Addressing a PBR Below 1x and Managing with Awareness of Cost of Capital and Share Price
First written in FY2024. 3 of 5 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
「Our basic policy for shareholder returns during the period of this medium-term management plan, from the fiscal year ending March 2025 through the fiscal year ending March 2027, is to make active and stable returns of profits to shareholders while investing for growth to maintain and strengthen our competitiveness, improve earning power and strengthen our financial position. In addition, to further advance initiatives aimed at achieving management that is conscious of the cost of capital and share price and enhancing corporate value, we will adopt the higher of a consolidated payout ratio of 70% or a dividend on equity (DOE) of 3%, and pay dividends through improved capital efficiency, sustainable increases in dividends over the medium to long term, and profit growth.」
The company has stated a policy of adopting the higher of a 70% payout ratio or a 3% DOE in its management approach conscious of the cost of capital and share price, and is implementing measures to improve capital efficiency, including share repurchases. - FY2026-H1AdvancedAnnual report
「This is being implemented in accordance with the shareholder return policy set out in the medium-term management plan for the fiscal years ending March 2025 through March 2027, with the aim of enhancing shareholder returns and improving capital efficiency.」
Resolved to repurchase treasury shares under the new medium-term management plan as a specific measure of management that is conscious of the cost of capital and share price. - FY2025RestatedAnnual report
「To achieve a PBR of 1x or higher, shareholder returns alone will not be sufficient, and earnings growth is essential. We will respond to major changes in social structures, including digitalization and the shift toward casual products, with overwhelming speed, seeking to further enhance corporate value and achieve sustainable growth.」
The company continues its policy of pursuing a PBR of 1x or higher through earnings growth and responses to digitalization and the shift toward casual products, in addition to shareholder returns. - FY2025-H1AdvancedAnnual report
「This is being implemented in accordance with the shareholder return policy set out in the medium-term management plan for the fiscal years ending March 2025 through March 2027, with the aim of enhancing shareholder returns and improving capital efficiency. Maximum number of shares to be acquired: 1.5 million; maximum total acquisition price: ¥3 billion.」
As a specific measure for management with a focus on the cost of capital and share price, the company resolved to acquire treasury shares based on the shareholder return policy in its new medium-term management plan. The acquisition limits are 1.5 million shares and ¥3 billion. - FY2024First statedAnnual report
「Promoting management with a focus on the cost of capital and share price from the perspective of shareholders and investors」
The company stated that it recognizes that its PBR has remained below 1x and, for the first time, independently disclosed measures aimed at an early correction through improving profitability via the basic strategies and growth investments of its medium-term management plan, proactive shareholder returns, enhanced dialogue with shareholders and investors, and expanded non-financial information.