Declared Dividend • Apr 11
Final dividend increased to JP¥9.00 Dividend of JP¥9.00 is 38% higher than last year. Ex-date: 29th June 2026 Payment date: 16th September 2026 Dividend yield will be 2.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 64% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2025 earnings released: EPS: JP¥41.40 (vs JP¥32.42 in FY 2024) Full year 2025 results: EPS: JP¥41.40 (up from JP¥32.42 in FY 2024). Revenue: JP¥6.05b (up 19% from FY 2024). Net income: JP¥839.0m (up 25% from FY 2024). Profit margin: 14% (in line with FY 2024). 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 9% per year, which means it is significantly lagging earnings growth. New Risk • Feb 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 5.7% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 16
WILLs Inc., Annual General Meeting, Mar 27, 2026 WILLs Inc., Annual General Meeting, Mar 27, 2026. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥827, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 17x in the Software industry in Japan. Total returns to shareholders of 42% over the past three years. Buy Or Sell Opportunity • Jan 14
Now 20% undervalued Over the last 90 days, the stock has risen 2.3% to JP¥743. The fair value is estimated to be JP¥929, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 17%. New Risk • Jan 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.6b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥6.50 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.7%). Declared Dividend • Sep 17
First half dividend of JP¥6.50 announced Shareholders will receive a dividend of JP¥6.50. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 51% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: JP¥15.58 (vs JP¥13.16 in 2Q 2024) Second quarter 2025 results: EPS: JP¥15.58 (up from JP¥13.16 in 2Q 2024). Revenue: JP¥1.58b (up 20% from 2Q 2024). Net income: JP¥316.4m (up 14% from 2Q 2024). Profit margin: 20% (in line with 2Q 2024). 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 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 15
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to JP¥685. The fair value is estimated to be JP¥857, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 15%. Buy Or Sell Opportunity • Jun 16
Now 20% undervalued Over the last 90 days, the stock has risen 7.7% to JP¥689. The fair value is estimated to be JP¥866, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: JP¥1.67 (vs JP¥3.23 in 1Q 2024) First quarter 2025 results: EPS: JP¥1.67 (down from JP¥3.23 in 1Q 2024). Revenue: JP¥841.0m (flat on 1Q 2024). Net income: JP¥34.0m (down 50% from 1Q 2024). Profit margin: 4.0% (down from 8.1% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 15
Now 23% undervalued Over the last 90 days, the stock has risen 7.7% to JP¥660. The fair value is estimated to be JP¥855, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 15%. Declared Dividend • Apr 11
Final dividend of JP¥6.50 announced Shareholders will receive a dividend of JP¥6.50. Ex-date: 27th June 2025 Payment date: 17th September 2025 Dividend yield will be 1.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 73% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 19
WILLs Inc. to Report Q1, 2025 Results on May 14, 2025 WILLs Inc. announced that they will report Q1, 2025 results on May 14, 2025 Reported Earnings • Feb 16
Full year 2024 earnings released: EPS: JP¥32.42 (vs JP¥24.36 in FY 2023) Full year 2024 results: EPS: JP¥32.42 (up from JP¥24.36 in FY 2023). Revenue: JP¥5.07b (up 13% from FY 2023). Net income: JP¥670.0m (up 32% from FY 2023). Profit margin: 13% (up from 11% 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 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 14
WILLs Inc., Annual General Meeting, Mar 28, 2025 WILLs Inc., Annual General Meeting, Mar 28, 2025. Buy Or Sell Opportunity • Dec 26
Now 21% undervalued Over the last 90 days, the stock has risen 8.5% to JP¥649. The fair value is estimated to be JP¥824, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 13%. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥5.50 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 26 March 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.3%). Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: JP¥8.35 (vs JP¥11.97 in 2Q 2023) Second quarter 2024 results: EPS: JP¥8.35 (down from JP¥11.97 in 2Q 2023). Revenue: JP¥1.08b (down 15% from 2Q 2023). Net income: JP¥173.0m (down 31% from 2Q 2023). Profit margin: 16% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue. Declared Dividend • Aug 16
Dividend of JP¥5.50 announced Shareholders will receive a dividend of JP¥5.50. Ex-date: 27th December 2024 Payment date: 26th March 2025 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 64% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 9.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 15
WILLs Inc. (TSE:4482) agreed to acquire Hara Tokutaro Shoten Co., Ltd. WILLs Inc. (TSE:4482) agreed to acquire Hara Tokutaro Shoten Co., Ltd. on August 14, 2024. For Fiscal year ending March 2024, Hara Tokutaro Shoten reported total asset of ¥11 million, net assets of -¥8 million, sales of ¥49 million and net income -¥3 million. The expected completion of the transaction is August 26, 2024. Announcement • Aug 07
WILLs Inc. (TSE:4482) announces an Equity Buyback for 621,000 shares, representing 3% for ¥300 million. WILLs Inc. (TSE:4482) announces a share repurchase program. Under the program, the company will repurchase up to 621,000 shares, representing 3% of its total shares outstanding (excluding treasury shares), for a total of ¥300 million. The purpose of the program is to improve capital efficiency and implementing a flexible capital policy that responds to changes in the market and business environment. The repurchase program is valid till December 30, 2024. As of December 31, 2023, the company had 20,713,207 shares outstanding (excluding treasury shares) and had 341,193 shares in treasury. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥498, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Software industry in Japan. Total loss to shareholders of 39% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: JP¥3.23 (vs JP¥4.04 in 1Q 2023) First quarter 2024 results: EPS: JP¥3.23 (down from JP¥4.04 in 1Q 2023). Revenue: JP¥840.0m (up 6.6% from 1Q 2023). Net income: JP¥68.0m (down 20% from 1Q 2023). Profit margin: 8.1% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Software industry in Japan. New Risk • Apr 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.2b (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Declared Dividend • Apr 11
Final dividend of JP¥5.50 announced Shareholders will receive a dividend of JP¥5.50. Ex-date: 27th June 2024 Payment date: 13th September 2024 Dividend yield will be 1.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 110% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 29% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: JP¥24.36 (vs JP¥20.87 in FY 2022) Full year 2023 results: EPS: JP¥24.36 (up from JP¥20.87 in FY 2022). Revenue: JP¥4.48b (up 17% from FY 2022). Net income: JP¥506.0m (up 21% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Software 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 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to JP¥772. The fair value is estimated to be JP¥642, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 3.1% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Buy Or Sell Opportunity • Feb 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to JP¥773. The fair value is estimated to be JP¥641, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 3.1% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: JP¥24.36 (vs JP¥20.87 in FY 2022) Full year 2023 results: EPS: JP¥24.36 (up from JP¥20.87 in FY 2022). Revenue: JP¥4.48b (up 17% from FY 2022). Net income: JP¥506.0m (up 21% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Software 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 22% per year, which means it is significantly lagging earnings. Announcement • Feb 14
WILLs Inc., Annual General Meeting, Mar 25, 2024 WILLs Inc., Annual General Meeting, Mar 25, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥6.00 per share at 1.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (1.5%). New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 118% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 118% per year for the foreseeable future. Minor Risks Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (JP¥12.7b market cap, or US$85.2m). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: JP¥9.13 (vs JP¥7.07 in 3Q 2022) Third quarter 2023 results: EPS: JP¥9.13 (up from JP¥7.07 in 3Q 2022). Revenue: JP¥1.29b (up 13% from 3Q 2022). Net income: JP¥185.0m (up 31% from 3Q 2022). Profit margin: 14% (up from 12% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software 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 fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: JP¥12.23 (vs JP¥10.22 in 2Q 2022) Second quarter 2023 results: EPS: JP¥12.23 (up from JP¥10.22 in 2Q 2022). Revenue: JP¥1.27b (up 13% from 2Q 2022). Net income: JP¥252.0m (up 24% from 2Q 2022). Profit margin: 20% (up from 18% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Japan. Buying Opportunity • Apr 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be JP¥685, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last year. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Announcement • Feb 18
WILLs Inc., Annual General Meeting, Mar 30, 2023 WILLs Inc., Annual General Meeting, Mar 30, 2023. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: JP¥20.87 (vs JP¥17.88 in FY 2021) Full year 2022 results: EPS: JP¥20.87 (up from JP¥17.88 in FY 2021). Revenue: JP¥3.82b (up 13% from FY 2021). Net income: JP¥417.0m (up 20% from FY 2021). Profit margin: 11% (in line with FY 2021). Upcoming Dividend • Dec 22
Upcoming dividend of JP¥7.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (1.9%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥7.07 (vs JP¥1.57 in 3Q 2021) Third quarter 2022 results: EPS: JP¥7.07 (up from JP¥1.57 in 3Q 2021). Revenue: JP¥1.14b (up 42% from 3Q 2021). Net income: JP¥141.0m (up 355% from 3Q 2021). Profit margin: 12% (up from 3.8% in 3Q 2021). The increase in margin was driven by higher revenue. Buying Opportunity • Aug 26
Now 21% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be JP¥894, 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 21%. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: EPS: JP¥10.22. Net income: JP¥204.0m (up JP¥204.0m from 2Q 2021). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥707, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 24x in the Software industry in Japan. Total loss to shareholders of 30% over the past year. Announcement • Jun 20
WILLs Inc. (TSE:4482) announces an Equity Buyback for 50,000 shares, representing 0.25% for ¥21 million. WILLs Inc. (TSE:4482) announces a share repurchase program. Under the program, the company will repurchase up to 50,000 shares, representing 0.25% of its issued share capital for a total of ¥21 million. The purpose of the program is to improve capital efficiency and implement agile capital policies in response to changes in the market environment and business environment. The program will expire on July 29, 2022. As March 31, 2022, the company had 19,831,444 shares outstanding and 124,956 shares held in treasury. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥806, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 23x in the Software industry in Japan. Total loss to shareholders of 43% over the past year. Announcement • Feb 16
WILLs Inc., Annual General Meeting, Mar 30, 2022 WILLs Inc., Annual General Meeting, Mar 30, 2022. Announcement • Feb 15
WILLs Inc. (TSE:4482) announces an Equity Buyback for 200,000 shares, representing 1% for ¥100 million. WILLs Inc. (TSE:4482) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 1% of its issued share capital for a total of ¥100 million. The purpose of the program is to improve capital efficiency and implement agile capital policies in response to changes in the market environment and business environment. The program will expire on April 20, 2022. As of January 31, 2022, the company had 19,956,044 shares outstanding and 356 shares held in treasury. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥996, the stock trades at a trailing P/E ratio of 66.8x. Average trailing P/E is 30x in the Software industry in Japan. Total returns to shareholders of 15% over the past year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥882, the stock trades at a trailing P/E ratio of 59.1x. Average trailing P/E is 29x in the Software industry in Japan. Total loss to shareholders of 15% over the past year. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥14.92 (vs JP¥48.98 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: JP¥2.43b (up 36% from FY 2019). Net income: JP¥279.0m (up 39% from FY 2019). Profit margin: 12% (in line with FY 2019). Is New 90 Day High Low • Feb 08
New 90-day high: JP¥1,885 The company is up 56% from its price of JP¥1,209 on 10 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥1,397, the stock is trading at a trailing P/E ratio of 77.9x, up from the previous P/E ratio of 65.1x. This compares to an average P/E of 38x in the Software industry in Japan. Total returns to shareholders over the past year are 43%. Is New 90 Day High Low • Jan 12
New 90-day high: JP¥1,444 The company is up 15% from its price of JP¥1,257 on 14 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 3.0% over the same period. Announcement • Dec 05
WILLs Inc. to Report Fiscal Year 2020 Results on Feb 12, 2021 WILLs Inc. announced that they will report fiscal year 2020 results on Feb 12, 2021 Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 19% share price gain to JP¥1,215, the stock is trading at a trailing P/E ratio of 67.7x, up from the previous P/E ratio of 56.9x. This compares to an average P/E of 39x in the Software industry in Japan. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 18% share price gain to JP¥1,246, the stock is trading at a trailing P/E ratio of 69.4x, up from the previous P/E ratio of 59x. This compares to an average P/E of 40x in the Software industry in Japan.