Buy Or Sell Opportunity • May 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to JP¥3,250. The fair value is estimated to be JP¥4,074, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Reported Earnings • May 13
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥240 (up from JP¥199 in FY 2025). Revenue: JP¥259.0b (up 7.8% from FY 2025). Net income: JP¥18.4b (up 21% from FY 2025). Profit margin: 7.1% (up from 6.3% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 12
Mizuno Corporation, Annual General Meeting, Jun 24, 2026 Mizuno Corporation, Annual General Meeting, Jun 24, 2026. Duyuru • May 09
Mizuno Corporation to Report Fiscal Year 2026 Results on May 12, 2026 Mizuno Corporation announced that they will report fiscal year 2026 results on May 12, 2026 Buy Or Sell Opportunity • Apr 23
Now 22% undervalued Over the last 90 days, the stock has risen 1.8% to JP¥3,340. The fair value is estimated to be JP¥4,261, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 23 June 2026. Payout ratio is a comfortable 24% and the cash payout ratio is 77%. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.3%). Buy Or Sell Opportunity • Mar 16
Now 22% undervalued Over the last 90 days, the stock has risen 13% to JP¥3,395. The fair value is estimated to be JP¥4,355, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.6% 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. Duyuru • Feb 26
Mizuno Corporation (TSE:8022) announces an Equity Buyback for 800,000 shares, representing 1.04% for ¥3,000 million. Mizuno Corporation (TSE:8022) announces a share repurchase program. Under the program, the company will repurchase up to 800,000 shares, representing 1.04% of its issued share capital, for ¥3,000 million. The purpose of the program is improving capital efficiency and increasing share value per share through reduction of the number of shares, as well as for smoothly carrying out fundraising by mitigating the short-term impact on demand and supply for the Company's shares accompanied by the issuance of the bonds with stock acquisition rights. The program will be valid till August 31, 2026 . As of January 31, 2026, the company has 76,784,145 issued shares (excluding treasury stock) and 2,950,584 treasury shares. Price Target Changed • Feb 13
Price target increased by 22% to JP¥4,020 Up from JP¥3,305, the current price target is an average from 2 analysts. New target price is 5.3% below last closing price of JP¥4,245. Stock is up 51% over the past year. The company is forecast to post earnings per share of JP¥221 for next year compared to JP¥199 last year. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥65.20 (vs JP¥58.80 in 3Q 2025) Third quarter 2026 results: EPS: JP¥65.20 (up from JP¥58.80 in 3Q 2025). Revenue: JP¥60.8b (up 9.1% from 3Q 2025). Net income: JP¥5.01b (up 11% from 3Q 2025). Profit margin: 8.2% (up from 8.1% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥3,975, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Leisure industry in Japan. Total returns to shareholders of 350% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,134 per share. Buy Or Sell Opportunity • Jan 21
Now 20% undervalued Over the last 90 days, the stock has risen 11% to JP¥3,250. The fair value is estimated to be JP¥4,080, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 5.8% per annum over the same time period. Declared Dividend • Dec 02
First half dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 1.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 12% 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 grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Nov 29
Mizuno Corporation to Report Q3, 2026 Results on Feb 10, 2026 Mizuno Corporation announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥65.08 (vs JP¥38.60 in 2Q 2025) Second quarter 2026 results: EPS: JP¥65.08 (up from JP¥38.60 in 2Q 2025). Revenue: JP¥63.0b (up 7.1% from 2Q 2025). Net income: JP¥5.00b (up 69% from 2Q 2025). Profit margin: 7.9% (up from 5.0% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Sep 30
Mizuno Corporation to Report Q2, 2026 Results on Nov 07, 2025 Mizuno Corporation announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥63.59 (vs JP¥66.94 in 1Q 2025) First quarter 2026 results: EPS: JP¥63.59 (down from JP¥66.94 in 1Q 2025). Revenue: JP¥63.5b (up 4.5% from 1Q 2025). Net income: JP¥4.88b (down 5.0% from 1Q 2025). Profit margin: 7.7% (down from 8.4% in 1Q 2025). 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 4.4% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 4.3%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but not covered by cash flows (133% cash payout ratio). The dividend has increased by an average of 12% 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 47% over the next 3 years. However, it would need to fall by 74% to increase the payout ratio to a potentially unsustainable range. Duyuru • Jun 26
Mizuno Corporation to Report Q1, 2026 Results on Aug 07, 2025 Mizuno Corporation announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • Jun 24
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥199 (up from JP¥187 in FY 2024). Revenue: JP¥240.3b (up 4.6% from FY 2024). Net income: JP¥15.2b (up 6.5% from FY 2024). Profit margin: 6.3% (up from 6.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 196%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥1,788 (up from JP¥187 in FY 2024). Revenue: JP¥240.3b (up 4.6% from FY 2024). Net income: JP¥15.2b (up 6.5% from FY 2024). Profit margin: 6.3% (up from 6.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 196%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (1.8%). Duyuru • Mar 01
Mizuno Corporation to Report Fiscal Year 2025 Results on May 13, 2025 Mizuno Corporation announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥176 (vs JP¥138 in 3Q 2024) Third quarter 2025 results: EPS: JP¥176 (up from JP¥138 in 3Q 2024). Revenue: JP¥55.8b (up 4.1% from 3Q 2024). Net income: JP¥4.51b (up 28% from 3Q 2024). Profit margin: 8.1% (up from 6.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Dec 17
Mizuno Corporation to Report Q3, 2025 Results on Feb 07, 2025 Mizuno Corporation announced that they will report Q3, 2025 results on Feb 07, 2025 Declared Dividend • Dec 03
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 9.1% 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 grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥116 (vs JP¥122 in 2Q 2024) Second quarter 2025 results: EPS: JP¥116 (down from JP¥122 in 2Q 2024). Revenue: JP¥58.8b (up 2.6% from 2Q 2024). Net income: JP¥2.96b (down 4.8% from 2Q 2024). Profit margin: 5.0% (down from 5.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Leisure 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 increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥60.00 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: 1.3%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (1.5%). Declared Dividend • Aug 14
Dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 1.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 9.1% 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 grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: JP¥201 (vs JP¥183 in 1Q 2024) First quarter 2025 results: EPS: JP¥201 (up from JP¥183 in 1Q 2024). Revenue: JP¥60.8b (up 6.3% from 1Q 2024). Net income: JP¥5.14b (up 10.0% from 1Q 2024). Profit margin: 8.4% (up from 8.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Leisure 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 increased by 39% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 05
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 6.3% 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. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to JP¥5,830, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Leisure industry in Japan. Total returns to shareholders of 145% over the past three years. Buy Or Sell Opportunity • Jul 01
Now 23% undervalued Over the last 90 days, the stock has risen 23% to JP¥7,840. The fair value is estimated to be JP¥10,244, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Reported Earnings • Jun 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥560 (up from JP¥388 in FY 2023). Revenue: JP¥229.7b (up 8.3% from FY 2023). Net income: JP¥14.3b (up 44% from FY 2023). Profit margin: 6.2% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 17
Now 21% undervalued Over the last 90 days, the stock has risen 33% to JP¥8,180. The fair value is estimated to be JP¥10,319, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Reported Earnings • May 12
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥560 (up from JP¥388 in FY 2023). Revenue: JP¥229.7b (up 8.3% from FY 2023). Net income: JP¥14.3b (up 44% from FY 2023). Profit margin: 6.2% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 12
Mizuno Corporation, Annual General Meeting, Jun 21, 2024 Mizuno Corporation, Annual General Meeting, Jun 21, 2024. Major Estimate Revision • May 11
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥236.9b to JP¥243.0b. EPS estimate increased from JP¥485 to JP¥556 per share. Net income forecast to grow 2.2% next year vs 11% growth forecast for Leisure industry in Japan. Consensus price target up from JP¥6,640 to JP¥8,373. Share price rose 2.2% to JP¥7,850 over the past week. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥7,430, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Leisure industry in Japan. Total returns to shareholders of 256% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,411 per share. New Risk • Apr 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Upcoming Dividend • Mar 21
Upcoming dividend of JP¥85.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.8%). Duyuru • Mar 02
Mizuno Corporation to Report Fiscal Year 2024 Results on May 10, 2024 Mizuno Corporation announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥138 (vs JP¥54.49 in 3Q 2023) Third quarter 2024 results: EPS: JP¥138 (up from JP¥54.49 in 3Q 2023). Revenue: JP¥53.5b (up 11% from 3Q 2023). Net income: JP¥3.54b (up 154% from 3Q 2023). Profit margin: 6.6% (up from 2.9% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. New Risk • Feb 09
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 6.2% 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. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥122 (vs JP¥114 in 2Q 2023) Second quarter 2024 results: EPS: JP¥122 (up from JP¥114 in 2Q 2023). Revenue: JP¥57.3b (up 8.1% from 2Q 2023). Net income: JP¥3.11b (up 6.4% from 2Q 2023). Profit margin: 5.4% (down from 5.5% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥35.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (1.4%). Duyuru • Aug 10
Mizuno Corporation to Report Q3, 2024 Results on Feb 08, 2024 Mizuno Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥183 (vs JP¥137 in 1Q 2023) First quarter 2024 results: EPS: JP¥183 (up from JP¥137 in 1Q 2023). Revenue: JP¥57.2b (up 24% from 1Q 2023). Net income: JP¥4.67b (up 33% from 1Q 2023). Profit margin: 8.2% (up from 7.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 09
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥204.4b to JP¥220.1b. EPS estimate increased from JP¥328 to JP¥413 per share. Net income forecast to grow 6.6% next year vs 8.8% growth forecast for Leisure industry in Japan. Consensus price target up from JP¥3,100 to JP¥3,790. Share price rose 17% to JP¥4,300 over the past week. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥4,300, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Leisure industry in Japan. Total returns to shareholders of 143% over the past three years. Reported Earnings • Jun 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥388 (up from JP¥302 in FY 2022). Revenue: JP¥212.0b (up 23% from FY 2022). Net income: JP¥9.91b (up 28% from FY 2022). Profit margin: 4.7% (up from 4.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to stay flat during the next 2 years compared to a 4.1% growth forecast for the Leisure industry in Japan. 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 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥388 (up from JP¥302 in FY 2022). Revenue: JP¥212.0b (up 23% from FY 2022). Net income: JP¥9.91b (up 28% from FY 2022). Profit margin: 4.7% (up from 4.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to stay flat during the next 2 years compared to a 5.1% growth forecast for the Leisure industry in Japan. 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 24% per year, which means it is significantly lagging earnings growth. Duyuru • May 14
Mizuno Corporation, Annual General Meeting, Jun 21, 2023 Mizuno Corporation, Annual General Meeting, Jun 21, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥3,740, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Leisure industry in Japan. Total returns to shareholders of 129% over the past three years. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥54.49 (vs JP¥70.99 in 3Q 2022) Third quarter 2023 results: EPS: JP¥54.49 (down from JP¥70.99 in 3Q 2022). Revenue: JP¥48.2b (up 21% from 3Q 2022). Net income: JP¥1.39b (down 23% from 3Q 2022). Profit margin: 2.9% (down from 4.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 09
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥186.5b to JP¥196.2b. EPS estimate increased from JP¥231 to JP¥292 per share. Net income forecast to shrink 20% next year vs 2.7% decline forecast for Leisure industry in Japan. Consensus price target up from JP¥2,500 to JP¥3,100. Share price fell 2.8% to JP¥2,807 over the past week. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥114 (vs JP¥60.11 in 2Q 2022) Second quarter 2023 results: EPS: JP¥114 (up from JP¥60.11 in 2Q 2022). Revenue: JP¥53.0b (up 26% from 2Q 2022). Net income: JP¥2.92b (up 90% from 2Q 2022). Profit margin: 5.5% (up from 3.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Leisure industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.