Reported Earnings • Jul 14
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥157 (up from JP¥109 in FY 2025). Revenue: JP¥130.1b (up 9.2% from FY 2025). Net income: JP¥2.76b (up 32% from FY 2025). Profit margin: 2.1% (up from 1.8% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Specialty Retail 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 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,230, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 95% over the past three years. Announcement • May 14
Bookoff Group Holdings Limited to Report Fiscal Year 2026 Results on Jul 13, 2026 Bookoff Group Holdings Limited announced that they will report fiscal year 2026 results on Jul 13, 2026 Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,191, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥899 per share. New Risk • Apr 14
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 9.4% 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 Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Reported Earnings • Apr 14
Third quarter 2026 earnings released: EPS: JP¥90.93 (vs JP¥53.70 in 3Q 2025) Third quarter 2026 results: EPS: JP¥90.93 (up from JP¥53.70 in 3Q 2025). Revenue: JP¥34.7b (up 9.7% from 3Q 2025). Net income: JP¥1.60b (up 50% from 3Q 2025). Profit margin: 4.6% (up from 3.4% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Specialty Retail 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 increased by 16% per year, which means it is well ahead of earnings. Announcement • Apr 03
Bookoff Group Holdings Limited to Report Q3, 2026 Results on Apr 13, 2026 Bookoff Group Holdings Limited announced that they will report Q3, 2026 results on Apr 13, 2026 New Risk • Feb 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥2,100, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 77% over the past three years. Declared Dividend • Jan 15
Dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 28th May 2026 Payment date: 25th August 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 14
Second quarter 2026 earnings released: EPS: JP¥31.23 (vs JP¥16.95 in 2Q 2025) Second quarter 2026 results: EPS: JP¥31.23 (up from JP¥16.95 in 2Q 2025). Revenue: JP¥31.6b (up 11% from 2Q 2025). Net income: JP¥548.0m (up 64% from 2Q 2025). Profit margin: 1.7% (up from 1.2% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jan 14
Bookoff Group Holdings Limited Provides Consolidated Financial Forecast for the Fiscal Year Ending May 31, 2026 Bookoff Group Holdings Limited provided consolidated financial forecast for the fiscal year ending May 31, 2026. For the year the company expects net sales of ¥127,000 million. Operating profit of ¥3,800 million. Profit attributable to owners of parent of ¥2,200 million. Net income per share of ¥125.35. Announcement • Nov 05
Bookoff Group Holdings Limited to Report Q2, 2026 Results on Jan 13, 2026 Bookoff Group Holdings Limited announced that they will report Q2, 2026 results on Jan 13, 2026 Reported Earnings • Oct 15
First quarter 2026 earnings released: EPS: JP¥11.00 (vs JP¥29.19 in 1Q 2025) First quarter 2026 results: EPS: JP¥11.00 (down from JP¥29.19 in 1Q 2025). Revenue: JP¥29.5b (up 4.3% from 1Q 2025). Net income: JP¥193.0m (down 67% from 1Q 2025). Profit margin: 0.7% (down from 2.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail 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 increased by 5% per year, which means it is well ahead of earnings. Board Change • Sep 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Satsuki Miyahara was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 12
Hard Off Corporation Co.,Ltd. (TSE:2674) proposed to acquire 84.04% stake in ECONOS Co., Ltd. (SPSE:3136) from Bookoff Group Holdings Limited (TSE:9278), Yamamoto Asset Co.,Ltd. and Ain Holdings Inc. (TSE:9627) for ¥1.6 billion. Hard Off Corporation Co.,Ltd. (TSE:2674) proposed to acquire 84.04% stake in ECONOS Co., Ltd. (SPSE:3136) from Bookoff Group Holdings Limited (TSE:9278), Yamamoto Asset Co.,Ltd. and Ain Holdings Inc. (TSE:9627) for ¥1.6 billion on August 12, 2025. A cash consideration valued at ¥1410 per share will be paid by Hard Off Corporation Co.,Ltd.
The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board. The expected completion of the transaction is September 25, 2025. Hard Off Corporation Co.,Ltd. appointed financial advisor Okasan Securities Co., Ltd. as a third-party valuation firm, Shibata, Suzuki & Nakada as a legal advisor, and ykr accounting advisory LLC as a financial due diligence provider. Plutus Consulting Co., Ltd. acted as financial advisor and City-Yuwa Partners acted as legal advisor to ECONOS Co., Ltd. Announcement • Jul 30
Bookoff Group Holdings Limited to Report Q1, 2026 Results on Oct 14, 2025 Bookoff Group Holdings Limited announced that they will report Q1, 2026 results on Oct 14, 2025 New Risk • Jul 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 91% Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (91% cash payout ratio). New Risk • Jul 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥109 (up from JP¥86.26 in FY 2024). Revenue: JP¥119.2b (up 6.8% from FY 2024). Net income: JP¥2.10b (up 23% from FY 2024). Profit margin: 1.8% (up from 1.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.2%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent Outside Director Satsuki Miyahara was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 01 September 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.5%). Announcement • May 01
Bookoff Group Holdings Limited to Report Fiscal Year 2025 Results on Jul 11, 2025 Bookoff Group Holdings Limited announced that they will report fiscal year 2025 results on Jul 11, 2025 Reported Earnings • Apr 12
Third quarter 2025 earnings released: EPS: JP¥53.70 (vs JP¥61.10 in 3Q 2024) Third quarter 2025 results: EPS: JP¥53.70 (down from JP¥61.10 in 3Q 2024). Revenue: JP¥31.6b (up 7.3% from 3Q 2024). Net income: JP¥1.06b (down 12% from 3Q 2024). Profit margin: 3.4% (down from 4.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Apr 11
Bookoff Group Holdings Limited Provides Consolidated Financial Forecast for the Year Ending May 31, 2025 Bookoff Group Holdings Limited provided consolidated financial forecast for the year ending May 31, 2025. For the year the company expects net sales of ¥120,000 million. Operating profit of ¥3,500 million. Profit attributable to owners of parent of ¥2,100 million. Net income per share of ¥106.21. Announcement • Mar 25
Bookoff Group Holdings Limited (TSE:9278) announces an Equity Buyback for 2,400,000 shares, representing 12.14% for ¥3,477.6 million. Bookoff Group Holdings Limited (TSE:9278) announces a share repurchase program. Under the program, the company will repurchase up to 2,400,000 shares, representing 12.14% of its issued shares for a total of ¥3,477.6 million. The shares will be repurchased at a purchase price of ¥1,449 per share. The purpose of the program is to implement a flexible capital policy that responds to changes in the business environment. As of November 30, 2024, the company had 19,770,025 issued shares (excluding treasury stock) and 777,388 shares in treasury. Announcement • Feb 13
Bookoff Group Holdings Limited to Report Q3, 2025 Results on Apr 11, 2025 Bookoff Group Holdings Limited announced that they will report Q3, 2025 results on Apr 11, 2025 Reported Earnings • Jan 15
Second quarter 2025 earnings released: EPS: JP¥16.95 (vs JP¥20.09 in 2Q 2024) Second quarter 2025 results: EPS: JP¥16.95 (down from JP¥20.09 in 2Q 2024). Revenue: JP¥28.5b (up 6.5% from 2Q 2024). Net income: JP¥335.0m (down 16% from 2Q 2024). Profit margin: 1.2% (down from 1.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail industry in Japan. Declared Dividend • Jan 12
Dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 29th May 2025 Payment date: 1st September 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to JP¥1,490. The fair value is estimated to be JP¥1,238, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last year. Earnings per share has declined by 19%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Buy Or Sell Opportunity • Dec 12
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to JP¥1,532. The fair value is estimated to be JP¥1,241, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last year. Earnings per share has declined by 19%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. New Risk • Dec 05
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 5.3% 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 High level of debt (59% net debt to equity). Share price has been volatile over the past 3 months (5.3% average weekly change). Buy Or Sell Opportunity • Nov 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to JP¥1,536. The fair value is estimated to be JP¥1,267, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last year. Earnings per share has declined by 19%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Reported Earnings • Nov 15
First quarter 2025 earnings released: EPS: JP¥29.19 (vs JP¥15.58 in 1Q 2024) First quarter 2025 results: EPS: JP¥29.19 (up from JP¥15.58 in 1Q 2024). Revenue: JP¥28.3b (up 8.1% from 1Q 2024). Net income: JP¥577.0m (up 87% from 1Q 2024). Profit margin: 2.0% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Specialty Retail industry in Japan. Announcement • Oct 29
Bookoff Group Holdings Limited to Report Q2, 2025 Results on Jan 10, 2025 Bookoff Group Holdings Limited announced that they will report Q2, 2025 results on Jan 10, 2025 Buy Or Sell Opportunity • Oct 17
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at JP¥1,375. The fair value is estimated to be JP¥1,740, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 57% in the next 2 years. Reported Earnings • Oct 17
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥86.25 (down from JP¥140 in FY 2023). Revenue: JP¥111.7b (up 9.6% from FY 2023). Net income: JP¥1.71b (down 38% from FY 2023). Profit margin: 1.5% (down from 2.7% 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 19%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Bookoff Group Holdings Limited Announces Retirement of Ryoichi Tomohiro as Director (Outside) BOOKOFF GROUP HOLDINGS LIMITED announced that its Board of Directors, at a meeting held on August 6, 2024, announced retirement of Ryoichi Tomohiro as Director (Outside). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,170, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Specialty Retail industry in Japan. Total returns to shareholders of 30% over the past three years. New Risk • Jun 05
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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.6% average weekly change). Upcoming Dividend • May 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 28 August 2024. 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 (3.4%). In line with average of industry peers (1.5%). Announcement • May 03
Bookoff Group Holdings Limited to Report Fiscal Year 2024 Results on Jul 11, 2024 Bookoff Group Holdings Limited announced that they will report fiscal year 2024 results on Jul 11, 2024 Announcement • Apr 12
Bookoff Group Holdings Limited Revises Consolidated Guidance for the Year Ending May 31, 2024 Bookoff Group Holdings Limited revised consolidated guidance for the year ending May 31, 2024. For the year the company revises net sales of JPY 111,000 million compared to JPY 106,000 million previous guidance. Operating profit of JPY 3,200 million compared to JPY 2,600 million previous guidance. Profit attributable to owners of parent of JPY 2,100 million compared to JPY 1,600 million previous guidance. Earnings per share of JPY 106.23 compared to JPY 80.95 previous guidance. Reported Earnings • Jan 14
Second quarter 2024 earnings released: EPS: JP¥20.08 (vs JP¥13.66 in 2Q 2023) Second quarter 2024 results: EPS: JP¥20.08 (up from JP¥13.66 in 2Q 2023). Revenue: JP¥26.8b (up 7.7% from 2Q 2023). Net income: JP¥397.0m (up 47% from 2Q 2023). Profit margin: 1.5% (up from 1.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Oct 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% 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 Risks Debt is not well covered by operating cash flow (1.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 13
First quarter 2024 earnings released: EPS: JP¥15.58 (vs JP¥32.95 in 1Q 2023) First quarter 2024 results: EPS: JP¥15.58 (down from JP¥32.95 in 1Q 2023). Revenue: JP¥26.2b (up 10% from 1Q 2023). Net income: JP¥308.0m (down 53% from 1Q 2023). Profit margin: 1.2% (down from 2.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Aug 04
Bookoff Group Holdings Limited to Report Q1, 2024 Results on Oct 12, 2023 Bookoff Group Holdings Limited announced that they will report Q1, 2024 results on Oct 12, 2023 New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.5% 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 Risks Debt is not well covered by operating cash flow (1.3% operating cash flow to total debt). Earnings are forecast to decline by an average of 4.5% per year for the foreseeable future. High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 15
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥140 (up from JP¥82.06 in FY 2022). Revenue: JP¥101.8b (up 11% from FY 2022). Net income: JP¥2.77b (up 91% from FY 2022). Profit margin: 2.7% (up from 1.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 42%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 12
Bookoff Group Holdings Limited, Annual General Meeting, Aug 26, 2023 Bookoff Group Holdings Limited, Annual General Meeting, Aug 26, 2023. New Risk • Jul 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 5.3% 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 Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.3% average weekly change). Upcoming Dividend • May 23
Upcoming dividend of JP¥22.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 29 August 2023. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.3%). Announcement • May 12
Bookoff Group Holdings Limited Provides Consolidated Forecast for the Year Ending May 31, 2023 Bookoff Group Holdings Limited provided Consolidated Forecast for the Year Ending May 31, 2023. For the year the company expects the Net sales of JPY 101,000 million. Operating profit of JPY 2,600 million. Profit attributable to owners of parent of JPY 1,950 million. Net income per share of JPY 98.67. Reported Earnings • Apr 15
Third quarter 2023 earnings released: EPS: JP¥48.87 (vs JP¥8.70 in 3Q 2022) Third quarter 2023 results: EPS: JP¥48.87 (up from JP¥8.70 in 3Q 2022). Revenue: JP¥26.8b (up 11% from 3Q 2022). Net income: JP¥966.0m (up JP¥807.0m from 3Q 2022). Profit margin: 3.6% (up from 0.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,441, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Specialty Retail industry in Japan. Total returns to shareholders of 85% over the past three years. Announcement • Feb 10
Bookoff Group Holdings Limited to Report Q3, 2023 Results on Apr 13, 2023 Bookoff Group Holdings Limited announced that they will report Q3, 2023 results on Apr 13, 2023 Reported Earnings • Jan 13
Second quarter 2023 earnings released: EPS: JP¥13.66 (vs JP¥8.70 in 2Q 2022) Second quarter 2023 results: EPS: JP¥13.66 (up from JP¥8.70 in 2Q 2022). Revenue: JP¥24.8b (up 2.7% from 2Q 2022). Net income: JP¥270.0m (up 70% from 2Q 2022). Profit margin: 1.1% (up from 0.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Yoshikazu Muta was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 11
Bookoff Group Holdings Limited to Report Q2, 2023 Results on Jan 12, 2023 Bookoff Group Holdings Limited announced that they will report Q2, 2023 results on Jan 12, 2023 Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,349, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 29% over the past three years. Reported Earnings • Oct 15
First quarter 2023 earnings released First quarter 2023 results: EPS: JP¥32.95. Net income: JP¥651.0m (up JP¥651.0m from 1Q 2022). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Sep 11
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 Masaaki Takano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 04
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: JP¥91.5b (up 14% from FY 2021). Net income: JP¥1.45b (up JP¥1.31b from FY 2021). Profit margin: 1.6% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 6.8%, compared to a 9.0% growth forecast for the Specialty Retail industry in Japan. Announcement • Sep 03
Bookoff Group Holdings Limited to Report Q1, 2023 Results on Oct 13, 2022 Bookoff Group Holdings Limited announced that they will report Q1, 2023 results on Oct 13, 2022 Announcement • Jul 13
Bookoff Group Holdings Limited, Annual General Meeting, Aug 27, 2022 Bookoff Group Holdings Limited, Annual General Meeting, Aug 27, 2022. Reported Earnings • Jul 13
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥82.06 (up from JP¥7.71 in FY 2021). Revenue: JP¥91.5b (up 14% from FY 2021). Net income: JP¥1.45b (up JP¥1.31b from FY 2021). Profit margin: 1.6% (up from 0.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is forecast to stay flat compared to a 7.2% growth forecast for the retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 30 August 2022. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Announcement • May 04
Bookoff Group Holdings Limited to Report Fiscal Year 2022 Results on Jul 11, 2022 Bookoff Group Holdings Limited announced that they will report fiscal year 2022 results on Jul 11, 2022