Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥44.35 (vs JP¥39.43 in FY 2025) Full year 2026 results: EPS: JP¥44.35 (up from JP¥39.43 in FY 2025). Revenue: JP¥8.69b (up 3.7% from FY 2025). Net income: JP¥388.0m (up 13% from FY 2025). Profit margin: 4.5% (up from 4.1% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 18
Watt Mann Co., Ltd., Annual General Meeting, Jun 27, 2026 Watt Mann Co., Ltd., Annual General Meeting, Jun 27, 2026. Announcement • May 10
Watt Mann Co., Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 Watt Mann Co., Ltd. announced that they will report fiscal year 2026 results on May 15, 2026 Announcement • Apr 04
IA Partners No. 1 Fund managed by IA Partners Inc. completed the acquisition of 75.149916% stake in Watt Mann Co., Ltd. (TSE:9927) and others. IA Partners No. 1 Fund managed by IA Partners Inc. proposed to acquire a 75.149916% stake in Watt Mann Co., Ltd. (TSE:9927) and others for ¥6.3 billion on February 13, 2026. A cash consideration valued at ¥972 per share will be paid. The purchase period will be February 16, 2026 to April 2, 2026. The minimum number of shares to be purchased is 3,592,600.
IA Partners No. 1 Fund managed by IA Partners Inc. completed the acquisition of 75.149916% stake in Watt Mann Co., Ltd. (TSE:9927) and others for on April 2, 2026. Settlement start date will be on April 9, 2026. New Risk • Feb 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥8.47b market cap, or US$55.1m). New Risk • Feb 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (JP¥7.88b market cap, or US$51.4m). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥901, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 67% over the past three years. Reported Earnings • Nov 19
Second quarter 2026 earnings released: EPS: JP¥8.69 (vs JP¥9.37 in 2Q 2025) Second quarter 2026 results: EPS: JP¥8.69 (down from JP¥9.37 in 2Q 2025). Revenue: JP¥2.12b (up 4.9% from 2Q 2025). Net income: JP¥76.0m (down 7.3% from 2Q 2025). Profit margin: 3.6% (down from 4.1% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: JP¥9.83 (vs JP¥12.69 in 1Q 2025) First quarter 2026 results: EPS: JP¥9.83 (down from JP¥12.69 in 1Q 2025). Revenue: JP¥2.13b (up 5.6% from 1Q 2025). Net income: JP¥86.0m (down 23% from 1Q 2025). Profit margin: 4.0% (down from 5.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 21
Full year 2025 earnings released: EPS: JP¥39.43 (vs JP¥52.46 in FY 2024) Full year 2025 results: EPS: JP¥39.43 (down from JP¥52.46 in FY 2024). Revenue: JP¥8.38b (up 6.8% from FY 2024). Net income: JP¥345.0m (down 25% from FY 2024). Profit margin: 4.1% (down from 5.8% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 15
Watt Mann Co., Ltd., Annual General Meeting, Jun 27, 2025 Watt Mann Co., Ltd., Annual General Meeting, Jun 27, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Announcement • Feb 28
Watt Mann Co., Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 Watt Mann Co., Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥9.37 (vs JP¥12.12 in 3Q 2024) Third quarter 2025 results: EPS: JP¥9.37 (down from JP¥12.12 in 3Q 2024). Revenue: JP¥2.17b (up 9.9% from 3Q 2024). Net income: JP¥82.0m (down 23% from 3Q 2024). Profit margin: 3.8% (down from 5.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
First quarter 2025 earnings released: EPS: JP¥12.69 (vs JP¥10.74 in 1Q 2024) First quarter 2025 results: EPS: JP¥12.69 (up from JP¥10.74 in 1Q 2024). Revenue: JP¥2.02b (up 3.4% from 1Q 2024). Net income: JP¥111.0m (up 18% from 1Q 2024). Profit margin: 5.5% (up from 4.8% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (JP¥7.70b market cap, or US$47.6m). Reported Earnings • May 21
Full year 2024 earnings released: EPS: JP¥52.46 (vs JP¥40.58 in FY 2023) Full year 2024 results: EPS: JP¥52.46 (up from JP¥40.58 in FY 2023). Revenue: JP¥7.85b (up 5.8% from FY 2023). Net income: JP¥459.0m (up 29% from FY 2023). Profit margin: 5.8% (up from 4.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year and the company’s share price has also increased by 26% per year. Announcement • May 18
Watt Mann Co., Ltd., Annual General Meeting, Jun 27, 2024 Watt Mann Co., Ltd., Annual General Meeting, Jun 27, 2024. Buy Or Sell Opportunity • Apr 14
Now 21% overvalued Over the last 90 days, the stock has fallen 19% to JP¥709. The fair value is estimated to be JP¥587, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 26%. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). Buy Or Sell Opportunity • Mar 08
Now 23% overvalued Over the last 90 days, the stock has fallen 18% to JP¥718. The fair value is estimated to be JP¥585, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 26%. Announcement • Mar 02
Watt Mann Co., Ltd. to Report Fiscal Year 2024 Results on May 15, 2024 Watt Mann Co., Ltd. announced that they will report fiscal year 2024 results on May 15, 2024 Buy Or Sell Opportunity • Feb 17
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to JP¥716. The fair value is estimated to be JP¥590, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 26%. Announcement • Dec 22
Watt Mann Co., Ltd. to Report Q3, 2024 Results on Feb 14, 2024 Watt Mann Co., Ltd. announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 16
Second quarter 2024 earnings released: EPS: JP¥10.17 (vs JP¥7.43 in 2Q 2023) Second quarter 2024 results: EPS: JP¥10.17 (up from JP¥7.43 in 2Q 2023). Revenue: JP¥1.88b (up 9.2% from 2Q 2023). Net income: JP¥89.0m (up 37% from 2Q 2023). Profit margin: 4.7% (up from 3.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 13
Watt Mann Co., Ltd. to Report Q2, 2024 Results on Nov 13, 2023 Watt Mann Co., Ltd. announced that they will report Q2, 2024 results on Nov 13, 2023 Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: JP¥10.74 (vs JP¥12.12 in 1Q 2023) First quarter 2024 results: EPS: JP¥10.74 (down from JP¥12.12 in 1Q 2023). Revenue: JP¥1.95b (up 14% from 1Q 2023). Net income: JP¥94.0m (down 11% from 1Q 2023). Profit margin: 4.8% (down from 6.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 04
Watt Mann Co., Ltd. to Report Q1, 2024 Results on Aug 14, 2023 Watt Mann Co., Ltd. announced that they will report Q1, 2024 results on Aug 14, 2023 Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥855, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 12x in the Specialty Retail industry in Japan. Total returns to shareholders of 286% over the past three years. Reported Earnings • May 19
Full year 2023 earnings released: EPS: JP¥162 (vs JP¥30.21 in FY 2022) Full year 2023 results: EPS: JP¥162 (up from JP¥30.21 in FY 2022). Revenue: JP¥7.42b (up 37% from FY 2022). Net income: JP¥355.0m (up 35% from FY 2022). Profit margin: 4.8% (down from 4.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.5%). Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: JP¥27.88 (vs JP¥26.97 in 3Q 2022) Third quarter 2023 results: EPS: JP¥27.88 (up from JP¥26.97 in 3Q 2022). Revenue: JP¥1.94b (up 17% from 3Q 2022). Net income: JP¥61.0m (up 3.4% from 3Q 2022). Profit margin: 3.1% (down from 3.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥29.71 (vs JP¥16.81 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥29.71 (up from JP¥16.81 loss in 2Q 2022). Revenue: JP¥1.72b (up 73% from 2Q 2022). Net income: JP¥65.0m (up JP¥101.0m from 2Q 2022). Profit margin: 3.8% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. No independent directors (5 non-independent directors). Director Yasufumi Kawabata was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 30% share price gain to JP¥2,517, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 282% over the past three years. Reported Earnings • Aug 17
First quarter 2023 earnings released: EPS: JP¥48.46 (vs JP¥21.50 in 1Q 2022) First quarter 2023 results: EPS: JP¥48.46 (up from JP¥21.50 in 1Q 2022). Revenue: JP¥1.70b (up 69% from 1Q 2022). Net income: JP¥106.0m (up 125% from 1Q 2022). Profit margin: 6.2% (up from 4.7% in 1Q 2022). The increase in margin was driven by higher revenue. Announcement • May 19
Watt Mann Co., Ltd., Annual General Meeting, Jun 29, 2022 Watt Mann Co., Ltd., Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. No independent directors (5 non-independent directors). Director Yasufumi Kawabata was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Watt Mann Co., Ltd. to Report Fiscal Year 2022 Results on May 16, 2022 Watt Mann Co., Ltd. announced that they will report fiscal year 2022 results on May 16, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥53.85 (up from JP¥27.45 in 3Q 2021). Revenue: JP¥1.66b (up 76% from 3Q 2021). Net income: JP¥59.0m (up 97% from 3Q 2021). Profit margin: 3.6% (up from 3.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Reported Earnings • Nov 15
Second quarter 2022 earnings released: JP¥33.55 loss per share (vs JP¥45.75 profit in 2Q 2021) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2022 results: Revenue: JP¥994.0m (up 9.6% from 2Q 2021). Net loss: JP¥36.0m (down 172% from profit in 2Q 2021). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥2,766, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 100% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Announcement • Mar 04
Watt Mann Co., Ltd. to Report Fiscal Year 2021 Results on May 21, 2021 Watt Mann Co., Ltd. announced that they will report fiscal year 2021 results on May 21, 2021 Is New 90 Day High Low • Feb 25
New 90-day high: JP¥2,300 The company is up 2.0% from its price of JP¥2,256 on 27 November 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 11% over the same period. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS JP¥27.41 (vs JP¥110 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥943.0m (down 1.4% from 3Q 2020). Net income: JP¥30.0m (down 75% from 3Q 2020). Profit margin: 3.2% (down from 13% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Is New 90 Day High Low • Feb 01
New 90-day low: JP¥2,070 The company is down 16% from its price of JP¥2,450 on 02 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 9.0% over the same period. Announcement • Jan 23
Watt Mann Co., Ltd. to Report Q3, 2021 Results on Feb 28, 2021 Watt Mann Co., Ltd. announced that they will report Q3, 2021 results on Feb 28, 2021 Is New 90 Day High Low • Dec 18
New 90-day low: JP¥2,156 The company is down 15% from its price of JP¥2,535 on 18 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 Specialty Retail industry, which is up 13% over the same period. Reported Earnings • Nov 19
Second quarter 2021 earnings released: EPS JP¥45.75 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥907.0m (down 5.1% from 2Q 2020). Net income: JP¥50.0m (down 59% from 2Q 2020). Profit margin: 5.5% (down from 13% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Is New 90 Day High Low • Nov 18
New 90-day low: JP¥2,310 The company is down 2.0% from its price of JP¥2,349 on 20 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 Specialty Retail industry, which is up 16% over the same period. Reported Earnings • Nov 11
Second quarter 2021 earnings released: EPS JP¥45.70 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥907.0m (down 5.1% from 2Q 2020). Net income: JP¥50.0m (down 59% from 2Q 2020). Profit margin: 5.5% (down from 13% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Announcement • Jul 17
Watt Mann Co., Ltd. to Report Q1, 2021 Results on Aug 07, 2020 Watt Mann Co., Ltd. announced that they will report Q1, 2021 results on Aug 07, 2020