Reported Earnings • Aug 06
First quarter 2027 earnings released: EPS: JP¥21.43 (vs JP¥18.33 in 1Q 2026) First quarter 2027 results: EPS: JP¥21.43 (up from JP¥18.33 in 1Q 2026). Revenue: JP¥16.7b (up 11% from 1Q 2026). Net income: JP¥864.0m (up 14% from 1Q 2026). Profit margin: 5.2% (up from 5.0% in 1Q 2026). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 25
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th September 2026 Payment date: 1st December 2026 Dividend yield will be 4.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 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. 5 experienced directors. 4 highly experienced directors. Managing Executive Officer of Corporate Strategy & Director Takayuki Teramura was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Announcement • May 30
Cresco Ltd. to Report Q1, 2027 Results on Aug 05, 2026 Cresco Ltd. announced that they will report Q1, 2027 results at 9:00 AM, Tokyo Standard Time on Aug 05, 2026 New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Reported Earnings • May 09
Full year 2026 earnings released: EPS: JP¥130 (vs JP¥107 in FY 2025) Full year 2026 results: EPS: JP¥130 (up from JP¥107 in FY 2025). Revenue: JP¥64.7b (up 10% from FY 2025). Net income: JP¥5.28b (up 20% from FY 2025). Profit margin: 8.2% (up from 7.5% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Announcement • May 09
Cresco Ltd. (TSE:4674) announces an Equity Buyback for 1,000,000 shares, representing 2.48% for ¥2,000 million. Cresco Ltd. (TSE:4674) announces a share repurchase program. Under the program, the company will repurchase 100,000 shares, representing 2.48% of the outstanding shares for ¥2,000 million. The purpose of the program is to return of profits to shareholders and to improve capital efficiency. The program will run until November 30, 2026. As of March 31, 2026, the company had 40,394,449 shares outstanding and 1,605,551 shares in treasury. Announcement • May 08
Cresco Ltd., Annual General Meeting, Jun 19, 2026 Cresco Ltd., Annual General Meeting, Jun 19, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 23 June 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Announcement • Mar 04
Cresco Ltd. to Report Fiscal Year 2026 Results on May 08, 2026 Cresco Ltd. announced that they will report fiscal year 2026 results on May 08, 2026 Announcement • Feb 26
Cresco Ltd. (TSE:4674) executed a Share Transfer Agreement to acquire Officemation Co.,Ltd. from Toshikazu Hara. Cresco Ltd. (TSE:4674) executed a Share Transfer Agreement to acquire Officemation Co.,Ltd. from Toshikazu Hara on February 24, 2026. As part of the acquisition, Cresco Ltd. will acquire all outstanding shares of Officemation Co.,Ltd. Upon completion, Officemation Co.,Ltd. will operate as a subsidiary of Cresco Ltd. The transaction is expected to close on April 1, 2026. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥37.86 (vs JP¥26.31 in 3Q 2025) Third quarter 2026 results: EPS: JP¥37.86 (up from JP¥26.31 in 3Q 2025). Revenue: JP¥16.3b (up 11% from 3Q 2025). Net income: JP¥1.53b (up 46% from 3Q 2025). Profit margin: 9.4% (up from 7.2% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 20% per year. Announcement • Dec 02
Cresco Ltd. to Report Q3, 2026 Results on Feb 06, 2026 Cresco Ltd. announced that they will report Q3, 2026 results on Feb 06, 2026 Declared Dividend • Dec 02
First half dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥31.92 (vs JP¥26.36 in 2Q 2025) Second quarter 2026 results: EPS: JP¥31.92 (up from JP¥26.36 in 2Q 2025). Revenue: JP¥15.9b (up 7.6% from 2Q 2025). Net income: JP¥1.30b (up 16% from 2Q 2025). Profit margin: 8.2% (up from 7.6% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Announcement • Sep 03
Cresco Ltd. to Report Q2, 2026 Results on Nov 05, 2025 Cresco Ltd. announced that they will report Q2, 2026 results on Nov 05, 2025 Announcement • Aug 25
Cresco Ltd. (TSE:4674) agreed to acquire Apest Co., Ltd. from Takashi Maeda and three others. Cresco Ltd. (TSE:4674) agreed to acquire Apest Co., Ltd. from Takashi Maeda and three others on August 25, 2025.
The expected completion of the transaction is October 1, 2025. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued Over the last 90 days, the stock has risen 12% to JP¥1,742. The fair value is estimated to be JP¥2,183, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥18.32 (vs JP¥18.35 in 1Q 2025) First quarter 2026 results: EPS: JP¥18.32 (down from JP¥18.35 in 1Q 2025). Revenue: JP¥15.1b (up 9.6% from 1Q 2025). Net income: JP¥754.0m (flat on 1Q 2025). Profit margin: 5.0% (down from 5.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Jul 09
Final dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 3.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (31% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 24
Full year 2025 earnings released: EPS: JP¥107 (vs JP¥90.05 in FY 2024) Full year 2025 results: EPS: JP¥107 (up from JP¥90.05 in FY 2024). Revenue: JP¥58.8b (up 11% from FY 2024). Net income: JP¥4.41b (up 18% from FY 2024). Profit margin: 7.5% (up from 7.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 03
Cresco Ltd. to Report Q1, 2026 Results on Aug 05, 2025 Cresco Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,483, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 21x in the Software industry in Japan. Total returns to shareholders of 59% over the past three years. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.0% average weekly change). Reported Earnings • May 10
Full year 2025 earnings released: EPS: JP¥107 (vs JP¥90.05 in FY 2024) Full year 2025 results: EPS: JP¥107 (up from JP¥90.05 in FY 2024). Revenue: JP¥58.8b (up 11% from FY 2024). Net income: JP¥4.41b (up 18% from FY 2024). Profit margin: 7.5% (up from 7.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Cresco Ltd. (TSE:4674) announces an Equity Buyback for 1,000,000 shares, representing 2.42% for ¥1,500 million. Cresco Ltd. (TSE:4674) announces a share repurchase program. Under the program, the company will repurchase 100,000 shares, representing 2.42% of the outstanding shares for ¥1,500 million. The purpose of the program is to return of profits to shareholders and to improve capital efficiency. The program will run until November 28, 2025. As of March 31, 2025, the company had 41,237,782 shares outstanding and 762,218 shares in treasury. Announcement • May 09
Cresco Ltd., Annual General Meeting, Jun 20, 2025 Cresco Ltd., Annual General Meeting, Jun 20, 2025. Announcement • Mar 26
Cresco Ltd. to Report Fiscal Year 2025 Results on May 09, 2025 Cresco Ltd. announced that they will report fiscal year 2025 results on May 09, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥26.31 (vs JP¥17.80 in 3Q 2024) Third quarter 2025 results: EPS: JP¥26.31 (up from JP¥17.80 in 3Q 2024). Revenue: JP¥14.6b (up 13% from 3Q 2024). Net income: JP¥1.05b (up 43% from 3Q 2024). Profit margin: 7.2% (up from 5.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Declared Dividend • Dec 03
First half dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 3.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
Cresco Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Cresco Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥26.36 (vs JP¥25.67 in 2Q 2024) Second quarter 2025 results: EPS: JP¥26.36 (up from JP¥25.67 in 2Q 2024). Revenue: JP¥14.7b (up 7.3% from 2Q 2024). Net income: JP¥1.12b (up 6.0% from 2Q 2024). Profit margin: 7.6% (down from 7.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% 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¥19.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Announcement • Aug 27
Cresco Ltd. to Report Q2, 2025 Results on Nov 06, 2024 Cresco Ltd. announced that they will report Q2, 2025 results on Nov 06, 2024 Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥36.70 (vs JP¥14.44 in 1Q 2024) First quarter 2025 results: EPS: JP¥36.70 (up from JP¥14.44 in 1Q 2024). Revenue: JP¥13.8b (up 16% from 1Q 2024). Net income: JP¥756.0m (up 25% from 1Q 2024). Profit margin: 5.5% (up from 5.1% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,098, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 19x in the Software industry in Japan. Total returns to shareholders of 30% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 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. 6 experienced directors. 3 highly experienced directors. Independent Outside Director Miyuki Sano was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: JP¥90.05 (vs JP¥79.04 in FY 2023) Full year 2024 results: EPS: JP¥90.05 (up from JP¥79.04 in FY 2023). Revenue: JP¥52.8b (up 9.1% from FY 2023). Net income: JP¥3.73b (up 12% from FY 2023). Profit margin: 7.1% (up from 6.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Announcement • Jun 06
Cresco Ltd. to Report Q1, 2025 Results on Aug 06, 2024 Cresco Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Announcement • May 16
Cresco Ltd. Declares Dividend for the Year Ended March 31, 2024 CRESCO LTD. announced the decision made at the Board of Directors meeting held on May 15, 2024, to distribute dividends from surplus to shareholders as of record date, March 31, 2024. In accordance with the company policy, the Company has resolved to pay ¥27 per share as the year-end dividend for this fiscal year 2024 against ¥23 a year ago. Effective date is June 24, 2024. Reported Earnings • May 12
Full year 2024 earnings released: EPS: JP¥180 (vs JP¥158 in FY 2023) Full year 2024 results: EPS: JP¥180 (up from JP¥158 in FY 2023). Revenue: JP¥52.8b (up 9.1% from FY 2023). Net income: JP¥3.73b (up 12% from FY 2023). Profit margin: 7.1% (up from 6.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Announcement • May 12
Cresco Ltd., Annual General Meeting, Jun 21, 2024 Cresco Ltd., Annual General Meeting, Jun 21, 2024. Announcement • Mar 25
Shogo Moriyama agreed to acquire CRESCO Wireless, Inc. from Cresco Ltd. (TSE:4674). Shogo Moriyama agreed to acquire CRESCO Wireless, Inc. from Cresco Ltd. (TSE:4674) on March 25, 2024. As per the transaction, CRESCO Wireless, Inc. will acquire 1,625 shares of acquire CRESCO Wireless, Inc. As of March 31, 2023, CRESCO Wireless, Inc. generated net assets of 113 million, total assets of 126 million, sales of 75 million and operating loss of 4 million. The transaction is expected to close in June 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). Announcement • Mar 02
Cresco Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Cresco Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Announcement • Feb 09
CRESCO LTD. Announces Changes in Dividend Policy CRESCO LTD. announced that, at the meeting held on February 5, 2024, the Board of Directors decided to make changes in the dividend policy. Reason for changes in dividend policy: The Company considers the return of its profits to shareholders as an important managerial issue, and has paid consistent dividends every fiscal year. The Company intends to adhere to this basic policy and continue returning its profits to shareholders as determined on the basis of its business results while maintaining financial soundness. As a company listed on the Prime Market, the Company conducted a review of the current dividend policy in order to further improve capital efficiency, achieve sustainable growth and strengthen shareholder returns. As a result, the Company decided to change the dividend payout ratio as follows. Details of dividend policy: Before changes: The Company considers the return of its profits to shareholders as an important managerial issue. The Company’s basic dividend policy is to maintain payouts that are appropriate in light of its financial results, while increasing shareholders’ equity and keeping long-term and stable earning power. As for dividends, in principle the Company aims to continually pay out about 30% of profit attributable to owners of parent for each fiscal year, which is calculated from consolidated ordinary profit and assuming extraordinary income and losses are zero. After changes: The Company considers the return of its profits to shareholders as an important managerial issue. The Company’s basic dividend policy is to maintain payouts that are appropriate in light of its financial results, while increasing shareholders’ equity and keeping long-term and stable earning power. As for dividends, in principle the Company aims to continually pay out 40% of profit attributable to owners of parent for each fiscal year. Timing of the change: The changes will be effective from an interim dividend of the fiscal year ending March 31, 2025. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥35.61 (vs JP¥36.24 in 3Q 2023) Third quarter 2024 results: EPS: JP¥35.61 (down from JP¥36.24 in 3Q 2023). Revenue: JP¥12.9b (up 7.0% from 3Q 2023). Net income: JP¥733.0m (down 3.9% from 3Q 2023). Profit margin: 5.7% (down from 6.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. New Risk • Feb 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% 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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Dividend is not well covered by cash flows (124% cash payout ratio). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Announcement • Nov 15
Cresco Ltd. to Report Q3, 2024 Results on Feb 05, 2024 Cresco Ltd. announced that they will report Q3, 2024 results on Feb 05, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥51.34 (vs JP¥54.50 in 2Q 2023) Second quarter 2024 results: EPS: JP¥51.34 (down from JP¥54.50 in 2Q 2023). Revenue: JP¥13.8b (up 15% from 2Q 2023). Net income: JP¥1.06b (down 7.7% from 2Q 2023). Profit margin: 7.7% (down from 9.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year and the company’s share price has also increased by 10% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 27% and the cash payout ratio is 77%. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.7%). Announcement • Aug 09
Cresco Ltd. to Report Q2, 2024 Results on Nov 06, 2023 Cresco Ltd. announced that they will report Q2, 2024 results on Nov 06, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥28.88 (vs JP¥15.21 in 1Q 2023) First quarter 2024 results: EPS: JP¥28.88 (up from JP¥15.21 in 1Q 2023). Revenue: JP¥11.9b (up 4.4% from 1Q 2023). Net income: JP¥606.0m (up 89% from 1Q 2023). Profit margin: 5.1% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Jun 21
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥158 (up from JP¥154 in FY 2022). Revenue: JP¥48.4b (up 8.8% from FY 2022). Net income: JP¥3.33b (up 2.8% from FY 2022). Profit margin: 6.9% (down from 7.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Announcement • May 28
Cresco Ltd. to Report Q1, 2024 Results on Aug 04, 2023 Cresco Ltd. announced that they will report Q1, 2024 results on Aug 04, 2023 Announcement • May 24
Cresco Ltd. Announces Commemorative Dividend for the Year Ended March 31, 2023, Effective on June 19, 2023 Cresco Ltd. announced commemorative dividend for the year ended March 31, 2023. For the period, the company announced commemorative dividend of JPY 4 per share. Record date is March 31, 2023. Effective date is June 19, 2023. Announcement • May 23
Cresco Ltd. Announces Year End Dividend for the Year Ended March 31, 2023, Effective on June 19, 2023 Cresco Ltd. announced year end dividend for the year ended March 31, 2023. For the period, the company announced dividend of JPY 23 per share compared to JPY 24 per share paid a year ago. Record date is March 31, 2023. Effective date is June 19, 2023. Reported Earnings • May 12
Full year 2023 earnings released: EPS: JP¥158 (vs JP¥154 in FY 2022) Full year 2023 results: EPS: JP¥158 (up from JP¥154 in FY 2022). Revenue: JP¥48.4b (up 8.8% from FY 2022). Net income: JP¥3.33b (up 2.8% from FY 2022). Profit margin: 6.9% (down from 7.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Software industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. Announcement • May 11
Cresco Ltd. (TSE:4674) announces an Equity Buyback for 500,000 shares, representing 2.37% for ¥1,000 million. Cresco Ltd. (TSE:4674) announces a share repurchase program. Under the program, the company will repurchase 500,000 shares, representing 2.37% of the outstanding shares for ¥1,000 million. The purpose of the program is to return of profits to shareholders and to improve capital efficiency. The program will run until November 30, 2023. As of March 31, 2023, the company had 21,070,066 shares outstanding and 1,929,934 shares in treasury. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥27.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥36.24 (vs JP¥45.56 in 3Q 2022) Third quarter 2023 results: EPS: JP¥36.24 (down from JP¥45.56 in 3Q 2022). Revenue: JP¥12.1b (up 6.4% from 3Q 2022). Net income: JP¥763.0m (down 20% from 3Q 2022). Profit margin: 6.3% (down from 8.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in Japan. 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 2% per year, which means it is significantly lagging earnings. Announcement • Jan 31
Cresco Ltd. (TSE:4674) entered into an agreement to acquire Japan Software Design Co., Ltd. from Shigekiyo Miki. Cresco Ltd. (TSE:4674) entered into an agreement to acquire Japan Software Design Co., Ltd. from Shigekiyo Miki on January 30, 2023. The deal is expected to close on February 1, 2023. As of fiscal year ending March 2022, Japan Software Design reported Announcement • Dec 04
Cresco Ltd. to Report Q3, 2023 Results on Feb 06, 2023 Cresco Ltd. announced that they will report Q3, 2023 results on Feb 06, 2023 Price Target Changed • Nov 16
Price target increased to JP¥3,000 Up from JP¥2,730, the current price target is provided by 1 analyst. New target price is 73% above last closing price of JP¥1,732. Stock is down 18% over the past year. The company is forecast to post earnings per share of JP¥146 for next year compared to JP¥154 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Masayuki Maekawa was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: JP¥54.50 (vs JP¥43.00 in 2Q 2022) Second quarter 2023 results: EPS: JP¥54.50 (up from JP¥43.00 in 2Q 2022). Revenue: JP¥11.9b (up 6.6% from 2Q 2022). Net income: JP¥1.15b (up 27% from 2Q 2022). Profit margin: 9.6% (up from 8.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Announcement • Aug 17
Cresco Ltd. to Report Q2, 2023 Results on Nov 07, 2022 Cresco Ltd. announced that they will report Q2, 2023 results on Nov 07, 2022 Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥15.21 (vs JP¥33.40 in 1Q 2022) First quarter 2023 results: EPS: JP¥15.21 (down from JP¥33.40 in 1Q 2022). Revenue: JP¥11.4b (up 15% from 1Q 2022). Net income: JP¥320.0m (down 54% from 1Q 2022). Profit margin: 2.8% (down from 7.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.8%, compared to a 14% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jun 23
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥154 (up from JP¥125 in FY 2021). Revenue: JP¥44.5b (up 12% from FY 2021). Net income: JP¥3.24b (up 23% from FY 2021). Profit margin: 7.3% (up from 6.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 8.0%, compared to a 13% growth forecast for the 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 20
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥2,331, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings is also forecast to grow by 9.5% per annum over the same time period. Reported Earnings • May 11
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥154 (up from JP¥125 in FY 2021). Revenue: JP¥44.5b (up 12% from FY 2021). Net income: JP¥3.24b (up 23% from FY 2021). Profit margin: 7.3% (up from 6.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 8.0%, compared to a 13% growth forecast for the 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to JP¥2,730 Up from JP¥1,900, the current price target is provided by 1 analyst. New target price is 44% above last closing price of JP¥1,892. Stock is up 15% over the past year. The company is forecast to post earnings per share of JP¥138 for next year compared to JP¥125 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Masayuki Maekawa was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Cresco Ltd. to Report Fiscal Year 2022 Results on May 10, 2022 Cresco Ltd. announced that they will report fiscal year 2022 results on May 10, 2022 
