Buy Or Sell Opportunity • Aug 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to JP¥1,518. The fair value is estimated to be JP¥1,249, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Jul 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.2% to JP¥1,448. The fair value is estimated to be JP¥1,204, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 19%. Reported Earnings • Jul 22
First quarter 2027 earnings released: EPS: JP¥10.32 (vs JP¥17.36 in 1Q 2026) First quarter 2027 results: EPS: JP¥10.32 (down from JP¥17.36 in 1Q 2026). Revenue: JP¥4.33b (up 9.1% from 1Q 2026). Net income: JP¥207.0m (down 41% from 1Q 2026). Profit margin: 4.8% (down from 8.8% in 1Q 2026). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jun 27
PCA Corporation to Report Q1, 2027 Results on Jul 21, 2026 PCA Corporation announced that they will report Q1, 2027 results on Jul 21, 2026 Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,319, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 17x in the Software industry in Japan. Total returns to shareholders of 40% over the past three years. Reported Earnings • Apr 28
Full year 2026 earnings released: EPS: JP¥117 (vs JP¥86.85 in FY 2025) Full year 2026 results: EPS: JP¥117 (up from JP¥86.85 in FY 2025). Revenue: JP¥17.3b (up 6.6% from FY 2025). Net income: JP¥2.36b (up 35% from FY 2025). Profit margin: 14% (up from 11% in FY 2025). 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 8% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
PCA Corporation, Annual General Meeting, Jun 24, 2026 PCA Corporation, Annual General Meeting, Jun 24, 2026. Announcement • Apr 21
PCA Corporation to Report Fiscal Year 2026 Results on Apr 27, 2026 PCA Corporation announced that they will report fiscal year 2026 results on Apr 27, 2026 Buy Or Sell Opportunity • Mar 24
Now 21% overvalued Over the last 90 days, the stock has fallen 9.4% to JP¥1,717. The fair value is estimated to be JP¥1,415, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 20%. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥95.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 23 June 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: JP¥23.24 (vs JP¥26.43 in 3Q 2025) Third quarter 2026 results: EPS: JP¥23.24 (down from JP¥26.43 in 3Q 2025). Revenue: JP¥4.54b (up 9.0% from 3Q 2025). Net income: JP¥466.0m (down 12% from 3Q 2025). Profit margin: 10% (down from 13% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 17% per year. Announcement • Dec 27
PCA Corporation to Report Q3, 2026 Results on Jan 29, 2026 PCA Corporation announced that they will report Q3, 2026 results on Jan 29, 2026 New Risk • Nov 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 132% Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 132% Earnings have declined by 2.5% per year over the past 5 years. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥20.50 (vs JP¥22.84 in 2Q 2025) Second quarter 2026 results: EPS: JP¥20.50 (down from JP¥22.84 in 2Q 2025). Revenue: JP¥4.25b (up 5.9% from 2Q 2025). Net income: JP¥411.0m (down 10% from 2Q 2025). Profit margin: 9.7% (down from 11% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year. Declared Dividend • Oct 30
Dividend of JP¥95.00 announced Shareholders will receive a dividend of JP¥95.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 5.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio). However, it is covered by cash flows (75% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control, which is more than the 5.8% EPS growth achieved over the last 5 years. Announcement • Oct 22
PCA Corporation to Report Q2, 2026 Results on Oct 28, 2025 PCA Corporation announced that they will report Q2, 2026 results on Oct 28, 2025 Reported Earnings • Jul 25
First quarter 2026 earnings released: EPS: JP¥17.36 (vs JP¥22.71 in 1Q 2025) First quarter 2026 results: EPS: JP¥17.36 (down from JP¥22.71 in 1Q 2025). Revenue: JP¥3.97b (up 2.4% from 1Q 2025). Net income: JP¥348.0m (down 24% from 1Q 2025). Profit margin: 8.8% (down from 12% 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 14% per year whereas the company’s share price has increased by 15% per year. Announcement • Jul 15
PCA Corporation to Report Q1, 2026 Results on Jul 24, 2025 PCA Corporation announced that they will report Q1, 2026 results on Jul 24, 2025 Reported Earnings • Jun 24
Full year 2025 earnings released: EPS: JP¥86.85 (vs JP¥80.46 in FY 2024) Full year 2025 results: EPS: JP¥86.85 (up from JP¥80.46 in FY 2024). Revenue: JP¥16.2b (up 8.1% from FY 2024). Net income: JP¥1.74b (up 8.1% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 29
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 100% Dividend yield: 5.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.1% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (100% payout ratio). Reported Earnings • Apr 26
Full year 2025 earnings released: EPS: JP¥86.85 (vs JP¥80.46 in FY 2024) Full year 2025 results: EPS: JP¥86.85 (up from JP¥80.46 in FY 2024). Revenue: JP¥16.2b (up 8.1% from FY 2024). Net income: JP¥1.74b (up 8.1% from FY 2024). Profit margin: 11% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
PCA Corporation to Report Fiscal Year 2025 Results on Apr 25, 2025 PCA Corporation announced that they will report fiscal year 2025 results on Apr 25, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥83.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 23 June 2025. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 30
Third quarter 2025 earnings released: EPS: JP¥26.43 (vs JP¥25.06 in 3Q 2024) Third quarter 2025 results: EPS: JP¥26.43 (up from JP¥25.06 in 3Q 2024). Revenue: JP¥4.17b (up 7.2% from 3Q 2024). Net income: JP¥530.0m (up 5.6% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Jan 22
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Outside Independent Director Akira Hori was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 17
PCA Corporation to Report Q3, 2025 Results on Jan 29, 2025 PCA Corporation announced that they will report Q3, 2025 results on Jan 29, 2025 New Risk • Dec 21
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: Major Risk Earnings have declined by 6.4% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.1% average weekly change). Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: JP¥22.84 (vs JP¥19.67 in 2Q 2024) Second quarter 2025 results: EPS: JP¥22.84 (up from JP¥19.67 in 2Q 2024). Revenue: JP¥4.02b (up 8.9% from 2Q 2024). Net income: JP¥458.0m (up 16% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Oct 04
PCA Corporation to Report Q2, 2025 Results on Oct 28, 2024 PCA Corporation announced that they will report Q2, 2025 results on Oct 28, 2024 Reported Earnings • Jul 26
First quarter 2025 earnings released: EPS: JP¥22.71 (vs JP¥13.30 in 1Q 2024) First quarter 2025 results: EPS: JP¥22.71 (up from JP¥13.30 in 1Q 2024). Revenue: JP¥3.88b (up 14% from 1Q 2024). Net income: JP¥455.0m (up 71% from 1Q 2024). Profit margin: 12% (up from 7.9% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 22
Now 22% undervalued Over the last 90 days, the stock has risen 16% to JP¥2,058. The fair value is estimated to be JP¥2,640, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 26%. New Risk • Jul 20
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 5.2% 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: Major Risk Earnings have declined by 4.1% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.2% average weekly change). Announcement • Jul 14
PCA Corporation to Report Q1, 2025 Results on Jul 24, 2024 PCA Corporation announced that they will report Q1, 2025 results on Jul 24, 2024 Reported Earnings • Jun 26
Full year 2024 earnings released: EPS: JP¥80.46 (vs JP¥44.15 in FY 2023) Full year 2024 results: EPS: JP¥80.46 (up from JP¥44.15 in FY 2023). Revenue: JP¥15.0b (up 16% from FY 2023). Net income: JP¥1.61b (up 82% from FY 2023). Profit margin: 11% (up from 6.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,011, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 22x in the Software industry in Japan. Total returns to shareholders of 43% over the past three years. Announcement • Apr 28
PCA Corporation, Annual General Meeting, Jun 20, 2024 PCA Corporation, Annual General Meeting, Jun 20, 2024. Reported Earnings • Apr 26
Full year 2024 earnings released: EPS: JP¥80.46 (vs JP¥44.15 in FY 2023) Full year 2024 results: EPS: JP¥80.46 (up from JP¥44.15 in FY 2023). Revenue: JP¥15.0b (up 16% from FY 2023). Net income: JP¥1.61b (up 82% from FY 2023). Profit margin: 11% (up from 6.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Apr 17
PCA Corporation to Report Fiscal Year 2024 Results on Apr 25, 2024 PCA Corporation announced that they will report fiscal year 2024 results on Apr 25, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥62.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.3%). New Risk • Jan 30
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 8.0% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 1.1% per year over the past 5 years. Reported Earnings • Jan 30
Third quarter 2024 earnings released: EPS: JP¥25.06 (vs JP¥16.50 in 3Q 2023) Third quarter 2024 results: EPS: JP¥25.06 (up from JP¥16.50 in 3Q 2023). Revenue: JP¥3.89b (up 15% from 3Q 2023). Net income: JP¥502.0m (up 52% from 3Q 2023). Profit margin: 13% (up from 9.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,511, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 24x in the Software industry in Japan. Total returns to shareholders of 4.6% over the past three years. Announcement • Jan 24
PCA Corporation to Report Q3, 2024 Results on Jan 29, 2024 PCA Corporation announced that they will report Q3, 2024 results on Jan 29, 2024 Buy Or Sell Opportunity • Jan 24
Now 20% undervalued Over the last 90 days, the stock has risen 18% to JP¥1,228. The fair value is estimated to be JP¥1,540, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. New Risk • Dec 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.0% 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 Profit margins are more than 30% lower than last year (7.6% net profit margin). Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Reported Earnings • Oct 24
Second quarter 2024 earnings released: EPS: JP¥19.67 (vs JP¥17.60 in 2Q 2023) Second quarter 2024 results: EPS: JP¥19.67 (up from JP¥17.60 in 2Q 2023). Revenue: JP¥3.69b (up 15% from 2Q 2023). Net income: JP¥394.0m (up 12% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 14% per year. Announcement • Oct 05
PCA Corporation to Report Q2, 2024 Results on Oct 23, 2023 PCA Corporation announced that they will report Q2, 2024 results on Oct 23, 2023 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,264, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 24x in the Software industry in Japan. Total loss to shareholders of 8.7% over the past three years. Reported Earnings • Jun 28
Full year 2023 earnings released: EPS: JP¥44.15 (vs JP¥118 in FY 2022) Full year 2023 results: EPS: JP¥44.15 (down from JP¥118 in FY 2022). Revenue: JP¥13.0b (down 3.0% from FY 2022). Net income: JP¥883.0m (down 63% from FY 2022). Profit margin: 6.8% (down from 18% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Announcement • Jun 24
PCA Corporation to Report Q1, 2024 Results on Jul 24, 2023 PCA Corporation announced that they will report Q1, 2024 results on Jul 24, 2023 Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: JP¥44.15 (vs JP¥118 in FY 2022) Full year 2023 results: EPS: JP¥44.15 (down from JP¥118 in FY 2022). Revenue: JP¥13.0b (down 3.0% from FY 2022). Net income: JP¥883.0m (down 63% from FY 2022). Profit margin: 6.8% (down from 18% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.7%). Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: JP¥16.50 (vs JP¥40.95 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.50 (down from JP¥40.95 in 3Q 2022). Revenue: JP¥3.37b (down 4.7% from 3Q 2022). Net income: JP¥330.0m (down 60% from 3Q 2022). Profit margin: 9.8% (down from 23% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Announcement • Dec 29
PCA Corporation to Report Q3, 2023 Results on Jan 30, 2023 PCA Corporation announced that they will report Q3, 2023 results on Jan 30, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥17.60 (vs JP¥41.75 in 2Q 2022) Second quarter 2023 results: EPS: JP¥17.60 (down from JP¥41.75 in 2Q 2022). Revenue: JP¥3.21b (down 2.2% from 2Q 2022). Net income: JP¥352.0m (down 58% from 2Q 2022). Profit margin: 11% (down from 25% in 2Q 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Shin Kusunoki was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 25
Second quarter 2023 earnings released: EPS: JP¥17.60 (vs JP¥41.75 in 2Q 2022) Second quarter 2023 results: EPS: JP¥17.60 (down from JP¥41.75 in 2Q 2022). Revenue: JP¥3.21b (down 2.2% from 2Q 2022). Net income: JP¥352.0m (down 58% from 2Q 2022). Profit margin: 11% (down from 25% in 2Q 2022). Revenue is forecast to grow 5.7% 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 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Oct 16
PCA Corporation to Report Q2, 2023 Results on Oct 24, 2022 PCA Corporation announced that they will report Q2, 2023 results on Oct 24, 2022 Reported Earnings • Jul 26
First quarter 2023 earnings released: EPS: JP¥7.10 (vs JP¥30.70 in 1Q 2022) First quarter 2023 results: EPS: JP¥7.10 (down from JP¥30.70 in 1Q 2022). Revenue: JP¥2.95b (down 11% from 1Q 2022). Net income: JP¥142.0m (down 77% from 1Q 2022). Profit margin: 4.8% (down from 18% in 1Q 2022). Over the next year, revenue is forecast to grow 2.1%, compared to a 14% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 24
PCA Corporation to Report Q1, 2023 Results on Jul 25, 2022 PCA Corporation announced that they will report Q1, 2023 results on Jul 25, 2022 Reported Earnings • Apr 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥118 (up from JP¥83.48 in FY 2021). Revenue: JP¥13.4b (flat on FY 2021). Net income: JP¥2.37b (up 42% from FY 2021). Profit margin: 18% (up from 13% in FY 2021). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 4.7% compared to a 14% growth forecast for the 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 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Shin Kusunoki was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
PCA Corporation to Report Fiscal Year 2022 Results on Apr 27, 2022 PCA Corporation announced that they will report fiscal year 2022 results on Apr 27, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 21 June 2022. Payout ratio is a comfortable 7.9% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (1.8%). Reported Earnings • Jan 25
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: JP¥40.95 (up from JP¥23.30 in 3Q 2021). Revenue: JP¥3.54b (up 2.9% from 3Q 2021). Net income: JP¥819.0m (up 76% from 3Q 2021). Profit margin: 23% (up from 14% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Over the next year, revenue is expected to shrink by 9.2% compared to a 16% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 32% per year. Reported Earnings • Oct 26
Second quarter 2022 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥3.28b (up 2.8% from 2Q 2021). Net income: JP¥835.0m (up 163% from 2Q 2021). Profit margin: 25% (up from 9.9% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 40% per year. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥1,623, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 27x in the Software industry in Japan. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 22% share price gain to JP¥4,855, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 28x in the Software industry in Japan. Total returns to shareholders of 218% over the past three years. Reported Earnings • Jul 27
First quarter 2022 earnings released: EPS JP¥92.10 (vs JP¥40.87 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥3.33b (up 19% from 1Q 2021). Net income: JP¥614.0m (up 126% from 1Q 2021). Profit margin: 18% (up from 9.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥250 (vs JP¥273 in FY 2020) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: JP¥13.3b (down 6.7% from FY 2020). Net income: JP¥1.67b (down 8.1% from FY 2020). Profit margin: 13% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 28
Full year 2021 earnings released: EPS JP¥250 (vs JP¥273 in FY 2020) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: JP¥13.3b (down 6.7% from FY 2020). Net income: JP¥1.67b (down 8.1% from FY 2020). Profit margin: 13% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 38% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 22 June 2021. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.3%). Is New 90 Day High Low • Feb 18
New 90-day low: JP¥4,245 The company is down 4.0% from its price of JP¥4,430 on 20 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 6.0% over the same period. Reported Earnings • Feb 17
Third quarter 2021 earnings released: EPS JP¥69.90 (vs JP¥70.48 in 3Q 2020) The company reported a soft third quarter result with weaker revenues, although earnings and profit margins were flat. Third quarter 2021 results: Revenue: JP¥3.43b (down 2.9% from 3Q 2020). Net income: JP¥466.0m (flat on 3Q 2020). Profit margin: 14% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 27
New 90-day high: JP¥4,990 The company is up 3.0% from its price of JP¥4,850 on 29 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: JP¥4,255 The company is down 11% from its price of JP¥4,765 on 08 October 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 6.0% over the same period. Announcement • Dec 30
PCA Corporation to Report Q3, 2021 Results on Jan 25, 2021 PCA Corporation announced that they will report Q3, 2021 results on Jan 25, 2021 Is New 90 Day High Low • Dec 14
New 90-day low: JP¥4,410 The company is down 4.0% from its price of JP¥4,585 on 15 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 5.0% over the same period. Announcement • Nov 27
BSP Asset Co., Ltd. agreed to acquire 66.8% stake in Keepdata Ltd. from PCA Corporation (TSE:9629). BSP Asset Co., Ltd. agreed to acquire 66.8% stake in Keepdata Ltd. from PCA Corporation (TSE:9629) on November 26, 2020. PCA Corporation, shall transfer 0.22 million shares of Keepdata Ltd. to BSP Asset Co., Ltd. Currently, PCA Corporation and Shinichiro Shibuya holds 66.8% and 33.2% stake in Keepdata Ltd. Post completion, PCA Corporation will seize to hold any stake in Keepdata Ltd. For the year ending March 31, 2020, total asset, net liability, revenue, operating loss and net loss of Keepdata Ltd. was approximately ¥140 million, approximately ¥232 million, approximately ¥85.7 million, approximately ¥25.9 million and approximately ¥25.5 million respectively. The transaction is expected to complete on December 7, 2020. Announcement • Oct 27
PCA Corporation (TSE:9629) entered into an agreement to acquire Dreamhop Co, Ltd from Yoshifumi Inagaki. PCA Corporation (TSE:9629) entered into an agreement to acquire Dreamhop Co, Ltd from Yoshifumi Inagaki on October 26, 2020. As a part of the transaction, PCA will acquire 0.0017 million shares for an acquisition cost of ¥108.11 million. As of May 31, 2020, Dreamhop reported net worth of ¥20.43 million, total assets of ¥74.02 million, sales of ¥129.29 million, operating income of ¥38.64 million, ordinary income of ¥37.42 million and net income of ¥37.99 million. The transaction was resolved by the board of directors of PCA Corporation on October 26, 2020. The share acquisition date is planned as October 26, 2020.