Declared Dividend • Jul 25
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2026 Payment date: 30th November 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (24% 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 03
Price target decreased by 8.7% to JP¥1,298 Down from JP¥1,422, the current price target is an average from 6 analysts. New target price is 22% above last closing price of JP¥1,068. Stock is down 0.9% over the past year. The company is forecast to post earnings per share of JP¥219 for next year compared to JP¥170 last year. Announcement • Jun 26
Tohoku Electric Power Company, Incorporated to Report Q1, 2027 Results on Jul 29, 2026 Tohoku Electric Power Company, Incorporated announced that they will report Q1, 2027 results on Jul 29, 2026 Live News • May 12
Tohoku Electric Power’s Air Unit Moves Toward Regional eVTOL Transport With SkyDrive Agreement Tohoku Air Service, a subsidiary of Tohoku Electric Power Company, signed a Letter of Intent with SkyDrive Inc. to purchase one eVTOL aircraft, with delivery targeted for 2028.
The eVTOL is intended for sightseeing, passenger and cargo transport, medical support, and disaster response in the Tohoku region.
This is SkyDrive’s first purchase agreement with a Japan-based helicopter operator and is described as a step toward a sustainable, multifunctional regional air transport system.
This move places Tohoku Electric’s aviation unit at the early stage of Japan’s urban air mobility build-out and may broaden the group’s role in regional infrastructure beyond power supply.
Investors may want to watch how regulatory progress, operating economics and actual use cases evolve as the 2028 delivery target approaches, because these factors are likely to influence whether eVTOL activity becomes meaningful or remains a small, experimental sideline. Reported Earnings • May 01
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: JP¥170 (down from JP¥366 in FY 2025). Revenue: JP¥2.37t (down 10% from FY 2025). Net income: JP¥85.0b (down 54% from FY 2025). Profit margin: 3.6% (down from 6.9% in FY 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 38%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities 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 14% per year, which means it is significantly lagging earnings growth. Announcement • Apr 30
Tohoku Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026 Tohoku Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026. Announcement • Apr 22
Tohoku Electric Power Company, Incorporated to Report Fiscal Year 2026 Results on Apr 30, 2026 Tohoku Electric Power Company, Incorporated announced that they will report fiscal year 2026 results on Apr 30, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Price Target Changed • Mar 04
Price target increased by 7.7% to JP¥1,485 Up from JP¥1,378, the current price target is an average from 6 analysts. New target price is 29% above last closing price of JP¥1,151. Stock is up 6.1% over the past year. The company is forecast to post earnings per share of JP¥275 for next year compared to JP¥366 last year. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥56.09 (up from JP¥43.76 in 3Q 2025). Revenue: JP¥558.3b (down 8.3% from 3Q 2025). Net income: JP¥28.1b (up 28% from 3Q 2025). Profit margin: 5.0% (up from 3.6% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Dec 26
Tohoku Electric Power Company, Incorporated to Report Q3, 2026 Results on Jan 30, 2026 Tohoku Electric Power Company, Incorporated announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Nov 29
First half dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 27% over the next 3 years. However, it would need to fall by 86% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 31
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥99.80 (up from JP¥90.90 in 2Q 2025). Revenue: JP¥633.6b (down 9.1% from 2Q 2025). Net income: JP¥49.9b (up 9.8% from 2Q 2025). Profit margin: 7.9% (up from 6.5% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Revenue is expected to fall by 1.4% p.a. on average during the next 3 years compared to a 1.2% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Oct 17
Tohoku Electric Power Company, Incorporated Announces Revision of Completion Schedules for Construction of the Specialized Safety Facility and the Onsite Permanent Dc Power Supply System Tohoku Electric Power Company, Incorporated has been making every possible effort, including shortening the construction schedule, to complete the construction of the Specialized Safety Facility and the Onsite Permanent DC Power Supply System (Third system) at Onagawa Nuclear Power Station Unit 2 within the installation deadline stipulated by the relevant laws and regulations (both set for December 22, 2026). However, the Company has decided to revise the completion schedules to August 2028 and March 2028, respectively. In line with this revision, the Company has submitted a Notice of Change to Construction Plan Pertaining to the Reactor Installation Permission and other relevant documents to the Nuclear Regulation Authority. As both the SSF and the Onsite permanent DC Power Supply System (third system) require large-scale construction, the Company has been steadily proceeding with each step with safety as top priority while continuously considering and implementing measures such as design optimization and around-the-clock work shifts to achieve early completion. Under these circumstances, a review of the design and construction plan approval application has progressed and the details of the construction specifications have been finalized, so the Company has recently reviewed the schedule. As a result, the Company has determined that a revision of the completion schedules is necessary, taking into consideration external factors that are difficult to address through internal efforts alone, such as changes in the labor environment in today's construction industry. The Company remains fully committed to prioritizing safety while pursuing efficient, steady progress with construction to achieve early completion. There will be no impact on the business performance for the fiscal year ending March 31, 2026. The business performance forecast for the next fiscal year and beyond as soon as it is finalized. A Specialized Safety Facility refers to a facility designed to remotely perform functions such as depressurizing the reactor pressure vessel and cooling the reactor containment vessel. It is intended to prevent damage to the reactor containment vessel and suppress the release of radioactive materials in the event of a terrorist attack, such as a deliberate crash of a large aircraft into the reactor building, or other situations that could cause significant damage to the reactor core. A facility that supplies DC electricity to equipment necessary for responding to severe accidents in the event of a total loss of AC power. In addition to the two DC power supply systems already installed, this new facility will be installed in the reactor building to further enhance reliability. The new regulatory standards require installation within five years from the approval date of the construction plan for the installation of the main facility (December 23, 2021). Announcement • Sep 26
Tohoku Electric Power Company, Incorporated to Report Q2, 2026 Results on Oct 30, 2025 Tohoku Electric Power Company, Incorporated announced that they will report Q2, 2026 results on Oct 30, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 03
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: JP¥75.42 (down from JP¥121 in 1Q 2025). Revenue: JP¥535.4b (down 13% from 1Q 2025). Net income: JP¥37.7b (down 38% from 1Q 2025). Profit margin: 7.0% (down from 9.9% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 44%. Revenue is forecast to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (8% earnings payout ratio) but not covered by cash flows (123% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 91% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥366 (down from JP¥452 in FY 2024). Revenue: JP¥2.64t (down 6.1% from FY 2024). Net income: JP¥182.8b (down 19% from FY 2024). Profit margin: 6.9% (down from 8.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 33%. Revenue is forecast to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jun 26
Tohoku Electric Power Company, Incorporated to Report Q1, 2026 Results on Jul 31, 2025 Tohoku Electric Power Company, Incorporated announced that they will report Q1, 2026 results on Jul 31, 2025 Major Estimate Revision • May 28
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from JP¥2.53t to JP¥2.50t. EPS estimate rose from JP¥258 to JP¥292. Net income forecast to shrink 20% next year vs 24% decline forecast for Electric Utilities industry in Japan. Consensus price target of JP¥1,642 unchanged from last update. Share price fell 2.3% to JP¥989 over the past week. Reported Earnings • May 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥366 (down from JP¥452 in FY 2024). Revenue: JP¥2.64t (down 6.1% from FY 2024). Net income: JP¥182.8b (down 19% from FY 2024). Profit margin: 6.9% (down from 8.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Apr 30
Tohoku Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2025 Tohoku Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2025. Announcement • Mar 27
Tohoku Electric Power Company, Incorporated to Report Fiscal Year 2025 Results on Apr 30, 2025 Tohoku Electric Power Company, Incorporated announced that they will report fiscal year 2025 results on Apr 30, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 7.9% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.1%). Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: JP¥43.76 (down from JP¥81.80 in 3Q 2024). Revenue: JP¥608.9b (down 8.9% from 3Q 2024). Net income: JP¥21.9b (down 47% from 3Q 2024). Profit margin: 3.6% (down from 6.1% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 79%. Revenue is forecast to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jan 03
Tohoku Electric Power Company, Incorporated to Report Q3, 2025 Results on Jan 31, 2025 Tohoku Electric Power Company, Incorporated announced that they will report Q3, 2025 results on Jan 31, 2025 Price Target Changed • Dec 17
Price target decreased by 12% to JP¥1,732 Down from JP¥1,966, the current price target is an average from 5 analysts. New target price is 50% above last closing price of JP¥1,154. Stock is up 21% over the past year. The company is forecast to post earnings per share of JP¥271 for next year compared to JP¥452 last year. Declared Dividend • Nov 30
First half dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 92% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 02
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: JP¥90.90 (down from JP¥152 in 2Q 2024). Revenue: JP¥697.0b (down 7.6% from 2Q 2024). Net income: JP¥45.5b (down 40% from 2Q 2024). Profit margin: 6.5% (down from 10% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 17
Price target decreased by 7.9% to JP¥1,920 Down from JP¥2,085, the current price target is an average from 5 analysts. New target price is 26% above last closing price of JP¥1,525. Stock is up 61% over the past year. The company is forecast to post earnings per share of JP¥268 for next year compared to JP¥452 last year. Announcement • Sep 28
Tohoku Electric Power Company, Incorporated to Report Q2, 2025 Results on Oct 31, 2024 Tohoku Electric Power Company, Incorporated announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 3.6% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 02
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥121 (down from JP¥158 in 1Q 2024). Revenue: JP¥614.6b (down 3.0% from 1Q 2024). Net income: JP¥60.6b (down 24% from 1Q 2024). Profit margin: 9.9% (down from 13% in 1Q 2024). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 112%. Revenue is forecast to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 11
Final dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 1.8%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (0.8358% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 26% over the next 3 years. However, it would need to fall by 99% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 07
Tohoku Electric Power Company, Incorporated to Report Q1, 2025 Results on Jul 31, 2024 Tohoku Electric Power Company, Incorporated announced that they will report Q1, 2025 results on Jul 31, 2024 Major Estimate Revision • May 29
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥2.89t to JP¥2.53t. EPS estimate increased from JP¥213 to JP¥222 per share. Net income forecast to shrink 46% next year vs 44% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,388 to JP¥1,563. Share price rose 18% to JP¥1,548 over the past week. New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% 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 Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,544, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Electric Utilities industry in Japan. Total returns to shareholders of 85% over the past three years. Reported Earnings • May 01
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥452 (up from JP¥255 loss in FY 2023). Revenue: JP¥2.82t (down 6.3% from FY 2023). Net income: JP¥226.1b (up JP¥353.7b from FY 2023). Profit margin: 8.0% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is expected to fall by 3.5% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
Tohoku Electric Power Company, Incorporated to Report Fiscal Year 2024 Results on Apr 30, 2024 Tohoku Electric Power Company, Incorporated announced that they will report fiscal year 2024 results on Apr 30, 2024 Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥313 to JP¥352. Revenue forecast unchanged at JP¥2.75t. Net income forecast to shrink 60% next year vs 39% decline forecast for Electric Utilities industry in Japan. Consensus price target of JP¥1,098 unchanged from last update. Share price rose 4.7% to JP¥1,025 over the past week. Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥81.80 (up from JP¥188 loss in 3Q 2023). Revenue: JP¥668.5b (down 16% from 3Q 2023). Net income: JP¥40.9b (up JP¥134.9b from 3Q 2023). Profit margin: 6.1% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 125%. Revenue is expected to fall by 4.4% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 01
Tohoku Electric Power Company, Incorporated Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024 Tohoku Electric Power Company, Incorporated provided consolidated earnings guidance for the year ending March 31, 2024. For the year, the company expects operating revenue to be JPY 2,830,000 million. Operating income to be JPY 310,000 million. Net income attributable to owners of parent to be JPY 200,000 million. Basic net income per share to be JPY 399.92. Announcement • Dec 29
Tohoku Electric Power Company, Incorporated to Report Q3, 2024 Results on Jan 31, 2024 Tohoku Electric Power Company, Incorporated announced that they will report Q3, 2024 results on Jan 31, 2024 Price Target Changed • Nov 29
Price target increased by 9.5% to JP¥1,292 Up from JP¥1,180, the current price target is an average from 5 analysts. New target price is 38% above last closing price of JP¥938. Stock is up 44% over the past year. The company is forecast to post earnings per share of JP¥293 next year compared to a net loss per share of JP¥255 last year. Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥2.91t to JP¥3.01t. EPS estimate increased from JP¥251 to JP¥285 per share. Net income forecast to shrink 28% next year vs 28% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,180 to JP¥1,220. Share price was steady at JP¥939 over the past week. New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Announcement • Sep 07
Tohoku Electric Power Company, Incorporated to Report Q2, 2024 Results on Oct 31, 2023 Tohoku Electric Power Company, Incorporated announced that they will report Q2, 2024 results on Oct 31, 2023 Price Target Changed • Aug 17
Price target increased by 27% to JP¥988 Up from JP¥778, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥942. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥209 next year compared to a net loss per share of JP¥255 last year. Price Target Changed • Aug 17
Price target increased by 27% to JP¥988 Up from JP¥778, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥942. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥209 next year compared to a net loss per share of JP¥255 last year. Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥158 (up from JP¥62.50 loss in 1Q 2023). Revenue: JP¥633.6b (up 14% from 1Q 2023). Net income: JP¥79.2b (up JP¥110.4b from 1Q 2023). Profit margin: 13% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is expected to fall by 1.0% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 14
Price target increased by 10% to JP¥858 Up from JP¥778, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥833. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥161 next year compared to a net loss per share of JP¥255 last year. Announcement • Jul 08
Tohoku Electric Power Company, Incorporated to Report Q1, 2024 Results on Jul 31, 2023 Tohoku Electric Power Company, Incorporated announced that they will report Q1, 2024 results on Jul 31, 2023 Price Target Changed • Jun 13
Price target increased by 8.2% to JP¥820 Up from JP¥758, the current price target is an average from 5 analysts. New target price is 10% below last closing price of JP¥912. Stock is up 28% over the past year. The company is forecast to post earnings per share of JP¥161 next year compared to a net loss per share of JP¥255 last year. Price Target Changed • Jun 06
Price target increased by 7.5% to JP¥778 Up from JP¥724, the current price target is an average from 5 analysts. New target price is 6.8% below last closing price of JP¥835. Stock is up 16% over the past year. The company is forecast to post earnings per share of JP¥185 next year compared to a net loss per share of JP¥255 last year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: JP¥255 loss per share (further deteriorated from JP¥217 loss in FY 2022). Revenue: JP¥3.01t (up 43% from FY 2022). Net loss: JP¥127.6b (loss widened 18% from FY 2022). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Announcement • Feb 01
Tohoku Electric Power Company, Incorporated Provides Consolidated Earnings Forecasts for the Year Ending March 31, 2023 Tohoku Electric Power Company, Incorporated provided consolidated earnings forecasts for the Year ending March 31, 2023. For the year, company expects Operating revenue to be JPY 3,080,000 million, Operating loss to be JPY 220,000 million, Net loss attributable to owners of parent to be JPY 220,000 million and Net loss per share to be JPY 439.99. Reported Earnings • Feb 01
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: JP¥188 loss per share (further deteriorated from JP¥63.60 loss in 3Q 2022). Revenue: JP¥792.7b (up 51% from 3Q 2022). Net loss: JP¥94.0b (loss widened 196% from 3Q 2022). Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) missed analyst estimates by 65%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 24
Price target decreased by 8.6% to JP¥726 Down from JP¥794, the current price target is an average from 5 analysts. New target price is 11% above last closing price of JP¥657. Stock is down 21% over the past year. The company is forecast to post a net loss per share of JP¥342 next year compared to a net loss per share of JP¥217 last year. Announcement • Dec 11
Tohoku Electric Power Company, Incorporated to Report Q3, 2023 Results on Jan 31, 2023 Tohoku Electric Power Company, Incorporated announced that they will report Q3, 2023 results on Jan 31, 2023 Price Target Changed • Nov 16
Price target decreased to JP¥720 Down from JP¥793, the current price target is an average from 5 analysts. New target price is 17% above last closing price of JP¥615. Stock is down 18% over the past year. The company is forecast to post a net loss per share of JP¥359 next year compared to a net loss per share of JP¥217 last year. Reported Earnings • Oct 30
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: JP¥210 loss per share (down from JP¥48.73 profit in 2Q 2022). Revenue: JP¥781.4b (up 65% from 2Q 2022). Net loss: JP¥105.1b (down JP¥129.5b from profit in 2Q 2022). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Price Target Changed • Sep 30
Price target decreased to JP¥720 Down from JP¥793, the current price target is an average from 5 analysts. New target price is 5.7% above last closing price of JP¥681. Stock is down 15% over the past year. The company is forecast to post a net loss per share of JP¥359 next year compared to a net loss per share of JP¥217 last year. Price Target Changed • Aug 16
Price target increased to JP¥838 Up from JP¥770, the current price target is an average from 5 analysts. New target price is 27% above last closing price of JP¥661. Stock is down 22% over the past year. The company is forecast to post a net loss per share of JP¥89.00 next year compared to a net loss per share of JP¥217 last year. Reported Earnings • Jul 31
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: JP¥62.50 loss per share (down from JP¥19.71 profit in 1Q 2022). Revenue: JP¥558.3b (up 39% from 1Q 2022). Net loss: JP¥31.2b (down 417% from profit in 1Q 2022). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 8.9%, compared to a 17% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 16
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 expected loss increased from -JP¥57.22 to -JP¥86.52 per share. Revenue forecast of JP¥2.46t unchanged since last update. Electric Utilities industry in Japan expected to see average net income growth of 32% next year. Consensus price target of JP¥770 unchanged from last update. Share price was steady at JP¥748 over the past week. Major Estimate Revision • Jun 30
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥2.40t to JP¥2.46t. Forecast EPS reduced from -JP¥42.82 to -JP¥52.52 per share. Electric Utilities industry in Japan expected to see average net income growth of 29% next year. Consensus price target broadly unchanged at JP¥770. Share price rose 2.7% to JP¥727 over the past week. Reported Earnings • Apr 30
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: JP¥217 loss per share (down from JP¥58.81 profit in FY 2021). Revenue: JP¥2.10t (down 8.0% from FY 2021). Net loss: JP¥108.4b (down 469% from profit in FY 2021). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 115%. Over the next year, revenue is forecast to grow 5.0%, compared to a 7.1% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Buying Opportunity • Apr 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be JP¥895, 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. Meanwhile, the company became loss making. Buying Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be JP¥893, 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. Meanwhile, the company became loss making. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (4.4%). Price Target Changed • Mar 02
Price target decreased to JP¥820 Down from JP¥906, the current price target is an average from 5 analysts. New target price is 11% above last closing price of JP¥742. Stock is down 22% over the past year. The company is forecast to post a net loss per share of JP¥102 compared to earnings per share of JP¥58.81 last year. Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: JP¥63.60 loss per share (down from JP¥10.98 loss in 3Q 2021). Revenue: JP¥525.8b (up 4.5% from 3Q 2021). Net loss: JP¥31.8b (loss widened 479% from 3Q 2021). Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 2,791%. Over the next year, revenue is expected to shrink by 8.9% compared to a 4.9% decline forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥1.88t to JP¥1.90t. EPS estimate fell from JP¥43.63 to JP¥38.20 per share. Net income forecast to grow 408% next year vs 12% growth forecast for Electric Utilities industry in Japan. Consensus price target broadly unchanged at JP¥906. Share price rose 2.1% to JP¥829 over the past week. Major Estimate Revision • Dec 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥48.48 to JP¥43.63 per share. Revenue forecast steady at JP¥1.88t. Net income forecast to grow 406% next year vs 17% growth forecast for Electric Utilities industry in Japan. Consensus price target broadly unchanged at JP¥933. Share price was steady at JP¥787 over the past week. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS JP¥48.73 (vs JP¥56.39 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥472.5b (down 8.9% from 2Q 2021). Net income: JP¥24.4b (down 14% from 2Q 2021). Profit margin: 5.2% (down from 5.4% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. 
