New Risk • Jul 03
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 14% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥13.5b market cap, or US$83.7m). Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Outside Director Kaori Miyake was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 06
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 6.8% 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 Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (JP¥13.1b market cap, or US$81.6m). Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥94.88 (vs JP¥27.40 in FY 2025) Full year 2026 results: EPS: JP¥94.88 (up from JP¥27.40 in FY 2025). Revenue: JP¥24.4b (up 9.4% from FY 2025). Net income: JP¥1.21b (up 247% from FY 2025). Profit margin: 5.0% (up from 1.6% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Japan. 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 7% per year, which means it is significantly lagging earnings. Duyuru • May 14
Members Co., Ltd., Annual General Meeting, Jun 19, 2026 Members Co., Ltd., Annual General Meeting, Jun 19, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Declared Dividend • Mar 08
Dividend of JP¥33.00 announced Shareholders will receive a dividend of JP¥33.00. Ex-date: 30th March 2026 Payment date: 22nd June 2026 Dividend yield will be 2.9%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 22% 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 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 13
Third quarter 2026 earnings released: EPS: JP¥26.43 (vs JP¥17.69 in 3Q 2025) Third quarter 2026 results: EPS: JP¥26.43 (up from JP¥17.69 in 3Q 2025). Revenue: JP¥6.20b (up 10.0% from 3Q 2025). Net income: JP¥337.9m (up 50% from 3Q 2025). Profit margin: 5.5% (up from 4.0% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 8% per year, which means it is performing significantly worse than earnings. New Risk • Feb 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.7b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.2b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (117% payout ratio). Market cap is less than US$100m (JP¥15.2b market cap, or US$99.7m). New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.8b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (117% payout ratio). Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (JP¥14.8b market cap, or US$99.8m). New Risk • Jul 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 0% Dividend yield: 2.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 0% New Risk • Jul 11
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 5.4% 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 (117% payout ratio). Share price has been volatile over the past 3 months (5.4% average weekly change). Duyuru • May 14
Members Co., Ltd., Annual General Meeting, Jun 19, 2025 Members Co., Ltd., Annual General Meeting, Jun 19, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥955, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 18x in the Media industry in Japan. Total loss to shareholders of 68% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 23 June 2025. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.3%). Duyuru • Mar 01
Members Co., Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Members Co., Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,182, the stock trades at a forward P/E ratio of 76x. Average forward P/E is 17x in the Media industry in Japan. Total loss to shareholders of 58% over the past three years. Duyuru • Jan 03
Members Co., Ltd. to Report Q3, 2025 Results on Feb 03, 2025 Members Co., Ltd. announced that they will report Q3, 2025 results on Feb 03, 2025 New Risk • Dec 02
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 5.5% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 196% Cash payout ratio: 95% Minor Risks Share price has been volatile over the past 3 months (5.5% 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). Market cap is less than US$100m (JP¥13.2b market cap, or US$88.0m). Major Estimate Revision • Nov 28
Consensus EPS estimates increase by 520%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥22.6b to JP¥21.7b. EPS estimate rose from JP¥1.00 to JP¥6.20. Net income forecast to shrink 1.3% next year vs 12% growth forecast for Media industry in Japan . Consensus price target up from JP¥850 to JP¥1,000. Share price fell 8.3% to JP¥1,085 over the past week. Buy Or Sell Opportunity • Nov 15
Now 21% undervalued Over the last 90 days, the stock has risen 37% to JP¥1,099. The fair value is estimated to be JP¥1,383, 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 declined by 57%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 38% per annum over the same time period. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,149, the stock trades at a forward P/E ratio of 111x. Average forward P/E is 14x in the Media industry in Japan. Total loss to shareholders of 52% over the past three years. Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥1.31 (vs JP¥0.69 loss in 2Q 2024) Second quarter 2025 results: EPS: JP¥1.31 (up from JP¥0.69 loss in 2Q 2024). Revenue: JP¥5.35b (up 4.5% from 2Q 2024). Net income: JP¥16.7m (up JP¥25.7m from 2Q 2024). Profit margin: 0.3% (up from net loss in 2Q 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Duyuru • Sep 27
Members Co., Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Members Co., Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Major Estimate Revision • Sep 05
Consensus forecasts updated The consensus outlook for fiscal year 2025 has been updated. Media industry in Japan expected to see average net income growth of 7.5% next year. Consensus price target of JP¥850 unchanged from last update. Share price rose 2.8% to JP¥842 over the past week. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥712, the stock trades at a forward P/E ratio of 146x. Average forward P/E is 12x in the Media industry in Japan. Total loss to shareholders of 74% over the past three years. 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 5.8% 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 (225% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (JP¥9.13b market cap, or US$64.1m). Reported Earnings • Aug 02
First quarter 2025 earnings released: JP¥26.40 loss per share (vs JP¥29.67 loss in 1Q 2024) First quarter 2025 results: JP¥26.40 loss per share (improved from JP¥29.67 loss in 1Q 2024). Revenue: JP¥5.04b (up 12% from 1Q 2024). Net loss: JP¥337.0m (loss narrowed 13% from 1Q 2024). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Outside Director Kaori Miyake was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥9.67 (down from JP¥76.25 in FY 2023). Revenue: JP¥20.5b (up 16% from FY 2023). Net income: JP¥126.0m (down 88% from FY 2023). Profit margin: 0.6% (down from 5.7% in FY 2023). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 36% per year. Major Estimate Revision • Jun 26
Consensus forecasts updated The consensus outlook for fiscal year 2025 has been updated. Media industry in Japan expected to see average net income growth of 14% next year. Consensus price target down from JP¥1,000 to JP¥850. Share price was steady at JP¥910 over the past week. Duyuru • Jun 06
Members Co., Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Members Co., Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 13
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥9.67 (down from JP¥76.25 in FY 2023). Revenue: JP¥20.5b (up 16% from FY 2023). Net income: JP¥126.0m (down 88% from FY 2023). Profit margin: 0.6% (down from 5.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 31% per year. Duyuru • May 12
Members Co., Ltd., Annual General Meeting, Jun 20, 2024 Members Co., Ltd., Annual General Meeting, Jun 20, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 19 June 2024. The company is paying out more than 100% of its profits and is paying out 86% of its cash flow. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). Duyuru • Mar 10
Members Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Members Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,027, the stock trades at a forward P/E ratio of 92x. Average forward P/E is 14x in the Media industry in Japan. Total loss to shareholders of 59% over the past three years. Major Estimate Revision • Feb 29
Consensus EPS estimates fall from profit to JP¥3.80 loss The consensus outlook for fiscal year 2024 has been updated. Forecast loss of -JP¥3.80 per share in 2024, versus previous forecasts of JP¥9.90 per share. Revenue forecast unchanged from JP¥20.0b at last update. Media industry in Japan expected to see average net income growth of 7.2% next year. Consensus price target down from JP¥2,000 to JP¥1,000. Share price fell 3.5% to JP¥891 over the past week. Duyuru • Feb 09
Members Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 Members Co., Ltd. provided dividend guidance for the fiscal year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 31.00 per share compared to JPY 30.00 per share a year ago. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥1.22 (vs JP¥16.64 in 3Q 2023) Third quarter 2024 results: EPS: JP¥1.22 (down from JP¥16.64 in 3Q 2023). Revenue: JP¥4.97b (up 13% from 3Q 2023). Net income: JP¥16.0m (down 93% from 3Q 2023). Profit margin: 0.3% (down from 5.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Duyuru • Dec 28
Members Co., Ltd. to Report Q3, 2024 Results on Feb 02, 2024 Members Co., Ltd. announced that they will report Q3, 2024 results on Feb 02, 2024 Major Estimate Revision • Dec 09
Consensus EPS estimates fall by 88% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥21.5b to JP¥20.0b. EPS estimate also fell from JP¥80.10 per share to JP¥9.90 per share. Net income forecast to shrink 39% next year vs 16% growth forecast for Media industry in Japan . Consensus price target down from JP¥4,500 to JP¥2,000. Share price fell 8.6% to JP¥986 over the past week. Duyuru • Nov 07
Members Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 Members Co., Ltd. provided dividend guidance for the fiscal year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 31.00 per share compared to JPY 30.00 per share a year ago. Reported Earnings • Nov 02
Second quarter 2024 earnings released: JP¥0.69 loss per share (vs JP¥16.86 profit in 2Q 2023) Second quarter 2024 results: JP¥0.69 loss per share (down from JP¥16.86 profit in 2Q 2023). Revenue: JP¥5.12b (up 17% from 2Q 2023). Net loss: JP¥9.00m (down 104% from profit in 2Q 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Duyuru • Oct 29
Members Co., Ltd. (TSE:2130) announces an Equity Buyback for 400,000 shares, representing 3.04% for ¥400 million. Members Co., Ltd. (TSE:2130) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 3.04% of its share capital, for ¥400 million. The repurchase program is aimed at enhancing returns to shareholders, improving capital efficiency, and enabling flexible capital policies in the future, as well as allocating shares to be issued as incentives such as stock remuneration for sustainable improvement of corporate value. The program will expire on March 29, 2024. As of October 27, 2023, the company had 13,146,004 shares in issue (excluding treasury stock) and 275,696 shares in treasury. New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.8b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (JP¥14.8b market cap, or US$99.8m). Duyuru • Aug 27
Members Co., Ltd. to Report Q2, 2024 Results on Oct 31, 2023 Members Co., Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥1,291, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Media industry in Japan. Total loss to shareholders of 14% over the past three years. New Risk • Aug 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.8% net profit margin). Reported Earnings • Aug 01
First quarter 2024 earnings released: JP¥29.67 loss per share (vs JP¥5.07 loss in 1Q 2023) First quarter 2024 results: JP¥29.67 loss per share (further deteriorated from JP¥5.07 loss in 1Q 2023). Revenue: JP¥4.50b (up 17% from 1Q 2023). Net loss: JP¥389.0m (loss widened 481% from 1Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Jul 06
Members Co., Ltd. to Report Q1, 2024 Results on Jul 31, 2023 Members Co., Ltd. announced that they will report Q1, 2024 results on Jul 31, 2023 Reported Earnings • Jun 21
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥76.25 (down from JP¥108 in FY 2022). Revenue: JP¥17.7b (up 18% from FY 2022). Net income: JP¥1.01b (down 28% from FY 2022). Profit margin: 5.7% (down from 9.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 12
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥76.25 (down from JP¥108 in FY 2022). Revenue: JP¥17.7b (up 18% from FY 2022). Net income: JP¥1.01b (down 28% from FY 2022). Profit margin: 5.7% (down from 9.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • May 11
Members Co., Ltd., Annual General Meeting, Jun 16, 2023 Members Co., Ltd., Annual General Meeting, Jun 16, 2023. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,471, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 14x in the Media industry in Japan. Total loss to shareholders of 6.8% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.6%). Price Target Changed • Mar 02
Price target decreased by 12% to JP¥3,840 Down from JP¥4,340, the current price target is an average from 2 analysts. New target price is 171% above last closing price of JP¥1,417. Stock is down 51% over the past year. The company is forecast to post earnings per share of JP¥64.10 for next year compared to JP¥108 last year. Duyuru • Feb 09
Members Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2023 Members Co., Ltd. provided dividend guidance for the fiscal year ending March 31, 2023. For the year, the company expected dividend of JPY 30.00 per share as compared to JPY 25 paid an year ago. Reported Earnings • Feb 03
Third quarter 2023 earnings released: EPS: JP¥16.71 (vs JP¥32.74 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.71 (down from JP¥32.74 in 3Q 2022). Revenue: JP¥4.40b (up 16% from 3Q 2022). Net income: JP¥222.0m (down 48% from 3Q 2022). Profit margin: 5.0% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Media 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 only increased by 3% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 28
Members Co., Ltd. to Report Q3, 2023 Results on Feb 02, 2023 Members Co., Ltd. announced that they will report Q3, 2023 results on Feb 02, 2023 Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥16.86 (vs JP¥18.48 in 2Q 2022) Second quarter 2023 results: EPS: JP¥16.86 (down from JP¥18.48 in 2Q 2022). Revenue: JP¥4.38b (up 19% from 2Q 2022). Net income: JP¥224.0m (down 7.1% from 2Q 2022). Profit margin: 5.1% (down from 6.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Media 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 fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥2,254, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Media industry in Japan. Total loss to shareholders of 2.7% over the past three years. Duyuru • Sep 28
Members Co., Ltd. to Report Q2, 2023 Results on Oct 31, 2022 Members Co., Ltd. announced that they will report Q2, 2023 results on Oct 31, 2022 Reported Earnings • Jul 31
First quarter 2023 earnings released: JP¥5.07 loss per share (vs JP¥1.31 profit in 1Q 2022) First quarter 2023 results: JP¥5.07 loss per share (down from JP¥1.31 profit in 1Q 2022). Revenue: JP¥3.83b (up 23% from 1Q 2022). Net loss: JP¥67.0m (down 494% from profit in 1Q 2022). Over the next year, revenue is forecast to grow 25%, compared to a 5.4% growth forecast for the 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 only increased by 13% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 22
Price target increased to JP¥4,193 Up from JP¥3,700, the current price target is an average from 3 analysts. New target price is 51% above last closing price of JP¥2,782. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥122 for next year compared to JP¥108 last year. Duyuru • Jul 10
Members Co., Ltd. to Report Q1, 2023 Results on Jul 29, 2022 Members Co., Ltd. announced that they will report Q1, 2023 results on Jul 29, 2022 Reported Earnings • Jun 23
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥108 (up from JP¥69.66 in FY 2021). Revenue: JP¥14.9b (up 24% from FY 2021). Net income: JP¥1.40b (up 57% from FY 2021). Profit margin: 9.4% (up from 7.4% in FY 2021). 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%. Over the next year, revenue is forecast to grow 23%, compared to a 6.4% growth forecast for the 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 only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 11
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥108 (up from JP¥69.66 in FY 2021). Revenue: JP¥14.9b (up 24% from FY 2021). Net income: JP¥1.40b (up 57% from FY 2021). Profit margin: 9.4% (up from 7.4% in FY 2021). 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%. Over the next year, revenue is forecast to grow 27%, compared to a 4.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 25% per year. Duyuru • May 10
Members Co., Ltd., Annual General Meeting, Jun 17, 2022 Members Co., Ltd., Annual General Meeting, Jun 17, 2022. Price Target Changed • Apr 27
Price target increased to JP¥3,700 Up from JP¥3,375, the current price target is an average from 3 analysts. New target price is 17% above last closing price of JP¥3,175. Stock is up 25% over the past year. The company is forecast to post earnings per share of JP¥91.03 for next year compared to JP¥69.66 last year.