Buy Or Sell Opportunity • Mar 30
Now 23% undervalued Over the last 90 days, the stock has risen 21% to JP¥2,657. The fair value is estimated to be JP¥3,452, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 9.4% in the next 2 years. New Risk • Mar 29
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 9.3% 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. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥3,295, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 17x in the Electronic industry in Japan. Total returns to shareholders of 669% over the past three years. Buy Or Sell Opportunity • Feb 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 90% to JP¥4,130. The fair value is estimated to be JP¥3,414, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 9.4% in the next 2 years. Reported Earnings • Feb 11
First quarter 2026 earnings released: EPS: JP¥33.31 (vs JP¥26.41 in 1Q 2025) First quarter 2026 results: EPS: JP¥33.31 (up from JP¥26.41 in 1Q 2025). Revenue: JP¥4.84b (up 33% from 1Q 2025). Net income: JP¥530.0m (up 26% from 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥3,315, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 709% over the past three years. Announcement • Dec 27
IMV Corporation to Report Q1, 2026 Results on Feb 10, 2026 IMV Corporation announced that they will report Q1, 2026 results on Feb 10, 2026 New Risk • Dec 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 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥122 (up from JP¥88.70 in FY 2024). Revenue: JP¥17.9b (up 17% from FY 2024). Net income: JP¥1.94b (up 36% from FY 2024). Profit margin: 11% (up from 9.3% in FY 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 4.6%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 23 December 2025. Payout ratio is a comfortable 20% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.7%). Reported Earnings • Aug 11
Third quarter 2025 earnings released: EPS: JP¥11.69 (vs JP¥7.67 in 3Q 2024) Third quarter 2025 results: EPS: JP¥11.69 (up from JP¥7.67 in 3Q 2024). Revenue: JP¥3.21b (up 15% from 3Q 2024). Net income: JP¥186.0m (up 47% from 3Q 2024). Profit margin: 5.8% (up from 4.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electronic 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 67% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
IMV Corporation to Report Q3, 2025 Results on Aug 08, 2025 IMV Corporation announced that they will report Q3, 2025 results on Aug 08, 2025 Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,898, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 345% over the past three years. Declared Dividend • May 12
Dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 29th September 2025 Payment date: 23rd December 2025 Dividend yield will be 1.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 15% 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. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 11
Second quarter 2025 earnings released: EPS: JP¥48.65 (vs JP¥50.43 in 2Q 2024) Second quarter 2025 results: EPS: JP¥48.65 (down from JP¥50.43 in 2Q 2024). Revenue: JP¥5.89b (up 16% from 2Q 2024). Net income: JP¥774.0m (down 6.9% from 2Q 2024). Profit margin: 13% (down from 16% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to JP¥1,279. The fair value is estimated to be JP¥1,605, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 9.1% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,401, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 205% over the past three years. Announcement • Mar 13
IMV Corporation to Report Q2, 2025 Results on May 09, 2025 IMV Corporation announced that they will report Q2, 2025 results on May 09, 2025 Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥1,441, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 202% over the past three years. Reported Earnings • Feb 08
First quarter 2025 earnings released: EPS: JP¥26.41 (vs JP¥15.63 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.41 (up from JP¥15.63 in 1Q 2024). Revenue: JP¥3.63b (up 31% from 1Q 2024). Net income: JP¥420.0m (up 65% from 1Q 2024). Profit margin: 12% (up from 9.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 17
IMV Corporation to Report Q1, 2025 Results on Feb 07, 2025 IMV Corporation announced that they will report Q1, 2025 results on Feb 07, 2025 New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (8.4% average weekly change). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,371, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 140% over the past three years. New Risk • Dec 10
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 7.5% 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. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,095, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 116% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥933, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 104% over the past three years. Reported Earnings • Nov 09
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥88.70 (up from JP¥69.10 in FY 2023). Revenue: JP¥15.3b (up 12% from FY 2023). Net income: JP¥1.43b (up 27% from FY 2023). Profit margin: 9.3% (up from 8.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Electronic 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 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to JP¥805, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 66% over the past three years. Announcement • Nov 07
IMV Corporation, Annual General Meeting, Dec 20, 2024 IMV Corporation, Annual General Meeting, Dec 20, 2024. Announcement • Oct 12
IMV Corporation to Report Fiscal Year 2024 Results on Nov 08, 2024 IMV Corporation announced that they will report fiscal year 2024 results on Nov 08, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 25 December 2024. Payout ratio is a comfortable 11% 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 (1.5%). Reported Earnings • Aug 14
Third quarter 2024 earnings released: EPS: JP¥7.67 (vs JP¥3.31 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥7.67 (up from JP¥3.31 loss in 3Q 2023). Revenue: JP¥2.79b (up 21% from 3Q 2023). Net income: JP¥127.0m (up JP¥181.0m from 3Q 2023). Profit margin: 4.5% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic 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 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to JP¥512, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Electronic industry in Japan. Total loss to shareholders of 16% over the past three years. Announcement • Jul 30
IMV Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending September 30, 2024 IMV Corporation provided consolidated earnings guidance for the full year ending September 30, 2024. For the year, the company expects net sales of JPY 14,000 million, operating profit of JPY 1,350 million, profit attributable to owners of parent of JPY 939 million and Net income per share of JPY 57.66. Announcement • Jul 11
IMV Corporation to Report Q3, 2024 Results on Aug 09, 2024 IMV Corporation announced that they will report Q3, 2024 results on Aug 09, 2024 Reported Earnings • May 13
Second quarter 2024 earnings released: EPS: JP¥50.43 (vs JP¥34.06 in 2Q 2023) Second quarter 2024 results: EPS: JP¥50.43 (up from JP¥34.06 in 2Q 2023). Revenue: JP¥5.08b (up 19% from 2Q 2023). Net income: JP¥831.0m (up 50% from 2Q 2023). Profit margin: 16% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Declared Dividend • May 13
Dividend of JP¥12.00 announced Dividend of JP¥12.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 25th December 2024 Dividend yield will be 2.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.1% 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. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 11
IMV Corporation to Report Q2, 2024 Results on May 10, 2024 IMV Corporation announced that they will report Q2, 2024 results on May 10, 2024 Reported Earnings • Feb 11
First quarter 2024 earnings released: EPS: JP¥15.63 (vs JP¥4.66 in 1Q 2023) First quarter 2024 results: EPS: JP¥15.63 (up from JP¥4.66 in 1Q 2023). Revenue: JP¥2.78b (up 4.2% from 1Q 2023). Net income: JP¥255.0m (up 236% from 1Q 2023). Profit margin: 9.2% (up from 2.8% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jan 11
IMV Corporation to Report Q1, 2024 Results on Feb 09, 2024 IMV Corporation announced that they will report Q1, 2024 results on Feb 09, 2024 Reported Earnings • Dec 28
Full year 2023 earnings released: EPS: JP¥69.10 (vs JP¥65.36 in FY 2022) Full year 2023 results: EPS: JP¥69.10 (up from JP¥65.36 in FY 2022). Revenue: JP¥13.7b (up 16% from FY 2022). Net income: JP¥1.13b (up 5.7% from FY 2022). Profit margin: 8.2% (down from 9.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 22
IMV Corporation (TSE:7760) announces an Equity Buyback for 400,000 shares, representing 2.45% for ¥250 million. IMV Corporation (TSE:7760) announces a share repurchase program. Under the program, company will repurchase up to 400,000 shares, representing 2.45% of its issued share capital, for a total of ¥250 million. The purpose of the program is to enhance capital efficiency, implement a flexible capital policy in response to changes in the business environment and to improve profits to shareholders. The share repurchase program is valid until September 30, 2024. As of September 30, 2023, the company had 16,297,290 shares outstanding and 659,726 shares in treasury. Announcement • Nov 13
IMV Corporation, Annual General Meeting, Dec 22, 2023 IMV Corporation, Annual General Meeting, Dec 22, 2023. Reported Earnings • Nov 12
Full year 2023 earnings released: EPS: JP¥69.10 (vs JP¥65.36 in FY 2022) Full year 2023 results: EPS: JP¥69.10 (up from JP¥65.36 in FY 2022). Revenue: JP¥13.9b (up 17% from FY 2022). Net income: JP¥1.13b (up 5.7% from FY 2022). Profit margin: 8.1% (down from 9.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Oct 06
IMV Corporation to Report Fiscal Year 2023 Results on Nov 10, 2023 IMV Corporation announced that they will report fiscal year 2023 results on Nov 10, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥10.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 26 December 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 14
Third quarter 2023 earnings released: JP¥3.31 loss per share (vs JP¥7.73 profit in 3Q 2022) Third quarter 2023 results: JP¥3.31 loss per share (down from JP¥7.73 profit in 3Q 2022). Revenue: JP¥2.30b (up 7.7% from 3Q 2022). Net loss: JP¥54.0m (down 143% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
IMV Corporation to Report Q3, 2023 Results on Aug 10, 2023 IMV Corporation announced that they will report Q3, 2023 results on Aug 10, 2023 Reported Earnings • May 14
Second quarter 2023 earnings released: EPS: JP¥34.06 (vs JP¥20.56 in 2Q 2022) Second quarter 2023 results: EPS: JP¥34.06 (up from JP¥20.56 in 2Q 2022). Revenue: JP¥4.28b (up 33% from 2Q 2022). Net income: JP¥555.0m (up 66% from 2Q 2022). Profit margin: 13% (up from 10% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
First quarter 2023 earnings released: EPS: JP¥4.66 (vs JP¥14.85 in 1Q 2022) First quarter 2023 results: EPS: JP¥4.66 (down from JP¥14.85 in 1Q 2022). Revenue: JP¥2.67b (down 3.4% from 1Q 2022). Net income: JP¥76.0m (down 69% from 1Q 2022). Profit margin: 2.8% (down from 8.8% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥499, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 10x in the Electronic industry in Japan. Total returns to shareholders of 30% over the past three years. Reported Earnings • Dec 28
Full year 2022 earnings released: EPS: JP¥65.36 (vs JP¥57.52 in FY 2021) Full year 2022 results: EPS: JP¥65.36 (up from JP¥57.52 in FY 2021). Revenue: JP¥11.9b (up 2.7% from FY 2021). Net income: JP¥1.07b (up 14% from FY 2021). Profit margin: 9.0% (up from 8.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Nov 27
IMV Corporation to Report Q1, 2023 Results on Feb 10, 2023 IMV Corporation announced that they will report Q1, 2023 results on Feb 10, 2023 Reported Earnings • Nov 16
Full year 2022 earnings released: EPS: JP¥65.36 (vs JP¥57.52 in FY 2021) Full year 2022 results: EPS: JP¥65.36 (up from JP¥57.52 in FY 2021). Revenue: JP¥11.9b (up 2.7% from FY 2021). Net income: JP¥1.07b (up 14% from FY 2021). Profit margin: 9.0% (up from 8.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). External Director Kiyoshi Sakai was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 13
IMV Corporation, Annual General Meeting, Dec 23, 2022 IMV Corporation, Annual General Meeting, Dec 23, 2022. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 27 December 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Announcement • Sep 01
IMV Corporation to Report Fiscal Year 2022 Results on Nov 11, 2022 IMV Corporation announced that they will report fiscal year 2022 results on Nov 11, 2022 Reported Earnings • Aug 12
Third quarter 2022 earnings released: EPS: JP¥7.73 (vs JP¥3.87 loss in 3Q 2021) Third quarter 2022 results: EPS: JP¥7.73 (up from JP¥3.87 loss in 3Q 2021). Revenue: JP¥2.14b (up 17% from 3Q 2021). Net income: JP¥126.0m (up JP¥189.0m from 3Q 2021). Profit margin: 5.9% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 29
IMV Corporation to Report Q3, 2022 Results on Aug 09, 2022 IMV Corporation announced that they will report Q3, 2022 results on Aug 09, 2022 Reported Earnings • May 17
Second quarter 2022 earnings released: EPS: JP¥20.56 (vs JP¥41.18 in 2Q 2021) Second quarter 2022 results: EPS: JP¥20.56 (down from JP¥41.18 in 2Q 2021). Revenue: JP¥3.21b (down 19% from 2Q 2021). Net income: JP¥335.0m (down 50% from 2Q 2021). Profit margin: 10% (down from 17% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). External Director Kiyoshi Sakai was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
IMV Corporation to Report Q2, 2022 Results on May 12, 2022 IMV Corporation announced that they will report Q2, 2022 results on May 12, 2022 Reported Earnings • Feb 12
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: JP¥14.85 (up from JP¥7.86 in 1Q 2021). Revenue: JP¥2.76b (up 17% from 1Q 2021). Net income: JP¥242.0m (up 89% from 1Q 2021). Profit margin: 8.8% (up from 5.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 07
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥57.52 (up from JP¥19.48 in FY 2020). Revenue: JP¥11.6b (up 2.1% from FY 2020). Net income: JP¥937.3m (up 196% from FY 2020). Profit margin: 8.1% (up from 2.8% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Nov 15
Full year 2021 earnings released: EPS JP¥57.51 (vs JP¥19.42 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥11.6b (up 2.1% from FY 2020). Net income: JP¥937.0m (up 197% from FY 2020). Profit margin: 8.1% (up from 2.8% in FY 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 28 December 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥630, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 71% over the past three years. Reported Earnings • Aug 09
Third quarter 2021 earnings released: JP¥3.87 loss per share (vs JP¥14.85 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses and improved control over expenses, although revenues were flat. Third quarter 2021 results: Revenue: JP¥1.83b (flat on 3Q 2020). Net loss: JP¥63.0m (loss narrowed 74% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥606, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 32% over the past three years. Reported Earnings • May 14
Second quarter 2021 earnings released: EPS JP¥41.18 (vs JP¥21.15 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: JP¥3.97b (down 3.8% from 2Q 2020). Net income: JP¥671.0m (up 95% from 2Q 2020). Profit margin: 17% (up from 8.3% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.