Announcement • Aug 02
Shikoku Electric Power Company, Incorporated Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2027 Shikoku Electric Power Company, Incorporated provided consolidated earnings guidance for the fiscal year ending March 31, 2027. For the year, company expects Net sales of JPY 925,000 million, Operating profit of JPY 37,000 million, Profit attributable to owners of parent JPY 30,000 million and Basic earnings per share of JPY 147.00. Reported Earnings • Aug 01
First quarter 2027 earnings: EPS and revenues exceed analyst expectations First quarter 2027 results: EPS: JP¥96.55 (down from JP¥121 in 1Q 2026). Revenue: JP¥182.3b (down 5.3% from 1Q 2026). Net income: JP¥19.7b (down 21% from 1Q 2026). Profit margin: 11% (down from 13% in 1Q 2026). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 54%. 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 32% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Shikoku Electric Power Company, Incorporated Provides Dividend Guidance for the Second Quarter-End and Full Fiscal Year Ending March 31, 2027 Shikoku Electric Power Company, Incorporated provided dividend guidance for the second quarter-end and full fiscal year ending March 31, 2027. For the second quarter-end, the company expects to pay dividend of guidance of JPY 27.50 per share against JPY 25.00 per share a year ago.
For the year, the company expects to pay dividend of guidance of JPY 27.50 per share against JPY 25.00 per share a year ago. Announcement • Jul 31
Shikoku Electric Power Company, Incorporated (TSE:9507) announces an Equity Buyback for 2,000,000 shares, representing 0.97% for ¥3,500 million. Shikoku Electric Power Company, Incorporated (TSE:9507) announces a share repurchase program. Under the program, the company will repurchase 2,000,000 shares, representing 0.97% of its share capital, for ¥3,500 million. The company will repurchase its shares from a corporate shareholder and the aim of the program is to improve capital efficiency and enhance shareholder returns in accordance with the Shikoku Electric Power Group Medium-Term Management Plan 2030. The program will run until September 30, 2026. As of March 31, 2026, the company had 205,636,765 shares outstanding (excluding treasury shares) and 1,891,437 shares in treasury. Declared Dividend • Jul 25
Final dividend of JP¥27.50 announced Shareholders will receive a dividend of JP¥27.50. Ex-date: 29th September 2026 Payment date: 30th November 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (20% 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 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 17
Shikoku Electric Power Company, Incorporated to Report Q1, 2027 Results on Jul 31, 2026 Shikoku Electric Power Company, Incorporated announced that they will report Q1, 2027 results on Jul 31, 2026 Announcement • May 01
Shikoku Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026 Shikoku Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026. Announcement • Apr 22
Shikoku Electric Power Company, Incorporated to Report Fiscal Year 2026 Results on Apr 30, 2026 Shikoku Electric Power Company, Incorporated announced that they will report fiscal year 2026 results on Apr 30, 2026 Announcement • Apr 15
Shikoku Electric Power Company Decides to Decommission Anan Power Station Unit 3 and Sakaide Power Station Unit 3 Shikoku Electric Power Company had decided to decommission Anan Power Station Unit 3 (450 MW, oil-fired, Anan, Tokushima Prefecture) and Sakaide Power Station Unit 3 (450 MW, oil- and coke oven gas-fired, Sakaide, Kagawa Prefecture). Operations at Anan Power Station Unit 3 had been suspended since January this year due to the aging of its equipment and decrease in opportunities for operation. Since there was no prospect of it being utilized in the future, the Company had decided to proceed with the necessary procedures and decommission the unit by approximately June this year. Meanwhile, since commencing operations, Sakaide Power Station Unit 3 had generated electricity using oil and by-product gas (coke oven gas) from the adjacent coke manufacturing plant, contributing to the stable supply of electricity up to the present. However, as the supply of coke oven gas from the adjacent plant would be discontinued in the second half of fiscal year 2027, remedial measures would be required to switch to exclusively oil-fired operations. In addition, taking into account the aging of the equipment and the decrease in its necessity from the perspective of demand and supply, the Company had decided to decommission the unit by the second half of fiscal year 2027 in conjunction with the discontinuation of the coke oven gas supply. The impact of the decision to decommission the two units on business performance was expected to be minor. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.1%). Buy Or Sell Opportunity • Mar 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to JP¥1,722. The fair value is estimated to be JP¥1,433, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to grow by 0.4% per annum. Earnings are forecast to decline by 10% per annum over the same time period. Price Target Changed • Mar 09
Price target increased by 11% to JP¥1,828 Up from JP¥1,640, the current price target is an average from 4 analysts. New target price is 17% above last closing price of JP¥1,559. Stock is up 29% over the past year. The company is forecast to post earnings per share of JP¥261 for next year compared to JP¥332 last year. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to JP¥1,777. The fair value is estimated to be JP¥1,480, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 63%. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are also forecast to decline by 11% per annum over the same time period. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: JP¥6.84 loss per share (down from JP¥40.12 profit in 3Q 2025). Revenue: JP¥176.2b (down 12% from 3Q 2025). Net loss: JP¥1.41b (down 117% from profit in 3Q 2025). Revenue missed analyst estimates by 14%. Earnings per share (EPS) were also behind analyst expectations. 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 63% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
Shikoku Electric Power Company, Incorporated (TSE:9507) announces an Equity Buyback for 2,000,000 shares, representing 0.96% for ¥3,500 million. Shikoku Electric Power Company, Incorporated (TSE:9507) announces a share repurchase program. Under the program, the company will repurchase 2,000,000 shares, representing 0.96% of its share capital, for ¥3,500 million. The company will repurchase its shares from a corporate shareholder and the aim of the program is to mitigate the short-term impact of sale on the supply and demand of our shares, while also improving capital efficiency and enhancing corporate value. The program will run until February 27, 2026. As of September 30, 2025, the company had 207,504,600 shares outstanding (excluding treasury shares) and 23,602 shares in treasury. Announcement • Dec 11
Shikoku Electric Power Company, Incorporated to Report Q3, 2026 Results on Jan 30, 2026 Shikoku 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¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (5% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 37% over the next 3 years. However, it would need to fall by 94% 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¥167 (up from JP¥83.99 in 2Q 2025). Revenue: JP¥209.2b (down 9.6% from 2Q 2025). Net income: JP¥34.3b (up 99% from 2Q 2025). Profit margin: 16% (up from 7.5% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is forecast to stay flat 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 74% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 25
Price target increased by 11% to JP¥1,538 Up from JP¥1,387, the current price target is an average from 4 analysts. New target price is 11% above last closing price of JP¥1,388. Stock is up 16% over the past year. The company is forecast to post earnings per share of JP¥220 for next year compared to JP¥332 last year. Announcement • Sep 25
Shikoku Electric Power Company, Incorporated to Report Q2, 2026 Results on Oct 30, 2025 Shikoku Electric Power Company, Incorporated announced that they will report Q2, 2026 results on Oct 30, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Buy Or Sell Opportunity • Sep 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to JP¥1,397. The fair value is estimated to be JP¥1,161, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings are also forecast to decline by 13% per annum over the same time period. Buy Or Sell Opportunity • Aug 15
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to JP¥1,391. The fair value is estimated to be JP¥1,121, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings are also forecast to decline by 13% per annum over the same time period. Reported Earnings • Aug 02
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: JP¥74.32 (down from JP¥117 in 1Q 2025). Revenue: JP¥175.6b (down 6.0% from 1Q 2025). Net income: JP¥15.3b (down 36% from 1Q 2025). Profit margin: 8.7% (down from 13% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 33%. 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 82% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 41% over the next 3 years. However, it would need to fall by 85% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥332 (up from JP¥294 in FY 2024). Revenue: JP¥851.4b (up 8.1% from FY 2024). Net income: JP¥68.3b (up 13% from FY 2024). Profit margin: 8.0% (up from 7.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 20%. 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 93% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jun 18
Shikoku Electric Power Company, Incorporated to Report Q1, 2026 Results on Jul 31, 2025 Shikoku Electric Power Company, Incorporated announced that they will report Q1, 2026 results at 3:00 PM, Tokyo Standard Time on Jul 31, 2025 Major Estimate Revision • May 29
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥161 to JP¥189. Revenue forecast steady at JP¥794.5b. Net income forecast to shrink 35% next year vs 23% decline forecast for Electric Utilities industry in Japan. Consensus price target of JP¥1,428 unchanged from last update. Share price was steady at JP¥1,172 over the past week. Reported Earnings • May 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥332 (up from JP¥294 in FY 2024). Revenue: JP¥851.4b (up 8.1% from FY 2024). Net income: JP¥68.3b (up 13% from FY 2024). Profit margin: 8.0% (up from 7.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 20%. 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 93% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Apr 30
Shikoku Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2025 Shikoku Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 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 13% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.1%). Announcement • Mar 15
Shikoku Electric Power Company, Incorporated to Report Fiscal Year 2025 Results on Apr 30, 2025 Shikoku Electric Power Company, Incorporated announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Apr 30, 2025 Reported Earnings • Jan 30
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥40.12 (up from JP¥36.53 in 3Q 2024). Revenue: JP¥199.6b (up 13% from 3Q 2024). Net income: JP¥8.25b (up 9.8% from 3Q 2024). Profit margin: 4.1% (down from 4.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) also missed analyst estimates by 25%. 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 102% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jan 03
Shikoku Electric Power Company, Incorporated to Report Q3, 2025 Results on Jan 29, 2025 Shikoku Electric Power Company, Incorporated announced that they will report Q3, 2025 results on Jan 29, 2025 Buy Or Sell Opportunity • Dec 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to JP¥1,235. The fair value is estimated to be JP¥1,545, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.8% per annum. Earnings are forecast to decline by 9.8% per annum over the same time period. Major Estimate Revision • Dec 17
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥808.9b to JP¥827.9b. EPS estimate increased from JP¥211 to JP¥258 per share. Net income forecast to shrink 19% next year vs 11% decline forecast for Electric Utilities industry in Japan. Consensus price target down from JP¥1,495 to JP¥1,453. Share price fell 2.3% to JP¥1,188 over the past week. Buy Or Sell Opportunity • Dec 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to JP¥1,229. The fair value is estimated to be JP¥1,539, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are also forecast to decline by 12% per annum over the same time period. Declared Dividend • Nov 30
First half dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (14% 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 42% over the next 3 years. However, it would need to fall by 94% to increase the payout ratio to a potentially unsustainable range. New Risk • Nov 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% 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 (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 12% 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 (5.4% average weekly change). Buy Or Sell Opportunity • Nov 05
Now 22% undervalued Over the last 90 days, the stock has risen 4.3% to JP¥1,297. The fair value is estimated to be JP¥1,667, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are also forecast to decline by 10% per annum over the same time period. Reported Earnings • Oct 31
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: JP¥83.99 (down from JP¥180 in 2Q 2024). Revenue: JP¥231.5b (up 5.3% from 2Q 2024). Net income: JP¥17.3b (down 53% from 2Q 2024). Profit margin: 7.5% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) missed analyst estimates by 27%. 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 109% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.4% to JP¥1,275. The fair value is estimated to be JP¥1,606, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.3% per annum. Earnings are also forecast to decline by 17% per annum over the same time period. Buy Or Sell Opportunity • Sep 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.0% to JP¥1,315. The fair value is estimated to be JP¥1,652, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.2% per annum. Earnings are also forecast to decline by 17% per annum over the same time period. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%). Announcement • Sep 12
Shikoku Electric Power Company, Incorporated to Report Q2, 2025 Results on Oct 29, 2024 Shikoku Electric Power Company, Incorporated announced that they will report Q2, 2025 results on Oct 29, 2024 Reported Earnings • Aug 01
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥117 (up from JP¥57.40 in 1Q 2024). Revenue: JP¥186.9b (up 3.2% from 1Q 2024). Net income: JP¥24.0b (up 104% from 1Q 2024). Profit margin: 13% (up from 6.5% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) also surpassed analyst estimates significantly. 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 110% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 24
Now 21% undervalued Over the last 90 days, the stock has risen 6.0% to JP¥1,272. The fair value is estimated to be JP¥1,606, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 0.09% per annum. Earnings are forecast to decline by 13% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 2.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 8.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to decline by 34% over the next 3 years. However, it would need to fall by 89% to increase the payout ratio to a potentially unsustainable range. Major Estimate Revision • Jun 04
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥805.4b to JP¥845.9b. EPS estimate increased from JP¥150 to JP¥181 per share. Net income forecast to shrink 39% next year vs 39% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,153 to JP¥1,397. Share price fell 3.6% to JP¥1,467 over the past week. Major Estimate Revision • May 29
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥805.4b to JP¥842.9b. EPS estimate increased from JP¥150 to JP¥195 per share. Net income forecast to shrink 38% next year vs 44% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,153 to JP¥1,300. Share price rose 6.6% to JP¥1,488 over the past week. Price Target Changed • May 28
Price target increased by 10% to JP¥1,300 Up from JP¥1,180, the current price target is an average from 3 analysts. New target price is 15% below last closing price of JP¥1,521. Stock is up 60% over the past year. The company is forecast to post earnings per share of JP¥195 for next year compared to JP¥294 last year. Reported Earnings • May 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥294 (up from JP¥111 loss in FY 2023). Revenue: JP¥787.4b (down 5.5% from FY 2023). Net income: JP¥60.5b (up JP¥83.4b from FY 2023). Profit margin: 7.7% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 39%. Revenue is expected to fall by 1.1% 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 89% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
Shikoku Electric Power Company, Incorporated to Report Fiscal Year 2024 Results on Apr 26, 2024 Shikoku Electric Power Company, Incorporated announced that they will report fiscal year 2024 results at 3:00 PM, Tokyo Standard Time on Apr 26, 2024 Buy Or Sell Opportunity • Feb 06
Now 22% undervalued Over the last 90 days, the stock has risen 1.0% to JP¥1,038. The fair value is estimated to be JP¥1,324, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to decline by 1.8% per annum. Earnings are also forecast to decline by 6.7% per annum over the same time period. New Risk • Feb 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.7% 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 (7.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 6.7% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥36.53 (up from JP¥34.50 loss in 3Q 2023). Revenue: JP¥177.3b (down 13% from 3Q 2023). Net income: JP¥7.51b (up JP¥14.6b from 3Q 2023). Profit margin: 4.2% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 42%. Revenue is expected to fall by 1.8% 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 43% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
Shikoku Electric Power Company, Incorporated Provides Dividend Guidance for the Fiscal 2023 Ending March 31, 2024 Shikoku Electric Power Company, Incorporated provided dividend guidance for the fiscal 2023 ending March 31, 2024. For the year, the company expects dividend of JPY 15.00 per share against JPY 0.00 per share a year ago. Buy Or Sell Opportunity • Jan 23
Now 21% undervalued Over the last 90 days, the stock has risen 3.2% to JP¥1,060. The fair value is estimated to be JP¥1,346, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to decline by 2.5% per annum. Earnings are forecast to grow by 0.8% per annum over the same time period. Buying Opportunity • Jan 09
Now 20% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be JP¥1,318, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to decline by 2.5% per annum. Earnings is forecast to grow by 0.8% per annum over the same time period. Major Estimate Revision • Dec 08
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥841.9b to JP¥832.5b. EPS estimate rose from JP¥170 to JP¥198. Net income forecast to grow 113% next year vs 23% decline forecast for Electric Utilities industry in Japan. Consensus price target broadly unchanged at JP¥1,195. Share price rose 2.2% to JP¥1,057 over the past week. New Risk • Dec 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% 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 (6.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Dec 06
Shikoku Electric Power Company, Incorporated to Report Q3, 2024 Results on Jan 30, 2024 Shikoku Electric Power Company, Incorporated announced that they will report Q3, 2024 results on Jan 30, 2024 Buying Opportunity • Nov 15
Now 21% undervalued Over the last 90 days, the stock is up 4.1%. The fair value is estimated to be JP¥1,300, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings is forecast to grow by 5.2% per annum over the same time period. Reported Earnings • Nov 02
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: JP¥180 (up from JP¥32.76 in 2Q 2023). Revenue: JP¥219.8b (down 6.7% from 2Q 2023). Net income: JP¥37.0b (up 449% from 2Q 2023). Profit margin: 17% (up from 2.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) exceeded analyst estimates significantly. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Buying Opportunity • Oct 27
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be JP¥1,284, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company became loss making. New Risk • Sep 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (8.1% increase in shares outstanding). Price Target Changed • Sep 23
Price target increased by 13% to JP¥1,163 Up from JP¥1,028, the current price target is an average from 4 analysts. New target price is 10.0% above last closing price of JP¥1,057. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥155 next year compared to a net loss per share of JP¥111 last year. Buying Opportunity • Sep 20
Now 23% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be JP¥1,374, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 03
Shikoku Electric Power Company, Incorporated to Report Q2, 2024 Results on Oct 31, 2023 Shikoku Electric Power Company, Incorporated announced that they will report Q2, 2024 results on Oct 31, 2023 New Risk • Jul 30
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: 3.0% 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jul 28
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: JP¥57.40 (up from JP¥10.93 in 1Q 2023). Revenue: JP¥181.1b (up 8.6% from 1Q 2023). Net income: JP¥11.8b (up 425% from 1Q 2023). Profit margin: 6.5% (up from 1.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 27%. Revenue is forecast to stay flat during the next 3 years compared to a 1.1% 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 90 percentage points per year, which is a significant difference in performance. Announcement • Jun 14
Shikoku Electric Power Company, Incorporated to Report Q1, 2024 Results on Jul 27, 2023 Shikoku Electric Power Company, Incorporated announced that they will report Q1, 2024 results on Jul 27, 2023 Price Target Changed • Jun 06
Price target increased by 7.3% to JP¥995 Up from JP¥928, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥961. Stock is up 25% over the past year. The company is forecast to post earnings per share of JP¥168 next year compared to a net loss per share of JP¥111 last year.