New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.6% 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. This is currently the only risk that has been identified for the company. Direktnyheter • May 13
Medipal Holdings to Acquire Paltac at Record Price With Delisting and Dividend Halt Expected Medipal Holdings plans to fully acquire subsidiary Paltac through a tender offer at an all-time high price, with the deal expected to result in Paltac’s delisting.
Paltac reported net sales up 4.2% year over year, supported by high value-added products, while operating profit fell 5.6% as logistics and SG&A costs increased.
The board has endorsed the tender offer, suspended the previously authorized share buyback, and halted both interim and year-end dividends for the fiscal year ending March 31, 2027, in line with the transaction structure and expectations around surplus dividends.
This transaction points to a tighter integration of Paltac within the Medipal group, with planned capital investment aimed at expanding logistics capacity and aligning operations more closely.
Investors holding Paltac stock face a choice between tendering into the offer or remaining until delisting, with no interim or year-end dividend expected over the stated period. Tillkännagivande • May 13
MediPal Holdings Corporation (TSE:7459) proposed to acquire remaining 47.60% stake in Paltac Corporation (TSE:8283) from State Street Bank & Trust Company 505103, JP Morgan Chase Bank 385632, State Street Bank & Trust Company 505001 Obayashi Group, BNYM AS Agt CLTS 10 Percent, BBH For Fidelity Low-Priced STOCK Fund and NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS for approximately ¥190 billion. MediPal Holdings Corporation (TSE:7459) proposed to acquire remaining 47.60% stake in Paltac Corporation (TSE:8283) from State Street Bank & Trust Company 505103, JP Morgan Chase Bank 385632, State Street Bank & Trust Company 505001 Obayashi Group, BNYM AS Agt CLTS 10 Percent, BBH For Fidelity Low-Priced STOCK Fund and NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS for approximately ¥190 billion on May 8, 2026. A cash consideration of ¥192.46 billion valued at ¥6650 per share will be paid by MediPal Holdings Corporation. As part of consideration, ¥192.46 billion is paid towards common equity of Paltac Corporation. Upon completion, MediPal Holdings Corporation will hold 100% stake of Paltac Corporation. The transaction will be funded by means of loans from Mizuho Bank, Ltd.
The transaction is subject to minimum tender. The Board of Directors of Paltac Corporation formed a special committee for the transaction. The expected completion of the transaction is on July 7, 2026.
Nishimura & Asahi acted as legal advisor for MediPal Holdings Corporation. Nomura Securities Co., Ltd. acted as financial advisor for MediPal Holdings Corporation. Oh-Ebashi LPC & Partners acted as legal advisor for Paltac Corporation. Daiwa Securities Co. Ltd. acted as financial advisor for Paltac Corporation. Anderson Mori & Tomotsune acted as legal advisor for Paltac Corporation. Plutus Consulting Co., Ltd. acted as financial advisor and fairness opinion provider for Paltac Corporation. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥5,345, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Retail Distributors industry in Japan. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,843 per share. Tillkännagivande • May 11
Paltac Corporation, Annual General Meeting, Jun 19, 2026 Paltac Corporation, Annual General Meeting, Jun 19, 2026. Tillkännagivande • May 10
Paltac Corporation to Report Fiscal Year 2026 Results on May 11, 2026 Paltac Corporation announced that they will report fiscal year 2026 results on May 11, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥63.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 02 June 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.9%). Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥101 (vs JP¥103 in 3Q 2025) Third quarter 2026 results: EPS: JP¥101 (down from JP¥103 in 3Q 2025). Revenue: JP¥325.5b (up 4.8% from 3Q 2025). Net income: JP¥6.18b (down 3.2% from 3Q 2025). Profit margin: 1.9% (down from 2.1% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Retail Distributors industry in Japan. Tillkännagivande • Dec 02
Paltac Corporation to Report Q3, 2026 Results on Feb 06, 2026 Paltac Corporation announced that they will report Q3, 2026 results on Feb 06, 2026 Declared Dividend • Dec 02
First half dividend of JP¥63.00 announced Shareholders will receive a dividend of JP¥63.00. Ex-date: 30th March 2026 Payment date: 2nd June 2026 Dividend yield will be 2.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 10% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥57.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Tillkännagivande • Sep 02
Paltac Corporation to Report Q2, 2026 Results on Nov 04, 2025 Paltac Corporation announced that they will report Q2, 2026 results on Nov 04, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥101 (vs JP¥55.60 in 1Q 2025) First quarter 2026 results: EPS: JP¥101 (up from JP¥55.60 in 1Q 2025). Revenue: JP¥316.0b (up 18% from 1Q 2025). Net income: JP¥6.24b (up 79% from 1Q 2025). Profit margin: 2.0% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Retail Distributors industry in Japan. Tillkännagivande • Aug 04
Paltac Corporation (TSE:8283) announces an Equity Buyback for 1,500,000 shares, representing 2.43% for ¥5,000 million. Paltac Corporation (TSE:8283) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 2.43% of its issued share capital (excluding treasury stock), for a total purchase price of ¥5,000 million. The purpose of the program is to enhance shareholder returns, improve capital efficiency, and implement flexible capital policies in response to the business environment. The program will be valid till May 29, 2026. As of June 30, 2025, the company had 61,676,089 issued shares (excluding treasury stock) and 1,323,911 treasury shares. Declared Dividend • Jul 09
Final dividend of JP¥57.00 announced Shareholders will receive a dividend of JP¥57.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 2.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 11% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jul 04
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. This is currently the only risk that has been identified for the company. Tillkännagivande • Jun 03
Paltac Corporation to Report Q1, 2026 Results on Aug 04, 2025 Paltac Corporation announced that they will report Q1, 2026 results on Aug 04, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 02 June 2025. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.8%). Tillkännagivande • Mar 04
Paltac Corporation to Report Fiscal Year 2025 Results on May 12, 2025 Paltac Corporation announced that they will report fiscal year 2025 results on May 12, 2025 Tillkännagivande • Dec 06
Paltac Corporation to Report Q3, 2025 Results on Feb 03, 2025 Paltac Corporation announced that they will report Q3, 2025 results on Feb 03, 2025 Declared Dividend • Dec 03
Final dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 28th March 2025 Payment date: 2nd June 2025 Dividend yield will be 2.4%, which is higher than the industry average of 2.1%. Sustainability & Growth The dividend has increased by an average of 3.6% per year over the past 4 years and payments have been stable during that time. 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. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.7%). Tillkännagivande • Aug 28
Paltac Corporation to Report Q2, 2025 Results on Oct 28, 2024 Paltac Corporation announced that they will report Q2, 2025 results on Oct 28, 2024 Price Target Changed • Jul 29
Price target decreased by 8.3% to JP¥5,118 Down from JP¥5,580, the current price target is an average from 2 analysts. New target price is 18% above last closing price of JP¥4,330. Stock is down 9.3% over the past year. The company is forecast to post earnings per share of JP¥324 for next year compared to JP¥191 last year. Tillkännagivande • Jul 29
Paltac Corporation (TSE:8283) announces an Equity Buyback for 1,500,000 shares, representing 2.39% for ¥5,000 million. Paltac Corporation (TSE:8283) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 2.39% of its issued share capital (excluding treasury stock), for a total purchase price of ¥5,000 million. The purpose of the program is to enable the enhancement of shareholder returns, improvement of capital efficiency, and flexible execution of capital policies according to the business environment, while keeping in mind the return to the environment and society. The program will be valid till March 31, 2025. As of July 29, 2024, the company had 62,846,689 issued shares (excluding treasury stock) and 153,311 treasury shares. Declared Dividend • Jul 11
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 2.3%, which is higher than the industry average of 2.1%. Sustainability & Growth The dividend has increased by an average of 4.9% per year over the past 3 years and payments have been stable during that time. Tillkännagivande • May 15
Paltac Corporation, Annual General Meeting, Jun 21, 2024 Paltac Corporation, Annual General Meeting, Jun 21, 2024. Buy Or Sell Opportunity • May 14
Now 24% undervalued Over the last 90 days, the stock has risen 3.8% to JP¥4,308. The fair value is estimated to be JP¥5,661, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 4.0% per annum over the same time period. Buy Or Sell Opportunity • Apr 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.2% to JP¥4,144. The fair value is estimated to be JP¥5,210, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. 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: 03 June 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.4%). Buy Or Sell Opportunity • Mar 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to JP¥4,157. The fair value is estimated to be JP¥5,218, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Tillkännagivande • Mar 02
Paltac Corporation to Report Fiscal Year 2024 Results on May 13, 2024 Paltac Corporation announced that they will report fiscal year 2024 results on May 13, 2024 Buy Or Sell Opportunity • Feb 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥4,150. The fair value is estimated to be JP¥5,221, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has declined by 4.1%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Tillkännagivande • Nov 30
Paltac Corporation to Report Q3, 2024 Results on Jan 31, 2024 Paltac Corporation announced that they will report Q3, 2024 results on Jan 31, 2024 Buying Opportunity • Nov 05
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be JP¥6,301, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has declined by 9.2%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 7.0% per annum over the same time period. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥45.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.3%). Tillkännagivande • Aug 30
Paltac Corporation to Report Q2, 2024 Results on Oct 30, 2023 Paltac Corporation announced that they will report Q2, 2024 results on Oct 30, 2023 Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥87.91 (vs JP¥80.51 in 1Q 2023) First quarter 2024 results: EPS: JP¥87.91 (up from JP¥80.51 in 1Q 2023). Revenue: JP¥293.5b (up 6.3% from 1Q 2023). Net income: JP¥5.53b (up 9.2% from 1Q 2023). Profit margin: 1.9% (up from 1.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Retail Distributors industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year. Board Change • Jul 22
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director & Senior Managing Executive Officer Yoshitaka Yamada was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Jul 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be JP¥5,953, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings is also forecast to grow by 7.0% per annum over the same time period. Tillkännagivande • May 31
Paltac Corporation to Report Q1, 2024 Results on Jul 31, 2023 Paltac Corporation announced that they will report Q1, 2024 results on Jul 31, 2023 Tillkännagivande • May 13
Paltac Corporation, Annual General Meeting, Jun 23, 2023 Paltac Corporation, Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥41.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%). Reported Earnings • Feb 12
Third quarter 2023 earnings released Third quarter 2023 results: Net income: (down JP¥4.58b from profit in 3Q 2022). Tillkännagivande • Feb 11
Paltac Corporation Provides Earnings Guidance for the Fiscal Year Ending March 31, 2023 Paltac Corporation provided earnings guidance for the fiscal year ending March 31, 2023. The company expects net sales to be JPY 1,080,000 million, Operating profit to be JPY 24,700 million, profit to be JPY 19,000 million or JPY 302.32 per share. Tillkännagivande • Feb 10
Paltac Corporation Provides Dividend Guidance for the Full Year Ending March 31, 2023 Paltac Corporation provides dividend guidance for the full year ending March 31, 2023. The company expects to pay JPY 41.00 against JPY 39.00 reported a year ago. Tillkännagivande • Nov 30
Paltac Corporation to Report Q3, 2023 Results on Jan 31, 2023 Paltac Corporation announced that they will report Q3, 2023 results on Jan 31, 2023 Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Tatsuomi Takamori was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Sep 28
Paltac Corporation to Report Q2, 2023 Results on Oct 28, 2022 Paltac Corporation announced that they will report Q2, 2023 results on Oct 28, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.5%). Tillkännagivande • Aug 10
Paltac Corporation Provides Earnings Guidance for the First Six Months and Full Year of Fiscal Year Ending March 31, 2023 Paltac Corporation provides earnings guidance for the first six months and full year of fiscal year ending March 31, 2023. For the six month, The company expects net sales to be JPY 548,000 million, Operating profit to be JPY 12,500 million, profit to be JPY 9,600 million or JPY 152.97 per share.For the full year, The company expects net sales to be JPY 1,080,000 million, Operating profit to be JPY 24,700 million, profit to be JPY 19,000 million or JPY 302.32 per share. Tillkännagivande • Aug 09
Paltac Corporation Provides Dividend Guidance for the Second Quarter and Full Year of Fiscal Ending March 31, 2023 Paltac Corporation provides dividend guidance for the second quarter and full year of fiscal ending March 31, 2023. For the second quarter, the company expects to pay JPY 41.00 against JPY 39.00 reported a year ago.For the full year, the company expects to pay JPY 41.00 against JPY 39.00 reported a year ago. Tillkännagivande • May 29
Paltac Corporation to Report Q1, 2023 Results on Jul 28, 2022 Paltac Corporation announced that they will report Q1, 2023 results on Jul 28, 2022 Tillkännagivande • May 13
Paltac Corporation, Annual General Meeting, Jun 22, 2022 Paltac Corporation, Annual General Meeting, Jun 22, 2022. Price Target Changed • Apr 27
Price target decreased to JP¥5,810 Down from JP¥6,260, the current price target is provided by 1 analyst. New target price is 23% above last closing price of JP¥4,705. Stock is down 18% over the past year. The company posted earnings per share of JP¥304 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Mineko Orisaku was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 08
Paltac Corporation to Report Fiscal Year 2022 Results on May 11, 2022 Paltac Corporation announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥39.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.4%). Price Target Changed • Feb 01
Price target decreased to JP¥5,810 Down from JP¥6,360, the current price target is provided by 1 analyst. New target price is 32% above last closing price of JP¥4,385. Stock is down 21% over the past year. The company posted earnings per share of JP¥304 last year. Reported Earnings • Nov 08
Second quarter 2022 earnings released: EPS JP¥79.36 (vs JP¥82.65 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥261.9b (down 1.4% from 2Q 2021). Net income: JP¥5.04b (down 4.0% from 2Q 2021). Profit margin: 1.9% (down from 2.0% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥39.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (2.0%). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 02 June 2021. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.8%). Is New 90 Day High Low • Mar 05
New 90-day high: JP¥6,070 The company is up 6.0% from its price of JP¥5,700 on 04 December 2020. The Japanese market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Retail Distributors industry, which is flat over the same period. Tillkännagivande • Mar 04
Paltac Corporation to Report Fiscal Year 2021 Results on May 12, 2021 Paltac Corporation announced that they will report fiscal year 2021 results on May 12, 2021 Is New 90 Day High Low • Jan 26
New 90-day low: JP¥5,340 The company is down 8.0% from its price of JP¥5,780 on 28 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 1.0% over the same period. Tillkännagivande • Nov 29
Paltac Corporation to Report Q3, 2021 Results on Jan 28, 2021 Paltac Corporation announced that they will report Q3, 2021 results on Jan 28, 2021 Tillkännagivande • Aug 30
Paltac Corporation to Report Q2, 2021 Results on Oct 29, 2020 Paltac Corporation announced that they will report Q2, 2021 results on Oct 29, 2020 
