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Yamada Holdings and Edion Agree to Merge Creating Japan’s Largest Electronics Retailer Yamada Holdings and Edion have reached a basic agreement on a business integration that would create Japan’s largest consumer electronics retailer, marking a major consolidation in the sector.
The combined group is expected to influence how other major consumer electronics retailers respond, as the integration comes alongside expectations of stronger air conditioner demand ahead of tighter energy-saving standards set for 2027.
Yamada Holdings’ shares trade at ¥660.80, with the stock up 25.9% year to date, giving investors a reference point for how the market has treated the company ahead of this planned integration.
This agreement suggests a meaningful shift in scale and bargaining power for Yamada Holdings, but it also raises execution risks around integrating operations and capturing any benefits without disrupting existing customer relationships. Announcement • Jun 12
Yamada Holdings Co., Ltd. to Report Q1, 2027 Results on Aug 06, 2026 Yamada Holdings Co., Ltd. announced that they will report Q1, 2027 results at 11:30 AM, Tokyo Standard Time on Aug 06, 2026 Live News • Jun 09
Yamada Holdings and Edion Begin Talks on Major Business Integration Yamada Holdings and fellow electronics retailer Edion have signed a memorandum of understanding to begin talks on integrating their businesses under a single holding company.
The plan under review involves creating a new holding company through a joint share transfer, with both Yamada and Edion becoming wholly owned subsidiaries.
Subject to shareholder approval and regulatory clearance, the companies are aiming to complete the integration and list the new holding company on the Tokyo Stock Exchange Prime Market on 1 October 2027.
A potential integration on this scale could reshape how the combined group competes in Japan’s consumer electronics retail sector, particularly in terms of purchasing power, store footprint and cost structure.
For investors, key watchpoints from here are the detailed integration terms, exchange ratios in any share transfer, and any regulatory or shareholder hurdles that could affect timing or the final structure of the listed holding company. Announcement • Jun 06
Yamada Holdings Co., Ltd. (TSE:9831) signed a letter of intent to acquire EDION Corporation (TSE:2730). Yamada Holdings Co., Ltd. (TSE:9831) signed a letter of intent to acquire EDION Corporation (TSE:2730) on June 5, 2026. They plan to establish a holding company and become wholly owned subsidiaries of the new entity. Edion Chairman Masataka Kubo is set to become president of the holding company, while Yamada Holdings Chairman Noboru Yamada will become chairman. Announcement • Jun 05
Yamada Holdings and Edion in Merger Talks, Potentially Creating a JPY 2.5 Trillion Electronics Retail Giant The Japanese consumer electronics retail industry has been rocked by seismic news. It emerged on June 4 that Yamada Holdings Co., Ltd. (TSE:9831), the industry's largest player, and EDION Corporation (TSE:2730), which holds a strong base in western Japan, are advancing merger discussions. Both companies are expected to formally vote on the matter at board meetings on June 5. If realized, the combination would create a colossal electronics retail group with combined revenue reaching approximately JPY 2.5 trillion (approximately $15.6 billion). The merger plan was first reported by the Nikkei on June 4. According to the newspaper, the two companies are primarily considering establishing a holding company under which both Yamada Holdings and Edion would operate. A basic agreement is highly likely to be reached within the week. Behind this merger move lies the harsh business environment surrounding consumer electronics retailers. Competition has intensified year after year, driven by the rise of e-commerce platforms like Amazon, as well as successive market entries from cross-industry players such as large furniture stores like Nitori and major supermarket chains like Aeon. By merging, the two companies aim to expand scale, strengthen product development and procurement capabilities, and ultimately enhance price competitiveness. Following the report, Yamada Holdings issued a statement the same day acknowledging that "a business integration with Edion is under consideration, but no specific matters have been decided at this time." The company confirmed that a resolution is scheduled at the board meeting on June 5, adding that "should any facts requiring disclosure arise, we will promptly disclose them." Edion similarly acknowledged the fact that a merger is under consideration. Market participants have noted that while details such as the merger ratio remain undetermined, there is relatively greater room for a premium on Edion's side. Edion's share price surge can be seen as reflecting such speculation. Restructuring moves have been intermittently rumored in the consumer electronics retail industry in recent years, but this plan — bringing together the industry leader and a major player — carries the greatest impact among them. If the merger materializes, the potential synergies are immense, including dramatically improved purchasing negotiation power, logistics network efficiency gains, and joint private brand development. On the other hand, significant challenges remain, including antitrust reviews, overlapping store adjustments, and corporate culture integration, making the progress of future discussions a key focus. New Risk • May 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.9% Last year net profit margin: 1.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). 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. Profit margins are more than 30% lower than last year (0.9% net profit margin). Announcement • May 08
Yamada Holdings Co., Ltd., Annual General Meeting, Jun 26, 2026 Yamada Holdings Co., Ltd., Annual General Meeting, Jun 26, 2026. Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 30% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥39.87 to JP¥27.85 per share. Revenue forecast steady at JP¥1.67t. Net income forecast to grow 18% next year vs 10% growth forecast for Specialty Retail industry in Japan. Consensus price target broadly unchanged at JP¥548. Share price was steady at JP¥542 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 37% and the cash payout ratio is 81%. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.4%). Announcement • Mar 11
Yamada Holdings Co., Ltd. to Report Fiscal Year 2026 Results on May 08, 2026 Yamada Holdings Co., Ltd. announced that they will report fiscal year 2026 results at 3:30 PM, Tokyo Standard Time on May 08, 2026 Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥40.57 to JP¥35.94 per share. Revenue forecast steady at JP¥1.66t. Net income forecast to grow 24% next year vs 11% growth forecast for Specialty Retail industry in Japan. Consensus price target up from JP¥526 to JP¥545. Share price fell 3.9% to JP¥558 over the past week. Announcement • Feb 16
Yamada Holdings Co., Ltd. Proposes Final Dividend for Fiscal Year Ending March 2026, Effective June 29, 2026 Yamada Holdings Co., Ltd. has announced a proposal for a final dividend of ¥17 per share for the fiscal year ending March 2026. This proposal is set to be presented at the 49th Ordinary General Meeting of Shareholders, scheduled for the end of June 2026. The dividend proposal was initially disclosed on May 8, 2025. The record date for the dividend is March 31, 2026, with the effective date forecasted for June 29, 2026. The total cash dividends are forecasted to amount to ¥11,223 million, sourced from retained earnings. This proposed dividend represents an increase from the previous fiscal year's dividend of ¥13 per share, which totaled ¥9,009 million. The increase in the dividend per share reflects the company's improved financial performance and commitment to returning value to its shareholders. Reported Earnings • Feb 07
Third quarter 2026 earnings: EPS misses analyst expectations Third quarter 2026 results: EPS: JP¥14.14 (down from JP¥18.24 in 3Q 2025). Revenue: JP¥407.9b (up 2.6% from 3Q 2025). Net income: JP¥9.42b (down 25% from 3Q 2025). Profit margin: 2.3% (down from 3.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.3%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 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 fallen by 3% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Jan 31
Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others. Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others on January 30, 2026.
For the period ending March 31, 2025, Toclas Corporation reported total revenue of ¥25.94 billion and EBIT of ¥461 million. As of March 31, 2025, Toclas Corporation reported total assets of ¥13.87 billion.
The expected completion of the transaction is February 27, 2026. Announcement • Dec 16
Yamada Holdings Co., Ltd. to Report Q3, 2026 Results on Feb 05, 2026 Yamada Holdings Co., Ltd. announced that they will report Q3, 2026 results on Feb 05, 2026 Declared Dividend • Nov 07
Dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not covered by cash flows (111% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: JP¥5.81 (up from JP¥4.56 in 2Q 2025). Revenue: JP¥422.4b (up 1.3% from 2Q 2025). Net income: JP¥3.93b (up 25% from 2Q 2025). Profit margin: 0.9% (in line with 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 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 fallen by 5% per year whereas the company’s share price has remained flat. Announcement • Sep 17
Yamada Holdings Co., Ltd. to Report Q2, 2026 Results on Nov 05, 2025 Yamada Holdings Co., Ltd. announced that they will report Q2, 2026 results at 9:00 AM, Tokyo Standard Time on Nov 05, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥12.87 (vs JP¥13.92 in 1Q 2025) First quarter 2026 results: EPS: JP¥12.87 (down from JP¥13.92 in 1Q 2025). Revenue: JP¥377.7b (flat on 1Q 2025). Net income: JP¥8.85b (down 7.9% from 1Q 2025). Profit margin: 2.3% (down from 2.5% in 1Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Jun 18
Yamada Holdings Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Yamada Holdings Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Price Target Changed • Jun 09
Price target decreased by 12% to JP¥490 Down from JP¥558, the current price target is an average from 7 analysts. New target price is 12% above last closing price of JP¥436. Stock is up 0.3% over the past year. The company is forecast to post earnings per share of JP¥43.54 for next year compared to JP¥38.90 last year. New Risk • May 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (113% cash payout ratio). Reported Earnings • May 09
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥38.90 (up from JP¥34.79 in FY 2024). Revenue: JP¥1.63t (up 2.3% from FY 2024). Net income: JP¥26.9b (up 12% from FY 2024). Profit margin: 1.7% (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) missed analyst estimates by 5.7%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to JP¥438. The fair value is estimated to be JP¥551, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Announcement • Mar 05
Yamada Holdings Co., Ltd. to Report Fiscal Year 2025 Results on May 08, 2025 Yamada Holdings Co., Ltd. announced that they will report fiscal year 2025 results on May 08, 2025 Reported Earnings • Feb 07
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥18.24 (down from JP¥19.70 in 3Q 2024). Revenue: JP¥397.7b (flat on 3Q 2024). Net income: JP¥12.6b (down 7.2% from 3Q 2024). Profit margin: 3.2% (down from 3.4% in 3Q 2024). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 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 fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Dec 05
Yamada Holdings Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Yamada Holdings Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Price Target Changed • Nov 19
Price target increased by 16% to JP¥570 Up from JP¥491, the current price target is an average from 8 analysts. New target price is 23% above last closing price of JP¥465. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of JP¥41.74 for next year compared to JP¥34.79 last year. Declared Dividend • Nov 11
Dividend of JP¥13.00 announced Dividend of JP¥13.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: JP¥4.56 (up from JP¥3.99 in 2Q 2024). Revenue: JP¥416.9b (up 1.3% from 2Q 2024). Net income: JP¥3.16b (up 14% from 2Q 2024). Profit margin: 0.8% (up from 0.7% in 2Q 2024). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 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 fallen by 28% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Sep 05
Yamada Holdings Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Yamada Holdings Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 New Risk • Aug 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: 17% 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. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). 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. Reported Earnings • Aug 13
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: JP¥13.92 (down from JP¥15.11 in 1Q 2024). Revenue: JP¥379.1b (up 4.2% from 1Q 2024). Net income: JP¥9.62b (down 8.3% from 1Q 2024). Profit margin: 2.5% (down from 2.9% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 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 fallen by 28% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Board Change • Jul 24
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Outside Director Somuku Iimura was the last independent director to join the board, commencing their role in 2024. 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 • May 09
Yamada Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024 Yamada Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 08
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥34.79 (down from JP¥40.25 in FY 2023). Revenue: JP¥1.59t (flat on FY 2023). Net income: JP¥24.1b (down 24% from FY 2023). Profit margin: 1.5% (down from 2.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 2.4% 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 25% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). Announcement • Mar 13
Yamada Holdings Co., Ltd. to Report Fiscal Year 2024 Results on May 07, 2024 Yamada Holdings Co., Ltd. announced that they will report fiscal year 2024 results on May 07, 2024 Declared Dividend • Mar 02
Dividend of JP¥12.00 announced Dividend of JP¥12.00 is the same as last year. Ex-date: 28th March 2024 Payment date: 1st July 2024 Dividend yield will be 2.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 03
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥19.70 (up from JP¥16.89 in 3Q 2023). Revenue: JP¥395.9b (down 1.7% from 3Q 2023). Net income: JP¥13.6b (up 5.1% from 3Q 2023). Profit margin: 3.4% (up from 3.2% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% 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. Announcement • Dec 28
Yamada Holdings Co., Ltd. to Report Q3, 2024 Results on Feb 01, 2024 Yamada Holdings Co., Ltd. announced that they will report Q3, 2024 results on Feb 01, 2024 Reported Earnings • Nov 04
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: JP¥3.99. Revenue: JP¥411.5b (up 3.2% from 2Q 2023). Net income: JP¥2.76b (down 6.7% from 2Q 2023). Profit margin: 0.7% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Japan. Announcement • Sep 29
Yamada Holdings Co., Ltd. to Report Q2, 2024 Results on Nov 02, 2023 Yamada Holdings Co., Ltd. announced that they will report Q2, 2024 results on Nov 02, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: JP¥15.11 (down from JP¥17.21 in 1Q 2023). Revenue: JP¥363.7b (down 3.2% from 1Q 2023). Net income: JP¥10.5b (down 28% from 1Q 2023). Profit margin: 2.9% (down from 3.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 58%. Revenue is forecast to grow 3.0% 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 fallen by 5% per year whereas the company’s share price has fallen by 6% per year. Announcement • Jul 06
Yamada Holdings Co., Ltd. to Report Q1, 2024 Results on Aug 04, 2023 Yamada Holdings Co., Ltd. announced that they will report Q1, 2024 results on Aug 04, 2023 Major Estimate Revision • May 16
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥56.78 to JP¥47.20 per share. Revenue forecast steady at JP¥1.65t. Net income forecast to grow 10% next year vs 9.7% growth forecast for Specialty Retail industry in Japan. Consensus price target down from JP¥529 to JP¥501. Share price was steady at JP¥438 over the past week. Reported Earnings • May 10
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥40.25 (down from JP¥60.97 in FY 2022). Revenue: JP¥1.60t (down 1.2% from FY 2022). Net income: JP¥31.8b (down 37% from FY 2022). Profit margin: 2.0% (down from 3.1% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 09
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥56.88 to JP¥47.87 per share. Revenue forecast steady at JP¥1.65t. Net income forecast to grow 8.7% next year vs 4.2% growth forecast for Specialty Retail industry in Japan. Consensus price target broadly unchanged at JP¥510. Share price fell 3.4% to JP¥449 over the past week. Buying Opportunity • May 01
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥591, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 1.0% per annum over the same time period. Buying Opportunity • Apr 16
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be JP¥589, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 1.0% per annum over the same time period. Buying Opportunity • Mar 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be JP¥587, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 0.9% per annum over the same time period. Buying Opportunity • Mar 14
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥593, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 0.9% per annum over the same time period. Reported Earnings • Feb 04
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥16.89 (down from JP¥20.96 in 3Q 2022). Revenue: JP¥402.7b (up 2.6% from 3Q 2022). Net income: JP¥12.9b (down 26% from 3Q 2022). Profit margin: 3.2% (down from 4.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be JP¥590, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 5.3% per annum over the same time period. Announcement • Jan 12
Yamada Holdings Co., Ltd. to Report Q3, 2023 Results on Feb 03, 2023 Yamada Holdings Co., Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥3.61 (vs JP¥15.22 in 2Q 2022) Second quarter 2023 results: EPS: JP¥3.61 (down from JP¥15.22 in 2Q 2022). Revenue: JP¥398.8b (down 4.5% from 2Q 2022). Net income: JP¥2.95b (down 77% from 2Q 2022). Profit margin: 0.7% (down from 3.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Nov 16
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 Outside Director Kunimitsu Yoshinaga 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. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥3.61 (vs JP¥15.22 in 2Q 2022) Second quarter 2023 results: EPS: JP¥3.61 (down from JP¥15.22 in 2Q 2022). Revenue: JP¥398.8b (down 4.5% from 2Q 2022). Net income: JP¥2.95b (down 77% from 2Q 2022). Profit margin: 0.7% (down from 3.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: JP¥17.21 (down from JP¥21.24 in 1Q 2022). Revenue: JP¥375.9b (down 1.9% from 1Q 2022). Net income: JP¥14.7b (down 16% from 1Q 2022). Profit margin: 3.9% (down from 4.5% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 3.6%, compared to a 7.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • May 19
Price target increased to JP¥565 Up from JP¥526, the current price target is an average from 8 analysts. New target price is 23% above last closing price of JP¥461. Stock is down 15% over the past year. The company is forecast to post earnings per share of JP¥60.50 for next year compared to JP¥60.97 last year. Reported Earnings • May 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥60.97 (down from JP¥62.83 in FY 2021). Revenue: JP¥1.62t (down 7.6% from FY 2021). Net income: JP¥50.6b (down 2.4% from FY 2021). Profit margin: 3.1% (up from 3.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 2.0%, compared to a 7.4% growth forecast for the retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥471, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 3.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥682 per share. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Outside Director Miki Mitsunari 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.