OTCPK:ICHI.F

Stock Analysis Report

Executive Summary

Ichigo Inc. owns and operates real estate properties in Japan.

Rewards

PE ratio (10.4x) is below the US market (18.3x)

Earnings grew by 20.2% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record



Snowflake Analysis

Proven track record with mediocre balance sheet.

Share Price & News

How has Ichigo's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ICHI.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

n/a

ICHI.F

0.6%

US Real Estate

0.06%

US Market


1 Year Return

n/a

ICHI.F

9.2%

US Real Estate

19.4%

US Market

Return vs Industry: Insufficient data to determine how ICHI.F performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how ICHI.F performed against the US Market.


Shareholder returns

ICHI.FIndustryMarket
7 Dayn/a0.6%0.06%
30 Dayn/a1.9%1.1%
90 Dayn/a9.5%8.9%
1 Yearn/a10.2%9.2%21.9%19.4%
3 Yearn/a29.0%25.9%48.9%39.3%
5 Yearn/a15.4%11.6%71.9%53.1%

Price Volatility Vs. Market

How volatile is Ichigo's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Ichigo undervalued compared to its fair value and its price relative to the market?

10.37x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate ICHI.F's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate ICHI.F's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: ICHI.F is good value based on its PE Ratio (10.4x) compared to the Real Estate industry average (22x).

PE vs Market: ICHI.F is good value based on its PE Ratio (10.4x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: ICHI.F is poor value based on its PEG Ratio (7.8x)


Price to Book Ratio

PB vs Industry: ICHI.F is overvalued based on its PB Ratio (1.7x) compared to the US Real Estate industry average (1.4x).


Next Steps

Future Growth

How is Ichigo forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

1.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ICHI.F's forecast earnings growth (1.3% per year) is below the savings rate (1.7%).

Earnings vs Market: ICHI.F's earnings (1.3% per year) are forecast to grow slower than the US market (14.2% per year).

High Growth Earnings: ICHI.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: ICHI.F's revenue is expected to decline over the next 3 years (-1.5% per year).

High Growth Revenue: ICHI.F's revenue is forecast to decline over the next 3 years (-1.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ICHI.F's Return on Equity is forecast to be low in 3 years time (13.1%).


Next Steps

Past Performance

How has Ichigo performed over the past 5 years?

12.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ICHI.F has high quality earnings.

Growing Profit Margin: ICHI.F's current net profit margins (17.7%) are lower than last year (21.4%).


Past Earnings Growth Analysis

Earnings Trend: ICHI.F's earnings have grown by 12.8% per year over the past 5 years.

Accelerating Growth: ICHI.F's earnings growth over the past year (20.2%) exceeds its 5-year average (12.8% per year).

Earnings vs Industry: ICHI.F earnings growth over the past year (20.2%) exceeded the Real Estate industry -31.1%.


Return on Equity

High ROE: ICHI.F's Return on Equity (17.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Ichigo's financial position?


Financial Position Analysis

Short Term Liabilities: ICHI.F's short term assets (¥227.5B) exceed its short term liabilities (¥25.5B).

Long Term Liabilities: ICHI.F's short term assets (¥227.5B) exceed its long term liabilities (¥205.8B).


Debt to Equity History and Analysis

Debt Level: ICHI.F's debt to equity ratio (195.7%) is considered high.

Reducing Debt: ICHI.F's debt to equity ratio has increased from 172% to 195.7% over the past 5 years.

Debt Coverage: ICHI.F's debt is not well covered by operating cash flow (13.8%).

Interest Coverage: ICHI.F's interest payments on its debt are well covered by EBIT (13.8x coverage).


Balance Sheet

Inventory Level: ICHI.F has a high level of physical assets or inventory.

Debt Coverage by Assets: ICHI.F's debt is covered by short term assets (assets are 1.1x debt).


Next Steps

Dividend

What is Ichigo's current dividend yield, its reliability and sustainability?

1.79%

Current Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%1.4%markettop25%3.7%industryaverage2.2%forecastin3Years2.1%

Current dividend yield vs market & industry

Notable Dividend: ICHI.F's dividend (1.79%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: ICHI.F's dividend (1.79%) is low compared to the top 25% of dividend payers in the US market (3.7%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, ICHI.F has been paying a dividend for less than 10 years.

Growing Dividend: ICHI.F's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (18.6%), ICHI.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Takuma Hasegawa (48yo)

4.8yrs

Tenure

0

Mr. Takuma Hasegawa has been the President of Ichigo Inc., (alternate name Ichigo Group Holdings Co., Ltd.) since May 24, 2015 and its Statutory Executive Officer since March 2015 and served as its Executi ...


Leadership Team

NamePositionTenureCompensationOwnership
Scott Anderberg Callon
Chairman & Representative Statutory Executive Officer11.3yrsno datano data
Kenji Iwasaki
Chairman & Representative Statutory Executive Officer0yrsno data0.0046% ¥78.1k
Takuma Hasegawa
President4.8yrsno data0.095% ¥1.6m
Go Watanabe
Executive MD0yrsno data0.00037% ¥6.3k
Minoru Ishihara
Executive VP10.8yrsno data0.038% ¥649.2k
Takanori Sakamatsu
Deputy Group Head of Finance0yrsno data0.0018% ¥30.6k
Eri Murai
Exec. MD0.8yrsno data0.0013% ¥21.7k
Katsuhiko Hattori
Statutory Executive Officer of Engineering0yrsno data0.031% ¥529.4k
Takeyuki Yoshimatsu
Executive MD & Statutory Exec. Officer of Business Management and Group Head of Business Management0yrsno data0.0025% ¥42.6k
Akihiko Tsukasa
Statutory Executive Officer for Osaka Branch & Deputy Group Head of Value-Add0yrsno data0.0037% ¥63.2k

4.8yrs

Average Tenure

51yo

Average Age

Experienced Management: ICHI.F's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Scott Anderberg Callon
Chairman & Representative Statutory Executive Officer11.3yrsno datano data
Kenji Iwasaki
Chairman & Representative Statutory Executive Officer0yrsno data0.0046% ¥78.1k
Takuma Hasegawa
President4.8yrsno data0.095% ¥1.6m
Minoru Ishihara
Executive VP10.8yrsno data0.038% ¥649.2k
Eri Murai
Exec. MD0.8yrsno data0.0013% ¥21.7k
Nobuhide Nakaido
Independent Director0yrsno data0.0021% ¥35.5k
Yukio Suzuki
Independent External Director4.8yrsno data0.0028% ¥48.2k
Masatoshi Matsuzaki
Independent External Director0yrsno data0.0049% ¥83.7k
Tetsuya Fujita
Lead Independent Director3.8yrsno data0.013% ¥222.5k
Noriko Kawate
Independent External Director8.8yrsno data0.010% ¥170.7k

4.8yrs

Average Tenure

53.5yo

Average Age

Experienced Board: ICHI.F's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Ichigo Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Ichigo Inc.
  • Ticker: ICHI.F
  • Exchange: OTCPK
  • Founded: 2000
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: JP¥187.847b
  • Listing Market Cap: JP¥1.709b
  • Shares outstanding: 481.66m
  • Website: https://www.ichigo.gr.jp

Number of Employees


Location

  • Ichigo Inc.
  • The Imperial Hotel Tower
  • 1-1-1, Uchisaiwaicho
  • Tokyo
  • 100-0011
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ICHI.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDNov 2002
2337TSE (The Tokyo Stock Exchange)YesCommon SharesJPJPYNov 2002

Biography

Ichigo Inc. owns and operates real estate properties in Japan. The company manages J-REIT and private equity real estate funds; and develops small-and mid-size assets and ground leases. It also acquires, manages, leases, and sells real estate properties; and manages wholesale market properties and shopping mall properties. In addition, the company produces and supplies clean energy; and provides engineering, consulting, and technical solutions. Further, it is involved in the building and operation of solar power plants; and operating self-storage facilities. Additionally, the company, through its subsidiary, Ichigo Animation, is involved in the planning, editing, developing, streaming, distributing, and import/export of printed and digital content; planning, developing, creating, streaming, and domestic and overseas distribution of films and content for streaming, TV, and other media; planning, developing, and distribution of scripts; planning, manufacturing, sale, and import/export of character-themed products, toys, household products, apparel, accessories, stationary, household electronics, shoes, and bags. As of February 12, 2020, it operated 45 solar power plants. The company was formerly known as Ichigo Group Holdings Co., Ltd. and changed its name to Ichigo Inc. in August 2015. Ichigo Inc. was founded in 2000 and is based in Tokyo, Japan. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 00:24
End of Day Share Price2020/01/28 00:00
Earnings2019/11/30
Annual Earnings2019/02/28


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.