Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥6,335, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 13x in the Transportation industry in Japan. Total returns to shareholders of 403% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,847 per share. Reported Earnings • May 09
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥153 (up from JP¥134 in FY 2025). Revenue: JP¥269.9b (up 8.9% from FY 2025). Net income: JP¥18.2b (up 10% from FY 2025). Profit margin: 6.8% (up from 6.7% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Transportation industry in Japan. 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 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
NIKKON Holdings Co.,Ltd. to Report Fiscal Year 2026 Results on May 08, 2026 NIKKON Holdings Co.,Ltd. announced that they will report fiscal year 2026 results on May 08, 2026 Announcement • May 08
NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 29, 2026 NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 29, 2026. New Risk • Mar 31
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 7.5% 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 High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). Buy Or Sell Opportunity • Mar 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to JP¥4,838. The fair value is estimated to be JP¥3,994, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥4,698, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 13x in the Transportation industry in Japan. Total returns to shareholders of 310% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,968 per share. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.9%). Buy Or Sell Opportunity • Feb 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to JP¥3,727. The fair value is estimated to be JP¥3,072, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. New Risk • Feb 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Minor Risk High level of debt (42% net debt to equity). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥42.13 (vs JP¥41.21 in 3Q 2025) Third quarter 2026 results: EPS: JP¥42.13. Revenue: JP¥69.5b (up 8.9% from 3Q 2025). Net income: JP¥5.00b (flat on 3Q 2025). Profit margin: 7.2% (down from 7.9% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Transportation industry in Japan. Buy Or Sell Opportunity • Jan 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to JP¥3,648. The fair value is estimated to be JP¥3,026, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 3.5%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Declared Dividend • Dec 11
First half dividend of JP¥37.00 announced Shareholders will receive a dividend of JP¥37.00. Ex-date: 30th March 2026 Payment date: 15th June 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (45% 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 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to JP¥3,635. The fair value is estimated to be JP¥3,022, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 3.5%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. New Risk • Nov 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥37.30 (vs JP¥16.70 in 2Q 2025) Second quarter 2026 results: EPS: JP¥37.30 (up from JP¥16.70 in 2Q 2025). Revenue: JP¥66.1b (up 5.9% from 2Q 2025). Net income: JP¥4.50b (up 116% from 2Q 2025). Profit margin: 6.8% (up from 3.3% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. 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 42% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to JP¥3,436. The fair value is estimated to be JP¥2,840, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 3.6%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Buy Or Sell Opportunity • Oct 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to JP¥3,426. The fair value is estimated to be JP¥2,830, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 3.6%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Buy Or Sell Opportunity • Sep 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to JP¥3,451. The fair value is estimated to be JP¥2,867, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 3.6%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Announcement • Sep 06
NIKKON Holdings Co.,Ltd. to Report Q2, 2026 Results on Nov 07, 2025 NIKKON Holdings Co.,Ltd. announced that they will report Q2, 2026 results on Nov 07, 2025 Announcement • Sep 05
NIKKON Holdings Co.,Ltd. (TSE:9072) announces an Equity Buyback for 7,500,000 shares, representing 6.2% for ¥15,000 million. NIKKON Holdings Co.,Ltd. (TSE:9072) announces a share repurchase program. Under the program, the company will repurchase up to 7,500,000 shares, representing 6.2% of its issued share capital (excluding treasury stock), for a total purchase price of ¥15,000 million. The purpose of the program is to enhance shareholder return, increase capital efficiency as well as to implement flexible capital policies in response to changes in the business environment. The program will be valid till March 31, 2026. As of July 31, 2025, the company had 120,983,812 shares outstanding (excluding treasury shares) and 5,495,972 shares in its treasury. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥22.33 (vs JP¥35.28 in 1Q 2025) First quarter 2026 results: EPS: JP¥22.33 (down from JP¥35.28 in 1Q 2025). Revenue: JP¥65.8b (up 14% from 1Q 2025). Net income: JP¥2.70b (down 39% from 1Q 2025). Profit margin: 4.1% (down from 7.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥37.00 announced Shareholders will receive a dividend of JP¥37.00. Ex-date: 29th September 2025 Payment date: 12th December 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but not covered by cash flows (dividend approximately 73x free cash flows). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
NIKKON Holdings Co.,Ltd. Announces Change of Representative Director NIKKON Holdings Co. Ltd. announced that at a meeting of its Board of Directors held on June 27, 2025, which took place following the close of the Ordinary General Meeting of Shareholders held on the June 27, 2025, it passed a resolution regarding the change of representative director. Reasons for the change: Strengthening of management foundations and enhancement of corporate value. Details of the change: Change of the representative director (June 27, 2025): Yasunori Matsuda: Former position: Director, Managing Executive Officer. New position: Representative Director, Managing Executive Officer. Brief career summary: Date of birth: March 9, 1959 (Age: 66). March 1982 Joined the Company; November 1997 Deputy Manager of Accounting Department of the Company; June 2000 Seconded to NK PARTS INDUSTRIES, INC.; June 2007 Manager of Accounting Department of the Company; April 2012 Executive Officer of the Company; June 2012 Director and Executive Officer of the Company; June 2019 In charge of Real Estate Department of the Company (to present); April 2021 Director and Managing Executive Officer of the Company (to present); April 2023 Manager of Overseas Business Department of the Company (to present); April 2024 Manager of Legal Department of the Company (to present); April 2024 In charge of Accounting Department of the Company (to present). Date of the appointment: June 27, 2025. Buy Or Sell Opportunity • May 27
Now 23% undervalued Over the last 90 days, the stock has risen 42% to JP¥3,223. The fair value is estimated to be JP¥4,191, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 5.7%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Reported Earnings • May 10
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥134. Revenue: JP¥247.9b (up 12% from FY 2024). Net income: JP¥16.6b (flat on FY 2024). Profit margin: 6.7% (down from 7.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Transportation industry in Japan. Announcement • May 09
NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 27, 2025 NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 27, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Buy Or Sell Opportunity • Mar 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to JP¥2,399. The fair value is estimated to be JP¥1,993, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 5.3%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Announcement • Feb 10
Nikkon Holdings Co. Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2025 Nikkon Holdings Co. Ltd. provided consolidated earnings guidance for the full year ending March 31, 2025. For the full year, the company expected net sales of JPY 250,000 million, operating profit of JPY 24,000 million and profit attributable to owners of parent of JPY 17,000 million and Earnings per share of JPY 137.64. Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥48.01 (vs JP¥34.08 in 3Q 2024) Third quarter 2025 results: EPS: JP¥48.01 (up from JP¥34.08 in 3Q 2024). Revenue: JP¥64.6b (up 11% from 3Q 2024). Net income: JP¥5.86b (up 36% from 3Q 2024). Profit margin: 9.1% (up from 7.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 31
Price target increased by 13% to JP¥1,950 Up from JP¥1,725, the current price target is an average from 2 analysts. New target price is 14% below last closing price of JP¥2,262. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥142 for next year compared to JP¥130 last year. Declared Dividend • Dec 13
First half dividend of JP¥27.00 announced Shareholders will receive a dividend of JP¥27.00. Ex-date: 28th March 2025 Payment date: 10th June 2025 Dividend yield will be 4.0%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 26
NIKKON Holdings Co.,Ltd. (TSE:9072) announces an Equity Buyback for 5,000,000 shares, representing 4.01% for ¥7,000 million. NIKKON Holdings Co.,Ltd. (TSE:9072) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 4.01% of its issued share capital (excluding treasury stock), for a total purchase price of ¥7,000 million. The purpose of the program is to enhance shareholder return, increase capital efficiency as well as to mitigate any short-term impact on the share price as a result of the issuance of the Zero Coupon Convertible Bonds due 2031. The program will be valid till March 31, 2025. As of October 31, 2024, the company had 124,599,696 shares outstanding (excluding treasury shares) and 1,880,088 shares in its treasury. Reported Earnings • Nov 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: JP¥62.4b (up 14% from 2Q 2024). Net income: JP¥2.09b (down 47% from 2Q 2024). Profit margin: 3.3% (down from 7.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥54.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 39% and the cash payout ratio is 91%. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥70.56 (vs JP¥62.96 in 1Q 2024) First quarter 2025 results: EPS: JP¥70.56 (up from JP¥62.96 in 1Q 2024). Revenue: JP¥58.0b (up 8.4% from 1Q 2024). Net income: JP¥4.45b (up 10% from 1Q 2024). Profit margin: 7.7% (up from 7.6% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 11
Final dividend of JP¥54.00 announced Shareholders will receive a dividend of JP¥54.00. Ex-date: 27th September 2024 Payment date: 12th December 2024 Dividend yield will be 3.0%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 01
Now 1.5% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to JP¥3,562. The fair value is estimated to be JP¥3,511, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 5.0%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Buy Or Sell Opportunity • Jun 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to JP¥3,680. The fair value is estimated to be JP¥3,050, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 5.0%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥3,627, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Transportation industry in Japan. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,036 per share. Announcement • Jun 08
NIKKON Holdings Co.,Ltd. (TSE:9072) announces an Equity Buyback for 1,300,000 shares, representing 2.06% for ¥3,000 million. NIKKON Holdings Co.,Ltd. (TSE:9072) announces a share repurchase program. Under the program, the company will repurchase up to 1,300,000 shares, representing 2.06% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency, as well as to mitigate the impact of the Offering on the supply and demand of the Company's shares. The program will be valid till December 30, 2024. As of April 30, 2024, the company had 63,112,782 shares outstanding (excluding treasury shares) and 127,110 shares in its treasury. Reported Earnings • May 13
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥261 (up from JP¥247 in FY 2023). Revenue: JP¥222.3b (up 4.8% from FY 2023). Net income: JP¥16.6b (up 4.4% from FY 2023). Profit margin: 7.5% (in line with FY 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Announcement • May 12
NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 27, 2024 NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 27, 2024. Announcement • Apr 19
NIKKON Holdings Co.,Ltd. (TSE:9072) entered into equity transfer agreement to acquire 75% stake in Supreme Auto Transport, Inc. NIKKON Holdings Co.,Ltd. (TSE:9072) entered into equity transfer agreement to acquire 75% stake in Supreme Auto Transport, Inc. on April 16, 2024. Supreme Auto Transport reported sales of $96 million, operating profit of $17 million and net income of $17 million as at December 2023. The transaction is expected to close on May 10, 2024. Announcement • Mar 28
NIKKON Holdings Co.,Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 NIKKON Holdings Co.,Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥68.16 (vs JP¥68.30 in 3Q 2023) Third quarter 2024 results: EPS: JP¥68.16 (down from JP¥68.30 in 3Q 2023). Revenue: JP¥58.2b (up 5.7% from 3Q 2023). Net income: JP¥4.31b (down 1.7% from 3Q 2023). Profit margin: 7.4% (down from 8.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Transportation 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 increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 05
Price target increased by 11% to JP¥3,200 Up from JP¥2,875, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥3,114. Stock is up 36% over the past year. The company is forecast to post earnings per share of JP¥250 for next year compared to JP¥247 last year. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥61.45 (vs JP¥59.05 in 2Q 2023) Second quarter 2024 results: EPS: JP¥61.45 (up from JP¥59.05 in 2Q 2023). Revenue: JP¥54.9b (up 3.2% from 2Q 2023). Net income: JP¥3.94b (up 3.4% from 2Q 2023). Profit margin: 7.2% (in line with 2Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥50.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥62.96 (vs JP¥49.05 in 1Q 2023) First quarter 2024 results: EPS: JP¥62.96 (up from JP¥49.05 in 1Q 2023). Revenue: JP¥53.5b (up 5.7% from 1Q 2023). Net income: JP¥4.04b (up 26% from 1Q 2023). Profit margin: 7.6% (up from 6.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Transportation 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 increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
NIKKON Holdings Co.,Ltd. (TSE:9072) announces an Equity Buyback for 1,500,000 shares, representing 2.33% for ¥4,000 million. Nikkon Holdings Co., Ltd. (TSE:9072) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 2.33% of its issued share capital (excluding treasury stock), for a total purchase price of ¥4,000 million. The purpose of the program is to expand shareholder returns and improve capital efficiency, and to implement agile capital policies that respond to future changes in the business environment. The program will be valid till January 31, 2024. As of June 30, 2023, the company had 64,240,699 shares outstanding (excluding treasury shares) and 1,499,193 shares in its treasury. Reported Earnings • May 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥247 (up from JP¥224 in FY 2022). Revenue: JP¥212.1b (up 7.0% from FY 2022). Net income: JP¥15.9b (up 8.0% from FY 2022). Profit margin: 7.5% (up from 7.4% 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 6.1%. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Transportation industry in Japan. 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 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 29, 2023 NIKKON Holdings Co.,Ltd., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥48.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.1%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥68.30 (vs JP¥64.69 in 3Q 2022) Third quarter 2023 results: EPS: JP¥68.30 (up from JP¥64.69 in 3Q 2022). Revenue: JP¥55.1b (up 6.0% from 3Q 2022). Net income: JP¥4.38b (up 3.1% from 3Q 2022). Profit margin: 8.0% (down from 8.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Announcement • Dec 18
NIKKON Holdings Co.,Ltd. to Report Q3, 2023 Results on Feb 03, 2023 NIKKON Holdings Co.,Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). Managing Executive Officer, Manager of Accounting Department & Director Yasunori Matsuda was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥59.05 (vs JP¥48.39 in 2Q 2022) Second quarter 2023 results: EPS: JP¥59.05 (up from JP¥48.39 in 2Q 2022). Revenue: JP¥53.2b (up 13% from 2Q 2022). Net income: JP¥3.81b (up 20% from 2Q 2022). Profit margin: 7.2% (up from 6.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Transportation industry in Japan. 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. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.2%). Buying Opportunity • Aug 29
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be JP¥2,948, 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 3.1%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Buying Opportunity • Aug 09
Now 22% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be JP¥2,988, 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 3.1%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥49.05 (vs JP¥51.08 in 1Q 2022) First quarter 2023 results: EPS: JP¥49.05 (down from JP¥51.08 in 1Q 2022). Revenue: JP¥50.6b (up 6.3% from 1Q 2022). Net income: JP¥3.20b (down 4.7% from 1Q 2022). Profit margin: 6.3% (down from 7.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.8%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • May 17
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥224 (up from JP¥221 in FY 2021). Revenue: JP¥198.2b (up 8.6% from FY 2021). Net income: JP¥14.7b (up 1.4% from FY 2021). Profit margin: 7.4% (down from 8.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 6.2%, compared to a 25% growth forecast for the industry in Japan. 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 7% per year. 
