Announcement • Jun 25
Nagoya Railroad Co., Ltd. to Report Q1, 2027 Results on Aug 10, 2026 Nagoya Railroad Co., Ltd. announced that they will report Q1, 2027 results on Aug 10, 2026 Major Estimate Revision • Jun 09
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2027 has improved. 2027 revenue forecast increased from JP¥693.4b to JP¥713.1b. EPS estimate increased from JP¥151 to JP¥172 per share. Net income forecast to grow 56% next year vs 1.4% decline forecast for Transportation industry in Japan. Consensus price target of JP¥1,850 unchanged from last update. Share price rose 2.6% to JP¥1,850 over the past week. Reported Earnings • May 20
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥117 (down from JP¥192 in FY 2025). Revenue: JP¥691.6b (flat on FY 2025). Net income: JP¥23.0b (down 39% from FY 2025). Profit margin: 3.3% (down from 5.5% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Transportation 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 7% per year, which means it is significantly lagging earnings. Live News • May 17
Nagoya Railroad Commits to 30% Payout Ratio and Minimum ¥60 Dividend Per Share Nagoya Railroad has updated its dividend policy to maintain a payout ratio of at least 30% of earnings.
The company plans to introduce a minimum annual dividend of ¥60 per share starting from the fiscal year ending March 2027.
Management states that the policy is intended to balance growth investment with stable shareholder returns and support medium to long term corporate value.
This clearer dividend framework gives you a more predictable baseline for potential cash returns, which can be especially relevant if you prioritize income stability.
A key consideration is how the company allocates cash between this higher commitment to dividends and future investment needs, since any shift in capital allocation can affect financial flexibility over time. Announcement • May 15
Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 25, 2026 Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 25, 2026. Announcement • May 09
Nagoya Railroad Co., Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 Nagoya Railroad Co., Ltd. announced that they will report fiscal year 2026 results on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥56.25 (vs JP¥57.80 in 3Q 2025) Third quarter 2026 results: EPS: JP¥56.25 (down from JP¥57.80 in 3Q 2025). Revenue: JP¥180.3b (up 4.1% from 3Q 2025). Net income: JP¥11.0b (down 2.8% from 3Q 2025). Profit margin: 6.1% (down from 6.5% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Dec 25
Nagoya Railroad Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026 Nagoya Railroad Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026 Major Estimate Revision • Dec 02
Consensus EPS estimates fall by 30%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from JP¥662.0b to JP¥679.4b. EPS estimate fell from JP¥140 to JP¥97.90 per share. Net income forecast to shrink 1.3% next year vs 0.2% decline forecast for Transportation industry in Japan. Consensus price target down from JP¥1,975 to JP¥1,775. Share price was steady at JP¥1,619 over the past week. Price Target Changed • Dec 02
Price target decreased by 10% to JP¥1,775 Down from JP¥1,975, the current price target is an average from 2 analysts. New target price is 9.7% above last closing price of JP¥1,619. Stock is down 7.7% over the past year. The company is forecast to post earnings per share of JP¥97.90 for next year compared to JP¥192 last year. Declared Dividend • Nov 09
Dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (28% 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 5.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥23.07 (vs JP¥56.41 in 2Q 2025) Second quarter 2026 results: EPS: JP¥23.07 (down from JP¥56.41 in 2Q 2025). Revenue: JP¥167.2b (flat on 2Q 2025). Net income: JP¥4.52b (down 59% from 2Q 2025). Profit margin: 2.7% (down from 6.6% in 2Q 2025). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Sep 25
Nagoya Railroad Co., Ltd. to Report Q2, 2026 Results on Nov 07, 2025 Nagoya Railroad Co., Ltd. announced that they will report Q2, 2026 results on Nov 07, 2025 New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥34.37 (vs JP¥53.40 in 1Q 2025) First quarter 2026 results: EPS: JP¥34.37 (down from JP¥53.40 in 1Q 2025). Revenue: JP¥168.5b (up 1.4% from 1Q 2025). Net income: JP¥6.74b (down 36% from 1Q 2025). Profit margin: 4.0% (down from 6.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥192 (up from JP¥124 in FY 2024). Revenue: JP¥690.7b (up 15% from FY 2024). Net income: JP¥37.7b (up 55% from FY 2024). Profit margin: 5.5% (up from 4.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 25
Nagoya Railroad Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Nagoya Railroad Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 09
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥192 (up from JP¥124 in FY 2024). Revenue: JP¥690.7b (up 15% from FY 2024). Net income: JP¥37.7b (up 55% from FY 2024). Profit margin: 5.5% (up from 4.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to stay flat during the next 2 years compared to a 2.4% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 08
Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 26, 2025 Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 26, 2025. Announcement • Apr 02
Nagoya Railroad Co., Ltd. (TSE:9048) acquired Digizou Nagoya Railroad Co., Ltd. (TSE:9048) acquired Digizou on March 31, 2025. Digizou was renamed to Meitetsu Pet Life Mate.
Nagoya Railroad Co., Ltd. (TSE:9048) completed the acquisition of Digizou on March 31, 2025. Announcement • Mar 26
Nagoya Railroad Co., Ltd. to Report Fiscal Year 2025 Results on May 08, 2025 Nagoya Railroad Co., Ltd. announced that they will report fiscal year 2025 results on May 08, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Major Estimate Revision • Feb 26
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥146 to JP¥162. Revenue forecast steady at JP¥683.4b. Net income forecast to shrink 14% next year vs 0.6% decline forecast for Transportation industry in Japan. Consensus price target of JP¥2,050 unchanged from last update. Share price was steady at JP¥1,793 over the past week. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥57.80 (vs JP¥58.76 in 3Q 2024) Third quarter 2025 results: EPS: JP¥57.80 (down from JP¥58.76 in 3Q 2024). Revenue: JP¥173.3b (up 8.5% from 3Q 2024). Net income: JP¥11.3b (down 1.8% from 3Q 2024). Profit margin: 6.5% (down from 7.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 03
Nagoya Railroad Co., Ltd. to Report Q3, 2025 Results on Feb 13, 2025 Nagoya Railroad Co., Ltd. announced that they will report Q3, 2025 results on Feb 13, 2025 Declared Dividend • Nov 11
Dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (15% 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 4.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥56.41 (vs JP¥13.92 in 2Q 2024) Second quarter 2025 results: EPS: JP¥56.41 (up from JP¥13.92 in 2Q 2024). Revenue: JP¥168.4b (up 18% from 2Q 2024). Net income: JP¥11.1b (up 305% from 2Q 2024). Profit margin: 6.6% (up from 1.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Nov 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Sep 26
Nagoya Railroad Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Nagoya Railroad Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥53.40 (vs JP¥36.86 in 1Q 2024) First quarter 2025 results: EPS: JP¥53.40 (up from JP¥36.86 in 1Q 2024). Revenue: JP¥166.2b (up 18% from 1Q 2024). Net income: JP¥10.5b (up 45% from 1Q 2024). Profit margin: 6.3% (up from 5.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jun 26
Nagoya Railroad Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Nagoya Railroad Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Price Target Changed • Jun 13
Price target decreased by 9.5% to JP¥2,223 Down from JP¥2,457, the current price target is an average from 3 analysts. New target price is 30% above last closing price of JP¥1,705. Stock is down 28% over the past year. The company is forecast to post earnings per share of JP¥145 for next year compared to JP¥124 last year. New Risk • Jun 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Major Estimate Revision • May 25
Consensus EPS estimates increase by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥620.3b to JP¥670.6b. EPS estimate increased from JP¥116 to JP¥143 per share. Net income forecast to grow 21% next year vs 3.9% growth forecast for Transportation industry in Japan. Consensus price target broadly unchanged at JP¥2,423. Share price was steady at JP¥2,031 over the past week. Announcement • May 25
Nagoya Railroad Co., Ltd. (TSE:9048) signed share transfer agreement to acquire 15.5% stake in Tosei Corporation (TSE:8923) from Seiichiro Yamaguchi for ¥17.7 billion. Nagoya Railroad Co., Ltd. (TSE:9048) signed share transfer agreement to acquire 15.5% stake in Tosei Corporation (TSE:8923) from Seiichiro Yamaguchi for ¥17.7 billion on May 24, 2024. 7.5 million shares of Tosei Corporation will be transferred at a price of ¥2,370 per share. The deal has been approved by board of directors of Tosei Corporation, and is expected to be completed on June 4, 2024. Reported Earnings • May 12
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥124 (up from JP¥95.91 in FY 2023). Revenue: JP¥601.1b (up 9.0% from FY 2023). Net income: JP¥24.4b (up 29% from FY 2023). Profit margin: 4.1% (up from 3.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 12
Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 26, 2024 Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Mar 27
Nagoya Railroad Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Nagoya Railroad Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (1.2%). Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: JP¥58.76 (vs JP¥41.49 in 3Q 2023) Third quarter 2024 results: EPS: JP¥58.76 (up from JP¥41.49 in 3Q 2023). Revenue: JP¥159.8b (up 11% from 3Q 2023). Net income: JP¥11.6b (up 42% from 3Q 2023). Profit margin: 7.2% (up from 5.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Feb 13
Nagoya Railroad Co., Ltd. Provides Consolidated and Non-Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 Nagoya Railroad Co., Ltd. provided consolidated and non-consolidated earnings guidance for the fiscal year ending March 31, 2024. For the fiscal year ending March 31, 2024, the company expects consolidated Operating revenues of JPY 596,000 million, Operating income of JPY 33,000 million, Profit attributable to owners of the parent to be JPY 22,000 million and Net income per share-basic of JPY 111.92.For the fiscal year ending March 31, 2024, the company expects non-consolidated Operating revenues of JPY 97,500 million, Operating income of JPY 12,500 million, Profit to be JPY 11,800 million and Net income per share-basic of JPY 60.02. Announcement • Dec 27
Nagoya Railroad Co., Ltd. to Report Q3, 2024 Results on Feb 13, 2024 Nagoya Railroad Co., Ltd. announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥13.92 (vs JP¥23.20 in 2Q 2023) Second quarter 2024 results: EPS: JP¥13.92 (down from JP¥23.20 in 2Q 2023). Revenue: JP¥142.8b (up 3.5% from 2Q 2023). Net income: JP¥2.74b (down 40% from 2Q 2023). Profit margin: 1.9% (down from 3.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Sep 27
Nagoya Railroad Co., Ltd. to Report Q2, 2024 Results on Nov 09, 2023 Nagoya Railroad Co., Ltd. announced that they will report Q2, 2024 results on Nov 09, 2023 Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥36.86 (vs JP¥16.21 in 1Q 2023) First quarter 2024 results: EPS: JP¥36.86 (up from JP¥16.21 in 1Q 2023). Revenue: JP¥141.0b (up 13% from 1Q 2023). Net income: JP¥7.24b (up 127% from 1Q 2023). Profit margin: 5.1% (up from 2.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 26
Nagoya Railroad Co., Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Nagoya Railroad Co., Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Major Estimate Revision • Jun 13
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥566.2b to JP¥579.7b. EPS estimate increased from JP¥97.40 to JP¥111 per share. Net income forecast to grow 18% next year vs 13% growth forecast for Transportation industry in Japan. Consensus price target up from JP¥2,363 to JP¥2,430. Share price was steady at JP¥2,381 over the past week. Reported Earnings • May 16
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥95.91 (up from JP¥47.65 in FY 2022). Revenue: JP¥551.5b (up 12% from FY 2022). Net income: JP¥18.9b (up 101% from FY 2022). Profit margin: 3.4% (up from 1.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 11
Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 28, 2023 Nagoya Railroad Co., Ltd., Annual General Meeting, Jun 28, 2023. Agenda: Annual General Meeting. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.2%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥41.49 (vs JP¥36.54 in 3Q 2022) Third quarter 2023 results: EPS: JP¥41.49 (up from JP¥36.54 in 3Q 2022). Revenue: JP¥143.5b (up 5.7% from 3Q 2022). Net income: JP¥8.15b (up 14% from 3Q 2022). Profit margin: 5.7% (up from 5.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Announcement • Dec 24
Nagoya Railroad Co., Ltd. to Report Q3, 2023 Results on Feb 10, 2023 Nagoya Railroad Co., Ltd. announced that they will report Q3, 2023 results on Feb 10, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Outside Director Satoshi Ozawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥23.20 (vs JP¥9.51 in 2Q 2022) Second quarter 2023 results: EPS: JP¥23.20 (up from JP¥9.51 in 2Q 2022). Revenue: JP¥137.9b (up 19% from 2Q 2022). Net income: JP¥4.56b (up 144% from 2Q 2022). Profit margin: 3.3% (up from 1.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Transportation 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 only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
First quarter 2023 earnings released: EPS: JP¥16.21 (vs JP¥4.34 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥16.21 (up from JP¥4.34 loss in 1Q 2022). Revenue: JP¥125.2b (up 15% from 1Q 2022). Net income: JP¥3.19b (up JP¥4.04b from 1Q 2022). Profit margin: 2.5% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 9.5%, compared to a 19% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • May 13
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥47.65 (up from JP¥146 loss in FY 2021). Revenue: JP¥490.9b (up 1.9% from FY 2021). Net income: JP¥9.37b (up JP¥38.1b from FY 2021). Profit margin: 1.9% (up from net loss in FY 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 40%. Over the next year, revenue is forecast to grow 16%, compared to a 23% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Price Target Changed • May 01
Price target increased to JP¥2,450 Up from JP¥2,227, the current price target is an average from 2 analysts. New target price is 17% above last closing price of JP¥2,093. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥34.15 next year compared to a net loss per share of JP¥146 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Outside Director Satoshi Ozawa was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 08
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥36.54 (up from JP¥18.23 in 3Q 2021). Revenue: JP¥135.9b (up 4.4% from 3Q 2021). Net income: JP¥7.19b (up 100% from 3Q 2021). Profit margin: 5.3% (up from 2.8% in 3Q 2021). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates. 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, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 09
Second quarter 2022 earnings released: EPS JP¥9.51 (vs JP¥24.32 loss in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥115.8b (down 1.7% from 2Q 2021). Net income: JP¥1.87b (up JP¥6.65b from 2Q 2021). Profit margin: 1.6% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Price Target Changed • Sep 30
Price target decreased to JP¥2,377 Down from JP¥2,575, the current price target is an average from 3 analysts. New target price is 15% above last closing price of JP¥2,063. Stock is down 27% over the past year. Reported Earnings • Aug 09
First quarter 2022 earnings released: JP¥4.34 loss per share (vs JP¥38.76 loss in 1Q 2021) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were flat. First quarter 2022 results: Revenue: JP¥108.4b (flat on 1Q 2021). Net loss: JP¥854.0m (loss narrowed 89% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 21
Price target decreased to JP¥2,575 Down from JP¥3,050, the current price target is an average from 2 analysts. New target price is 26% above last closing price of JP¥2,037. Stock is down 33% over the past year. Reported Earnings • May 14
Full year 2021 earnings released: JP¥146 loss per share (vs JP¥147 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥481.6b (down 23% from FY 2020). Net loss: JP¥28.8b (down 200% from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS JP¥18.23 (vs JP¥46.62 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥130.2b (down 14% from 3Q 2020). Net income: JP¥3.58b (down 61% from 3Q 2020). Profit margin: 2.8% (down from 6.1% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 10
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 6.6%, compared to a 13% growth forecast for the Transportation industry in Japan. Major Estimate Revision • Jan 29
Analysts lower EPS estimates to -JP¥107 The 2021 consensus revenue estimate was lowered from JP¥514.5b to JP¥496.6b. The company's losses are expected to worsen with analysts lowering their EPS forecasts from -JP¥36.95 to -JP¥107 for the same period. The Transportation industry in Japan is expected to see an average net income growth of 5.2% next year. The consensus price target was lowered from JP¥3,050 to JP¥2,850. Share price stayed mostly flat at JP¥2,660 over the past week. 