Major Estimate Revision • May 29
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2027 has improved. 2027 revenue forecast increased from JP¥679.6b to JP¥710.0b. EPS estimate increased from JP¥113 to JP¥125 per share. Net income forecast to shrink 1.6% next year vs 2.8% growth forecast for Construction industry in Japan . Consensus price target broadly unchanged at JP¥1,585. Share price rose 7.1% to JP¥1,551 over the past week. Reported Earnings • May 20
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥123 (up from JP¥83.59 in FY 2025). Revenue: JP¥645.7b (up 10% from FY 2025). Net income: JP¥37.0b (up 47% from FY 2025). Profit margin: 5.7% (up from 4.3% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Live News • May 17
Toda Corporation Sees Sales Rising 17% but Guides for Lower Profits and Steady Dividend Toda Corporation reported strong FY2026 results, with double-digit sales growth and sharply higher profits supported by construction activity and overseas real estate sales.
The company improved margins, cash flow and its balance sheet, while also significantly raising its annual dividend and signaling confidence in its financial position.
For FY2027, Toda guides to a 16.6% rise in net sales but expects slightly lower profits, and it plans to maintain steady dividend payouts and a shareholder-focused capital policy.
The key tension is that Toda is pairing higher revenue expectations with more cautious profit guidance, which points to potential pressure on margins or costs even as the order book and activity levels stay firm.
Dividend stability and the recent decision to nearly double the annual payout to ¥58 per share may appeal if you value income, but it is worth weighing that against the outlook for slightly lower earnings in FY2027. Announcement • May 15
Toda Corporation, Annual General Meeting, Jun 26, 2026 Toda Corporation, Annual General Meeting, Jun 26, 2026. Announcement • Apr 16
Toda Corporation (TSE:1860) and The Chugoku Electric Power Co., Inc. (TSE:9504) acquired Asia Wind power Co., Ltd. Toda Corporation (TSE:1860) and The Chugoku Electric Power Co., Inc. (TSE:9504) acquired Asia Wind power Co., Ltd. on April 16, 2026. With this acquisition, The Chugoku Electric Power Co.,Inc. and TODA join Mitsui O.S.K. Lines, Ltd. and Hokutaku Co., Ltd. as investors in the Masuda-Hikimi Wind Power Project.
Toda Corporation (TSE:1860) and The Chugoku Electric Power Co., Inc. (TSE:9504) completed the acquisition of Asia Wind power Co., Ltd. on April 16, 2026. Announcement • Apr 14
Toda Corporation to Report Q1, 2027 Results on Aug 07, 2026 Toda Corporation announced that they will report Q1, 2027 results on Aug 07, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Price Target Changed • Feb 21
Price target increased by 9.5% to JP¥1,303 Up from JP¥1,190, the current price target is an average from 4 analysts. New target price is 15% below last closing price of JP¥1,529. Stock is up 58% over the past year. The company is forecast to post earnings per share of JP¥100 for next year compared to JP¥83.59 last year. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥51.81 (vs JP¥22.94 in 3Q 2025) Third quarter 2026 results: EPS: JP¥51.81 (up from JP¥22.94 in 3Q 2025). Revenue: JP¥171.3b (up 23% from 3Q 2025). Net income: JP¥15.6b (up 126% from 3Q 2025). Profit margin: 9.1% (up from 4.9% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Feb 13
Toda Corporation (TSE:1860) announces an Equity Buyback for 7,000,000 shares, representing 2.3% for ¥7,000 million. Toda Corporation (TSE:1860) announces a share repurchase program. Under the program, the company will repurchase up to 7,000,000 shares, representing 2.30% of its share capital for ¥7,000 million. The purpose of the program is to enhancing returns to shareholders and improving capital efficiency. The share repurchase program will run until March 31, 2026. As of December 31, 2025, the company had 303,839,328 shares outstanding and 18,817,468 shares in treasury. Declared Dividend • Dec 10
First half dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (175% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 8.8% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: JP¥30.75 (vs JP¥11.48 in 2Q 2025) Second quarter 2026 results: EPS: JP¥30.75 (up from JP¥11.48 in 2Q 2025). Revenue: JP¥157.6b (up 22% from 2Q 2025). Net income: JP¥9.23b (up 167% from 2Q 2025). Profit margin: 5.9% (up from 2.7% in 2Q 2025). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Oct 24
Toda Corporation to Report Q3, 2026 Results on Feb 13, 2026 Toda Corporation announced that they will report Q3, 2026 results on Feb 13, 2026 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥11.80 (vs JP¥12.23 in 1Q 2025) First quarter 2026 results: EPS: JP¥11.80 (down from JP¥12.23 in 1Q 2025). Revenue: JP¥131.3b (up 18% from 1Q 2025). Net income: JP¥3.54b (down 4.7% from 1Q 2025). Profit margin: 2.7% (down from 3.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2025 Payment date: 9th December 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. Independent Outside Director Masahiro Muroi was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • May 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% 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 Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • May 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥83.59 (up from JP¥52.19 in FY 2024). Revenue: JP¥586.7b (up 12% from FY 2024). Net income: JP¥25.2b (up 56% from FY 2024). Profit margin: 4.3% (up from 3.1% in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Announcement • May 15
Toda Corporation, Annual General Meeting, Jun 26, 2025 Toda Corporation, Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥14.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.3%). Announcement • Feb 28
Toda Corporation to Report Fiscal Year 2025 Results on May 15, 2025 Toda Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥22.94 (vs JP¥4.56 in 3Q 2024) Third quarter 2025 results: EPS: JP¥22.94 (up from JP¥4.56 in 3Q 2024). Revenue: JP¥139.5b (up 14% from 3Q 2024). Net income: JP¥6.88b (up 388% from 3Q 2024). Profit margin: 4.9% (up from 1.2% in 3Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Dec 27
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥600.9b to JP¥590.0b. EPS estimate also fell from JP¥92.14 per share to JP¥68.40 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Construction industry in Japan. Consensus price target of JP¥1,093 unchanged from last update. Share price rose 2.7% to JP¥966 over the past week. Declared Dividend • Dec 10
First half dividend of JP¥14.50 announced Shareholders will receive a dividend of JP¥14.50. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 3.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
Toda Corporation to Report Q3, 2025 Results on Feb 12, 2025 Toda Corporation announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: JP¥11.48 (vs JP¥10.61 in 2Q 2024) Second quarter 2025 results: EPS: JP¥11.48 (up from JP¥10.61 in 2Q 2024). Revenue: JP¥129.5b (up 12% from 2Q 2024). Net income: JP¥3.46b (up 5.2% from 2Q 2024). Profit margin: 2.7% (down from 2.8% in 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥14.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.3%). Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥12.23 (vs JP¥6.20 in 1Q 2024) First quarter 2025 results: EPS: JP¥12.23 (up from JP¥6.20 in 1Q 2024). Revenue: JP¥111.8b (down 2.3% from 1Q 2024). Net income: JP¥3.72b (up 94% from 1Q 2024). Profit margin: 3.3% (up from 1.7% in 1Q 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥894, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥609 per share. Declared Dividend • Jul 11
Final dividend of JP¥14.50 announced Shareholders will receive a dividend of JP¥14.50. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 2.7%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) nor is it covered by cash flows (153% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.3% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Major Estimate Revision • May 31
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥569.5b to JP¥584.5b. EPS estimate increased from JP¥65.49 to JP¥72.64 per share. Net income forecast to grow 37% next year vs 11% growth forecast for Construction industry in Japan. Consensus price target up from JP¥833 to JP¥895. Share price was steady at JP¥1,090 over the past week. Price Target Changed • May 30
Price target increased by 13% to JP¥895 Up from JP¥790, the current price target is an average from 4 analysts. New target price is 17% below last closing price of JP¥1,077. Stock is up 39% over the past year. The company is forecast to post earnings per share of JP¥72.64 for next year compared to JP¥52.19 last year. Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥52.19 (up from JP¥35.64 in FY 2023). Revenue: JP¥522.4b (down 4.5% from FY 2023). Net income: JP¥16.1b (up 46% from FY 2023). Profit margin: 3.1% (up from 2.0% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 17
Toda Corporation, Annual General Meeting, Jun 26, 2024 Toda Corporation, Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.7%). Announcement • Mar 02
Toda Corporation to Report Fiscal Year 2024 Results on May 15, 2024 Toda Corporation announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: JP¥4.56 (vs JP¥16.77 in 3Q 2023) Third quarter 2024 results: EPS: JP¥4.56 (down from JP¥16.77 in 3Q 2023). Revenue: JP¥122.4b (down 13% from 3Q 2023). Net income: JP¥1.41b (down 73% from 3Q 2023). Profit margin: 1.2% (down from 3.7% in 3Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Feb 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Price Target Changed • Dec 19
Price target increased by 14% to JP¥803 Up from JP¥705, the current price target is an average from 3 analysts. New target price is 11% below last closing price of JP¥904. Stock is up 27% over the past year. The company is forecast to post earnings per share of JP¥63.98 for next year compared to JP¥35.64 last year. Price Target Changed • Dec 05
Price target increased by 8.8% to JP¥740 Up from JP¥680, the current price target is an average from 4 analysts. New target price is 15% below last closing price of JP¥866. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥63.98 for next year compared to JP¥35.64 last year. Announcement • Nov 29
Toda Corporation to Report Q3, 2024 Results on Feb 13, 2024 Toda Corporation announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 15
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: JP¥10.61 (up from JP¥1.55 loss in 2Q 2023). Revenue: JP¥115.9b (down 7.1% from 2Q 2023). Net income: JP¥3.29b (up JP¥3.77b from 2Q 2023). Profit margin: 2.8% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 38%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥14.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 11 December 2023. Payout ratio is on the higher end at 90% but the company is not cash flow positive. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (3.0%). New Risk • Aug 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥6.20 (vs JP¥11.94 in 1Q 2023) First quarter 2024 results: EPS: JP¥6.20 (down from JP¥11.94 in 1Q 2023). Revenue: JP¥114.4b (flat on 1Q 2023). Net income: JP¥1.92b (down 48% from 1Q 2023). Profit margin: 1.7% (down from 3.2% in 1Q 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Aug 09
Toda Corporation announced that it has received funding from Monex Ventures Co., Ltd., Toranomon Impact Capital LLC. Toda Corporation announced that it has entered into agreement that it has received a round of funding from new investor Tokyo Wellness Impact Fund, a fund managed by Monex Ventures Co., Ltd. and Toranomon Impact Capital LLC on August 7, 2023. Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥545.5b to JP¥534.1b. EPS estimate rose from JP¥57.03 to JP¥63.03. Net income forecast to grow 77% next year vs 12% growth forecast for Construction industry in Japan. Consensus price target up from JP¥628 to JP¥670. Share price rose 2.0% to JP¥802 over the past week. Reported Earnings • May 20
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥35.64 (down from JP¥60.43 in FY 2022). Revenue: JP¥547.2b (up 9.1% from FY 2022). Net income: JP¥11.0b (down 41% from FY 2022). Profit margin: 2.0% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 15
Toda Corporation, Annual General Meeting, Jun 29, 2023 Toda Corporation, Annual General Meeting, Jun 29, 2023. Agenda: Acquisition of Treasury Stock; and to consider other matters. 
