Valuation Update With 7 Day Price Move • 9h
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,040, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 16x in the Beverage industry in Japan. Total returns to shareholders of 183% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,956 per share. Reported Earnings • May 15
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: JP¥3.20 loss per share (improved from JP¥10.84 loss in 1Q 2025). Revenue: JP¥109.0b (down 8.2% from 1Q 2025). Net loss: JP¥1.25b (loss narrowed 70% from 1Q 2025). Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 76%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 25% per year. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,509, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 14x in the Beverage industry in Japan. Total returns to shareholders of 95% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,119 per share. Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.6% to JP¥1,676. The fair value is estimated to be JP¥2,119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are forecast to decline by 6.2% per annum over the same time period. Announcement • May 09
Sapporo Holdings Limited to Report Q1, 2026 Results on May 14, 2026 Sapporo Holdings Limited announced that they will report Q1, 2026 results at 9:00 AM, Tokyo Standard Time on May 14, 2026 New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risk High level of debt (67% net debt to equity). Board Change • Apr 01
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Independent Outside Director Seiko Noda was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 20
Consensus EPS estimates increase by 54% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥512 to JP¥791. Revenue forecast steady at JP¥511.7b. Net income forecast to grow 1,868% next year vs 12% growth forecast for Beverage industry in Japan. Consensus price target of JP¥1,226 unchanged from last update. Share price was steady at JP¥1,595 over the past week. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥193 (up from JP¥19.80 in FY 2024). Revenue: JP¥506.9b (down 4.5% from FY 2024). Net income: JP¥15.1b (up 95% from FY 2024). Profit margin: 3.0% (up from 1.5% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 30%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jan 07
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥536.6b to JP¥529.7b. EPS estimate rose from JP¥31.44 to JP¥35.45. Net income forecast to grow 95% next year vs 11% growth forecast for Beverage industry in Japan. Consensus price target down from JP¥1,305 to JP¥1,215. Share price fell 6.9% to JP¥1,571 over the past week. New Risk • Dec 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 146% Dividend yield: 5.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (79% net debt to equity). Dividend is not well covered by cash flows (146% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Upcoming Dividend • Dec 22
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.6%). Announcement • Dec 18
Sapporo Holdings Limited to Report Fiscal Year 2025 Results on Feb 13, 2026 Sapporo Holdings Limited announced that they will report fiscal year 2025 results on Feb 13, 2026 Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥117 (up from JP¥69.62 in 3Q 2024). Revenue: JP¥137.9b (flat on 3Q 2024). Net income: JP¥9.11b (up 68% from 3Q 2024). Profit margin: 6.6% (up from 3.9% in 3Q 2024). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 15
KKR, PAG Reportedly to Buy Assets of Sapporo Holdings KKR & Co. Inc. (NYSE:KKR) and PAG are in exclusive talks to acquire the real estate assets of Sapporo Holdings Limited (TSE:2501) in a deal worth over ¥400 billion (USD 2.6 billion), according to a source familiar with the matter. Sapporo Holdings, a Japanese beermaker, owns major properties including Yebisu Garden Place, a large office and retail complex in Tokyo. The company is expected to finalize a decision on the sale by the end of 2025, while negotiations with KKR and PAG are ongoing and not guaranteed to result in a deal. Shares of Sapporo Holdings rose as much as 5.7% in Tokyo after local media reported the exclusive negotiations. Sapporo has faced pressure from its largest shareholder, 3D Investment Partners, to divest its real estate and focus on its core beverage business. KKR declined to comment, and PAG did not immediately respond. Announcement • Sep 27
Sapporo Holdings Limited to Report Q3, 2025 Results on Nov 12, 2025 Sapporo Holdings Limited announced that they will report Q3, 2025 results on Nov 12, 2025 Declared Dividend • Aug 09
Dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 0.9%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 118%. Cash payout ratio: 21%. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: JP¥77.07 (vs JP¥103 in 2Q 2024) Second quarter 2025 results: EPS: JP¥77.07 (down from JP¥103 in 2Q 2024). Revenue: JP¥126.0b (down 6.6% from 2Q 2024). Net income: JP¥6.01b (down 25% from 2Q 2024). Profit margin: 4.8% (down from 6.0% in 2Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.4% to JP¥7,155. The fair value is estimated to be JP¥8,988, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 3.4% in 2 years. Earnings are forecast to grow by 195% in the next 2 years. Announcement • Jun 12
Bain, KKR Reportedly to Be Second-Round Bidders for Sapporo Unit Bain Capital, LP, KKR & Co. Inc. (NYSE:KKR) and Lone Star (Lone Star Americas Acquisitions, Inc.) are among investment firms that have advanced to the second round of bidding for the real estate unit of Sapporo Holdings Limited (TSE:2501), according to people familiar with the matter. Bidding will end in August and the sale price is expected to exceed ¥400 billion ($2.8 billion), said the people, who asked not to be identified discussing non-public information. The aim is to reach an agreement by the end of this year, they said. Sapporo Real Estate Co. (Sapporo Real Estate Development Co., Ltd.) owns and operates Yebisu Garden Place, one of Tokyo’s biggest mixed-use developments, housing the Michelin three-star French restaurant Joel Robuchon, Westin Hotel, a Yebisu beer brewery as well as stores and condominiums. Sapporo Holdings, a maker of beverages including beer and whiskey, plans to use the proceeds from the sale to invest in future growth initiatives, the people said. Sapporo Holdings shares advanced 4.8% on June 11, 2025 after the Bloomberg report, the sharpest gain in two months. Japanese companies are facing increased pressure from activist shareholders to sell off businesses that aren’t profitable or aren’t related to their main operations. One of those investment firms, 3D Investment Partners, has said that Sapporo Real Estate should be spun off, because its business is being used to cover up the poor performance of the core beverage operations. Bain is collaborating with East Japan Railway Company (TSE:9020) and Tokyu Corporation (TSE:9005) in its bid, the people said. The Bain camp’s proposal is expected to take into account Yebisu Garden Place’s connection to JR Ebisu station via a moving walkway, and its proximity to Shibuya station, which is served by both JR and Tokyu lines, they said. Representatives for Bain Capital, KKR and Sapporo declined to comment. Spokespeople for Tokyu and Lone Star weren’t immediately available to comment. A JR East spokesperson said that the company isn’t participating in the bidding, and isn’t collaborating with Bain Capital. More than 10 companies submitted bids in the first round held in December 2024, the people said. Announcement • Jun 03
Sapporo Holdings Limited to Report Q2, 2025 Results on Aug 07, 2025 Sapporo Holdings Limited announced that they will report Q2, 2025 results on Aug 07, 2025 Reported Earnings • May 14
First quarter 2025 earnings released: JP¥54.18 loss per share (vs JP¥25.38 loss in 1Q 2024) First quarter 2025 results: JP¥54.18 loss per share (further deteriorated from JP¥25.38 loss in 1Q 2024). Revenue: JP¥118.7b (up 5.2% from 1Q 2024). Net loss: JP¥4.22b (loss widened 114% from 1Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 24
Price target increased by 11% to JP¥6,270 Up from JP¥5,660, the current price target is an average from 4 analysts. New target price is 20% below last closing price of JP¥7,820. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥157 for next year compared to JP¥99.00 last year. Reported Earnings • Apr 05
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥99.00 (down from JP¥112 in FY 2023). Revenue: JP¥530.8b (up 2.3% from FY 2023). Net income: JP¥7.71b (down 12% from FY 2023). Profit margin: 1.5% (down from 1.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
Sapporo Holdings Limited to Report Q1, 2025 Results on May 13, 2025 Sapporo Holdings Limited announced that they will report Q1, 2025 results on May 13, 2025 Reported Earnings • Feb 16
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥99.00 (down from JP¥112 in FY 2023). Revenue: JP¥530.8b (up 2.3% from FY 2023). Net income: JP¥7.71b (down 12% from FY 2023). Profit margin: 1.5% (down from 1.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 14
Sapporo Holdings Limited, Annual General Meeting, Mar 28, 2025 Sapporo Holdings Limited, Annual General Meeting, Mar 28, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.5%). Announcement • Dec 06
Sapporo Holdings Limited to Report Fiscal Year 2024 Results on Feb 14, 2025 Sapporo Holdings Limited announced that they will report fiscal year 2024 results on Feb 14, 2025 Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: JP¥69.62 (vs JP¥105 in 3Q 2023) Third quarter 2024 results: EPS: JP¥69.62 (down from JP¥105 in 3Q 2023). Revenue: JP¥137.9b (flat on 3Q 2023). Net income: JP¥5.43b (down 34% from 3Q 2023). Profit margin: 3.9% (down from 5.9% in 3Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 46% per year. New Risk • Nov 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.6% average weekly change). Announcement • Sep 25
Sapporo Holdings Limited to Report Q3, 2024 Results on Nov 12, 2024 Sapporo Holdings Limited announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥7,282, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 20x in the Beverage industry in Japan. Total returns to shareholders of 219% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,564 per share. Declared Dividend • Aug 15
Dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 0.7%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 35%. Cash payout ratio: 57%. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: JP¥103 (vs JP¥19.36 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥103 (up from JP¥19.36 loss in 2Q 2023). Revenue: JP¥134.9b (up 4.0% from 2Q 2023). Net income: JP¥8.06b (up JP¥9.57b from 2Q 2023). Profit margin: 6.0% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 14
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to JP¥7,144. The fair value is estimated to be JP¥5,441, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Announcement • Jun 29
Sapporo Holdings Limited to Report Q2, 2024 Results on Aug 13, 2024 Sapporo Holdings Limited announced that they will report Q2, 2024 results on Aug 13, 2024 Buy Or Sell Opportunity • May 21
Now 20% overvalued Over the last 90 days, the stock has fallen 21% to JP¥5,344. The fair value is estimated to be JP¥4,441, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • May 15
First quarter 2024 earnings released: JP¥25.38 loss per share (vs JP¥46.16 loss in 1Q 2023) First quarter 2024 results: JP¥25.38 loss per share (improved from JP¥46.16 loss in 1Q 2023). Revenue: JP¥112.8b (up 3.7% from 1Q 2023). Net loss: JP¥1.98b (loss narrowed 45% from 1Q 2023). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Board Change • Apr 18
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Toshihiro Uchiyama was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 09
Sapporo Holdings Limited to Report Q1, 2024 Results on May 14, 2024 Sapporo Holdings Limited announced that they will report Q1, 2024 results on May 14, 2024 Announcement • Feb 20
3D Investment Partners Raises Stake and Announces to Refocus on Sapporo Holdings’ Business Portfolio On February 19, 2024, Sapporo Holdings pressured by 3D Investment Partners to sell its property holdings, wants to announce its business portfolio reorganisation ‘as soon as possible’. 3D Investment Partners stated that it has criticised the Company for focusing too much on its real estate business. The Company stated that it declined to specify timing or details for the transformation but agreed with complaints raised by 3D Investment Partners and others that the Company needed to refocus on beer and improve corporate value. Announcement • Feb 15
Sapporo Holdings Limited to Report Fiscal Year 2023 Final Results on Mar 29, 2024 Sapporo Holdings Limited announced that they will report fiscal year 2023 final results on Mar 29, 2024 Reported Earnings • Feb 15
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥112 (up from JP¥69.96 in FY 2022). Revenue: JP¥518.6b (up 8.4% from FY 2022). Net income: JP¥8.72b (up 60% from FY 2022). Profit margin: 1.7% (up from 1.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 14
Price target increased by 16% to JP¥3,880 Up from JP¥3,340, the current price target is an average from 5 analysts. New target price is 48% below last closing price of JP¥7,441. Stock is up 133% over the past year. The company is forecast to post earnings per share of JP¥106 for next year compared to JP¥69.96 last year. Announcement • Dec 27
Sapporo Holdings Limited to Report Fiscal Year 2023 Results on Feb 14, 2024 Sapporo Holdings Limited announced that they will report fiscal year 2023 results on Feb 14, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥45.00 per share at 0.7% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 31 March 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.7%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (2.2%). Major Estimate Revision • Nov 12
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥88.69 to JP¥98.60. Revenue forecast unchanged at JP¥498.9b. Net income forecast to grow 1,216% next year vs 39% growth forecast for Beverage industry in Japan. Consensus price target of JP¥3,260 unchanged from last update. Share price rose 2.9% to JP¥5,524 over the past week. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: JP¥105 (vs JP¥72.98 in 3Q 2022) Third quarter 2023 results: EPS: JP¥105 (up from JP¥72.98 in 3Q 2022). Revenue: JP¥139.2b (up 5.5% from 3Q 2022). Net income: JP¥8.16b (up 44% from 3Q 2022). Profit margin: 5.9% (up from 4.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Announcement • Nov 11
Sapporo Holdings Limited Revises Earnings Guidance for the Fiscal Year Ending December 31, 2023 Sapporo Holdings Limited revised consolidated earnings guidance for the fiscal year ending December 31, 2023. For the year, the company now expect revenue of JPY 510,000 million, core operating profit of JPY 16,500 million, operating profit of JPY 12,000 million, profit attributable to owners of parent of JPY 7,000 million and basic earnings per share of JPY 89.86 against previous guidance of revenue of JPY 490,000 million, core operating profit of JPY 13,500 million, operating profit of JPY 9,500 million, profit attributable to owners of parent of JPY 5,500 million and basic earnings per share of JPY 70.61. Price Target Changed • Oct 10
Price target increased by 7.2% to JP¥3,217 Up from JP¥3,000, the current price target is an average from 6 analysts. New target price is 36% below last closing price of JP¥5,027. Stock is up 55% over the past year. The company is forecast to post earnings per share of JP¥94.08 for next year compared to JP¥69.96 last year. Announcement • Sep 27
Sapporo Holdings Limited to Report Q3, 2023 Results on Nov 10, 2023 Sapporo Holdings Limited announced that they will report Q3, 2023 results on Nov 10, 2023 Reported Earnings • Aug 11
Second quarter 2023 earnings released: JP¥32.76 loss per share (vs JP¥46.30 profit in 2Q 2022) Second quarter 2023 results: JP¥32.76 loss per share (down from JP¥46.30 profit in 2Q 2022). Revenue: JP¥119.3b (down 1.1% from 2Q 2022). Net loss: JP¥2.55b (down 171% from profit in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.0% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
Sapporo Holdings Limited to Report Q2, 2023 Results on Aug 10, 2023 Sapporo Holdings Limited announced that they will report Q2, 2023 results on Aug 10, 2023 Reported Earnings • May 16
First quarter 2023 earnings released: JP¥46.16 loss per share (vs JP¥51.26 loss in 1Q 2022) First quarter 2023 results: JP¥46.16 loss per share (improved from JP¥51.26 loss in 1Q 2022). Revenue: JP¥108.8b (up 17% from 1Q 2022). Net loss: JP¥3.60b (loss narrowed 9.9% from 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥69.96 (down from JP¥158 in FY 2021). Revenue: JP¥478.4b (up 9.4% from FY 2021). Net income: JP¥5.45b (down 56% from FY 2021). Profit margin: 1.1% (down from 2.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Beverage industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. 