Worth reading
47Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
200
¥ billion (market capitalization)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedROE-1,996.0pt
基準 2,026Target30%
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).
ROIC11.95% (as of the end of February 2026) → Maintain and improve
Only the target level is shown because the current level for comparison was not provided.Investment amount by sectorField M&A / Amount Not disclosed, Field Growth Investment / Amount Not disclosed
Statements about the use of capital
Cost of capitalWACC: 5.80%; cost of equity: 5.39%; after-tax cost of debt: 0.82%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 February 2026, the share price was ¥558, PBR was 3.59x, and PER was 9.52x. The Company recognizes that the sustainability of its growth is undervalued compared with the median PER of 27.0x for benchmark companies in the same industry. By the fiscal year ending November 2028, it aims to achieve a share price of ¥2,000–¥3,000 and maintain PBR at a high level, premised on maintaining a high ROE.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01➀ Accelerate store expansion
02➁ Achieve stable growth in existing businesses
03➂ Expand scale
04➃ Expand the market
05Improve transparency around capital efficiency
06Demonstrate the reproducibility of growth
07Clarify the commitment
Plan assumptionsPremise for a target PER of 20–30x: achieve PER re-rating by maintaining and improving high ROIC (11.95%), Basis for calculating the target share price of ¥2,000–¥3,000: target EPS of ¥100–¥150 × target PER of 20–30x, Target PBR: maintain PBR at a high level based on the relationship PBR = PER × ROE, assuming ROE of 30% or higher is maintained
| Item | Details |
|---|---|
| Plan name | Response to achieving management that is conscious of the cost of capital and share price |
| Plan period | Fiscal year ending November 2026 through fiscal year ending November 2028 |
| Progress against the plan | Formulated |
| ROE target | 39.38% (as of the end of February 2026) → Maintain at 30% or higher |
| ROIC target | 11.95% (as of the end of February 2026) → Maintain and improve |
| Cost of capital | WACC: 5.80%; cost of equity: 5.39%; after-tax cost of debt: 0.82% |
| Self-assessment of PBR and share price | As of the end of February 2026, the share price was ¥558, PBR was 3.59x, and PER was 9.52x. The Company recognizes that the sustainability of its growth is undervalued compared with the median PER of 27.0x for benchmark companies in the same industry. By the fiscal year ending November 2028, it aims to achieve a share price of ¥2,000–¥3,000 and maintain PBR at a high level, premised on maintaining a high ROE. |
| Investment amount by sector | Field M&A / Amount Not disclosed, Field Growth Investment / Amount Not disclosed |
| Plan assumptions | Premise for a target PER of 20–30x: achieve PER re-rating by maintaining and improving high ROIC (11.95%), Basis for calculating the target share price of ¥2,000–¥3,000: target EPS of ¥100–¥150 × target PER of 20–30x, Target PBR: maintain PBR at a high level based on the relationship PBR = PER × ROE, assuming ROE of 30% or higher is maintained |
| Key initiatives | ➀ Accelerate store expansion, ➁ Achieve stable growth in existing businesses, ➂ Expand scale, ➃ Expand the market, Improve transparency around capital efficiency, Demonstrate the reproducibility of growth, Clarify the commitment |
| Date of board resolution | 14 April 2026 |
| Publication date | 14 April 2026 |
Items this document does not state (13)
Sales TargetOperating profit targetOperating profit margin targetNet income targetPayout ratio / DOE policyTreasury share acquisition policyTotal investment planSegment targetNon-financial targetsResults under the previous planReason for revision or withdrawalSize of the Target MarketRisks identified
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 recognizes that its corporate value is not being fully reflected in the market because of uncertainty over the sustainability of its high ROIC and the reproducibility of its growth strategy. It aims to normalize its PER by appropriately communicating the sustainability of its ROIC and the reproducibility of its growth strategy to the market.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.