Turning the EVA Spread Positive and Improving Capital Efficiency
First written in FY2022. 7 of 10 entries say "Advanced", first in FY2025-H1. Latest entry: FY2026.
The whole theme swung hardest in 2020: 1 of 12 companies on the "Worse" side.
42 other companies' latest entry also says "Advanced".
- FY2026AdvancedAnnual report
「To further accelerate the enhancement of corporate value, we will implement a capital policy including ¥30 billion in treasury stock acquisitions over the 3 years from 7 November 2024. We will also maintain dividends of at least ¥92 per share through the fiscal year ending March 2027.」
The company maintained its policy of acquiring ¥30 billion of treasury stock over 3 years and paying annual dividends of at least ¥92, and acquired ¥23.979 billion of treasury stock during the period. - FY2026-H1AdvancedAnnual report
「Based on the resolution of the Board of Directors meeting held on 12 May 2025, the Company acquired 745,700 treasury shares, increasing treasury shares by ¥1,379 million.」
As part of implementing its capital policy aimed at turning the EVA spread positive and achieving a PBR of 1x, the company additionally acquired 745,700 shares of treasury stock for ¥1,379 million in May 2025. - FY2025AdvancedAnnual report
「To further accelerate the enhancement of corporate value, we resolved to implement a capital policy aimed at transforming our capital structure, including ¥30 billion in treasury stock acquisitions over the next 3 years. We have also set a target of a consolidated payout ratio of 100% through the fiscal year ending March 2027, and resolved to maintain annual dividends of at least ¥92 per share.」
Under its capital policy aimed at turning the EVA spread positive and achieving a PBR of 1x, the company specifically set out a 3-year ¥30 billion treasury stock acquisition program, a 100% payout ratio and annual dividends of at least ¥92, and executed treasury stock acquisitions. - FY2025-H1AdvancedAnnual report
「To further accelerate the enhancement of corporate value, the Company will acquire ¥10 billion of treasury shares as the first execution of its agile capital policy and shareholder return measures. (2) Total number of shares that may be acquired 6,000,000 shares (maximum) (16.9% of the total number of issued shares, excluding treasury shares) (3) Total acquisition cost of the shares ¥10,000,000,000 (maximum) (4) Acquisition period 8 November 2024 to 7 November 2025 (5) Acquisition method Market purchases on the Tokyo Stock Exchange」
As a specific measure under its capital policy aimed at turning the EVA spread positive and achieving a PBR of 1x, the company resolved to acquire treasury stock for ¥10 billion, with an upper limit of 6 million shares. - FY2024RaisedAnnual report
「To achieve its ROE target, we have also set out, for the 5-year period from the fiscal year ended March 2023 through the fiscal year ending March 2027, to limit increases in equity, maintain a 100% payout ratio, and make agile purchases and cancellations of treasury stock.」
The company extended the period for limiting equity and conducting treasury stock acquisitions and cancellations through the fiscal year ending March 2027, for a total of 5 years. In addition to turning the EVA spread positive, it has also set a target of achieving a PBR of 1x. - FY2023RaisedAnnual report
「To turn the EVA spread positive and raise the PBR above 1x, we will pursue the following 3 initiatives: ① strengthen shareholder returns and pursue capital efficiency, ② introduce balance sheet management, and ③ implement group cash management thoroughly. As specific capital policies, for the 4-year period from the fiscal year ended March 2023 through the fiscal year ending March 2026, we have set out to limit increases in equity, maintain a 100% payout ratio, and make agile purchases and cancellations of treasury stock.」
In addition to turning the EVA spread positive, the company explicitly set a target of a PBR above 1x and presented a capital policy of limiting equity, maintaining a 100% payout ratio, and continuing treasury stock acquisitions and cancellations through the fiscal year ending March 2026. - FY2022First statedAnnual report
「To turn the EVA spread positive, we will pursue the following 3 initiatives: ① strengthen shareholder returns and pursue capital efficiency, ② introduce balance sheet management, and ③ implement group cash management thoroughly. As specific capital policies, for the 3-year period from the fiscal year ended March 2023 through the fiscal year ending March 2025, we have set out to limit increases in equity, maintain a 100% payout ratio, and make agile purchases and cancellations of treasury stock.」
Recognizing the negative EVA spread as a factor behind the weak share price, the company presented, for the first time, a systematic capital policy combining shareholder returns, balance sheet management and group cash management, with the goal of turning the EVA spread positive.