Worth reading
64In 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
300
¥100 million (3-year cumulative share buyback target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.1%
基準 2,024Target2,026100 million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROENot disclosed → Target not disclosed. Most recent actual: 12.3% (March 2026)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFY2024 dividend target of ¥40 per share / share buybacks of approximately ¥30 billion over FY2024-FY2026 / achieving PBR of 1.0x at an early stage → FY2024 dividend actual: ¥42 per share / FY2025 cumulative share buybacks: ¥19.4 billion / current PBR: approximately 0.9x-0.0%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyFY2024-FY2026. As a general rule, DOE of at least 1.8% will serve as the dividend standard, with flexible shareholder returns based on performance. The payout ratio forecast for FY2026 is 24%, and DOE is 2.1%.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 plans to acquire approximately ¥30 billion of treasury shares over FY2024-FY2026. Acquisitions totaled ¥4.4 billion in FY2024, ¥19.4 billion cumulatively through FY2025, and ¥30.0 billion cumulatively through FY2026. Including the amount allocated to the full acquisition of KFM, the total will exceed ¥50 billion.
Cost of capitalCost of equity: 6.0-6.9%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 is currently approximately 0.9x. The company assesses PER as an ongoing issue in achieving its target of PBR of 1.2x or higher.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Clarifying the growth strategy
02Focused investment in high-growth, high-profitability businesses
03Enhance shareholder returns
04Control of total assets and shareholders' equity
05Expanding the shareholder and investor base and strengthening communication (enhancing IR)
Segment targetSegment Hankyu Main Store / Indicator Revenue / Target FY2026 forecast: ¥400.0 billion / Comparison FY2024: ¥365.3 billion, +¥35.0 billion vs. FY2024, Segment International Customer Business / Indicator Revenue / Target FY2026 forecast: ¥50.0 billion / Comparison FY2024: ¥39.0 billion, FY2025: ¥40.7 billion
Reason for revision or withdrawal
PER remains an issue in achieving PBR of 1.2x or higher. The company will continue to improve ROE and improve PER by realizing its growth strategy, strengthening shareholder returns, and enhancing IR.
| Item | Details |
|---|---|
| Plan name | Response to achieving management that is conscious of the cost of capital and share price |
| Plan period | FY2024-FY2026 |
| Progress against the plan | Partially revised |
| Sales Target | FY2024 actual (Hankyu Main Store): ¥365.3 billion → FY2026 forecast (Hankyu Main Store): ¥400.0 billion |
| ROE target | Not disclosed → Target not disclosed. Most recent actual: 12.3% (March 2026) |
| Payout ratio / DOE policy | FY2024-FY2026. As a general rule, DOE of at least 1.8% will serve as the dividend standard, with flexible shareholder returns based on performance. The payout ratio forecast for FY2026 is 24%, and DOE is 2.1%. |
| Treasury share acquisition policy | The company plans to acquire approximately ¥30 billion of treasury shares over FY2024-FY2026. Acquisitions totaled ¥4.4 billion in FY2024, ¥19.4 billion cumulatively through FY2025, and ¥30.0 billion cumulatively through FY2026. Including the amount allocated to the full acquisition of KFM, the total will exceed ¥50 billion. |
| Cost of capital | Cost of equity: 6.0-6.9% |
| Self-assessment of PBR and share price | PBR is currently approximately 0.9x. The company assesses PER as an ongoing issue in achieving its target of PBR of 1.2x or higher. |
| Segment target | Segment Hankyu Main Store / Indicator Revenue / Target FY2026 forecast: ¥400.0 billion / Comparison FY2024: ¥365.3 billion, +¥35.0 billion vs. FY2024, Segment International Customer Business / Indicator Revenue / Target FY2026 forecast: ¥50.0 billion / Comparison FY2024: ¥39.0 billion, FY2025: ¥40.7 billion |
| Key initiatives | Clarifying the growth strategy, Focused investment in high-growth, high-profitability businesses, Enhance shareholder returns, Control of total assets and shareholders' equity, Expanding the shareholder and investor base and strengthening communication (enhancing IR) |
| Results under the previous plan | FY2024 dividend target of ¥40 per share / share buybacks of approximately ¥30 billion over FY2024-FY2026 / achieving PBR of 1.0x at an early stage → FY2024 dividend actual: ¥42 per share / FY2025 cumulative share buybacks: ¥19.4 billion / current PBR: approximately 0.9x |
| Reason for revision or withdrawal | PER remains an issue in achieving PBR of 1.2x or higher. The company will continue to improve ROE and improve PER by realizing its growth strategy, strengthening shareholder returns, and enhancing IR. |
| Date of board resolution | 12 May 2026 |
| Publication date | 12 May 2026 |
Items this document does not state (10)
Operating profit targetOperating profit margin targetNet income targetROIC targetTotal investment planInvestment amount by sectorNon-financial targetsPlan assumptionsSize 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.PER remains an issue in achieving PBR of 1.2x or higher. The company aims to improve PER by raising ROE, realizing its growth strategy, strengthening shareholder returns, and enhancing IR.
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.
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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.