Worth reading
66In focus
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
1123
¥ million (increase in consolidated operating profit from FY26 actual to FY29 plan)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+3.4%
基準 22,146Target22,900million
Operating profit+26.9%
基準 4,177Target5,300million
Operating profit margin+3.0pt
基準 2,026Target2,029%
Net income for the current fiscal year+27.0%
基準 2,890Target3,670million
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.
Statements about the use of capital
Payout ratio / DOE policyA payout ratio of 50% is the guideline through FY27. From FY28, the company will transition to progressive dividends, using DOE of 5%+ as the guideline. During the plan period, the basic policy is to pay progressive dividends starting from an ordinary dividend of ¥20.0.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 flexibly repurchase treasury shares according to the share price level, market conditions and other factors. In June 2026, it repurchased approximately 1.01 million treasury shares for ¥502 million.
Cost of capitalCost of equity (CoE): 8.77% (FY ended July 2026)The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR 1.56x, PER 9.3x. The company aims to improve its market valuation, which remains at a PER of 9.3x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01① Creation of businesses that generate new revenue
02② Addressing social issues through regional revitalization
03③ Strengthening the management foundation to accelerate value creation
04④ Investment in management capital that supports value creation
05① Organic growth exceeding the market
06② Diversification of revenue sources and company-wide use of assets
07③ Optimization of operating costs to enhance the sustainability of the system
08① Transition to a product provider business model
09② Pursuit of new growth opportunities in the app business
10③ Driving group growth through the use of technology and intellectual assets
11① Customers: Expand the retail electricity business by leveraging existing business assets
12② Facilities: Expand power generation and storage facilities and monetize them at an early stage
13③ Supply and demand: Explore new revenue opportunities through the application of optimization technologies
Plan assumptionsElectricity demand from 10 companies nationwide is expected to increase from 805.9 billion kWh in FY2024 to 852.4 billion kWh in FY2034, Renewable energy's share of the power generation mix was 23.1% in FY2024 and is forecast to reach 40–50% in FY2040, Hometown tax donations received: ¥830.2 billion in FY2021, ¥965.4 billion in FY2022, ¥1,117.5 billion in FY2023, ¥1,272.7 billion in FY2024, and ¥1,331.4 billion in FY2025, Internet advertising spending increased from ¥2,705.2 billion in 2021 to ¥4,045.9 billion in 2025
Segment targetSegment Consumer Business / Fiscal year ending July 2027 Revenue ¥19.0 billion, operating profit ¥4.3 billion, operating margin 22.6% / Fiscal year ending July 2028 Revenue ¥17.2 billion, operating profit ¥3.5 billion, operating margin 20.3% / Fiscal year ending July 2029 Revenue ¥16.4 billion, operating profit ¥3.35 billion, operating margin 20.4%, Segment Internet advertising business / Fiscal year ending July 2027 Revenue ¥2.28 billion, operating profit ¥60 million, operating margin 2.6% / Fiscal year ending July 2028 Revenue ¥2.48 billion, operating profit ¥130 million, operating margin 5.2% / Fiscal year ending July 2029 Revenue ¥2.67 billion, operating profit ¥250 million, operating margin 9.4%, Segment Green Energy Business / Fiscal year ending July 2027 Revenue ¥880 million, operating profit ¥250 million, EBITDA ¥500 million / Fiscal year ending July 2028 Revenue ¥2.6 billion, operating profit ¥1.0 billion, EBITDA ¥1.35 billion / Fiscal year ending July 2029 Revenue ¥3.8 billion, operating profit ¥1.85 billion, EBITDA ¥2.33 billion
Non-financial targetsIndicator Number of hometown tax donations received / Target value Approximately 6.1 million / Timing Fiscal year ending July 2029
Size of the Target MarketMarket Hometown tax donations received / Figures FY2025: ¥1,331.4 billion / Source Ministry of Internal Affairs and Communications, “Survey Results on the Current Status of the Hometown Tax Donation Program”, Market Internet advertising expenditure / Figures 2025: ¥4,045.9 billion / Source Dentsu, “Advertising Expenditures in Japan in 2025”; CARTA HD / Digital InFact, “Retail Media Advertising Market Survey”, Market Electricity demand from 10 companies nationwide / Figures FY2024: 805.9 billion kWh; FY2034: 852.4 billion kWh / Source Agency for Natural Resources and Energy, “Outlook for Future Electricity Demand” (January 2025)
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan (FY27–29) |
| Plan period | FY27～29 |
| Progress against the plan | Formulated |
| Sales Target | FY ended July 2026 actual: 22,146 → FY ending July 2029 plan: 22,900（+3.4%） |
| Operating profit target | FY ended July 2026 actual: 4,177 → FY ending July 2029 plan: 5,300（+26.9%） |
| Operating profit margin target | FY ended July 2026 actual: 18.9% → FY ending July 2029 plan: 23.1%（+22.2%） |
| Net income target | FY ended July 2026 actual: 2,890 → FY ending July 2029 plan: 3,670（+27.0%） |
| ROE target | FY ended July 2026 actual: 17.4% → FY ending July 2029 target: 15%+ |
| Payout ratio / DOE policy | A payout ratio of 50% is the guideline through FY27. From FY28, the company will transition to progressive dividends, using DOE of 5%+ as the guideline. During the plan period, the basic policy is to pay progressive dividends starting from an ordinary dividend of ¥20.0. |
| Treasury share acquisition policy | The company will flexibly repurchase treasury shares according to the share price level, market conditions and other factors. In June 2026, it repurchased approximately 1.01 million treasury shares for ¥502 million. |
| Cost of capital | Cost of equity (CoE): 8.77% (FY ended July 2026) |
| Self-assessment of PBR and share price | PBR 1.56x, PER 9.3x. The company aims to improve its market valuation, which remains at a PER of 9.3x. |
| Segment target | Segment Consumer Business / Fiscal year ending July 2027 Revenue ¥19.0 billion, operating profit ¥4.3 billion, operating margin 22.6% / Fiscal year ending July 2028 Revenue ¥17.2 billion, operating profit ¥3.5 billion, operating margin 20.3% / Fiscal year ending July 2029 Revenue ¥16.4 billion, operating profit ¥3.35 billion, operating margin 20.4%, Segment Internet advertising business / Fiscal year ending July 2027 Revenue ¥2.28 billion, operating profit ¥60 million, operating margin 2.6% / Fiscal year ending July 2028 Revenue ¥2.48 billion, operating profit ¥130 million, operating margin 5.2% / Fiscal year ending July 2029 Revenue ¥2.67 billion, operating profit ¥250 million, operating margin 9.4%, Segment Green Energy Business / Fiscal year ending July 2027 Revenue ¥880 million, operating profit ¥250 million, EBITDA ¥500 million / Fiscal year ending July 2028 Revenue ¥2.6 billion, operating profit ¥1.0 billion, EBITDA ¥1.35 billion / Fiscal year ending July 2029 Revenue ¥3.8 billion, operating profit ¥1.85 billion, EBITDA ¥2.33 billion |
| Non-financial targets | Indicator Number of hometown tax donations received / Target value Approximately 6.1 million / Timing Fiscal year ending July 2029 |
| Plan assumptions | Electricity demand from 10 companies nationwide is expected to increase from 805.9 billion kWh in FY2024 to 852.4 billion kWh in FY2034, Renewable energy's share of the power generation mix was 23.1% in FY2024 and is forecast to reach 40–50% in FY2040, Hometown tax donations received: ¥830.2 billion in FY2021, ¥965.4 billion in FY2022, ¥1,117.5 billion in FY2023, ¥1,272.7 billion in FY2024, and ¥1,331.4 billion in FY2025, Internet advertising spending increased from ¥2,705.2 billion in 2021 to ¥4,045.9 billion in 2025 |
| Key initiatives | ① Creation of businesses that generate new revenue, ② Addressing social issues through regional revitalization, ③ Strengthening the management foundation to accelerate value creation, ④ Investment in management capital that supports value creation, ① Organic growth exceeding the market, ② Diversification of revenue sources and company-wide use of assets, ③ Optimization of operating costs to enhance the sustainability of the system, ① Transition to a product provider business model, ② Pursuit of new growth opportunities in the app business, ③ Driving group growth through the use of technology and intellectual assets, ① Customers: Expand the retail electricity business by leveraging existing business assets, ② Facilities: Expand power generation and storage facilities and monetize them at an early stage, ③ Supply and demand: Explore new revenue opportunities through the application of optimization technologies |
| Size of the Target Market | Market Hometown tax donations received / Figures FY2025: ¥1,331.4 billion / Source Ministry of Internal Affairs and Communications, “Survey Results on the Current Status of the Hometown Tax Donation Program”, Market Internet advertising expenditure / Figures 2025: ¥4,045.9 billion / Source Dentsu, “Advertising Expenditures in Japan in 2025”; CARTA HD / Digital InFact, “Retail Media Advertising Market Survey”, Market Electricity demand from 10 companies nationwide / Figures FY2024: 805.9 billion kWh; FY2034: 852.4 billion kWh / Source Agency for Natural Resources and Energy, “Outlook for Future Electricity Demand” (January 2025) |
| Publication date | 11 September 2026 |
Items this document does not state (7)
ROIC targetTotal investment planInvestment amount by sectorResults under the previous planReason for revision or withdrawalRisks identifiedDate of board resolution
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.To develop the green energy business into a new growth driver by leveraging the assets of existing businesses and the technology and business expertise cultivated through the internet advertising business, while treating the expansion of the electricity market and social demand for renewable energy as growth opportunities.
How to read this page
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