Board Change • May 21
High number of new directors There are 9 new directors who have joined the board in the last 3 years. Independent Director Andy House was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Mar 27
Shiseido Company, Limited Announces Directorate Appointments Shiseido Company, Limited, at the AGM held on March 25, 2026 approved appointment of Mr. Hitoshi Okamoto, Mr. Andrew House, Ms. Keiko Kaneko and Mr. Takuya Nakata as Directors and assumed their offices. Duyuru • Feb 10
Shiseido Company, Limited, Annual General Meeting, Mar 25, 2026 Shiseido Company, Limited, Annual General Meeting, Mar 25, 2026. Duyuru • Nov 10
Shiseido Company, Limited Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025 Shiseido Company, Limited revised consolidated earnings guidance for the fiscal year ending December 31, 2025. For the year, the company expects net sales of JPY 965,000 million, operating loss of JPY 42,000 million, loss attributable to owners of parent of JPY 52,000 million and basic loss per share of JPY 130.17 against previous guidance of net sales of JPY 995,000 million, operating profit of JPY 13,500 million, profit attributable to owners of parent of JPY 6,000 million and basic earnings per share of JPY 15.02. Net sales for the fiscal year ending December 31, 2025 are expected to fall short of the previous forecast, primarily reflecting the deceleration of inbound tourism consumption in Japan, a market slowdown in the U.S., as well as continued weakness with Drunk Elephant. The core operating profit is expected to remain in line with the previous forecast. While there may be an impact of certain factors including a decline in gross profit due to lower sales and the U.S. tariff policy, these will likely be largely offset by the benefits of company-wide structural reforms and cost management. The operating profit, profit before tax and profit attributable to owners of parent are expected to fall short of the previous forecasts as the Company has recognized a goodwill impairment loss of ¥46.8 billion. The operating profit, profit before tax and profit attributable to owners of parent are expected to fall short of the previous forecasts as the Company has recognized a goodwill impairment loss of ¥46.8 billion in the third quarter of the year, in light of the results of an impairment test conducted due to the declined profitability in the Americas Business. Board Change • Aug 18
High number of new directors There are 8 new directors who have joined the board in the last 3 years. CFO, Corp. Exe. Off., Chief Investor Engagement Officer and Chief DE&I Officer and Director Ayako Hirofuji was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Apr 16
Shiseido Company, Limited Announces Executive Changes Shiseido Company, Limited announced that Ron Gee has resigned as Americas Region CEO as of April 14, 2025. To support this leadership transition, Alberto Noe has been appointed interim CEO of the Americas Region as of April 15, 2025 in addition to his current responsibilities as EMEA Region CEO. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: JP¥1.85 (vs JP¥21.93 in 3Q 2023) Third quarter 2024 results: EPS: JP¥1.85 (down from JP¥21.93 in 3Q 2023). Revenue: JP¥214.2b (down 6.1% from 3Q 2023). Net income: JP¥739.0m (down 92% from 3Q 2023). Profit margin: 0.3% (down from 3.8% in 3Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Duyuru • Nov 07
Shiseido Company, Limited Provides Earnings Guidance for the Year Ending December 31, 2024 Shiseido Company, Limited provided earnings guidance for the year ending December 31, 2024. For the year the company expects net sales of ¥999,000 million, operating profit of ¥5,000 million, profit attributable to owners of parent of ¥6,000 million or ¥15.01 basic per share. Buy Or Sell Opportunity • Oct 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to €20.01. The fair value is estimated to be €25.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Duyuru • Sep 26
Shiseido Company, Limited Announces Management Changes Shiseido Company, Limited announced changes in executive officers, effective January 1, 2025: Name: Echo Lo; Current Title: SHISEIDO Global Brand Unit Deputy Chief Brand Officer; New Title: Chief Brand Officer - brand SHISEIDO. Retiring Executive Officers (as of December 31, 2024): Masahiko Uotani, Chairman; Kenichi Saito, Chief Quality Officer. Executive Officers (as of January 1, 2025): Yoshiaki Okabe: Current Title: Executive Vice President Chief Marketing & Innovation Officer Chief Brand Officer - brand SHISEIDO; New Title: Chief Marketing & Innovation Officer. Norio Tadakawa: Current Title: Senior Executive Officer Chief Strategic Business Development Officer; New Title: Chief Business Transformation Officer, Chief Corporate Communication Officer, Chief Quality Officer. Mizuki Hashimoto: Current Title: Chief Brand Officer - Clé de Peau Beauté; New Title: Chief Brand Officer - Clé de Peau Beauté, THE GINZA, BAUM. Yuko Kato: Current Title: Chief Corporate Governance Officer; New Title: Chief Corporate Governance Officer, Corporate Secretary. Buy Or Sell Opportunity • Sep 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to €20.00. The fair value is estimated to be €25.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 36% per annum over the same time period. Buy Or Sell Opportunity • Aug 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to €20.51. The fair value is estimated to be €26.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: JP¥0.019 (vs JP¥7.69 in 2Q 2023) Second quarter 2024 results: EPS: JP¥0.019 (down from JP¥7.69 in 2Q 2023). Revenue: JP¥254.3b (flat on 2Q 2023). Net income: JP¥7.50m (down 100% from 2Q 2023). Profit margin: 0% (down from 1.2% in 2Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. New Risk • Aug 10
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 German stocks, typically moving 6.8% 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: Minor Risks Dividend is not well covered by earnings (245% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Declared Dividend • Aug 09
Dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 27th December 2024 Payment date: 27th March 2025 Dividend yield will be 125%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (245% earnings payout ratio). However, it is covered by cash flows (73% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 172% to bring the payout ratio under control. EPS is expected to grow by 140% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • Aug 08
Shiseido Company, Limited (TSE:4911) announces an Equity Buyback for 300,000 shares, representing 0.08% for ¥1,800 million. Shiseido Company, Limited (TSE:4911) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 0.08% of its issued share capital for a total purchase price of ¥1,800 million. The purpose of the program is to allocate to performance-linked stock compensation. The program will expire on August 30, 2024. As of June 30, 2024, the company had 399,711,046 issued shares (excluding treasury stock) and 288,954 treasury shares. Duyuru • Aug 07
Shiseido Company, Limited Announces Dividend for the Second Quarter Ended June 30, 2024, Payable on September 5, 2024 Shiseido Company, Limited announced dividend of JPY 30.00 per share for the second quarter ended June 30, 2024 against JPY 30.00 per share paid a year ago. Start of cash dividend payments: September 5, 2024 (plan). Buy Or Sell Opportunity • Jul 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €28.48. The fair value is estimated to be €23.59, 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. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Buy Or Sell Opportunity • Jul 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.1% to €26.79. The fair value is estimated to be €22.12, 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. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. Duyuru • Jun 22
CVC Capital Partners Asia V L.P. managed by CVC Capital Partners Limited agreed to acquire an additional 20.09% stake in FineToday Holdings Co., Ltd. from Shiseido Company, Limited (TSE:4911). CVC Capital Partners Asia V L.P. managed by CVC Capital Partners Limited agreed to acquire an additional 20.09% stake in FineToday Holdings Co., Ltd. from Shiseido Company, Limited (TSE:4911) on June 20, 2024. Upon completion, CVC Capital Partners Limited will own 85.09% stake in FineToday Holdings Co., Ltd. The expected completion of the transaction is June 30, 2024. Reported Earnings • May 13
First quarter 2024 earnings released: JP¥8.22 loss per share (vs JP¥21.72 profit in 1Q 2023) First quarter 2024 results: JP¥8.22 loss per share (down from JP¥21.72 profit in 1Q 2023). Revenue: JP¥249.5b (up 3.9% from 1Q 2023). Net loss: JP¥3.29b (down 138% from profit in 1Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 27th June 2024 Payment date: 9th September 2024 Dividend yield will be 125%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (86% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 108% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Apr 01
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 1 experienced director. 2 highly experienced directors. Chairman, CEO & Executive Corporate Officer Masahiko Uotani is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: JP¥54.43 (vs JP¥85.60 in FY 2022) Full year 2023 results: EPS: JP¥54.43 (down from JP¥85.60 in FY 2022). Revenue: JP¥973.0b (down 8.8% from FY 2022). Net income: JP¥21.7b (down 36% from FY 2022). Profit margin: 2.2% (down from 3.2% in FY 2022). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Duyuru • Feb 28
Shiseido Company, Limited Announces Regional Leadership Changes, Effective from March 1, 2024 Shiseido Company, Limited has announced that it will implement changes among the regional leadership of the Shiseido Group, effective March 1, 2024. The company to appoint Franck Marilly as EMEA Region Chairman from a current role EMEA Region CEO and Alberto Noe EMEA Region CEO from a current role EMEA Deputy Region CEO. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: JP¥54.43 (vs JP¥85.60 in FY 2022) Full year 2023 results: EPS: JP¥54.43 (down from JP¥85.60 in FY 2022). Revenue: JP¥973.0b (down 8.8% from FY 2022). Net income: JP¥21.7b (down 36% from FY 2022). Profit margin: 2.2% (down from 3.2% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Board Change • Jan 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Yoshihiko Hatanaka 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. Duyuru • Dec 22
Shiseido Company, Limited Announces Management Retirements Shiseido Company, Limited announced retirement of Yukari Suzuki as director, Norio Tadakawa as Director, Senior Executive Officer and Takayuki Yokota as Director, Executive Officer as of January 1, 2024. Duyuru • Dec 05
Shiseido Company, Limited to Report Fiscal Year 2023 Results on Feb 09, 2024 Shiseido Company, Limited announced that they will report fiscal year 2023 results on Feb 09, 2024 Duyuru • Nov 02
Shiseido Company, Limited Announces Integration of Osaka Factories Shiseido Company, Limited has decided to integrate its Osaka Factory, a manufacturing base for mainly prestige skincare products, into the Osaka Ibaraki Factory, which is expected to be completed in the first half of 2026. After the completion of this integration, the Osaka Factory will cease its production activities. Factory Name: Shiseido Osaka Factory. Target Date of Completion: To be completed in the first half of 2026. Duyuru • Oct 31
Shiseido Company, Limited to Report Q3, 2023 Results on Nov 10, 2023 Shiseido Company, Limited announced that they will report Q3, 2023 results on Nov 10, 2023 New Risk • Aug 09
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: 2.8% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: JP¥7.69 (vs JP¥29.65 in 2Q 2022) Second quarter 2023 results: EPS: JP¥7.69 (down from JP¥29.65 in 2Q 2022). Revenue: JP¥254.2b (down 2.0% from 2Q 2022). Net income: JP¥3.07b (down 74% from 2Q 2022). Profit margin: 1.2% (down from 4.6% in 2Q 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥30.00 per share at 0.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.9%). Reported Earnings • May 16
First quarter 2023 earnings released: EPS: JP¥21.72 (vs JP¥11.01 in 1Q 2022) First quarter 2023 results: EPS: JP¥21.72 (up from JP¥11.01 in 1Q 2022). Revenue: JP¥240.0b (up 2.6% from 1Q 2022). Net income: JP¥8.68b (up 97% from 1Q 2022). Profit margin: 3.6% (up from 1.9% in 1Q 2022). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent External Director Yoshihiko Hatanaka 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. Reported Earnings • Mar 28
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥1.07t (up 3.1% from FY 2021). Net income: JP¥34.2b (down 19% from FY 2021). Profit margin: 3.2% (down from 4.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 13
Full year 2022 earnings released: EPS: JP¥85.60 (vs JP¥106 in FY 2021) Full year 2022 results: EPS: JP¥85.60 (down from JP¥106 in FY 2021). Revenue: JP¥1.07t (up 3.1% from FY 2021). Net income: JP¥34.2b (down 19% from FY 2021). Profit margin: 3.2% (down from 4.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Personal Products industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Jan 30
Shiseido Company, Limited Announces Resignation of Koichi Noda Retiring as Executive Officer and Chief People Officer, Effective January 31, 2023 Shiseido Company, Limited announced that it will implement a personnel transfer as effective January 31, 2023. Koichi Noda retiring as Executive Officer and Chief People Officer. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥75.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 March 2023. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (2.1%). Duyuru • Dec 11
Shiseido Company, Limited to Report Fiscal Year 2022 Results on Feb 10, 2023 Shiseido Company, Limited announced that they will report fiscal year 2022 results on Feb 10, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. External Independent Director Charles Ditmars Lake 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. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: JP¥32.04 (vs JP¥135 in 3Q 2021) Third quarter 2022 results: EPS: JP¥32.04 (down from JP¥135 in 3Q 2021). Revenue: JP¥269.3b (up 13% from 3Q 2021). Net income: JP¥12.8b (down 76% from 3Q 2021). Profit margin: 4.8% (down from 23% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Personal Products industry in Europe. 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 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥29.65 (vs JP¥39.43 loss in 2Q 2021) Second quarter 2022 results: EPS: JP¥29.65 (up from JP¥39.43 loss in 2Q 2021). Revenue: JP¥259.4b (down 1.6% from 2Q 2021). Net income: JP¥11.8b (up JP¥27.6b from 2Q 2021). Profit margin: 4.6% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 3.8%, compared to a 8.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. 
