Price Target Changed • Jun 09
Price target increased by 8.4% to JP¥2,870 Up from JP¥2,647, the current price target is an average from 3 analysts. New target price is 19% above last closing price of JP¥2,416. Stock is up 62% over the past year. The company is forecast to post earnings per share of JP¥191 for next year compared to JP¥135 last year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,477, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Construction industry in Japan. Total loss to shareholders of 1.7% over the past three years. Announcement • May 09
West Holdings Corporation to Report Q3, 2026 Results on Jul 15, 2026 West Holdings Corporation announced that they will report Q3, 2026 results on Jul 15, 2026 Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥2,295, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Construction industry in Japan. Total loss to shareholders of 21% over the past three years. New Risk • Apr 15
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 7.1% 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 Risk Debt is not well covered by operating cash flow (3.5% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Apr 15
Second quarter 2026 earnings released: EPS: JP¥14.27 (vs JP¥16.84 in 2Q 2025) Second quarter 2026 results: EPS: JP¥14.27 (down from JP¥16.84 in 2Q 2025). Revenue: JP¥9.33b (down 2.8% from 2Q 2025). Net income: JP¥566.0m (down 15% from 2Q 2025). Profit margin: 6.1% (down from 7.0% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% 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 fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Announcement • Apr 03
West Holdings Corporation to Report Q2, 2026 Results on Apr 14, 2026 West Holdings Corporation announced that they will report Q2, 2026 results on Apr 14, 2026 Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,871, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Construction industry in Japan. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,189 per share. Reported Earnings • Jan 15
First quarter 2026 earnings released: JP¥5.27 loss per share (vs JP¥3.08 loss in 1Q 2025) First quarter 2026 results: JP¥5.27 loss per share (further deteriorated from JP¥3.08 loss in 1Q 2025). Revenue: JP¥5.85b (up 11% from 1Q 2025). Net loss: JP¥209.0m (loss widened 71% from 1Q 2025). Revenue is forecast to grow 14% 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 3% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,536, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Construction industry in Japan. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,144 per share. Buy Or Sell Opportunity • Dec 19
Now 23% overvalued Over the last 90 days, the stock has fallen 21% to JP¥1,402. The fair value is estimated to be JP¥1,144, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has grown by 6.9%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Announcement • Nov 27
West Holdings Corporation to Report Q1, 2026 Results on Jan 14, 2026 West Holdings Corporation announced that they will report Q1, 2026 results on Jan 14, 2026 Price Target Changed • Nov 22
Price target decreased by 20% to JP¥2,680 Down from JP¥3,360, the current price target is an average from 3 analysts. New target price is 94% above last closing price of JP¥1,385. Stock is down 31% over the past year. The company is forecast to post earnings per share of JP¥195 for next year compared to JP¥135 last year. Buy Or Sell Opportunity • Nov 21
Now 21% overvalued Over the last 90 days, the stock has fallen 19% to JP¥1,385. The fair value is estimated to be JP¥1,144, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Earnings per share has grown by 6.9%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Reported Earnings • Oct 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥135 (down from JP¥167 in FY 2024). Revenue: JP¥47.3b (down 6.2% from FY 2024). Net income: JP¥5.36b (down 21% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 14% 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 increased by 7% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Oct 15
West Holdings Corporation, Annual General Meeting, Nov 26, 2025 West Holdings Corporation, Annual General Meeting, Nov 26, 2025. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,866, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Construction industry in Japan. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,507 per share. Upcoming Dividend • Aug 21
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 27 November 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.9%). Announcement • Aug 01
West Holdings Corporation to Report Fiscal Year 2025 Results on Oct 15, 2025 West Holdings Corporation announced that they will report fiscal year 2025 results on Oct 15, 2025 Reported Earnings • Jul 17
Third quarter 2025 earnings released: EPS: JP¥5.77 (vs JP¥18.09 in 3Q 2024) Third quarter 2025 results: EPS: JP¥5.77 (down from JP¥18.09 in 3Q 2024). Revenue: JP¥7.13b (down 27% from 3Q 2024). Net income: JP¥229.0m (down 69% from 3Q 2024). Profit margin: 3.2% (down from 7.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% 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 increased by 11% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 16
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥55.8b to JP¥51.7b. EPS estimate also fell from JP¥198 per share to JP¥176 per share. Net income forecast to grow 35% next year vs 7.7% growth forecast for Construction industry in Japan. Consensus price target of JP¥2,813 unchanged from last update. Share price fell 15% to JP¥1,485 over the past week. New Risk • Jul 15
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 5.3% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.3% average weekly change). Announcement • May 14
West Holdings Corporation to Report Q3, 2025 Results on Jul 15, 2025 West Holdings Corporation announced that they will report Q3, 2025 results on Jul 15, 2025 Price Target Changed • May 13
Price target decreased by 10% to JP¥3,360 Down from JP¥3,753, the current price target is an average from 4 analysts. New target price is 109% above last closing price of JP¥1,611. Stock is down 43% over the past year. The company is forecast to post earnings per share of JP¥198 for next year compared to JP¥167 last year. Reported Earnings • Apr 15
Second quarter 2025 earnings released: EPS: JP¥16.84 (vs JP¥25.68 in 2Q 2024) Second quarter 2025 results: EPS: JP¥16.84 (down from JP¥25.68 in 2Q 2024). Revenue: JP¥9.60b (down 13% from 2Q 2024). Net income: JP¥668.0m (down 36% from 2Q 2024). Profit margin: 7.0% (down from 9.4% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% 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 10% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Announcement • Feb 03
West Holdings Corporation to Report Q2, 2025 Results on Apr 14, 2025 West Holdings Corporation announced that they will report Q2, 2025 results on Apr 14, 2025 Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,592, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Construction industry in Japan. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,891 per share. Reported Earnings • Jan 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: JP¥3.08 loss per share (down from JP¥20.17 profit in 1Q 2024). Revenue: JP¥5.27b (down 41% from 1Q 2024). Net loss: JP¥122.0m (down 115% from profit in 1Q 2024). Revenue missed analyst estimates by 25%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 13% 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 10% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Price Target Changed • Dec 19
Price target decreased by 7.8% to JP¥3,578 Down from JP¥3,882, the current price target is an average from 5 analysts. New target price is 115% above last closing price of JP¥1,663. Stock is down 46% over the past year. The company is forecast to post earnings per share of JP¥215 for next year compared to JP¥167 last year. Major Estimate Revision • Dec 19
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥62.1b to JP¥55.2b. EPS estimate fell from JP¥227 to JP¥215 per share. Net income forecast to grow 27% next year vs 13% growth forecast for Construction industry in Japan. Consensus price target down from JP¥3,882 to JP¥3,578. Share price fell 3.0% to JP¥1,663 over the past week. Announcement • Nov 27
West Holdings Corporation to Report Q1, 2025 Results on Jan 14, 2025 West Holdings Corporation announced that they will report Q1, 2025 results on Jan 14, 2025 Reported Earnings • Oct 18
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥167 (up from JP¥148 in FY 2023). Revenue: JP¥50.4b (up 15% from FY 2023). Net income: JP¥6.76b (up 12% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 6.8%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,468, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Construction industry in Japan. Total loss to shareholders of 59% over the past three years. Announcement • Oct 15
West Holdings Corporation, Annual General Meeting, Nov 26, 2024 West Holdings Corporation, Annual General Meeting, Nov 26, 2024. Announcement • Aug 27
West Holdings Corporation to Report Fiscal Year 2024 Results on Oct 11, 2024 West Holdings Corporation announced that they will report fiscal year 2024 results on Oct 11, 2024 Upcoming Dividend • Aug 22
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 25 November 2024. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.4%). Reported Earnings • Jul 16
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: JP¥18.09 (down from JP¥47.34 in 3Q 2023). Revenue: JP¥9.79b (down 14% from 3Q 2023). Net income: JP¥731.0m (down 62% from 3Q 2023). Profit margin: 7.5% (down from 17% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 40%. Earnings per share (EPS) also missed analyst estimates by 67%. Revenue is forecast to grow 19% 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 5% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • May 22
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 5.7% 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 Risk Debt is not well covered by operating cash flow (0.2% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Announcement • May 10
West Holdings Corporation to Report Q3, 2024 Results on Jul 12, 2024 West Holdings Corporation announced that they will report Q3, 2024 results on Jul 12, 2024 Announcement • Apr 14
West Holdings Corporation (TSE:1407) announces an Equity Buyback for 1,000,000 shares, representing 2.46% for ¥3,000 million. West Holdings Corporation (JASDAQ:1407) announces a share repurchase program. Under the program, the company will repurchase 1,000,000 shares, representing 2.46% of its share capital, for ¥3,000 million. The company will repurchase its shares in order to enable the implementation of a flexible capital policy in response to changes in the business environment. The program will run until October 31, 2024. As of March 31, 2024, the company had 40,659,835 shares outstanding (excluding treasury shares) and 5,367,653 shares in treasury. Announcement • Jan 31
West Holdings Corporation to Report Q2, 2024 Results on Apr 12, 2024 West Holdings Corporation announced that they will report Q2, 2024 results on Apr 12, 2024 Reported Earnings • Jan 14
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥20.17 (up from JP¥4.35 in 1Q 2023). Revenue: JP¥8.87b (up 41% from 1Q 2023). Net income: JP¥820.0m (up 363% from 1Q 2023). Profit margin: 9.2% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Dec 09
West Holdings Corporation to Report Q1, 2024 Results on Jan 12, 2024 West Holdings Corporation announced that they will report Q1, 2024 results on Jan 12, 2024 Reported Earnings • Oct 15
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥148 (up from JP¥105 in FY 2022). Revenue: JP¥43.7b (down 35% from FY 2022). Net income: JP¥6.02b (up 41% from FY 2022). Profit margin: 14% (up from 6.3% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 15
West Holdings Corporation, Annual General Meeting, Nov 22, 2023 West Holdings Corporation, Annual General Meeting, Nov 22, 2023. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥3,575, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Renewable Energy industry in Japan. Total returns to shareholders of 69% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of JP¥55.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 24 November 2023. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (3.4%). Announcement • Aug 10
West Holdings Corporation to Report Fiscal Year 2023 Results on Oct 13, 2023 West Holdings Corporation announced that they will report fiscal year 2023 results on Oct 13, 2023 Price Target Changed • Aug 08
Price target decreased by 10% to JP¥4,559 Down from JP¥5,073, the current price target is an average from 7 analysts. New target price is 74% above last closing price of JP¥2,625. Stock is down 41% over the past year. The company is forecast to post earnings per share of JP¥155 for next year compared to JP¥105 last year. Reported Earnings • Jul 16
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: JP¥47.34 (up from JP¥28.90 loss in 3Q 2022). Revenue: JP¥11.5b (down 17% from 3Q 2022). Net income: JP¥1.93b (up JP¥3.10b from 3Q 2022). Profit margin: 17% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) exceeded analyst estimates by 43%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 04
West Holdings Corporation to Report Q3, 2023 Results on Jul 14, 2023 West Holdings Corporation announced that they will report Q3, 2023 results on Jul 14, 2023 Price Target Changed • Apr 28
Price target decreased by 8.1% to JP¥5,652 Down from JP¥6,152, the current price target is an average from 6 analysts. New target price is 75% above last closing price of JP¥3,230. Stock is down 38% over the past year. The company is forecast to post earnings per share of JP¥172 for next year compared to JP¥105 last year. Price Target Changed • Apr 26
Price target decreased by 8.1% to JP¥5,652 Down from JP¥6,152, the current price target is an average from 6 analysts. New target price is 75% above last closing price of JP¥3,225. Stock is down 34% over the past year. The company is forecast to post earnings per share of JP¥172 for next year compared to JP¥105 last year. Reported Earnings • Apr 16
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: JP¥21.52 (down from JP¥35.73 in 2Q 2022). Revenue: JP¥8.50b (down 58% from 2Q 2022). Net income: JP¥875.0m (down 40% from 2Q 2022). Profit margin: 10% (up from 7.2% in 2Q 2022). Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Announcement • Jan 27
West Holdings Corporation to Report Q2, 2023 Results on Apr 14, 2023 West Holdings Corporation announced that they will report Q2, 2023 results on Apr 14, 2023 Reported Earnings • Jan 14
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: JP¥4.35 (down from JP¥5.76 in 1Q 2022). Revenue: JP¥6.31b (down 57% from 1Q 2022). Net income: JP¥177.0m (down 24% from 1Q 2022). Profit margin: 2.8% (up from 1.6% in 1Q 2022). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 76%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Dec 04
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥105 (down from JP¥160 in FY 2021). Revenue: JP¥67.2b (down 1.1% from FY 2021). Net income: JP¥4.26b (down 35% from FY 2021). Profit margin: 6.3% (down from 9.6% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 01
West Holdings Corporation to Report Q1, 2023 Results on Jan 13, 2023 West Holdings Corporation announced that they will report Q1, 2023 results on Jan 13, 2023 Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 8 highly experienced directors. No independent directors (8 non-independent directors). External Auditor Ken Takahashi was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 17
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥105 (down from JP¥160 in FY 2021). Revenue: JP¥67.2b (down 1.1% from FY 2021). Net income: JP¥4.26b (down 35% from FY 2021). Profit margin: 6.3% (down from 9.6% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 16
West Holdings Corporation, Annual General Meeting, Nov 22, 2022 West Holdings Corporation, Annual General Meeting, Nov 22, 2022. Agenda: general meeting of shareholders. Major Estimate Revision • Oct 15
Consensus revenue estimates fall by 15% The consensus outlook for revenues in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥72.4b to JP¥61.4b. EPS estimate fell from JP¥217 to JP¥207 per share. Net income forecast to grow 80% next year vs 27% growth forecast for Renewable Energy industry in Japan. Consensus price target of JP¥6,018 unchanged from last update. Share price rose 11% to JP¥4,450 over the past week. Announcement • Oct 10
West Holdings Corporation to Report Fiscal Year 2022 Results on Oct 14, 2022 West Holdings Corporation announced that they will report fiscal year 2022 results on Oct 14, 2022 Upcoming Dividend • Aug 23
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 29 November 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%). Price Target Changed • Aug 07
Price target decreased to JP¥6,068 Down from JP¥6,580, the current price target is an average from 6 analysts. New target price is 40% above last closing price of JP¥4,340. Stock is down 9.0% over the past year. The company is forecast to post earnings per share of JP¥104 for next year compared to JP¥160 last year. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥4,370, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Renewable Energy industry in Japan. Total returns to shareholders of 540% over the past three years. Reported Earnings • Jul 17
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: JP¥28.89 loss per share (down from JP¥22.82 profit in 3Q 2021). Revenue: JP¥13.7b (up 16% from 3Q 2021). Net loss: JP¥1.18b (down 227% from profit in 3Q 2021). Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) missed analyst estimates by 53%. Over the next year, revenue is forecast to grow 15%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥3,650, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Renewable Energy industry in Japan. Total returns to shareholders of 473% over the past three years. Major Estimate Revision • Jun 28
Consensus revenue estimates fall by 26% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from JP¥90.0b to JP¥66.5b. EPS estimate fell from JP¥175 to JP¥98.40 per share. Net income forecast to grow 16% next year vs 32% growth forecast for Renewable Energy industry in Japan. Consensus price target of JP¥6,286 unchanged from last update. Share price fell 4.3% to JP¥3,880 over the past week. Announcement • May 04
West Holdings Corporation to Report Q3, 2022 Results on Jul 15, 2022 West Holdings Corporation announced that they will report Q3, 2022 results on Jul 15, 2022 Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. No independent directors (8 non-independent directors). External Auditor Ken Takahashi was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Apr 18
Price target increased to JP¥6,283 Up from JP¥5,858, the current price target is an average from 4 analysts. New target price is 17% above last closing price of JP¥5,390. Stock is up 56% over the past year. The company is forecast to post earnings per share of JP¥160 for next year compared to JP¥160 last year. Reported Earnings • Apr 15
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: JP¥35.73 (up from JP¥23.01 in 2Q 2021). Revenue: JP¥20.0b (up 49% from 2Q 2021). Net income: JP¥1.45b (up 55% from 2Q 2021). Profit margin: 7.2% (up from 7.0% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Over the next year, revenue is forecast to grow 27%, compared to a 24% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 24
Price target decreased to JP¥5,858 Down from JP¥6,333, the current price target is an average from 4 analysts. New target price is 55% above last closing price of JP¥3,790. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥160 last year. Announcement • Jan 30
West Holdings Corporation to Report Q2, 2022 Results on Apr 15, 2022 West Holdings Corporation announced that they will report Q2, 2022 results on Apr 15, 2022 Reported Earnings • Jan 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: JP¥5.76 (down from JP¥25.93 in 1Q 2021). Revenue: JP¥14.5b (up 12% from 1Q 2021). Net income: JP¥234.0m (down 78% from 1Q 2021). Profit margin: 1.6% (down from 8.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 80%. Earnings per share (EPS) missed analyst estimates by 80%. Over the next year, revenue is forecast to grow 38%, compared to a 19% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 18
Price target increased to JP¥5,383 Up from JP¥4,883, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥5,600. Stock is up 124% over the past year. Reported Earnings • Oct 16
Full year 2021 earnings released: EPS JP¥160 (vs JP¥108 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥67.9b (up 9.7% from FY 2020). Net income: JP¥6.50b (up 47% from FY 2020). Profit margin: 9.6% (up from 7.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥5,360, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 19x in the Renewable Energy industry in Japan. Total returns to shareholders of 1,187% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,891 per share. Upcoming Dividend • Aug 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 26 November 2021. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.1%). Lower than average of industry peers (2.7%). Major Estimate Revision • Jul 22
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from JP¥81.7b to JP¥70.6b. EPS estimate increased from JP¥146 to JP¥156 per share. Net income forecast to grow 39% next year vs 9.2% growth forecast for Renewable Energy industry in Japan. Consensus price target up from JP¥4,883 to JP¥5,183. Share price rose 2.3% to JP¥4,490 over the past week. Reported Earnings • Jul 18
Third quarter 2021 earnings released: EPS JP¥22.82 (vs JP¥16.53 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: JP¥11.9b (flat on 3Q 2020). Net income: JP¥928.0m (up 38% from 3Q 2020). Profit margin: 7.8% (up from 5.7% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 22% share price gain to JP¥4,300, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 25x in the Renewable Energy industry in Japan. Total returns to shareholders of 999% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,319 per share.