Reported Earnings • May 01
First quarter 2026 earnings released: EPS: JP¥22.67 (vs JP¥30.19 in 1Q 2025) First quarter 2026 results: EPS: JP¥22.67 (down from JP¥30.19 in 1Q 2025). Revenue: JP¥67.6b (flat on 1Q 2025). Net income: JP¥2.06b (down 27% from 1Q 2025). Profit margin: 3.0% (down from 4.2% in 1Q 2025). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food 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 9% per year, which means it is significantly lagging earnings. Announcement • Apr 21
Kagome Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Kagome Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Board Change • Mar 21
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent External Director Shigeru Kumekawa was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 16
Kagome Co., Ltd., Annual General Meeting, Mar 26, 2026 Kagome Co., Ltd., Annual General Meeting, Mar 26, 2026, at 10:00 Tokyo Standard Time. Announcement • Feb 13
Kagome Co., Ltd. (TSE:2811) announces an Equity Buyback for 600,000 shares, representing 0.66% for ¥1,800 million. Kagome Co., Ltd. (TSE:2811) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 0.66% of its issued share capital (excluding treasury stock), for ¥1,800 million. The shares will be repurchased at ¥2,868 per share. The purpose of the program is to further enhance shareholder returns and improve capital efficiency. As of December 31, 2025, there are 90,867,678 issued shares (excluding treasury shares) and 265,166 treasury shares. Reported Earnings • Feb 03
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥161 (down from JP¥279 in FY 2024). Revenue: JP¥294.3b (down 4.1% from FY 2024). Net income: JP¥14.8b (down 41% from FY 2024). Profit margin: 5.0% (down from 8.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.5%. Revenue is forecast to stay flat during the next 2 years compared to a 3.2% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 06 March 2026. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.1%). Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: JP¥49.52 (vs JP¥57.17 in 3Q 2024) Third quarter 2025 results: EPS: JP¥49.52 (down from JP¥57.17 in 3Q 2024). Revenue: JP¥77.6b (flat on 3Q 2024). Net income: JP¥4.50b (down 16% from 3Q 2024). Profit margin: 5.8% (down from 6.8% in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 09
Dividend of JP¥48.00 announced Shareholders will receive a dividend of JP¥48.00. Ex-date: 29th December 2025 Payment date: 6th March 2026 Dividend yield will be 1.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 8.1% 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 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 08
Kagome Co., Ltd. announces Annual dividend, payable on March 06, 2026 Kagome Co., Ltd. announced Annual dividend of JPY 48.0000 per share payable on March 06, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. New Risk • Aug 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 86% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.5% net profit margin). Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: JP¥36.67 (vs JP¥69.72 in 2Q 2024) Second quarter 2025 results: EPS: JP¥36.67 (down from JP¥69.72 in 2Q 2024). Revenue: JP¥71.5b (down 12% from 2Q 2024). Net income: JP¥3.37b (down 44% from 2Q 2024). Profit margin: 4.7% (down from 7.4% in 2Q 2024). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Food industry in Japan are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 07
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥305.0b to JP¥300.2b. EPS estimate also fell from JP¥190 per share to JP¥157 per share. Net income forecast to shrink 10% next year vs 8.2% growth forecast for Food industry in Japan . Consensus price target down from JP¥3,200 to JP¥2,900. Share price rose 2.2% to JP¥3,003 over the past week. New Risk • May 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% 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 1.8% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • May 01
First quarter 2025 earnings released: EPS: JP¥30.19 (vs JP¥137 in 1Q 2024) First quarter 2025 results: EPS: JP¥30.19 (down from JP¥137 in 1Q 2024). Revenue: JP¥67.2b (flat on 1Q 2024). Net income: JP¥2.81b (down 76% from 1Q 2024). Profit margin: 4.2% (down from 18% in 1Q 2024). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food 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 fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.4% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥308.7b to JP¥299.9b. EPS estimate also fell from JP¥223 per share to JP¥150 per share. Net income forecast to shrink 44% next year vs 10% growth forecast for Food industry in Japan . Consensus price target down from JP¥4,355 to JP¥3,380. Share price fell 2.2% to JP¥2,839 over the past week. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 04
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥279 (up from JP¥121 in FY 2023). Revenue: JP¥306.9b (up 37% from FY 2023). Net income: JP¥25.0b (up 140% from FY 2023). Profit margin: 8.2% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 05 March 2025. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.5%). Announcement • Dec 13
Kagome Co., Ltd. to Report Q3, 2025 Results on Oct 29, 2025 Kagome Co., Ltd. announced that they will report Q3, 2025 results on Oct 29, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: JP¥56.97 (up from JP¥50.37 in 3Q 2023). Revenue: JP¥78.1b (up 31% from 3Q 2023). Net income: JP¥5.34b (up 23% from 3Q 2023). Profit margin: 6.8% (down from 7.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Oct 11
Dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 27th December 2024 Payment date: 5th March 2025 Dividend yield will be 1.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 2.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,935, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Food industry in Japan. Total returns to shareholders of 5.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,064 per share. Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥69.72 (up from JP¥36.66 in 2Q 2023). Revenue: JP¥80.9b (up 41% from 2Q 2023). Net income: JP¥6.00b (up 90% from 2Q 2023). Profit margin: 7.4% (up from 5.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Jul 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Buy Or Sell Opportunity • May 21
Now 20% undervalued Over the last 90 days, the stock has risen 5.4% to JP¥3,743. The fair value is estimated to be JP¥4,698, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are forecast to decline by 2.8% per annum over the same time period. Major Estimate Revision • May 09
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥288.3b to JP¥321.4b. EPS estimate increased from JP¥210 to JP¥270 per share. Net income forecast to grow 134% next year vs 5.5% growth forecast for Food industry in Japan. Consensus price target up from JP¥4,160 to JP¥4,660. Share price was steady at JP¥3,944 over the past week. Announcement • Apr 29
Kagome Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2024 Kagome Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2024. For the year ending December 31, 2024, the company expects revenue of JPY 296,000 million compared to previous guidance of JPY 289,000 million, Core operating income of JPY 23,000 million compared to previous guidance of JPY 17,000 million, operating income of JPY 32,000 million compared to previous guidance of JPY 26,000 million, net income attributable to owners of the parent of JPY 21,000 million compared to previous guidance of JPY 18,000 million and earnings per share of JPY 243.84 compared to previous guidance of JPY 209.02. Announcement • Mar 28
Kagome Co., Ltd. Elects Hitoshi Takano as Director Kagome Co., Ltd. announces the individual results of the exercising of voting rights at the 80th annual general meeting of shareholders held on March 26, 2024, approved election of Hitoshi Takano as director of the company. Major Estimate Revision • Mar 22
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥258.3b to JP¥288.3b. EPS estimate increased from JP¥160 to JP¥210 per share. Net income forecast to grow 77% next year vs 3.6% growth forecast for Food industry in Japan. Consensus price target up from JP¥3,360 to JP¥4,160. Share price rose 4.3% to JP¥3,666 over the past week. Major Estimate Revision • Mar 13
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥237.8b to JP¥258.3b. EPS estimate increased from JP¥94.26 to JP¥110 per share. Net income forecast to grow 12% next year vs 3.7% growth forecast for Food industry in Japan. Consensus price target up from JP¥3,010 to JP¥3,360. Share price rose 4.7% to JP¥3,516 over the past week. Price Target Changed • Mar 12
Price target increased by 18% to JP¥3,360 Up from JP¥2,850, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥3,331. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥110 for next year compared to JP¥121 last year. Reported Earnings • Feb 03
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥121 (up from JP¥105 in FY 2022). Revenue: JP¥224.7b (up 9.3% from FY 2022). Net income: JP¥10.4b (up 14% from FY 2022). Profit margin: 4.6% (up from 4.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food 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 only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥3,642, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 18x in the Food industry in Japan. Total returns to shareholders of 9.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,718 per share. Buy Or Sell Opportunity • Jan 29
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥3,532. The fair value is estimated to be JP¥2,718, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 2.4% per annum over the same time period. Announcement • Jan 26
Kagome Co., Ltd. (TSE:2811) completed the acquisition of 50% stake in Ingomar Packing Company LLC for approximately $240 million. Kagome Co., Ltd. (TSE:2811) acquired 50% stake in Ingomar Packing Company LLC for approximately $240 million on January 26, 2024. Together with the 20% equity stake already acquired in 2016 via Kagome Inc. (hereinafter, “KIUS”), a wholly owned subsidiary of the Company, this additional acquisition will result in Ingomar becoming a consolidated subsidiary of the Kagome Group. The Company will contribute all shares of Kagome Inc. it holds in kind to Kagome USA Holdings Inc. by the end of March 2024. Kagome Co., Ltd. will also transfer the 20% equity stake in Ingomar held by Kagome Inc. to Kagome USA Holdings Inc. This will result in Kagome USA Holdings Inc. becoming a parent company of both Kagome Inc. and Ingomar. In the future, Kagome USA Holdings Inc. is expected to serve not only as a holding company of Kagome Inc. and Ingomar but as a control base overseeing the business, funding, and governance of the Kagome Group in the US. Ingomar reported net assets as approximately $120 million, total assets as approximately $200 million, revenue as approximately $310 million, operating income as $55.03 million and net income as $53.053 million for the fiscal year ended on June 30, 2023. The Company has borrowed the entire amount of the acquisition cost of 50% equity stake in Ingomar of $0.243 million as a bridge loan denominated in Japanese yen from financial institutions. Board of directors of Kagome Co., Ltd. resolves the acquisition.
Kagome Co., Ltd. (TSE:2811) completed the acquisition of 50% stake in Ingomar Packing Company LLC on January 26, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥38.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 07 March 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (1.8%). Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 34% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥78.26 to JP¥105. Revenue forecast steady at JP¥222.7b. Net income forecast to shrink 19% next year vs 1.2% decline forecast for Food industry in Japan. Consensus price target up from JP¥2,850 to JP¥3,010. Share price was steady at JP¥3,197 over the past week. Reported Earnings • Oct 29
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: JP¥50.37 (up from JP¥35.48 in 3Q 2022). Revenue: JP¥59.5b (up 8.6% from 3Q 2022). Net income: JP¥4.34b (up 42% from 3Q 2022). Profit margin: 7.3% (up from 5.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates by 85%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Oct 29
Kagome Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2023 Kagome Co., Ltd. provided consolidated earnings guidance for the Fiscal Year Ending December 31, 2023. For the period, the company expects revenue to be JPY 222,000 million, core operating income to be JPY 16,000 million, net income attributable to owners of the parent to be JPY 9,000 million, earnings per share to be JPY 104.54. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: JP¥36.66 (vs JP¥23.82 in 2Q 2022) Second quarter 2023 results: EPS: JP¥36.66 (up from JP¥23.82 in 2Q 2022). Revenue: JP¥57.3b (up 11% from 2Q 2022). Net income: JP¥3.16b (up 53% from 2Q 2022). Profit margin: 5.5% (up from 4.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food 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 remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Jun 22
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from JP¥213.1b to JP¥223.5b. EPS estimate fell from JP¥76.15 to JP¥68.40 per share. Net income forecast to shrink 39% next year vs 4.3% growth forecast for Food industry in Japan . Consensus price target down from JP¥3,030 to JP¥2,900. Share price fell 2.6% to JP¥3,304 over the past week. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: JP¥23.62 (vs JP¥16.97 in 1Q 2022) First quarter 2023 results: EPS: JP¥23.62 (up from JP¥16.97 in 1Q 2022). Revenue: JP¥48.0b (up 8.8% from 1Q 2022). Net income: JP¥2.03b (up 36% from 1Q 2022). Profit margin: 4.2% (up from 3.4% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food 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 7% per year, which means it is well ahead of earnings. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. Substitute Director Morihiro Murata was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 03
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥105 (down from JP¥109 in FY 2021). Revenue: JP¥205.6b (up 8.4% from FY 2021). Net income: JP¥9.12b (down 6.6% from FY 2021). Profit margin: 4.4% (down from 5.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 02
Kagome Co., Ltd., Annual General Meeting, Mar 28, 2023 Kagome Co., Ltd., Annual General Meeting, Mar 28, 2023. Announcement • Jan 28
Kagome Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ended December 31, 2022 Kagome Co., Ltd. revised consolidated earnings guidance for the fiscal year ended December 31, 2022. For the year, the company now expects revenue of JPY 205,600 million operating income of JPY 12,700 million, net income attributable to shareholders of patent of JPY 9,100 million and earnings per share of JPY 104.93. the company previously expects revenue of JPY 202,000 million operating income of JPY 10,800 million, net income attributable to shareholders of patent of JPY 6,900 million and earnings per share of JPY 78.97. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 09 March 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (1.7%). Announcement • Dec 06
Kagome Co., Ltd. to Report Fiscal Year 2022 Results on Feb 20, 2023 Kagome Co., Ltd. announced that they will report fiscal year 2022 results on Feb 20, 2023 Price Target Changed • Nov 30
Price target increased to JP¥3,080 Up from JP¥2,755, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥3,055. Stock is up 10% over the past year. The company is forecast to post earnings per share of JP¥82.36 for next year compared to JP¥109 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥35.47 (vs JP¥35.03 in 3Q 2021) Third quarter 2022 results: EPS: JP¥35.47. Revenue: JP¥54.8b (up 9.9% from 3Q 2021). Net income: JP¥3.05b (down 2.4% from 3Q 2021). Profit margin: 5.6% (down from 6.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: JP¥35.48 (vs JP¥35.03 in 3Q 2021) Third quarter 2022 results: EPS: JP¥35.48. Revenue: JP¥54.8b (up 9.9% from 3Q 2021). Net income: JP¥3.06b (down 2.4% from 3Q 2021). Profit margin: 5.6% (down from 6.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Major Estimate Revision • Sep 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥195.2b to JP¥200.3b. EPS estimate fell from JP¥91.65 to JP¥78.01 per share. Net income forecast to shrink 20% next year vs 8.7% decline forecast for Food industry in Japan. Consensus price target down from JP¥2,805 to JP¥2,605. Share price was steady at JP¥2,987 over the past week. Price Target Changed • Aug 19
Price target decreased to JP¥2,805 Down from JP¥3,265, the current price target is an average from 2 analysts. New target price is 12% below last closing price of JP¥3,170. Stock is up 7.5% over the past year. The company is forecast to post earnings per share of JP¥91.65 for next year compared to JP¥109 last year. 
