Upcoming Dividend • 9h
Upcoming dividend of JP¥93.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 07 September 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.0%). Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥55.57 (vs JP¥59.70 in 1Q 2025) First quarter 2026 results: EPS: JP¥55.57 (down from JP¥59.70 in 1Q 2025). Revenue: JP¥5.47b (down 1.6% from 1Q 2025). Net income: JP¥1.01b (down 8.6% from 1Q 2025). Profit margin: 18% (down from 20% in 1Q 2025). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥93.00 announced Shareholders will receive a dividend of JP¥93.00. Ex-date: 29th June 2026 Payment date: 7th September 2026 Dividend yield will be 4.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 32% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥229 (up from JP¥207 in FY 2024). Revenue: JP¥21.8b (up 7.7% from FY 2024). Net income: JP¥4.22b (up 9.0% from FY 2024). Profit margin: 19% (in line with FY 2024). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 3.3%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 13
Base Co., Ltd., Annual General Meeting, Mar 27, 2026 Base Co., Ltd., Annual General Meeting, Mar 27, 2026. Buy Or Sell Opportunity • Jan 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to JP¥3,295. The fair value is estimated to be JP¥4,139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 March 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: JP¥56.53 (vs JP¥51.54 in 3Q 2024) Third quarter 2025 results: EPS: JP¥56.53 (up from JP¥51.54 in 3Q 2024). Revenue: JP¥5.46b (up 7.7% from 3Q 2024). Net income: JP¥1.04b (up 8.1% from 3Q 2024). Profit margin: 19% (in line with 3Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Sep 06
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 29th December 2025 Payment date: 10th March 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: JP¥50.83 (vs JP¥41.17 in 2Q 2024) Second quarter 2025 results: EPS: JP¥50.83 (up from JP¥41.17 in 2Q 2024). Revenue: JP¥5.45b (up 12% from 2Q 2024). Net income: JP¥939.2m (up 22% from 2Q 2024). Profit margin: 17% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 20
First quarter 2025 earnings released: EPS: JP¥59.66 (vs JP¥47.04 in 1Q 2024) First quarter 2025 results: EPS: JP¥59.66 (up from JP¥47.04 in 1Q 2024). Revenue: JP¥5.56b (up 16% from 1Q 2024). Net income: JP¥1.10b (up 25% from 1Q 2024). Profit margin: 20% (up from 18% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT 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 only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥57.00 announced Shareholders will receive a dividend of JP¥57.00. Ex-date: 27th June 2025 Payment date: 8th September 2025 Dividend yield will be 3.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 38% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,505, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the IT industry in Japan. Total loss to shareholders of 14% over the past three years. Reported Earnings • Apr 05
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥207 (up from JP¥188 in FY 2023). Revenue: JP¥20.2b (up 8.1% from FY 2023). Net income: JP¥3.87b (up 13% from FY 2023). Profit margin: 19% (in line with FY 2023). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 8.0%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT 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 fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Outside Director Hideki Kiwaki was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥207 (up from JP¥188 in FY 2023). Revenue: JP¥20.2b (up 8.1% from FY 2023). Net income: JP¥3.87b (up 13% from FY 2023). Profit margin: 19% (in line with FY 2023). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 8.0%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the IT 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 only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Base Co., Ltd., Annual General Meeting, Mar 28, 2025 Base Co., Ltd., Annual General Meeting, Mar 28, 2025. New Risk • Jan 24
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 5.1% 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 (5.1% average weekly change). Upcoming Dividend • Dec 20
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 March 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: JP¥51.54 (vs JP¥45.24 in 3Q 2023) Third quarter 2024 results: EPS: JP¥51.54 (up from JP¥45.24 in 3Q 2023). Revenue: JP¥5.07b (up 9.6% from 3Q 2023). Net income: JP¥964.7m (up 16% from 3Q 2023). Profit margin: 19% (up from 18% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT 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 only increased by 15% per year, which means it is significantly lagging earnings growth. New Risk • Sep 17
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 8.3% 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 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 (8.3% average weekly change). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥3,150, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 49% over the past three years. Reported Earnings • Aug 20
Second quarter 2024 earnings released: EPS: JP¥41.19 (vs JP¥37.83 in 2Q 2023) Second quarter 2024 results: EPS: JP¥41.19 (up from JP¥37.83 in 2Q 2023). Revenue: JP¥4.87b (up 9.2% from 2Q 2023). Net income: JP¥773.5m (up 12% from 2Q 2023). Profit margin: 16% (in line with 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the IT 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 only increased by 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 16
Dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 27th December 2024 Payment date: 11th March 2025 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 15
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 8.3% 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 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 (8.3% average weekly change). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Announcement • Aug 15
Base Co., Ltd. Announces Dividend for the Second Quarter End of Fiscal Year Ending December 31, 2024, Payable on September 6, 2024 Base Co., Ltd. announced that the company to pay a dividend of JPY 50.00 per share for the second quarter end of fiscal year ending December 31, 2024 as compared to JPY 40.00 per share paid a year ago. Scheduled date to commence dividend payments: September 6, 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥2,269, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 6.3% over the past three years. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥21.8b to JP¥20.2b. EPS estimate also fell from JP¥208 per share to JP¥187 per share. Net income forecast to grow 4.4% next year vs 14% growth forecast for IT industry in Japan. Consensus price target down from JP¥5,400 to JP¥4,300. Share price was steady at JP¥2,901 over the past week. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: JP¥47.04 (vs JP¥45.77 in 1Q 2023) First quarter 2024 results: EPS: JP¥47.04 (up from JP¥45.77 in 1Q 2023). Revenue: JP¥4.79b (up 1.9% from 1Q 2023). Net income: JP¥883.0m (up 6.1% from 1Q 2023). Profit margin: 18% (in line with 1Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the IT 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 only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th June 2024 Payment date: 9th September 2024 Dividend yield will be 2.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (34% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 39% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥188 (up from JP¥151 in FY 2022). Revenue: JP¥18.7b (up 9.8% from FY 2022). Net income: JP¥3.43b (up 26% from FY 2022). Profit margin: 18% (up from 16% 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 5.9%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the IT 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 only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 15
Base Co., Ltd., Annual General Meeting, Mar 28, 2024 Base Co., Ltd., Annual General Meeting, Mar 28, 2024. New Risk • Dec 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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 (7.0% average weekly change). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Upcoming Dividend • Dec 21
Upcoming dividend of JP¥48.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 13 March 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.5%). Price Target Changed • Dec 20
Price target decreased by 10.0% to JP¥5,400 Down from JP¥6,000, the current price target is provided by 1 analyst. New target price is 54% above last closing price of JP¥3,505. Stock is up 2.8% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥151 last year. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: JP¥45.24 (vs JP¥41.44 in 3Q 2022) Third quarter 2023 results: EPS: JP¥45.24 (up from JP¥41.44 in 3Q 2022). Revenue: JP¥4.62b (up 2.9% from 3Q 2022). Net income: JP¥829.0m (up 10% from 3Q 2022). Profit margin: 18% (up from 17% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the IT 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 only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Base Co., Ltd. Provides Dividend Guidance for Fiscal Year Ending December 31, 2023 Base Co., Ltd. provided dividend guidance for fiscal year ending December 31, 2023. For the period, company expects to pay JPY 48.00 per share as compared to previous period JPY 56. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥3,670, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥4,210, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 67% over the past three years. New Risk • Aug 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 6.3% 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 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 (6.3% average weekly change). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: JP¥37.83 (vs JP¥35.62 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.83 (up from JP¥35.62 in 2Q 2022). Revenue: JP¥4.47b (up 8.3% from 2Q 2022). Net income: JP¥689.0m (up 7.5% from 2Q 2022). Profit margin: 15% (in line with 2Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥40.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (1.6%). Reported Earnings • Feb 19
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥151 (up from JP¥119 in FY 2021). Revenue: JP¥17.0b (up 28% from FY 2021). Net income: JP¥2.73b (up 28% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 2.2%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the IT 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 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 15
BASE CO., LTD. Provides Consolidated Financial Guidance for the Six Months Ending June 30, 2023 and Year Ending December 31, 2023 BASE CO., LTD. provided consolidated financial guidance for the Six months ending June 30, 2023 and year ending December 31, 2023. For the six months, the company expects net sales to be JPY 9,434 million, operating profit to be JPY 2,199 million, profit attributable to owners of parent to be JPY 1,505 million and earnings per share to be JPY 82.81.For the year ending December 31, 2023, the company expects net sales to be JPY 19,640 million, operating profit to be JPY 4,692 million, profit attributable to owners of parent to be JPY 3,213 million and earnings per share to be JPY 176.79. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥4,225, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 210% over the past three years. Announcement • Dec 29
BASE CO., LTD. to Report Fiscal Year 2022 Results on Feb 14, 2023 BASE CO., LTD. announced that they will report fiscal year 2022 results on Feb 14, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥49.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 14 March 2023. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (1.7%). Reported Earnings • Nov 18
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: JP¥4.49b (up 35% from 3Q 2021). Net income: JP¥752.0m (up 48% from 3Q 2021). Profit margin: 17% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the IT industry in Japan. Buying Opportunity • Nov 04
Now 20% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be JP¥5,137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 31%. Revenue is forecast to grow by 39% in 2 years. Earnings is forecast to grow by 39% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: JP¥71.24 (vs JP¥56.64 in 2Q 2021) Second quarter 2022 results: EPS: JP¥71.24 (up from JP¥56.64 in 2Q 2021). Revenue: JP¥4.12b (up 29% from 2Q 2021). Net income: JP¥641.0m (up 27% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 13%, compared to a 11% growth forecast for the IT industry in Japan. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 12 September 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (1.7%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: JP¥71.17 (vs JP¥53.76 in 1Q 2021) First quarter 2022 results: EPS: JP¥71.17 (up from JP¥53.76 in 1Q 2021). Revenue: JP¥3.93b (up 27% from 1Q 2021). Net income: JP¥639.0m (up 33% from 1Q 2021). Profit margin: 16% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 9.6%, compared to a 8.2% growth forecast for the industry in Japan.