7.6% from 3Q 2023). Net income: JP¥28.5b (up 138% from 3Q 2023). Profit margin: 27% (up from 12% in 3Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Media 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 increased by 24% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 02
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 6.6% 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 Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥4,099, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Media industry in Japan. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,430 per share. Price Target Changed • Jan 24
Price target increased by 12% to JP¥3,278 Up from JP¥2,930, the current price target is an average from 5 analysts. New target price is 5.9% below last closing price of JP¥3,483. Stock is up 130% over the past year. The company is forecast to post earnings per share of JP¥238 for next year compared to JP¥209 last year. Price Target Changed • Dec 27
Price target increased by 8.0% to JP¥2,930 Up from JP¥2,713, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥2,998. Stock is up 99% over the past year. The company is forecast to post earnings per share of JP¥227 for next year compared to JP¥209 last year. Announcement • Dec 20
TBS Holdings,Inc. to Report Q3, 2024 Results on Feb 08, 2024 TBS Holdings,Inc. announced that they will report Q3, 2024 results on Feb 08, 2024 New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (303% cash payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥22.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 19% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.5%). Announcement • Sep 16
TBS Holdings,Inc. to Report Q2, 2024 Results on Nov 10, 2023 TBS Holdings,Inc. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥58.91 (vs JP¥44.82 in 1Q 2023) First quarter 2024 results: EPS: JP¥58.91 (up from JP¥44.82 in 1Q 2023). Revenue: JP¥94.8b (up 6.5% from 1Q 2023). Net income: JP¥9.72b (up 28% from 1Q 2023). Profit margin: 10% (up from 8.5% in 1Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Media 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 increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥58.91 (vs JP¥44.82 in 1Q 2023) First quarter 2024 results: EPS: JP¥58.91 (up from JP¥44.82 in 1Q 2023). Revenue: JP¥94.8b (up 6.5% from 1Q 2023). Net income: JP¥9.72b (up 28% from 1Q 2023). Profit margin: 10% (up from 8.5% in 1Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Media 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 increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 25
Discovery Romania S.r.l. signed an agreement to acquire Turner Broadcasting System Romania SRL from TBS Holdings,Inc. and Turner Broadcasting System Europe Limited. Discovery Romania S.r.l. signed an agreement to acquire Turner Broadcasting System Romania SRL from TBS Holdings,Inc. and Turner Broadcasting System Europe Limited on July 24, 2023. As of year ended 2022, Turner Broadcasting System Romania SRL reported revenue of RON 56 million and net income of RON 6.5 million. Announcement • Jun 26
TBS Holdings,Inc. to Report Q1, 2024 Results on Aug 03, 2023 TBS Holdings,Inc. announced that they will report Q1, 2024 results on Aug 03, 2023 Major Estimate Revision • Jun 16
Consensus EPS estimates increase by 25% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥146 to JP¥182. Revenue forecast steady at JP¥381.7b. Net income forecast to shrink 14% next year vs 5.0% growth forecast for Media industry in Japan . Consensus price target up from JP¥1,693 to JP¥1,860. Share price rose 2.8% to JP¥2,430 over the past week. Price Target Changed • Jun 15
Price target increased by 16% to JP¥1,860 Up from JP¥1,610, the current price target is an average from 3 analysts. New target price is 23% below last closing price of JP¥2,419. Stock is up 39% over the past year. The company is forecast to post earnings per share of JP¥182 for next year compared to JP¥209 last year. Announcement • May 17
TBS Holdings,Inc., Annual General Meeting, Jun 29, 2023 TBS Holdings,Inc., Annual General Meeting, Jun 29, 2023. Reported Earnings • May 15
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥209 (up from JP¥187 in FY 2022). Revenue: JP¥368.1b (up 2.8% from FY 2022). Net income: JP¥35.2b (up 9.9% from FY 2022). Profit margin: 9.6% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 06
Consensus EPS estimates increase by 47% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥143 to JP¥210. Revenue forecast steady at JP¥366.5b. Net income forecast to shrink 9.0% next year vs 12% growth forecast for Media industry in Japan . Consensus price target up from JP¥1,610 to JP¥1,693. Share price rose 2.5% to JP¥1,892 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥22.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,763, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Media industry in Japan. Total returns to shareholders of 3.2% over the past three years. 
