Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥421, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 118% over the past three years. Reported Earnings • May 14
Second quarter 2026 earnings released: EPS: JP¥1.79 (vs JP¥2.68 in 2Q 2025) Second quarter 2026 results: EPS: JP¥1.79 (down from JP¥2.68 in 2Q 2025). Revenue: JP¥372.0m (down 3.1% from 2Q 2025). Net income: JP¥14.0m (down 33% from 2Q 2025). Profit margin: 3.8% (down from 5.5% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Feb 14
First quarter 2026 earnings released: EPS: JP¥4.47 (vs JP¥3.19 in 1Q 2025) First quarter 2026 results: EPS: JP¥4.47 (up from JP¥3.19 in 1Q 2025). Revenue: JP¥415.0m (up 6.4% from 1Q 2025). Net income: JP¥35.0m (up 40% from 1Q 2025). Profit margin: 8.4% (up from 6.4% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Full year 2025 earnings released: EPS: JP¥58.57 (vs JP¥43.69 in FY 2024) Full year 2025 results: EPS: JP¥58.57 (up from JP¥43.69 in FY 2024). Revenue: JP¥3.25b (up 13% from FY 2024). Net income: JP¥459.0m (up 34% from FY 2024). Profit margin: 14% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Nov 13
Mullion Co., Ltd., Annual General Meeting, Dec 19, 2025 Mullion Co., Ltd., Annual General Meeting, Dec 19, 2025. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 23 December 2025. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%). Announcement • Aug 29
Mullion Co., Ltd. to Report Fiscal Year 2025 Results on Nov 13, 2025 Mullion Co., Ltd. announced that they will report fiscal year 2025 results on Nov 13, 2025 Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥554, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 190% over the past three years. Reported Earnings • Aug 15
Third quarter 2025 earnings released: EPS: JP¥2.17 (vs JP¥2.68 in 3Q 2024) Third quarter 2025 results: EPS: JP¥2.17 (down from JP¥2.68 in 3Q 2024). Revenue: JP¥507.0m (up 32% from 3Q 2024). Net income: JP¥17.0m (down 19% from 3Q 2024). Profit margin: 3.4% (down from 5.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to JP¥475, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 185% over the past three years. Reported Earnings • May 17
Second quarter 2025 earnings released: EPS: JP¥2.68 (vs JP¥4.19 in 2Q 2024) Second quarter 2025 results: EPS: JP¥2.68 (down from JP¥4.19 in 2Q 2024). Revenue: JP¥384.0m (down 42% from 2Q 2024). Net income: JP¥21.0m (down 64% from 2Q 2024). Profit margin: 5.5% (down from 9.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. New Risk • Apr 04
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 5.4% 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: Major Risks Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (JP¥2.36b market cap, or US$16.2m). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥301, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 10x in the Real Estate industry in Japan. Total returns to shareholders of 76% over the past three years. Reported Earnings • Feb 15
First quarter 2025 earnings released: EPS: JP¥3.19 (vs JP¥26.83 in 1Q 2024) First quarter 2025 results: EPS: JP¥3.19 (down from JP¥26.83 in 1Q 2024). Revenue: JP¥390.0m (down 7.4% from 1Q 2024). Net income: JP¥25.0m (down 41% from 1Q 2024). Profit margin: 6.4% (down from 10.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Jan 03
Mullion Co., Ltd. to Report Q1, 2025 Results on Feb 13, 2025 Mullion Co., Ltd. announced that they will report Q1, 2025 results on Feb 13, 2025 Announcement • Nov 13
Mullion Co., Ltd., Annual General Meeting, Dec 20, 2024 Mullion Co., Ltd., Annual General Meeting, Dec 20, 2024. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥4.80 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 25 December 2024. The average dividend yield among industry peers is 2.6%. Announcement • Sep 03
Mullion Co., Ltd. to Report Fiscal Year 2024 Results on Nov 13, 2024 Mullion Co., Ltd. announced that they will report fiscal year 2024 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to JP¥413, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 70% over the past three years. Reported Earnings • Aug 19
Third quarter 2024 earnings released: EPS: JP¥2.68 (vs JP¥16.61 in 3Q 2023) Third quarter 2024 results: EPS: JP¥2.68 (down from JP¥16.61 in 3Q 2023). Revenue: JP¥385.0m (up 1.3% from 3Q 2023). Net income: JP¥21.0m (down 19% from 3Q 2023). Profit margin: 5.5% (down from 6.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. New Risk • Aug 05
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 10% 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 Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥1.73b market cap, or US$12.1m). Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥301, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥409, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 74% over the past three years. Reported Earnings • May 19
Second quarter 2024 earnings released: EPS: JP¥4.19 (vs JP¥10.86 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥4.19 (up from JP¥10.86 loss in 2Q 2023). Revenue: JP¥656.0m (up 58% from 2Q 2023). Net income: JP¥59.0m (up JP¥76.0m from 2Q 2023). Profit margin: 9.0% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. 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 18% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Mar 12
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. 5 non-independent directors. Independent Outside Director Miho Ueda 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. Announcement • Mar 03
Mullion Co., Ltd. to Report Q3, 2024 Results on Aug 13, 2024 Mullion Co., Ltd. announced that they will report Q3, 2024 results on Aug 13, 2024 Reported Earnings • Feb 15
First quarter 2024 earnings released: EPS: JP¥26.83 (vs JP¥86.87 in 1Q 2023) First quarter 2024 results: EPS: JP¥26.83 (down from JP¥86.87 in 1Q 2023). Revenue: JP¥421.0m (down 74% from 1Q 2023). Net income: JP¥42.0m (down 69% from 1Q 2023). Profit margin: 10.0% (up from 8.3% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥395, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥1,911, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 10x in the Real Estate industry in Japan. Total returns to shareholders of 93% over the past three years. Reported Earnings • Nov 17
Full year 2023 earnings released: EPS: JP¥90.70 (vs JP¥38.33 in FY 2022) Full year 2023 results: EPS: JP¥90.70 (up from JP¥38.33 in FY 2022). Revenue: JP¥2.81b (up 30% from FY 2022). Net income: JP¥142.0m (up 137% from FY 2022). Profit margin: 5.1% (up from 2.8% in FY 2022). The increase in margin was driven by higher revenue. 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 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 73% After last week's 73% share price gain to JP¥2,372, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 10x in the Real Estate industry in Japan. Total returns to shareholders of 142% over the past three years. Announcement • Nov 15
Mullion Co., Ltd., Annual General Meeting, Dec 22, 2023 Mullion Co., Ltd., Annual General Meeting, Dec 22, 2023. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to JP¥1,750, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Sep 21
Inaugural dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 26 December 2023. This is the first dividend for Mullion since going public. The average dividend yield among industry peers is 2.6%. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to JP¥1,383, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 17% over the past three years. Reported Earnings • Aug 17
Third quarter 2023 earnings released: EPS: JP¥16.61 (vs JP¥0.64 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.61 (up from JP¥0.64 loss in 3Q 2022). Revenue: JP¥380.0m (down 7.3% from 3Q 2022). Net income: JP¥26.0m (up JP¥27.0m from 3Q 2022). Profit margin: 6.8% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 15
First quarter 2023 earnings released: EPS: JP¥86.87 (vs JP¥4.47 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥86.87 (up from JP¥4.47 loss in 1Q 2022). Revenue: JP¥1.64b (up 321% from 1Q 2022). Net income: JP¥136.0m (up JP¥143.0m from 1Q 2022). Profit margin: 8.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 28
Full year 2022 earnings released: EPS: JP¥38.33 (vs JP¥55.57 in FY 2021) Full year 2022 results: EPS: JP¥38.33 (down from JP¥55.57 in FY 2021). Revenue: JP¥2.16b (up 17% from FY 2021). Net income: JP¥60.0m (down 31% from FY 2021). Profit margin: 2.8% (down from 4.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 20
Full year 2022 earnings released: EPS: JP¥38.33 (vs JP¥55.57 in FY 2021) Full year 2022 results: EPS: JP¥38.33 (down from JP¥55.57 in FY 2021). Revenue: JP¥2.16b (up 17% from FY 2021). Net income: JP¥60.0m (down 31% from FY 2021). Profit margin: 2.8% (down from 4.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Nov 16
Mullion Co., Ltd., Annual General Meeting, Dec 23, 2022 Mullion Co., Ltd., Annual General Meeting, Dec 23, 2022. Agenda: Annual General Meeting. Upcoming Dividend • Sep 22
Inaugural dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 27 December 2022. This is the first dividend for Mullion since going public. The average dividend yield among industry peers is 2.6%. Announcement • Sep 02
Mullion Co., Ltd. to Report Q3, 2023 Results on Aug 14, 2023 Mullion Co., Ltd. announced that they will report Q3, 2023 results on Aug 14, 2023 Reported Earnings • Aug 14
Third quarter 2022 earnings released: JP¥0.64 loss per share (vs JP¥5.75 loss in 3Q 2021) Third quarter 2022 results: JP¥0.64 loss per share (up from JP¥5.75 loss in 3Q 2021). Revenue: JP¥410.0m (up 3.8% from 3Q 2021). Net loss: JP¥1.00m (loss narrowed 89% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥1,040, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 10x in the Real Estate industry in Japan. Total loss to shareholders of 4.0% over the past three years. Reported Earnings • Feb 18
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: JP¥4.47 loss per share (up from JP¥5.11 loss in 1Q 2021). Revenue: JP¥389.0m (flat on 1Q 2021). Net loss: JP¥7.00m (loss narrowed 13% from 1Q 2021). Revenue was in line with analyst estimates. Reported Earnings • Nov 16
Full year 2021 earnings released: EPS JP¥55.57 (vs JP¥165 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.84b (down 51% from FY 2020). Net income: JP¥87.0m (down 66% from FY 2020). Profit margin: 4.7% (down from 6.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Inaugural dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 24 December 2021. This is the first dividend for Mullion since going public. The average dividend yield among industry peers is 2.3%. Reported Earnings • Feb 14
First quarter 2021 earnings released: JP¥5.11 loss per share (vs JP¥16.61 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: JP¥390.0m (down 1.5% from 1Q 2020). Net loss: JP¥8.00m (loss narrowed 69% from 1Q 2020). Reported Earnings • Dec 27
Full year 2020 earnings released: EPS JP¥165 The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: JP¥3.77b (up 38% from FY 2019). Net income: JP¥258.0m (up 17% from FY 2019). Profit margin: 6.8% (down from 8.1% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Dec 09
New 90-day low: JP¥1,000 The company is down 19% from its price of JP¥1,230 on 10 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market pulls back on stock over the past week After last week's 17% share price decline to JP¥1,031, the stock is trading at a trailing P/E ratio of 6.3x, down from the previous P/E ratio of 7.5x. This compares to an average P/E of 14x in the Real Estate industry in Japan. Total return to shareholders over the past year is a loss of 20%. Is New 90 Day High Low • Nov 17
New 90-day low: JP¥1,074 The company is down 14% from its price of JP¥1,254 on 19 August 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 13% over the same period. Reported Earnings • Nov 15
Full year 2020 earnings released: EPS JP¥165 The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: JP¥3.77b (up 38% from FY 2019). Net income: JP¥258.0m (up 17% from FY 2019). Profit margin: 6.8% (down from 8.1% in FY 2019). The decrease in margin was driven by higher expenses. Announcement • Nov 15
Mullion Co., Ltd., Annual General Meeting, Dec 23, 2020 Mullion Co., Ltd., Annual General Meeting, Dec 23, 2020. Upcoming Dividend • Sep 22
First Dividend Is JP¥30.00 Per Share Will be paid on the 23rd of December to those who are registered shareholders by the 29th of September. This is the first dividend for Mullion since going public. The average dividend yield among industry peers is 2.4%.