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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.4% - 11.4% | 11.9% |
| Fair Value | ¥1,156 - ¥1,552 | ¥1,323 |
| Upside | 25.2% - 68.1% | 43.4% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (JPY in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 179 | 402 | 416 | 424 | 433 | 441 | 441 | |
| % Growth | -26.6% | 124.5% | 3.5% | 2.0% | 2.0% | 2.0% | ||
| Payout Ratio | 41.9% | 52.0% | 62.0% | 72.0% | 82.0% | 90.0% | 92.5% | |
| Projected Dividends | 75 | 209 | 258 | 306 | 355 | 397 | 408 | |
| % Growth | 178.7% | 23.4% | 18.5% | 16.2% | 12.0% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (JPY in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 75 | 75 | 75 | 100 | 75 | 0 | 0 | |
| % Growth | 0% | 0% | 33% | -25% | NM | |||
| Net Income to Common | 183 | 331 | 681 | 244 | 179 | 214 | 67 | |
| % Growth | 81% | 106% | -64% | -27% | -69% | |||
| Payout Ratio | 41% | 23% | 11% | 41% | 42% | 0% | 0% | |
| Retention Ratio | 59% | 77% | 89% | 59% | 58% | 100% | 100% | |
| Adjusted EBITDA | 566 | 697 | 771 | 583 | 484 | 370 | 150 | |
| % Growth | 23% | 11% | -24% | -17% | -60% | |||
| Total Debt | 229 | 546 | 434 | 325 | 1,469 | 302 | 3,262 | |
| Shareholder's Equity | 10,460 | 10,693 | 11,278 | 11,547 | 11,657 | 11,676 | 11,693 | |
| Debt / EBITDA | 0.4 | 0.8 | 0.6 | 0.6 | 3.0 | 12.4 | ||
| Debt / Equity | 2% | 5% | 4% | 3% | 13% | 3% | 28% | |
| 3-Yr Avg. Dividend Growth | 2.8% | |||||||
| 5-Yr Median Payout Ratio | 41.0% | |||||||