New Risk • May 31
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 109% Dividend yield: 3.3% 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 Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (109% cash payout ratio). Reported Earnings • May 15
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥387 (up from JP¥225 in FY 2025). Revenue: JP¥217.8b (up 2.5% from FY 2025). Net income: JP¥20.7b (up 69% from FY 2025). Profit margin: 9.5% (up from 5.7% in FY 2025). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Packaging industry in Asia. 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 19% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Fuji Seal International, Inc., Annual General Meeting, Jun 24, 2026 Fuji Seal International, Inc., Annual General Meeting, Jun 24, 2026. Announcement • May 10
Fuji Seal International, Inc. to Report Fiscal Year 2026 Results on May 13, 2026 Fuji Seal International, Inc. announced that they will report fiscal year 2026 results at 9:00 AM, Tokyo Standard Time on May 13, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Reported Earnings • Feb 14
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥184 (up from JP¥67.75 in 3Q 2025). Revenue: JP¥51.8b (down 2.8% from 3Q 2025). Net income: JP¥9.83b (up 167% from 3Q 2025). Profit margin: 19% (up from 6.9% in 3Q 2025). Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) exceeded analyst estimates by 198%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 15
Now 21% undervalued Over the last 90 days, the stock has risen 17% to JP¥3,215. The fair value is estimated to be JP¥4,050, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 7.1% in 2 years. Earnings are forecast to decline by 0.8% in the next 2 years. Announcement • Dec 04
Fuji Seal International, Inc. to Report Q3, 2026 Results on Feb 12, 2026 Fuji Seal International, Inc. announced that they will report Q3, 2026 results on Feb 12, 2026 Declared Dividend • Dec 02
First half dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 30th March 2026 Payment date: 9th June 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 13% 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 decline by 5.9% over the next 3 years. However, it would need to fall by 72% to increase the payout ratio to a potentially unsustainable range. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 13
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: JP¥90.32 (up from JP¥37.61 in 2Q 2025). Revenue: JP¥54.4b (up 3.1% from 2Q 2025). Net income: JP¥4.81b (up 136% from 2Q 2025). Profit margin: 8.8% (up from 3.9% in 2Q 2025). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 44%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Packaging industry in Asia. 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 17% per year, which means it is significantly lagging earnings growth. Announcement • Sep 02
Fuji Seal International, Inc. to Report Q2, 2026 Results on Nov 11, 2025 Fuji Seal International, Inc. announced that they will report Q2, 2026 results on Nov 11, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥81.28 (vs JP¥67.40 in 1Q 2025) First quarter 2026 results: EPS: JP¥81.28 (up from JP¥67.40 in 1Q 2025). Revenue: JP¥54.9b (up 4.7% from 1Q 2025). Net income: JP¥4.33b (up 19% from 1Q 2025). Profit margin: 7.9% (up from 7.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Packaging industry in Asia. 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 26% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 2.7%, 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 (26% cash payout ratio). The dividend has increased by an average of 13% 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 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥225 (up from JP¥188 in FY 2024). Revenue: JP¥212.3b (up 8.0% from FY 2024). Net income: JP¥12.2b (up 19% from FY 2024). Profit margin: 5.7% (up from 5.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Jun 06
Fuji Seal International, Inc. to Report Q1, 2026 Results on Aug 07, 2025 Fuji Seal International, Inc. announced that they will report Q1, 2026 results on Aug 07, 2025 Major Estimate Revision • May 27
Consensus EPS estimates increase by 34%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from JP¥221.0b to JP¥217.0b. EPS estimate rose from JP¥245 to JP¥329. Net income forecast to grow 43% next year vs 11% growth forecast for Packaging industry in Japan. Consensus price target of JP¥3,400 unchanged from last update. Share price was steady at JP¥2,557 over the past week. Announcement • May 22
Fuji Seal International, Inc. Declares Dividend for the Fiscal Year Ended March 31, 2025, Payable on June 9, 2025 Fuji Seal International, Inc. declared dividend of JPY 38 per share against JPY 43 per share paid a year ago for the fiscal year ended March 31, 2025. Effective date: June 9, 2025. Record date March 31, 2025, Payable on June 9, 2025. Reported Earnings • May 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥225 (up from JP¥188 in FY 2024). Revenue: JP¥212.3b (up 8.0% from FY 2024). Net income: JP¥12.2b (up 19% from FY 2024). Profit margin: 5.7% (up from 5.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.1%). Announcement • Mar 18
Fuji Seal International, Inc. to Report Fiscal Year 2025 Results on May 13, 2025 Fuji Seal International, Inc. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: JP¥67.75 (vs JP¥41.34 in 3Q 2024) Third quarter 2025 results: EPS: JP¥67.75 (up from JP¥41.34 in 3Q 2024). Revenue: JP¥53.2b (up 6.7% from 3Q 2024). Net income: JP¥3.68b (up 63% from 3Q 2024). Profit margin: 6.9% (up from 4.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,670, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Packaging industry in Japan. Total returns to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,003 per share. Buy Or Sell Opportunity • Feb 12
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to JP¥2,651. The fair value is estimated to be JP¥2,003, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Announcement • Nov 30
Fuji Seal International, Inc. to Report Q3, 2025 Results on Feb 12, 2025 Fuji Seal International, Inc. announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: JP¥37.61 (vs JP¥52.79 in 2Q 2024) Second quarter 2025 results: EPS: JP¥37.61 (down from JP¥52.79 in 2Q 2024). Revenue: JP¥52.8b (up 10% from 2Q 2024). Net income: JP¥2.04b (down 29% from 2Q 2024). Profit margin: 3.9% (down from 6.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Packaging 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 only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.1%). Announcement • Sep 18
Fuji Seal International, Inc. to Report Q2, 2025 Results on Nov 11, 2024 Fuji Seal International, Inc. announced that they will report Q2, 2025 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,965, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 16x in the Packaging industry in Asia. Total loss to shareholders of 8.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,520 per share. Announcement • Jun 27
Fuji Seal International, Inc. to Report Q1, 2025 Results on Aug 08, 2024 Fuji Seal International, Inc. announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • Jun 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥188 (up from JP¥125 in FY 2023). Revenue: JP¥196.6b (up 6.8% from FY 2023). Net income: JP¥10.3b (up 50% from FY 2023). Profit margin: 5.2% (up from 3.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Major Estimate Revision • May 21
Consensus EPS estimates increase by 48% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥198.6b to JP¥203.0b. EPS estimate increased from JP¥132 to JP¥195 per share. Net income forecast to grow 3.1% next year vs 18% growth forecast for Packaging industry in Japan. Consensus price target up from JP¥1,850 to JP¥2,500. Share price rose 3.8% to JP¥2,323 over the past week. Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥188 (up from JP¥125 in FY 2023). Revenue: JP¥196.6b (up 6.8% from FY 2023). Net income: JP¥10.3b (up 50% from FY 2023). Profit margin: 5.2% (up from 3.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 42%. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 27
Fuji Seal International, Inc., Annual General Meeting, Jun 20, 2024 Fuji Seal International, Inc., Annual General Meeting, Jun 20, 2024. Announcement • Mar 21
Fuji Seal International, Inc. to Report Fiscal Year 2024 Results on May 13, 2024 Fuji Seal International, Inc. announced that they will report fiscal year 2024 results on May 13, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.7%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥41.34 (vs JP¥1.68 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥41.34 (up from JP¥1.68 loss in 3Q 2023). Revenue: JP¥49.9b (up 10% from 3Q 2023). Net income: JP¥2.27b (up JP¥2.36b from 3Q 2023). Profit margin: 4.5% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Announcement • Dec 28
Fuji Seal International, Inc. to Report Q3, 2024 Results on Feb 08, 2024 Fuji Seal International, Inc. announced that they will report Q3, 2024 results on Feb 08, 2024 Price Target Changed • Dec 16
Price target increased by 13% to JP¥1,850 Up from JP¥1,635, the current price target is an average from 2 analysts. New target price is 10.0% above last closing price of JP¥1,682. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of JP¥132 for next year compared to JP¥125 last year. Major Estimate Revision • Nov 18
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥110 to JP¥124. Revenue forecast steady at JP¥191.5b. Net income forecast to shrink 19% next year vs 19% growth forecast for Packaging industry in Japan . Consensus price target up from JP¥1,635 to JP¥1,735. Share price rose 2.1% to JP¥1,685 over the past week. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥52.79 (vs JP¥29.85 in 2Q 2023) Second quarter 2024 results: EPS: JP¥52.79 (up from JP¥29.85 in 2Q 2023). Revenue: JP¥47.8b (up 1.4% from 2Q 2023). Net income: JP¥2.89b (up 77% from 2Q 2023). Profit margin: 6.0% (up from 3.5% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year. Announcement • Sep 23
Fuji Seal International, Inc. to Report Q2, 2024 Results on Nov 09, 2023 Fuji Seal International, Inc. announced that they will report Q2, 2024 results on Nov 09, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥17.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.7%). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥44.64 (vs JP¥33.81 in 1Q 2023) First quarter 2024 results: EPS: JP¥44.64 (up from JP¥33.81 in 1Q 2023). Revenue: JP¥47.0b (up 7.5% from 1Q 2023). Net income: JP¥2.45b (up 32% from 1Q 2023). Profit margin: 5.2% (up from 4.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 28
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥125 (up from JP¥112 in FY 2022). Revenue: JP¥184.0b (up 8.1% from FY 2022). Net income: JP¥6.87b (up 12% from FY 2022). Profit margin: 3.7% (up from 3.6% 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 67%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Jun 24
Fuji Seal International, Inc. to Report Q1, 2024 Results on Aug 09, 2023 Fuji Seal International, Inc. announced that they will report Q1, 2024 results on Aug 09, 2023 Buying Opportunity • May 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be JP¥2,016, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 9.2% in 2 years. Earnings is forecast to grow by 1.5% in the next 2 years. Reported Earnings • May 13
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥125 (up from JP¥112 in FY 2022). Revenue: JP¥184.0b (up 8.1% from FY 2022). Net income: JP¥6.87b (up 12% from FY 2022). Profit margin: 3.7% (up from 3.6% 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 67%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 13
Fuji Seal International, Inc., Annual General Meeting, Jun 22, 2023 Fuji Seal International, Inc., Annual General Meeting, Jun 22, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.2%). Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥97.13 to JP¥74.90. Revenue forecast unchanged from JP¥182.0b at last update. Net income forecast to grow 39% next year vs 21% growth forecast for Packaging industry in Japan. Consensus price target of JP¥1,643 unchanged from last update. Share price was steady at JP¥1,600 over the past week. Reported Earnings • Feb 12
Third quarter 2023 earnings released: JP¥1.68 loss per share (vs JP¥2.65 loss in 3Q 2022) Third quarter 2023 results: JP¥1.68 loss per share (improved from JP¥2.65 loss in 3Q 2022). Revenue: JP¥45.2b (up 16% from 3Q 2022). Net loss: JP¥92.0m (loss narrowed 37% from 3Q 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Dec 11
Fuji Seal International, Inc. to Report Q3, 2023 Results on Feb 09, 2023 Fuji Seal International, Inc. announced that they will report Q3, 2023 results on Feb 09, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Yuichi Seki was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥29.85 (vs JP¥51.47 in 2Q 2022) Second quarter 2023 results: EPS: JP¥29.85 (down from JP¥51.47 in 2Q 2022). Revenue: JP¥47.2b (up 5.6% from 2Q 2022). Net income: JP¥1.64b (down 42% from 2Q 2022). Profit margin: 3.5% (down from 6.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Packaging industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 37% 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 (3.1%). Announcement • Sep 01
Fuji Seal International, Inc. to Report Q2, 2023 Results on Nov 10, 2022 Fuji Seal International, Inc. announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥33.81 (vs JP¥50.52 in 1Q 2022) First quarter 2023 results: EPS: JP¥33.81 (down from JP¥50.52 in 1Q 2022). Revenue: JP¥43.7b (flat on 1Q 2022). Net income: JP¥1.85b (down 33% from 1Q 2022). Profit margin: 4.2% (down from 6.3% in 1Q 2022). Over the next year, revenue is forecast to grow 7.0%, compared to a 8.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • Jun 03
Fuji Seal International, Inc. to Report Q1, 2023 Results on Aug 09, 2022 Fuji Seal International, Inc. announced that they will report Q1, 2023 results on Aug 09, 2022 Reported Earnings • May 13
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥112 (down from JP¥151 in FY 2021). Revenue: JP¥170.3b (up 4.1% from FY 2021). Net income: JP¥6.12b (down 27% from FY 2021). Profit margin: 3.6% (down from 5.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 6.0%, compared to a 7.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • May 13
Fuji Seal International, Inc., Annual General Meeting, Jun 23, 2022 Fuji Seal International, Inc., Annual General Meeting, Jun 23, 2022. Price Target Changed • Apr 27
Price target decreased to JP¥2,263 Down from JP¥2,563, the current price target is an average from 3 analysts. New target price is 36% above last closing price of JP¥1,661. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥111 for next year compared to JP¥151 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Yuichi Seki was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 08
Fuji Seal International, Inc. to Report Fiscal Year 2022 Results on May 11, 2022 Fuji Seal International, Inc. announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 07 June 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.2%). Price Target Changed • Mar 10
Price target decreased to JP¥2,263 Down from JP¥2,563, the current price target is an average from 3 analysts. New target price is 41% above last closing price of JP¥1,607. Stock is down 33% over the past year. The company is forecast to post earnings per share of JP¥111 for next year compared to JP¥151 last year. Buying Opportunity • Mar 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be JP¥1,958, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.0% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥1,822, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Packaging industry in Japan. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,952 per share. Reported Earnings • Feb 10
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: JP¥2.65 loss per share (down from JP¥50.16 profit in 3Q 2021). Revenue: JP¥39.2b (flat on 3Q 2021). Net loss: JP¥145.0m (down 105% from profit in 3Q 2021). Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 5.5%, compared to a 4.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥152 to JP¥111 per share. Revenue forecast steady at JP¥171.8b. Net income forecast to shrink 29% next year vs 11% growth forecast for Packaging industry in Japan . Consensus price target of JP¥2,563 unchanged from last update. Share price fell 7.2% to JP¥1,974 over the past week. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Yuichi Seki was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Jan 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be JP¥2,731, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.3% per annum over the last 3 years. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS JP¥51.47 (vs JP¥31.38 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥44.7b (up 13% from 2Q 2021). Net income: JP¥2.82b (up 62% from 2Q 2021). Profit margin: 6.3% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS JP¥50.52 (vs JP¥30.43 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥43.7b (up 2.7% from 1Q 2021). Net income: JP¥2.77b (up 64% from 1Q 2021). Profit margin: 6.3% (up from 4.0% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥151 (vs JP¥156 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥163.6b (up 1.7% from FY 2020). Net income: JP¥8.38b (down 4.9% from FY 2020). Profit margin: 5.1% (down from 5.5% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥151 (vs JP¥156 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥163.6b (up 1.7% from FY 2020). Net income: JP¥8.38b (down 4.9% from FY 2020). Profit margin: 5.1% (down from 5.5% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 08 June 2021. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.6%). Announcement • Mar 04
Fuji Seal International, Inc. to Report Fiscal Year 2021 Results on May 12, 2021 Fuji Seal International, Inc. announced that they will report fiscal year 2021 results on May 12, 2021 Is New 90 Day High Low • Feb 12
New 90-day high: JP¥2,191 The company is up 10.0% from its price of JP¥1,990 on 13 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥3,002 per share. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥50.16 (vs JP¥26.53 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥39.1b (up 3.7% from 3Q 2020). Net income: JP¥2.78b (up 86% from 3Q 2020). Profit margin: 7.1% (up from 4.0% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. 
