Announcement • Jun 26
Electric Power Development Co., Ltd. to Report Q1, 2027 Results on Jul 31, 2026 Electric Power Development Co., Ltd. announced that they will report Q1, 2027 results on Jul 31, 2026 Announcement • May 14
Electric Power Development Co., Ltd., Annual General Meeting, Jun 25, 2026 Electric Power Development Co., Ltd., Annual General Meeting, Jun 25, 2026. Reported Earnings • May 13
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: JP¥326 (down from JP¥506 in FY 2025). Revenue: JP¥1.18t (down 10% from FY 2025). Net income: JP¥58.5b (down 37% from FY 2025). Profit margin: 5.0% (down from 7.0% in FY 2025). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to stay flat during the next 3 years compared to a 8.6% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Apr 02
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of Business and other operations related to domestic onshore wind power generation facilities from Mitsubishi Heavy Industries, Ltd. (TSE:7011). Electric Power Development Co., Ltd. (TSE:9513) signed a basic agreement to acquire Business and other operations related to domestic onshore wind power generation facilities from Mitsubishi Heavy Industries, Ltd. (TSE:7011) on November 7, 2025. Electric Power Development Co., Ltd. signed an agreement to acquire Business and other operations related to domestic onshore wind power generation facilities from Mitsubishi Heavy Industries, Ltd. on February 10, 2026.
The expected completion of the transaction is April 1, 2026.
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of Business and other operations related to domestic onshore wind power generation facilities from Mitsubishi Heavy Industries, Ltd. (TSE:7011) on April 1, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.6%). Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS in line with expectations, revenues disappoint Third quarter 2026 results: EPS: JP¥118 (down from JP¥171 in 3Q 2025). Revenue: JP¥293.1b (down 7.9% from 3Q 2025). Net income: JP¥21.0b (down 33% from 3Q 2025). Profit margin: 7.2% (down from 9.8% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 8.6% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jan 07
Electric Power Development Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Electric Power Development Co., Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Price Target Changed • Dec 30
Price target increased by 7.4% to JP¥3,077 Up from JP¥2,864, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥3,163. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥538 for next year compared to JP¥506 last year. Declared Dividend • Nov 29
First half dividend of JP¥50.00 announced Dividend of JP¥50.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 32% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 01
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: JP¥60.42 (down from JP¥125 in 2Q 2025). Revenue: JP¥321.1b (down 16% from 2Q 2025). Net income: JP¥11.0b (down 52% from 2Q 2025). Profit margin: 3.4% (down from 6.0% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Oct 02
Electric Power Development Co., Ltd. to Report Q2, 2026 Results on Oct 31, 2025 Electric Power Development Co., Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 15% 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%). Reported Earnings • Aug 02
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: JP¥285 (up from JP¥139 in 1Q 2025). Revenue: JP¥250.3b (down 3.4% from 1Q 2025). Net income: JP¥52.1b (up 105% from 1Q 2025). Profit margin: 21% (up from 9.8% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 31%. Earnings per share (EPS) exceeded analyst estimates by 181%. Revenue is forecast to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 27% over the next 3 years. However, it would need to fall by 79% to increase the payout ratio to a potentially unsustainable range. Announcement • Jul 06
Electric Power Development Co., Ltd. to Report Q1, 2026 Results on Jul 31, 2025 Electric Power Development Co., Ltd. announced that they will report Q1, 2026 results on Jul 31, 2025 Reported Earnings • Jul 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥506 (up from JP¥425 in FY 2024). Revenue: JP¥1.32t (up 4.7% from FY 2024). Net income: JP¥92.5b (up 19% from FY 2024). Profit margin: 7.0% (up from 6.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 7.9%. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • May 10
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥506 (up from JP¥425 in FY 2024). Revenue: JP¥1.32t (up 4.7% from FY 2024). Net income: JP¥92.5b (up 19% from FY 2024). Profit margin: 7.0% (up from 6.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 8.0%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 10
Electric Power Development Co., Ltd. (TSE:9513) announces an Equity Buyback for 9,000,000 shares, representing 4.92% for ¥20,000 million. Electric Power Development Co., Ltd. (TSE:9513) announces a share repurchase program. Under the program, the company will repurchase 9,000,000 shares, representing 4.92% of the outstanding shares for ¥20,000 million. The purpose of the program is to return of profits to shareholders and to improve capital efficiency. The repurchased shares will be cancelled. The program will run until March 31, 2026. As of March 31, 2025, the company had 182,876,556 shares outstanding and 174,544 shares in treasury. Announcement • May 09
Electric Power Development Co., Ltd., Annual General Meeting, Jun 26, 2025 Electric Power Development Co., Ltd., Annual General Meeting, Jun 26, 2025. Buy Or Sell Opportunity • Apr 08
Now 24% overvalued Over the last 90 days, the stock has fallen 2.1% to JP¥2,436. The fair value is estimated to be JP¥1,965, 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 12%. For the next 3 years, revenue is forecast to decline by 2.2% per annum. Earnings are also forecast to decline by 9.9% per annum over the same time period. Announcement • Mar 29
Electric Power Development Co., Ltd. to Report Fiscal Year 2025 Results on May 09, 2025 Electric Power Development Co., Ltd. announced that they will report fiscal year 2025 results on May 09, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.3%). Major Estimate Revision • Feb 22
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥1.24t to JP¥1.26t. EPS estimate increased from JP¥365 to JP¥421 per share. Net income forecast to shrink 29% next year vs 22% growth forecast for Renewable Energy industry in Japan . Consensus price target up from JP¥2,564 to JP¥2,628. Share price was steady at JP¥2,477 over the past week. Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥171 (up from JP¥157 in 3Q 2024). Revenue: JP¥318.2b (down 3.3% from 3Q 2024). Net income: JP¥31.3b (up 9.3% from 3Q 2024). Profit margin: 9.8% (up from 8.7% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Announcement • Jan 03
Electric Power Development Co., Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Electric Power Development Co., Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Major Estimate Revision • Nov 16
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥286 to JP¥318. Revenue forecast unchanged at JP¥1.19t. Net income forecast to shrink 37% next year vs 24% growth forecast for Renewable Energy industry in Japan . Consensus price target of JP¥2,544 unchanged from last update. Share price was steady at JP¥2,640 over the past week. Reported Earnings • Nov 02
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: JP¥125 (up from JP¥55.34 in 2Q 2024). Revenue: JP¥381.7b (up 9.0% from 2Q 2024). Net income: JP¥22.9b (up 126% from 2Q 2024). Profit margin: 6.0% (up from 2.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 7.3%. Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Asia are expected to grow by 9.7%. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 23% per year. Buy Or Sell Opportunity • Oct 31
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to JP¥2,553. The fair value is estimated to be JP¥2,076, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to decline by 1.1% per annum. Earnings are also forecast to decline by 3.2% per annum over the same time period. Announcement • Oct 06
Electric Power Development Co., Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Electric Power Development Co., Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.2%). Announcement • Aug 02
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of remaining 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others. Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million on February 5, 2024. Potential Transaction will be funded by Electric Power Development Co., Ltd.’s existing cash reserves and debt facilities. Transaction is subject to Due diligence investigation, approval from Genex Power Limited's shareholders and Subject to court approval and the receipt of all necessary regulatory approvals, including approval from the Foreign Investment Review Board. As of March 30, 2024, J-POWER reconfirmed the Indicative Proposal to Genex and also confirmed it had completed its due diligence on Genex. On April 2, 2024, Genex announced to the ASX that Genex had agreed to extend the Exclusivity Period under the Confidentiality and Exclusivity Deed to Monday, 8 April 2024 to allow additional time for the parties to negotiate an Implementation Agreement for the Potential Scheme. The finalisation of the Implementation Agreement remains subject to the Genex IBC’s approval and J-POWER’s final internal approvals. Accordingly, following a request from J-POWER, Genex has agreed to a further extension of the Exclusivity Period under the Confidentiality and Exclusivity Deed to 5.00pm (AEST) on Monday, 15 April 20242 to allow additional time for the Implementation Agreement to be finalised and J-POWER to obtain the required internal approvals. As of April 12, 2024, board of directors of Genex Power Limited unanimously recommends that Genex Power Limited shareholders vote in favor of the Scheme at the Scheme Meeting. As of June 14, 2024, the Foreign Investment Review Board has approved the transaction. As of July 19, 2024, he transaction is approved by Supreme Court of New South Wales. The transaction is expected to complete in late July 2024. As per the transaction, Genex will be required to pay a break fee to J-POWER and J-POWER will be required to pay a reverse break fee to Genex. The amount of each of the break fee and the reverse break fee, should either become payable is AUD 3.5 million.
Goldman Sachs Australia Pty Ltd acted as Financial advisor and Gilbert and Tobin acted as legal advisor to Genex Power Limited. Macquarie Capital Securities (Japan) Limited acted as financial advisor to J-Power. MinterEllison acted as legal advisor to Electric Power Development Co., Ltd.
Electric Power Development Co., Ltd. (TSE:9513) completed the acquisition of remaining 92.28% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others on July 31, 2024. Reported Earnings • Aug 02
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥139 (up from JP¥96.31 in 1Q 2024). Revenue: JP¥259.1b (down 7.9% from 1Q 2024). Net income: JP¥25.5b (up 45% from 1Q 2024). Profit margin: 9.8% (up from 6.3% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to stay flat during the next 3 years compared to a 10% growth forecast for the Renewable Energy industry in Asia. 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 14% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Electric Power Development Co., Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Electric Power Development Co., Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥425 (down from JP¥621 in FY 2023). Revenue: JP¥1.26t (down 32% from FY 2023). Net income: JP¥77.8b (down 32% from FY 2023). Profit margin: 6.2% (in line with FY 2023). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Electric Power Development Co., Ltd., Annual General Meeting, Jun 26, 2024 Electric Power Development Co., Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Mar 31
Electric Power Development Co., Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 Electric Power Development Co., Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (3.4%). Announcement • Mar 06
Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.2% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million. Electric Power Development Co., Ltd. (TSE:9513) entered into a non-binding, indicative and conditional proposal to acquire 92.2% stake in Genex Power Limited (ASX:GNX) from Skip Capital Pty. Ltd. and others for approximately AUD 350 million on February 5, 2024. Potential Transaction will be funded by Electric Power Development Co., Ltd.’s existing cash reserves and debt facilities. Transaction is subject to Due diligence investigation, approval from Genex Power Limited's shareholders and Subject to court approval and the receipt of all necessary regulatory approvals, including approval from the Foreign Investment Review Board. Goldman Sachs Australia Pty Ltd acted as Financial advisor and Gilbert and Tobin acted as legal advisor to Genex Power Limited. Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: JP¥157 (down from JP¥288 in 3Q 2023). Revenue: JP¥329.2b (down 41% from 3Q 2023). Net income: JP¥28.6b (down 46% from 3Q 2023). Profit margin: 8.7% (down from 9.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 94%. Revenue is expected to decline by 3.1% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Dec 28
Electric Power Development Co., Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Electric Power Development Co., Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 Major Estimate Revision • Nov 18
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥1.53t to JP¥1.28t. EPS estimate fell from JP¥385 to JP¥352 per share. Net income forecast to shrink 22% next year vs 59% growth forecast for Renewable Energy industry in Japan . Consensus price target of JP¥2,305 unchanged from last update. Share price was steady at JP¥2,324 over the past week. New Risk • Nov 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.1% Last year net profit margin: 7.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.3% operating cash flow to total debt). Earnings are forecast to decline by an average of 6.9% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (150% cash payout ratio). Profit margins are more than 30% lower than last year (5.1% net profit margin). Reported Earnings • Nov 02
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: JP¥55.34 (down from JP¥248 in 2Q 2023). Revenue: JP¥350.2b (down 32% from 2Q 2023). Net income: JP¥10.1b (down 78% from 2Q 2023). Profit margin: 2.9% (down from 8.8% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to grow by 5.2%. 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 16% per year, which means it is significantly lagging earnings growth. Announcement • Sep 28
Electric Power Development Co., Ltd. to Report Q2, 2024 Results on Oct 31, 2023 Electric Power Development Co., Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥45.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥96.31 (up from JP¥71.22 in 1Q 2023). Revenue: JP¥281.4b (down 13% from 1Q 2023). Net income: JP¥17.6b (up 35% from 1Q 2023). Profit margin: 6.3% (up from 4.0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Electric Power Development Co., Ltd., Annual General Meeting, Jun 28, 2023 Electric Power Development Co., Ltd., Annual General Meeting, Jun 28, 2023. Reported Earnings • May 12
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥621 (up from JP¥381 in FY 2022). Revenue: JP¥1.84t (up 70% from FY 2022). Net income: JP¥113.7b (up 63% from FY 2022). Profit margin: 6.2% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 01
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥288 (up from JP¥121 in 3Q 2022). Revenue: JP¥561.8b (up 102% from 3Q 2022). Net income: JP¥52.7b (up 137% from 3Q 2022). Profit margin: 9.4% (up from 8.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 45%. Earnings per share (EPS) also surpassed analyst estimates by 155%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Japan are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 09
Electric Power Development Co., Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Electric Power Development Co., Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Major Estimate Revision • Dec 22
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥1.78t to JP¥1.83t. EPS estimate increased from JP¥500 to JP¥550 per share. Net income forecast to shrink 23% next year vs 72% growth forecast for Renewable Energy industry in Japan . Consensus price target of JP¥2,362 unchanged from last update. Share price was steady at JP¥2,098 over the past week. Major Estimate Revision • Nov 26
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥409 to JP¥469. Revenue forecast steady at JP¥1.77t. Net income forecast to shrink 30% next year vs 72% growth forecast for Renewable Energy industry in Japan . Consensus price target broadly unchanged at JP¥2,418. Share price rose 4.8% to JP¥2,134 over the past week. Reported Earnings • Nov 02
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥248 (up from JP¥22.75 in 2Q 2022). Revenue: JP¥516.5b (up 115% from 2Q 2022). Net income: JP¥45.4b (up JP¥41.2b from 2Q 2022). Profit margin: 8.8% (up from 1.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) also surpassed analyst estimates by 139%. Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 01
Consensus revenue estimates increase by 19% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from JP¥1.48t to JP¥1.77t. EPS estimate increased from JP¥374 to JP¥409 per share. Net income forecast to grow 5.8% next year vs 40% growth forecast for Renewable Energy industry in Japan. Consensus price target broadly unchanged at JP¥2,386. Share price was steady at JP¥2,068 over the past week. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 31
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: JP¥71.22 (down from JP¥76.59 in 1Q 2022). Revenue: JP¥323.3b (up 69% from 1Q 2022). Net income: JP¥13.0b (down 7.0% from 1Q 2022). Profit margin: 4.0% (down from 7.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 18%, compared to a 18% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Major Estimate Revision • Jun 08
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥1.52t to JP¥1.46t. EPS estimate rose from JP¥307 to JP¥347. Net income forecast to shrink 9.0% next year vs 32% growth forecast for Renewable Energy industry in Japan . Consensus price target up from JP¥1,888 to JP¥2,248. Share price rose 9.7% to JP¥2,230 over the past week. Price Target Changed • Jun 07
Price target increased to JP¥2,165 Up from JP¥1,888, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥2,205. Stock is up 37% over the past year. The company is forecast to post earnings per share of JP¥330 for next year compared to JP¥381 last year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥2,146, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Renewable Energy industry in Japan. Total returns to shareholders of 3.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,078 per share. Reported Earnings • May 13
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥381 (up from JP¥122 in FY 2021). Revenue: JP¥1.08t (up 19% from FY 2021). Net income: JP¥69.7b (up 212% from FY 2021). Profit margin: 6.4% (up from 2.5% in FY 2021). 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 52%. Over the next year, revenue is forecast to grow 22%, compared to a 22% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.6%). Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥994.0b to JP¥1.04t. EPS estimate increased from JP¥218 to JP¥255 per share. Net income forecast to grow 683% next year vs 23% growth forecast for Renewable Energy industry in Japan. Consensus price target up from JP¥1,804 to JP¥1,866. Share price rose 2.7% to JP¥1,845 over the past week. Major Estimate Revision • Feb 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥189 to JP¥218. Revenue forecast steady at JP¥988.0b. Net income forecast to grow 602% next year vs 41% growth forecast for Renewable Energy industry in Japan. Consensus price target broadly unchanged at JP¥1,804. Share price was steady at JP¥1,852 over the past week. Major Estimate Revision • Feb 08
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥138 to JP¥189. Revenue forecast steady at JP¥980.2b. Net income forecast to grow 582% next year vs 21% growth forecast for Renewable Energy industry in Japan. Consensus price target up from JP¥1,700 to JP¥1,830. Share price rose 8.3% to JP¥1,883 over the past week. Price Target Changed • Feb 05
Price target increased to JP¥1,830 Up from JP¥1,700, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥1,881. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of JP¥189 for next year compared to JP¥122 last year. Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥121 (down from JP¥122 in 3Q 2021). Revenue: JP¥277.7b (up 41% from 3Q 2021). Net income: JP¥22.2b (flat on 3Q 2021). Profit margin: 8.0% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 203%. Over the next year, revenue is forecast to grow 2.4%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 13
Price target decreased to JP¥1,710 Down from JP¥1,844, the current price target is an average from 6 analysts. New target price is 19% above last closing price of JP¥1,438. Stock is down 4.0% over the past year. The company is forecast to post earnings per share of JP¥158 for next year compared to JP¥122 last year. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥22.75 (vs JP¥120 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥240.1b (up 8.8% from 2Q 2021). Net income: JP¥4.16b (down 81% from 2Q 2021). Profit margin: 1.7% (down from 10.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 27 November 2021. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥76.59 (vs JP¥64.25 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥191.7b (up 2.0% from 1Q 2021). Net income: JP¥14.0b (up 19% from 1Q 2021). Profit margin: 7.3% (up from 6.3% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 18% per year. Major Estimate Revision • May 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥269 to JP¥234 per share. Revenue forecast steady at JP¥862.9b. Net income forecast to grow 103% next year vs 9.2% growth forecast for Renewable Energy industry in Japan. Consensus price target down from JP¥2,252 to JP¥2,054. Share price fell 5.0% to JP¥1,551 over the past week. Price Target Changed • May 27
Price target decreased to JP¥1,949 Down from JP¥2,136, the current price target is an average from 7 analysts. New target price is 26% above last closing price of JP¥1,551. Stock is down 23% over the past year. Reported Earnings • May 02
Full year 2021 earnings released: EPS JP¥122 (vs JP¥231 in FY 2020) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: JP¥909.1b (flat on FY 2020). Net income: JP¥22.3b (down 47% from FY 2020). Profit margin: 2.5% (down from 4.6% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 16% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (2.6%). Major Estimate Revision • Mar 04
Analysts update estimates The 2021 consensus earning per share (EPS) estimate was lowered from JP¥286 to JP¥246. No change was made to the revenue estimate which at the last update was JP¥859.2b. Net income is expected to shrink by 14% next year compared to 1.7% decline forecast for the Renewable Energy industry in Japan. The consensus price target of JP¥2,201 was unchanged from the last update. Share price stayed mostly flat at JP¥1,749 over the past week. Is New 90 Day High Low • Mar 01
New 90-day high: JP¥1,785 The company is up 28% from its price of JP¥1,398 on 01 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥792 per share. Major Estimate Revision • Feb 09
Analysts increase EPS estimates to JP¥286 The 2021 consensus revenue estimate increased from JP¥840.8b to JP¥882.6b. The earnings per share estimate also received an upgrade from JP¥253 to JP¥286 for the same period. Net income is expected to shrink by 11% next year compared to 2.2% growth forecast for the Renewable Energy industry in Japan . The consensus price target increased from JP¥2,179 to JP¥2,201. Share price is up 4.2% to JP¥1,735 over the past week. Reported Earnings • Feb 02
Third quarter 2021 earnings released: EPS JP¥122 (vs JP¥57.59 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥197.7b (down 7.6% from 3Q 2020). Net income: JP¥22.3b (up 112% from 3Q 2020). Profit margin: 11% (up from 4.9% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 16% per year. Analyst Estimate Surprise Post Earnings • Feb 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) exceeded analyst estimates by 41%. Over the next year, revenue is forecast to grow 3.3%, compared to a 8.8% growth forecast for the Renewable Energy industry in Japan. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥1,695, the stock is trading at a trailing P/E ratio of 6.5x, up from the previous P/E ratio of 5.4x. This compares to an average P/E of 36x in the Renewable Energy industry in Japan. Total return to shareholders over the past three years is a loss of 41%.