Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥61,410, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 22x in the Semiconductor industry in Japan. Total returns to shareholders of 234% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥32,301 per share. Price Target Changed • Apr 25
Price target increased by 7.3% to JP¥76,950 Up from JP¥71,725, the current price target is an average from 20 analysts. New target price is 7.3% above last closing price of JP¥71,700. Stock is up 150% over the past year. The company is forecast to post earnings per share of JP¥1,644 for next year compared to JP¥1,250 last year. Reported Earnings • Apr 23
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥1,250 (up from JP¥1,143 in FY 2025). Revenue: JP¥436.9b (up 11% from FY 2025). Net income: JP¥135.5b (up 9.4% from FY 2025). Profit margin: 31% (in line with FY 2025). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Semiconductor 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 increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 22
Disco Corporation, Annual General Meeting, Jun 24, 2026 Disco Corporation, Annual General Meeting, Jun 24, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥308 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 0.7%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.0%). Price Target Changed • Feb 20
Price target increased by 8.3% to JP¥65,711 Up from JP¥60,661, the current price target is an average from 20 analysts. New target price is 11% below last closing price of JP¥74,060. Stock is up 62% over the past year. The company is forecast to post earnings per share of JP¥1,200 for next year compared to JP¥1,143 last year. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥70,580, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 21x in the Semiconductor industry in Japan. Total returns to shareholders of 459% over the past three years. Declared Dividend • Jan 23
Dividend of JP¥308 announced Shareholders will receive a dividend of JP¥308. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 0.6%, which is lower than the industry average of 1.0%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 194%. Reported Earnings • Jan 22
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥339 (up from JP¥294 in 3Q 2025). Revenue: JP¥109.3b (up 17% from 3Q 2025). Net income: JP¥36.7b (up 16% from 3Q 2025). Profit margin: 34% (in line with 3Q 2025). Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥55,560, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total returns to shareholders of 339% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥49,690, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total returns to shareholders of 278% over the past three years. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥47,500, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 18x in the Semiconductor industry in Japan. Total returns to shareholders of 284% over the past three years. Reported Earnings • Oct 30
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥296 (up from JP¥274 in 2Q 2025). Revenue: JP¥104.6b (up 8.7% from 2Q 2025). Net income: JP¥32.1b (up 8.1% from 2Q 2025). Profit margin: 31% (in line with 2Q 2025). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥53,880, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total returns to shareholders of 414% over the past three years. New Risk • Oct 02
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 7.9% 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 36% and the cash payout ratio is 84%. Trailing yield: 0.9%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥44,400, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 15x in the Semiconductor industry in Japan. Total returns to shareholders of 306% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥20,107 per share. Declared Dividend • Jul 21
Dividend reduced to JP¥110 Dividend of JP¥110 is 11% lower than last year. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 0.9%, which is about the same as the industry average. Payout Ratios Payout ratio: 36%. Cash payout ratio: 84%. Price Target Changed • Jul 09
Price target increased by 7.5% to JP¥43,941 Up from JP¥40,888, the current price target is an average from 17 analysts. New target price is 6.4% above last closing price of JP¥41,290. Stock is down 38% over the past year. The company is forecast to post earnings per share of JP¥1,159 for next year compared to JP¥1,143 last year. Announcement • Jul 09
Disco Corporation Revises Consolidated and Non-Consolidated Forecast for the First Quarter Ending on June 30, 2025 Disco Corporation revised Consolidated and non-consolidated forecast for the first quarter ending on June 30, 2025. For the period, the Consolidated forecasts is Net sales of JPY 89.9 billion against JPY 75.0 billion previously forecasted; Operating income of JPY 34.5 billion against JPY 23.8 billion previously forecasted; Net income attributable to owners of parent of JPY 23.8 billion against JPY 16.7 billion previously forecasted; Net income per share of JPY 219.23 against JPY 154.05 previously forecasted.
For the period, the company expects the non-consolidated forecasts for net sales of JPY 75.5 billion against JPY 61.3 billion previously forecasted; Operating income of JPY 30.4 billion against JPY 20.1 billion previously forecasted; Net income of JPY 34.8 billion against JPY 27.2 billion previously forecasted; Net income per share of JPY 321.34 against JPY 250.91 previously forecasted. Reason: The drastic and rapid fluctuations in customer willingness to invest make it difficult to predict demand in the semiconductor and electronic components industries. For this reason, DISCO business forecasts are only disclosed for one upcoming quarter. For DISCO's mechanical products such as precision processing equipment, revenue recognition of sales is carried out on an inspection/acceptance basis. As the progress in inspection/acceptance of equipment products has been faster than expected, the net sales and profits are expected to increase. Reported Earnings • Jun 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥1,143 (up from JP¥777 in FY 2024). Revenue: JP¥393.3b (up 28% from FY 2024). Net income: JP¥123.9b (up 47% from FY 2024). Profit margin: 32% (up from 27% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.5%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥33,060, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 14x in the Semiconductor industry in Japan. Total returns to shareholders of 220% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥19,345 per share. Reported Earnings • Apr 18
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥1,143 (up from JP¥777 in FY 2024). Revenue: JP¥393.3b (up 28% from FY 2024). Net income: JP¥123.9b (up 47% from FY 2024). Profit margin: 32% (up from 27% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.5%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥27,605, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Semiconductor industry in Japan. Total returns to shareholders of 185% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥18,136 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥245 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥37,450, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 15x in the Semiconductor industry in Japan. Total returns to shareholders of 290% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥22,154 per share. Declared Dividend • Jan 25
Dividend increased to JP¥245 Dividend of JP¥245 is 6.1% higher than last year. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 0.8%, which is lower than the industry average of 1.0%. Payout Ratios Payout ratio: 32%. Cash payout ratio: 40%. Announcement • Jan 24
Disco Corporation Revises Dividend Guidance for the Fiscal Year Ending March 31, 2025 Disco Corporation revised dividend guidance of JPY 245.00 per share for the Fiscal Year ending March 31, 2025 as compared to the dividend of JPY 231.00 per share paid a year ago. Reported Earnings • Jan 24
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥294 (up from JP¥148 in 3Q 2024). Revenue: JP¥93.6b (up 22% from 3Q 2024). Net income: JP¥31.8b (up 98% from 3Q 2024). Profit margin: 34% (up from 21% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 23
Disco Corporation Provides Consolidated and Non Consolidated Earnings Guidance for the Year Ending March 31, 2025 Disco Corporation provided consolidated and non consolidated earnings guidance for the year ending March 31, 2025. For the period, on consolidated basis, the company expects net sales to be JPY 373,000 million, Operating income to be JPY 152,800 million, net income to be JPY 112,900 million and net income per share to be JPY 1,041.80.
For the period, on non-consolidated basis, the company expects net sales to be 313,800 million, Operating income to be JPY 131,800 million, net income to be JPY 108,300 million and net income per share to be JPY 999.35. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥52,150, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 14x in the Semiconductor industry in Japan. Total returns to shareholders of 410% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥23,303 per share. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥45,320, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 15x in the Semiconductor industry in Japan. Total returns to shareholders of 356% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥21,861 per share. Reported Earnings • Oct 18
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: JP¥274 (up from JP¥185 in 2Q 2024). Revenue: JP¥96.2b (up 33% from 2Q 2024). Net income: JP¥29.7b (up 49% from 2Q 2024). Profit margin: 31% (up from 28% in 2Q 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 3.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 18
Price target decreased by 9.1% to JP¥48,269 Down from JP¥53,073, the current price target is an average from 16 analysts. New target price is 26% above last closing price of JP¥38,310. Stock is up 37% over the past year. The company is forecast to post earnings per share of JP¥1,153 for next year compared to JP¥777 last year. New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥108 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥34,650, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 15x in the Semiconductor industry in Japan. Total returns to shareholders of 207% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥25,713 per share. Price Target Changed • Sep 03
Price target decreased by 7.0% to JP¥57,913 Down from JP¥62,280, the current price target is an average from 15 analysts. New target price is 44% above last closing price of JP¥40,160. Stock is up 43% over the past year. The company is forecast to post earnings per share of JP¥1,223 for next year compared to JP¥777 last year. Price Target Changed • Aug 30
Price target decreased by 7.2% to JP¥58,113 Down from JP¥62,613, the current price target is an average from 15 analysts. New target price is 36% above last closing price of JP¥42,660. Stock is up 52% over the past year. The company is forecast to post earnings per share of JP¥1,225 for next year compared to JP¥777 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥37,600, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total returns to shareholders of 262% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥25,618 per share. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥55,260, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 22x in the Semiconductor industry in Japan. Total returns to shareholders of 471% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥22,537 per share. New Risk • Jul 17
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 7.3% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Jul 15
Final dividend of JP¥76.00 announced Shareholders will receive a dividend of JP¥76.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 0.5%, which is lower than the industry average of 1.0%. Payout Ratios Payout ratio: 39%. Cash payout ratio: 41%. Board Change • Jul 05
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Etsuko Kobayashi was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jul 02
Price target increased by 8.1% to JP¥60,856 Up from JP¥56,294, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of JP¥61,850. Stock is up 158% over the past year. The company is forecast to post earnings per share of JP¥1,186 for next year compared to JP¥777 last year. Reported Earnings • Jun 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥777 (up from JP¥765 in FY 2023). Revenue: JP¥307.6b (up 8.2% from FY 2023). Net income: JP¥84.2b (up 1.6% from FY 2023). Profit margin: 27% (down from 29% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.2%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 28
Disco Corporation, Annual General Meeting, Jun 21, 2024 Disco Corporation, Annual General Meeting, Jun 21, 2024.