Worth reading
80Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
50
¥100 million (cumulative growth investment over the three-year medium-term plan)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.1%
基準 2,026Target2,029Hundreds of millions of yen
Operating profit+0.1%
基準 2,026Target2,029Hundreds of millions of yen
Operating profit margin+3.0pt
基準 2,026Target2,029%
ROE+3.0pt
基準 2,026Target2,029%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROIC14.4% (FY2026/4 actual) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.Total investment planApproximately ¥5.0 billion (cumulative over the three-year medium-term plan, FY2027/4–FY2029/4)
Investment amount by sectorField M&A and other investments / Amount ¥3 billion, Field Marketing-related / Amount ¥1.4 billion, Field B2B network infrastructure / Amount ¥200 million, Field Human resources and development / Amount ¥400 million
Statements about the use of capital
Payout ratio / DOE policyThe basic policy is a dividend payout ratio of 45–50%, combined with progressive dividends and profit-linked additional dividends. The target period is the three-year cumulative period of the medium-term plan (FY2027/4–FY2029/4).The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company will conduct share buybacks flexibly. The amount, timing and terms are Not disclosed.
Cost of capitalCost of shareholders’ equity 8.0% (company assumption, reviewed annually) / WACC 6.6%（FY2026/4）The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share priceAs of the end of FY2026/4, PBR was 3.1x and PER was 16.1x. Although PBR remains above 1x, it has fallen substantially from 13.5x at the end of FY2021/4, during the DX boom. The company assesses that growth expectations are only partially reflected in its valuation relative to its high capital profitability. Market capitalization was approximately ¥13.0 billion.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Building the foundation for converting users into group customers
02Designing incentives for using multiple services
03Expanding transactions by utilizing credit limits
04EC business (SUPER DELIVERY)
05Financial business (Paid and URIHO)
06Creating new services
Plan assumptionsUpfront investment will be made in FY2027/4, with revenue growth expected to accelerate from the following fiscal year onward as the benefits of the investment materialize., The operating margin is planned to recover to its current level of approximately 20% in FY2029/4., A shareholder equity cost of 8% is adopted on a conservative basis and will be reviewed annually.
Segment targetSegment EC business (SUPER DELIVERY) / Indicator GMV / Target ¥48.7 billion (FY2029/4) / Comparison ¥31 billion / Growth rate CAGR+16.2%, Segment Financial business (Paid and URIHO) / Indicator Paid revenue / Target CAGR+23.9% / Comparison Not disclosed, Segment Financial business (Paid and URIHO) / Indicator URIHO subscription revenue / Target CAGR+20.9% / Comparison Not disclosed
Non-financial targetsIndicator SUPER DELIVERY GMV / Target value ¥48.7 billion / Timing FY2029/4 / Reference price ¥31 billion
Risks identified by the company
Macroeconomic trends
Market Environment
Trends in industries related to the Company
Other internal and external factors
Performance risk in the payments and guarantee businesses
The recent beta is an abnormal value that indicates reduced correlation with the market
Reason for revision or withdrawal
The company conducted a renewed analysis and assessment of its current position when revising the medium-term management plan in connection with its business partnership with Advantage Partners. It recognizes as challenges the lack of understanding of its long-term corporate value creation story, doubts about the sustainability of growth, and insufficient understanding of its business.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (FY2027/4–FY2029/4) |
| Plan period | FY2027/4〜FY2029/4 |
| Progress against the plan | Partially revised |
| Sales Target | ¥6.57 billion (FY2026/4 actual) → ¥10.3 billion (FY2029/4 target)（+56.8%） |
| Operating profit target | ¥1.32 billion (FY2026/4 actual) → ¥2.00 billion (FY2029/4 plan)（+51.5%） |
| Operating profit margin target | 20.1% (FY2026/4 actual) → 19.4% (FY2029/4 plan)（-3.5%） |
| ROE target | 18.7% (FY2026/4 actual) → 25.0% (FY2029/4 medium-term plan target)（+33.7%） |
| ROIC target | 14.4% (FY2026/4 actual) → Not disclosed |
| Payout ratio / DOE policy | The basic policy is a dividend payout ratio of 45–50%, combined with progressive dividends and profit-linked additional dividends. The target period is the three-year cumulative period of the medium-term plan (FY2027/4–FY2029/4). |
| Treasury share acquisition policy | The company will conduct share buybacks flexibly. The amount, timing and terms are Not disclosed. |
| Cost of capital | Cost of shareholders’ equity 8.0% (company assumption, reviewed annually) / WACC 6.6%（FY2026/4） |
| Self-assessment of PBR and share price | As of the end of FY2026/4, PBR was 3.1x and PER was 16.1x. Although PBR remains above 1x, it has fallen substantially from 13.5x at the end of FY2021/4, during the DX boom. The company assesses that growth expectations are only partially reflected in its valuation relative to its high capital profitability. Market capitalization was approximately ¥13.0 billion. |
| Total investment plan | Approximately ¥5.0 billion (cumulative over the three-year medium-term plan, FY2027/4–FY2029/4) |
| Investment amount by sector | Field M&A and other investments / Amount ¥3 billion, Field Marketing-related / Amount ¥1.4 billion, Field B2B network infrastructure / Amount ¥200 million, Field Human resources and development / Amount ¥400 million |
| Segment target | Segment EC business (SUPER DELIVERY) / Indicator GMV / Target ¥48.7 billion (FY2029/4) / Comparison ¥31 billion / Growth rate CAGR+16.2%, Segment Financial business (Paid and URIHO) / Indicator Paid revenue / Target CAGR+23.9% / Comparison Not disclosed, Segment Financial business (Paid and URIHO) / Indicator URIHO subscription revenue / Target CAGR+20.9% / Comparison Not disclosed |
| Non-financial targets | Indicator SUPER DELIVERY GMV / Target value ¥48.7 billion / Timing FY2029/4 / Reference price ¥31 billion |
| Plan assumptions | Upfront investment will be made in FY2027/4, with revenue growth expected to accelerate from the following fiscal year onward as the benefits of the investment materialize., The operating margin is planned to recover to its current level of approximately 20% in FY2029/4., A shareholder equity cost of 8% is adopted on a conservative basis and will be reviewed annually. |
| Key initiatives | Building the foundation for converting users into group customers, Designing incentives for using multiple services, Expanding transactions by utilizing credit limits, EC business (SUPER DELIVERY), Financial business (Paid and URIHO), Creating new services |
| Reason for revision or withdrawal | The company conducted a renewed analysis and assessment of its current position when revising the medium-term management plan in connection with its business partnership with Advantage Partners. It recognizes as challenges the lack of understanding of its long-term corporate value creation story, doubts about the sustainability of growth, and insufficient understanding of its business. |
| Risks identified | Macroeconomic trends, Market Environment, Trends in industries related to the Company, Other internal and external factors, Performance risk in the payments and guarantee businesses, The recent beta is an abnormal value that indicates reduced correlation with the market |
| Date of board resolution | 25 July 2026 |
| Publication date | 27 July 2026 |
Items this document does not state (3)
Net income targetResults under the previous planSize of the Target Market
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company conducted a renewed analysis and assessment of its current position when revising the medium-term management plan in connection with its business partnership with Advantage Partners. It recognizes as challenges the lack of market valuation, including market capitalization and PBR, commensurate with its high capital profitability; insufficient understanding of its long-term corporate value creation story; doubts about the sustainability of growth; and insufficient understanding of its business.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.