Announcement • 15h
Fuji Media Holdings, Inc. to Report Q1, 2027 Results on Aug 04, 2026 Fuji Media Holdings, Inc. announced that they will report Q1, 2027 results on Aug 04, 2026 Major Estimate Revision • May 27
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2027 has been updated. 2027 EPS estimate increased from JP¥228 to JP¥262. Revenue forecast steady at JP¥618.4b. Net income forecast to grow 551% next year vs 3.7% growth forecast for Media industry in Japan. Consensus price target of JP¥4,040 unchanged from last update. Share price fell 2.3% to JP¥3,746 over the past week. Live News • May 22
Fuji Media Holdings Targets Higher Shareholder Returns With Dividend Growth and Buybacks Fuji Media Holdings is raising its year-end dividend to ¥100 per share, taking the full-year payout to ¥125 and setting a long-term payout ratio target of 50%.
The company is pairing higher dividends with a major share buyback program and plans to bring in outside capital for non-core businesses to support ROE and balance sheet flexibility.
Fuji Media is also reshaping its board and executive ranks, with a new management structure focused on Media and Content to be put to a shareholder vote at the June 25, 2026 general meeting.
The combination of a higher regular dividend, buybacks and external capital for non-core assets points to a more shareholder-focused capital policy alongside a clearer concentration on the core media franchise.
You should watch how the new board structure, once approved, influences future capital allocation choices and the pace of any portfolio reshaping around Media and Content. Reported Earnings • May 13
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥32.84 (up from JP¥95.74 loss in FY 2025). Revenue: JP¥551.9b (flat on FY 2025). Net income: JP¥6.50b (up JP¥26.6b from FY 2025). Profit margin: 1.2% (up from net loss in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 74%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Media industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 118 percentage points per year, which is a significant difference in performance. Announcement • May 12
Fuji Media Holdings, Inc., Annual General Meeting, Jun 25, 2026 Fuji Media Holdings, Inc., Annual General Meeting, Jun 25, 2026. Announcement • Mar 29
Murakami-Linked Firm Reportedly Aims to Buy Fuji Media's Real Estate Biz Atra, an investment firm linked to Japanese activist investor Yoshiaki Murakami, has proposed together with others to acquire Fuji Media Holdings, Inc.'s (TSE:4676) real estate business for JPY 350 billion, it was learned on March 27, 2026. Fuji Media Holdings Inc. is currently considering introducing outside capital for its real estate operations, including the outright sale of the business. After Fuji Media Holdings Inc. announced plans to spin off its real estate business last month, Murakami and others sold most of their stakes in the media group under a share buyback program. It was later found, however, that Atra, which did not join the share buyback program, had newly acquired a 1.29% stake in Fuji Media Holdings Inc. The media group said on March 25, 2026 that it had raised concerns about the stake acquired by Atra and called on Murakami and others to sell their shareholdings in Fuji Media Holdings Inc. In a written response released on March 26, 2026, the activist investor's team said Fuji Media Holdings Inc. President Kenji Shimizu had admitted that the company could not prevent firms other than participants in the share buyback program from buying shares. Announcement • Mar 28
Fuji Media Holdings, Inc. to Report Fiscal Year 2026 Results on May 12, 2026 Fuji Media Holdings, Inc. announced that they will report fiscal year 2026 results on May 12, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). New Risk • Feb 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. 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. This is currently the only risk that has been identified for the company. Announcement • Feb 03
Fuji Media Holdings, Inc. (TSE:4676) announces an Equity Buyback for 71,000,000 shares, representing 34.37% for ¥235,000 million. Fuji Media Holdings, Inc. (TSE:4676) announces a share repurchase program. Under the program, the company will repurchase up to 71,000,000 shares, representing 34.37% of issued share capital, for ¥235,000 million. The purpose of the program is to improve return on capital through improvement to capital efficiency, as well as to enhance shareholder returns. The program will expire on March 31, 2026. As of February 3, 2026, the company had 206,600,649 issued and outstanding shares (excluding treasury shares) and 27,593,851 in treasury. Price Target Changed • Jan 31
Price target increased by 8.7% to JP¥3,907 Up from JP¥3,593, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥3,896. Stock is up 78% over the past year. The company is forecast to post earnings per share of JP¥110 next year compared to a net loss per share of JP¥95.74 last year. Price Target Changed • Jan 23
Price target increased by 8.3% to JP¥3,710 Up from JP¥3,427, the current price target is an average from 6 analysts. New target price is 6.0% below last closing price of JP¥3,945. Stock is up 107% over the past year. The company is forecast to post earnings per share of JP¥114 next year compared to a net loss per share of JP¥95.74 last year. Announcement • Dec 25
Fuji Media Holdings, Inc. to Report Q3, 2026 Results on Feb 03, 2026 Fuji Media Holdings, Inc. announced that they will report Q3, 2026 results on Feb 03, 2026 Declared Dividend • Dec 10
First half dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 1.4%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 2.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥77.29 (vs JP¥25.39 in 2Q 2025) Second quarter 2026 results: EPS: JP¥77.29 (up from JP¥25.39 in 2Q 2025). Revenue: JP¥132.6b (down 4.3% from 2Q 2025). Net income: JP¥16.0b (up 199% from 2Q 2025). Profit margin: 12% (up from 3.9% in 2Q 2025). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Nov 11
Fuji Media Holdings, Inc. (TSE:4676) announces an Equity Buyback for 20,000,000 shares, representing 9.5% for ¥50,000 million. Fuji Media Holdings, Inc. (TSE:4676) announces a share repurchase program. Under the program, the company will repurchase up to 20,000,000 shares, representing 9.50% of issued share capital, for ¥50,000 million. The purpose of the program is to improve return on capital through improvement to capital efficiency, as well as to enhance shareholder returns. The program will expire on November 10, 2026. As of September 30, 2025, the company had 210,460,722 issued and outstanding shares (excluding treasury shares) and 23,733,778 in treasury. Announcement • Nov 09
Fuji Media Holdings Inc. Announces the Resignation of Michiyo Yasuda as Executive Managing Director Fuji Media Holdings Inc. has announced that Executive Managing Director Michiyo Yasuda resigned over her inappropriate expense claims. Yasuda has made inappropriate claims for expenses totaling about 1 million yen in some 60 cases since 2020, including falsifying the number of attendees at dinners. She also resigned as director of Fuji Television Network Inc. Yasuda, a former Fuji TV reporter, was appointed to Fuji Media's board at a shareholders' meeting in June, as part of a management renewal after the group's corporate culture was questioned over its handling of a sexual assault scandal involving former TV star Masahiro Nakai. Fuji Media learned about Yasuda's expense claims in mid-September and investigated past records. She admitted to the irregularities, expressed her intention to refund the money, and offered to resign. She did not make the expenses for personal purposes, such as buying personal belongings, according to the group. Price Target Changed • Oct 07
Price target increased by 11% to JP¥3,427 Up from JP¥3,093, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥3,353. Stock is up 94% over the past year. The company is forecast to post earnings per share of JP¥119 next year compared to a net loss per share of JP¥95.74 last year. Announcement • Sep 26
Fuji Media Holdings, Inc. to Report Q2, 2026 Results on Nov 10, 2025 Fuji Media Holdings, Inc. announced that they will report Q2, 2026 results on Nov 10, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 08 December 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.6%). Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥5.19 (vs JP¥33.92 in 1Q 2025) First quarter 2026 results: EPS: JP¥5.19 (down from JP¥33.92 in 1Q 2025). Revenue: JP¥116.1b (down 10% from 1Q 2025). Net income: JP¥1.08b (down 85% from 1Q 2025). Profit margin: 0.9% (down from 5.6% in 1Q 2025). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (25% 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 2.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 184% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jul 02
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 7.2% 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. This is currently the only risk that has been identified for the company. Announcement • Jun 26
Fuji Media Holdings, Inc. to Report Q1, 2026 Results on Jul 31, 2025 Fuji Media Holdings, Inc. announced that they will report Q1, 2026 results on Jul 31, 2025 Announcement • Jun 25
Fuji Media Holdings, Inc. Announces Establishment of Nomination and Remuneration Committee on June 25, 2025 Fuji Media Holdings, Inc. announced that the Board of Directors, at its meeting held on June 25, 2025, resolved to establish a Nomination and Remuneration Committee as a voluntary advisory body for the Board of Directors. Purpose of Establishment of the Committee: A Nomination and Remuneration Committee will be established under the Board of Directors to strengthen the independence, objectivity, and accountability of the Board's functions related to the nomination of directors and executive officers (including succession planning) and to further enhance the Company's corporate governance. Role of the Committee: The Nomination and Remuneration Committee will deliberate and make recommendations on the following matters at the request of the Board of Directors. Matters concerning the appointment and dismissal of directors; Matters concerning remuneration, etc. of directors (excluding Audit and Supervisory Committee members); Matters concerning the appointment and dismissal of executive officers; Matters concerning remuneration, etc. of executive officers; Matters concerning succession planning; and Other matters concerning the above that the Board of Directors recognizes as necessary. Date of Establishment: June 25, 2025. Price Target Changed • Jun 21
Price target increased by 9.4% to JP¥2,548 Up from JP¥2,328, the current price target is an average from 6 analysts. New target price is 14% below last closing price of JP¥2,975. Stock is up 63% over the past year. The company is forecast to post earnings per share of JP¥71.55 next year compared to a net loss per share of JP¥95.74 last year. Announcement • May 28
Dalton Investments Provides Information to Shareholders of Fuji Media Holdings On May 28, 2025, Dalton Investments LLC announced that it has spoken with Aya Nomura, Fuji Media Holdings Inc's shareholder and Dalton Investments is collaborating with other investors to pressure the Company to spin off its real estate arm. In addition, Dalton Investments stated that spinning off the property unit could potentially double the Company's value, and Dalton Investments stated that proposal for 12 new directors was rejected by Company earlier this month, it is also demanding the Company to unwind cross shareholdings, and it stated that the Company plans to continue investing in real estate, which it believes will generate further growth. Reported Earnings • May 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: JP¥95.74 loss per share (down from JP¥169 profit in FY 2024). Revenue: JP¥550.8b (down 2.8% from FY 2024). Net loss: JP¥20.1b (down 154% from profit in FY 2024). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Major Estimate Revision • May 17
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from JP¥552.5b to JP¥561.4b. EPS estimate fell from JP¥97.21 to JP¥87.29 per share. Net income forecast to shrink 56% next year vs 24% growth forecast for Media industry in Japan . Consensus price target broadly unchanged at JP¥2,328. Share price rose 2.2% to JP¥2,950 over the past week. Announcement • May 16
Fuji Media Holdings, Inc., Annual General Meeting, Jun 25, 2025 Fuji Media Holdings, Inc., Annual General Meeting, Jun 25, 2025. Announcement • May 13
Dalton Investments Seeks Talks with Fuji Media to Avoid Proxy Fight On May 12, 2025, Dalton Investments announced its demands to Fuji Media Holdings, urging changes in board members, a spin-off of its real estate business, and corporate governance reforms, while seeking to avoid a proxy fight. Announcement • Apr 04
Nomura Aya Acquires Shares of Fuji Media Holdings and Provides Advice to Management On April 3, 2025, Nomura Aya (Murakami Yoshiaki’s eldest daughter) announced that she has acquired over 5% of Fuji Media Holdings, Inc. shares, totaling 12,156,700 shares, with the intent to provide advice to management and make important proposals depending on the situation. The Company is currently facing management turmoil due to issues related to former entertainer Nakai Masahiro. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,686, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 19x in the Media industry in Japan. Total returns to shareholders of 148% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,025 per share. Buy Or Sell Opportunity • Mar 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to JP¥2,534. The fair value is estimated to be JP¥2,064, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 6.1% per annum over the same time period. Announcement • Mar 27
Fuji Media Holdings, Inc. to Report Fiscal Year 2025 Results on May 16, 2025 Fuji Media Holdings, Inc. announced that they will report fiscal year 2025 results at 3:30 PM, Tokyo Standard Time on May 16, 2025 Major Estimate Revision • Mar 25
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¥573.9b to JP¥560.0b. EPS estimate also fell from JP¥129 per share to JP¥94.79 per share. Net income forecast to shrink 45% next year vs 19% growth forecast for Media industry in Japan . Consensus price target up from JP¥2,178 to JP¥2,260. Share price was steady at JP¥2,331 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.3%). Announcement • Mar 06
Fuji Media Holdings, Inc. Announces Changes to Members of Management Advisory Committee Fuji Media Holdings, Inc. announced that the Management Advisory Committee is a body in which the majority of the members are independent outside directors, and it is chaired by an independent outside director. Upon consultation requests by the Board, the Committee confers, advises, and makes proposals on general management issues of the Company, matters concerning appointments and dismissals of directors, matters concerning compensation of directors (excluding directors who are audit & supervisory committee members), and additional matters related to items listed above which the Board deems necessary. The Company has decided to make the following changes to the Committee members. Committee composition: Yuzaburo Mogi, Position at the Company: Director who is an Audit & Supervisory Committee Member (Independent outside director), Position at the Committee: Chairperson. Akira Kiyota, Position at the Company: Director who is an Audit & Supervisory Committee Member (Independent outside director), Position at the Committee: Member. Shinichiro Ito, Position at the Company: Director who is an Audit & Supervisory Committee Member (Independent outside director), Position at the Company: Member. Osamu Kanemitsu, Position at the Company: President and Representative Director, Position at the Committee: Member (new appointment). Kenji Shimizu, Position at the Company: Executive Vice President, Position at the Committee: Member (new appointment). Hisashi Hieda resigned from his position as a committee member as of February 27. Shuji Kanoh resigned from his position as a committee member following his resignation as Representative Director and Director of the Company as of January 27. Kenji Shimizu concurrently serves as President and Representative Director of Fuji Television Network, Inc. Date of change and assumption of office is February 27, 2025. Buy Or Sell Opportunity • Mar 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to JP¥2,434. The fair value is estimated to be JP¥2,022, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 3.2% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,920, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Media industry in Japan. Total returns to shareholders of 154% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,994 per share. Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: JP¥54.94 (vs JP¥42.21 in 3Q 2024) Third quarter 2025 results: EPS: JP¥54.94 (up from JP¥42.21 in 3Q 2024). Revenue: JP¥145.2b (up 1.9% from 3Q 2024). Net income: JP¥11.5b (up 25% from 3Q 2024). Profit margin: 7.9% (up from 6.5% in 3Q 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 26% per year. Announcement • Feb 05
Fuji Media Holdings, Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025 Fuji Media Holdings, Inc. revised consolidated earnings guidance for the fiscal year ending March 31, 2025. For the period, the company expected net sales of JPY 548,200 million, operating income of JPY 18,000 million, profit attributable to the owners of parent of JPY 9,800 million and earnings per share of JPY 46.60 compared to previous guidance of net sales of JPY 598,300 million, operating income of JPY 35,300 million, profit attributable to the owners of parent of JPY 29,000 million and earnings per share of JPY 137.27. In the Media & Content segment, following recent reported involving Fuji Television Network, Inc. ("Fuji TV"), advertisers have suspended their commercials on Fuji TV, leading the network to replace them with public service announcements (AC ads). Fuji TV has also received requests to cancel ad placements. To maintain the trust it has built with advertisers and encourage the early resumption of ad placements, Fuji TV has decided not to charge advertising fees for the replaced AC ads and canceled ads. As a result, a significant decline in advertising revenue for the fourth quarter is expected at Fuji TV. Consequently, its non-consolidated net sales, operating income, recurring profit, and net income are projected to fall below expectations. New Risk • Jan 23
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 5.5% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥1,971, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Media industry in Japan. Total returns to shareholders of 90% over the past three years. Announcement • Dec 28
Fuji Media Holdings, Inc. to Report Q3, 2025 Results on Feb 05, 2025 Fuji Media Holdings, Inc. announced that they will report Q3, 2025 results on Feb 05, 2025 Declared Dividend • Dec 07
First half dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (27% 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 1.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥25.39 (vs JP¥22.21 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.39 (up from JP¥22.21 in 2Q 2024). Revenue: JP¥138.5b (up 2.4% from 2Q 2024). Net income: JP¥5.36b (up 9.7% from 2Q 2024). Profit margin: 3.9% (up from 3.6% in 2Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Sep 25
Fuji Media Holdings, Inc. to Report Q2, 2025 Results on Nov 07, 2024 Fuji Media Holdings, Inc. announced that they will report Q2, 2025 results at 3:30 PM, Tokyo Standard Time on Nov 07, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥33.92 (vs JP¥23.29 in 1Q 2024) First quarter 2025 results: EPS: JP¥33.92 (up from JP¥23.29 in 1Q 2024). Revenue: JP¥129.6b (down 2.0% from 1Q 2024). Net income: JP¥7.25b (up 40% from 1Q 2024). Profit margin: 5.6% (up from 3.9% in 1Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Media 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 12% per year, which means it is significantly lagging earnings growth. New Risk • Aug 05
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 6.3% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,434, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Media industry in Japan. Total returns to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,393 per share. Declared Dividend • Jul 11
Final dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 2.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (31% 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 1.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 27
Fuji Media Holdings, Inc. to Report Q1, 2025 Results on Aug 02, 2024 Fuji Media Holdings, Inc. announced that they will report Q1, 2025 results on Aug 02, 2024 Price Target Changed • Jun 18
Price target increased by 8.2% to JP¥1,952 Up from JP¥1,804, the current price target is an average from 6 analysts. New target price is 7.0% above last closing price of JP¥1,824. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥155 for next year compared to JP¥169 last year. Announcement • May 31
Dalton Investments Pushes Fuji Media Holdings for Management Buyout On May 30, 2024, Dalton Investments LLC sent a letter to Fuji Media Holdings, Inc. outlining a proposal to take the group private through a management buyout. Dalton Investments stated that the Company would be delisted following the buyout. Dalton Investments also stated that it sees the potential to raise the Company's value through a restructuring that involves asset sales. In addition to recommending the Company to focus on content and other areas of the broadcast business, Dalton Investments' proposal suggested raising funds for the buyout by securitizing real estate holdings and selling cross-held shares. Dalton Investments has been calling for the Company to improve capital efficiency. New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% 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 0.5% 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 11
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥169 (down from JP¥211 in FY 2023). Revenue: JP¥566.4b (up 5.8% from FY 2023). Net income: JP¥37.1b (down 21% from FY 2023). Profit margin: 6.5% (down from 8.7% in FY 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Fuji Media Holdings, Inc., Annual General Meeting, Jun 26, 2024 Fuji Media Holdings, Inc., Annual General Meeting, Jun 26, 2024. Announcement • Mar 29
Fuji Media Holdings, Inc. (TSE:4676) announces an Equity Buyback for 10,000,000 shares, representing 4.57% for ¥15,000 million. Fuji Media Holdings, Inc. (TSE:4676) announces a share repurchase program. Under the program, the company will repurchase up to 10,000,000 shares, representing 4.57% of issued share capital, for ¥15,000 million. The purpose of the program is to improve return on capital through improvement to capital efficiency, as well as to enhance shareholder returns. The program will expire on March 31, 2025. As of February 29, 2024, the company had 218,919,010 issued and outstanding shares (excluding treasury shares) and 15,275,490 in treasury. Major Estimate Revision • Mar 29
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥125 to JP¥138. Revenue forecast unchanged at JP¥555.7b. Net income forecast to shrink 33% next year vs 13% growth forecast for Media industry in Japan . Consensus price target up from JP¥1,804 to JP¥1,846. Share price rose 5.2% to JP¥1,984 over the past week. Announcement • Mar 27
Fuji Media Holdings, Inc. to Report Fiscal Year 2024 Results on May 09, 2024 Fuji Media Holdings, Inc. announced that they will report fiscal year 2024 results at 3:00 PM, Tokyo Standard Time on May 09, 2024 