# Aozora Bank (8304.JP)

Canonical: https://gigainvestors.com/s/8304.JP

Analysis as of: 2026-10-15T07:11:44.177Z. Financial observations: FY2016–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 3,165.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,410.26 per share, central JPY 1,617.98 per share, high JPY 1,897.47 per share. Buy at or below the central value JPY 1,617.98 per share. Valuation as of 2026-10-15T07:11:44.177Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 1.35×

Chart: Net income; fiscal year observations.

- FY2017: JPY 44B

- FY2018: JPY 43B

- FY2019: JPY 36B

- FY2020: JPY 28B

- FY2021: JPY 29B

- FY2022: JPY 35B

- FY2023: JPY 8.7B

- FY2024: JPY -50B

- FY2025: JPY 21B

- FY2026: JPY 26B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 6.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.1%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 10.8%

- FY2018: 10.3%

- FY2019: 8.4%

- FY2020: 6.9%

- FY2021: 6.1%

- FY2022: 7.4%

- FY2023: 2.1%

- FY2024: -13.7%

- FY2025: 4.8%

- FY2026: 5.6%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 3.7%

- Book return interval: 10 years

- Starting book value per share: JPY 3K

- Ending book value per share: JPY 3K

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 8.4%

- FY2018: 8.9%

- FY2019: 7.5%

- FY2020: -1.1%

- FY2021: 19.9%

- FY2022: 3.1%

- FY2023: -7.5%

- FY2024: -9.7%

- FY2025: 5.7%

- FY2026: 5.4%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 3.5%

- Share growth excluding flagged crisis recapitalisations: 1.7%

- Five-year share growth excluding flagged crisis recapitalisations: 3.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: -0.09×

- Book value created per share: JPY -38.58

- Earnings retained per share after dividends and buybacks: JPY 447.31

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 114

- FY2026: 119

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 6.0%

- Deposits, annualized growth: 8.3%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

The price assumes profits grow 6.5% a year forever · net income +25.3%

Story as of 2026-10-16T10:00:14.737Z; price observation 2026-10-15.

The price assumes profits grow 6.5% a year forever

### Net income · FY2026

net income +25.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCRO.pdf; observed 2026-06-17.

- FY2017: JPY 44B 

- FY2018: JPY 43B 

- FY2019: JPY 36B 

- FY2020: JPY 28B 

- FY2021: JPY 29B 

- FY2022: JPY 35B 

- FY2023: JPY 8.7B 

- FY2024: JPY -50B 

- FY2025: JPY 21B 

- FY2026: JPY 26B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are JPY 123.7 billion.

- Source: https://eodhd.com/api/fundamentals/AON.F.json#2026-03-31 (filed 2026-06-17); FY2026: revenue 123658000000.

### Why customers stay

It earns 6.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); 10-year return on tangible equity observations [[2017,0.10835233969789147],[2018,0.10282393335450428],[2019,0.08403361344537816],[2020,0.06900288840176737],[2021,0.06113113273634192],[2022,0.07400986121565278],[2023,0.020820746719520496],[2024,-0.1367566338093398],[2025,0.047512747717915346],[2026,0.055732017995555314]]; median 0.06506701056905465. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Dividend observations: [[2017,21694000000],[2018,21813000000],[2019,20300000000],[2020,17618000000],[2021,15053000000],[2022,16109000000],[2023,18567000000],[2024,13548000000],[2025,7478000000],[2026,12177000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes profits grow 6.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Price 3165; FX 1; original perpetual distributable cash 109.84642832714945; discount 0.1; growth 0.06529338757436037. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 3,930.00 per share

- 2016-12: JPY 4,130.00 per share

- 2017-01: JPY 4,120.00 per share

- 2017-02: JPY 4,210.00 per share

- 2017-03: JPY 4,100.00 per share

- 2017-04: JPY 4,060.00 per share

- 2017-05: JPY 4,070.00 per share

- 2017-06: JPY 4,280.00 per share

- 2017-07: JPY 4,240.00 per share

- 2017-08: JPY 4,160.00 per share

- 2017-09: JPY 4,280.00 per share

- 2017-10: JPY 4,425.00 per share

- 2017-11: JPY 4,355.00 per share

- 2017-12: JPY 4,385.00 per share

- 2018-01: JPY 4,420.00 per share

- 2018-02: JPY 4,395.00 per share

- 2018-03: JPY 4,235.00 per share

- 2018-04: JPY 4,425.00 per share

- 2018-05: JPY 4,310.00 per share

- 2018-06: JPY 4,215.00 per share

- 2018-07: JPY 4,175.00 per share

- 2018-08: JPY 3,925.00 per share

- 2018-09: JPY 4,060.00 per share

- 2018-10: JPY 3,895.00 per share

- 2018-11: JPY 3,730.00 per share

- 2018-12: JPY 3,275.00 per share

- 2019-01: JPY 3,350.00 per share

- 2019-02: JPY 3,210.00 per share

- 2019-03: JPY 2,736.00 per share

- 2019-04: JPY 2,709.00 per share

- 2019-05: JPY 2,639.00 per share

- 2019-06: JPY 2,586.00 per share

- 2019-07: JPY 2,498.00 per share

- 2019-08: JPY 2,455.00 per share

- 2019-09: JPY 2,702.00 per share

- 2019-10: JPY 2,791.00 per share

- 2019-11: JPY 2,788.00 per share

- 2019-12: JPY 2,891.00 per share

- 2020-01: JPY 2,962.00 per share

- 2020-02: JPY 2,702.00 per share

- 2020-03: JPY 2,062.00 per share

- 2020-04: JPY 1,933.00 per share

- 2020-05: JPY 2,002.00 per share

- 2020-06: JPY 1,876.00 per share

- 2020-07: JPY 1,687.00 per share

- 2020-08: JPY 1,905.00 per share

- 2020-09: JPY 1,743.00 per share

- 2020-10: JPY 1,708.00 per share

- 2020-11: JPY 1,895.00 per share

- 2020-12: JPY 1,903.00 per share

- 2021-01: JPY 1,926.00 per share

- 2021-02: JPY 2,250.00 per share

- 2021-03: JPY 2,534.00 per share

- 2021-04: JPY 2,350.00 per share

- 2021-05: JPY 2,473.00 per share

- 2021-06: JPY 2,485.00 per share

- 2021-07: JPY 2,462.00 per share

- 2021-08: JPY 2,581.00 per share

- 2021-09: JPY 2,739.00 per share

- 2021-10: JPY 2,606.00 per share

- 2021-11: JPY 2,472.00 per share

- 2021-12: JPY 2,518.00 per share

- 2022-01: JPY 2,574.00 per share

- 2022-02: JPY 2,602.00 per share

- 2022-03: JPY 2,589.00 per share

- 2022-04: JPY 2,604.00 per share

- 2022-05: JPY 2,656.00 per share

- 2022-06: JPY 2,637.00 per share

- 2022-07: JPY 2,775.00 per share

- 2022-08: JPY 2,689.00 per share

- 2022-09: JPY 2,582.00 per share

- 2022-10: JPY 2,557.00 per share

- 2022-11: JPY 2,595.00 per share

- 2022-12: JPY 2,595.00 per share

- 2023-01: JPY 2,594.00 per share

- 2023-02: JPY 2,637.00 per share

- 2023-03: JPY 2,399.00 per share

- 2023-04: JPY 2,432.00 per share

- 2023-05: JPY 2,542.00 per share

- 2023-06: JPY 2,674.50 per share

- 2023-07: JPY 2,921.50 per share

- 2023-08: JPY 2,862.00 per share

- 2023-09: JPY 3,055.00 per share

- 2023-10: JPY 3,066.00 per share

- 2023-11: JPY 3,040.00 per share

- 2023-12: JPY 3,063.00 per share

- 2024-01: JPY 3,257.00 per share

- 2024-02: JPY 2,748.50 per share

- 2024-03: JPY 2,470.50 per share

- 2024-04: JPY 2,454.00 per share

- 2024-05: JPY 2,365.50 per share

- 2024-06: JPY 2,627.50 per share

- 2024-07: JPY 2,507.50 per share

- 2024-08: JPY 2,687.00 per share

- 2024-09: JPY 2,664.00 per share

- 2024-10: JPY 2,642.50 per share

- 2024-11: JPY 2,398.00 per share

- 2024-12: JPY 2,484.00 per share

- 2025-01: JPY 2,400.00 per share

- 2025-02: JPY 2,244.50 per share

- 2025-03: JPY 2,058.50 per share

- 2025-04: JPY 1,965.00 per share

- 2025-05: JPY 2,096.00 per share

- 2025-06: JPY 2,162.00 per share

- 2025-07: JPY 2,217.50 per share

- 2025-08: JPY 2,291.00 per share

- 2025-09: JPY 2,315.00 per share

- 2025-10: JPY 2,205.50 per share

- 2025-11: JPY 2,415.00 per share

- 2025-12: JPY 2,509.00 per share

- 2026-01: JPY 2,502.00 per share

- 2026-02: JPY 2,825.00 per share

- 2026-03: JPY 2,494.00 per share

- 2026-04: JPY 2,518.50 per share

- 2026-05: JPY 2,670.50 per share

- 2026-06: JPY 2,714.00 per share

- 2026-07: JPY 3,038.00 per share

- 2026-08: JPY 3,408.00 per share

- 2026-09: JPY 3,492.00 per share

- 2026-10: JPY 3,246.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 3,356.00 per share, central JPY 3,691.60 per share, high JPY 4,101.78 per share

- FY2019: low JPY 2,961.81 per share, central JPY 3,359.73 per share, high JPY 3,881.18 per share

- FY2020: low JPY 2,340.16 per share, central JPY 2,681.42 per share, high JPY 3,139.20 per share

- FY2021: low JPY 2,638.68 per share, central JPY 3,037.47 per share, high JPY 3,578.25 per share

- FY2022: low JPY 2,547.41 per share, central JPY 2,946.65 per share, high JPY 3,494.28 per share

- FY2023: low JPY 2,618.14 per share, central JPY 2,879.95 per share, high JPY 3,199.95 per share

- FY2024: low JPY 2,158.52 per share, central JPY 2,374.37 per share, high JPY 2,638.19 per share

- FY2025: low JPY 2,110.55 per share, central JPY 2,321.60 per share, high JPY 2,579.56 per share

- FY2026: low JPY 1,410.26 per share, central JPY 1,617.98 per share, high JPY 1,897.47 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YCRO.pdf); period 2026-03-31, filed 2026-06-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Aozora Bank

8304 · JP

Nikkei 225

Not a wonderful business

4 quality tests fail. A lower price would not fix the business.

Share price: JPY 3,165.00
Buy up to: JPY 1,617.98
Expected / yr: 6.7% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 9 years (at least 9 needed).

Net income

10y median: JPY 29B
Worst year: JPY -50B
Latest · 2026: JPY 26B

Earned a median 6.5% on tangible equity (minimum 12%), and the second-worst year 2.1% (minimum 5%).

Return on tangible common equity

10y median: 6.5%
Worst year: -13.7%
Latest · 2026: 5.6%

Book value plus dividends grew 3.7% a year (minimum 7%).

Annual book + dividend return

10y median: 5.5%
Worst year: -9.7%
Latest · 2026: 5.4%

Book value gained -38.58 per share against 447.31 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 119
Latest · 2026: 119

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · fail 1 loss year in 10 (at most 2), three-year average earnings per share -29.07 JPY. Three-year average earnings per share is not positive.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 3930.00; 2016-12 · Price JPY 4130.00; 2017-01 · Price JPY 4120.00; 2017-02 · Price JPY 4210.00; 2017-03 · Price JPY 4100.00; 2017-04 · Price JPY 4060.00; 2017-05 · Price JPY 4070.00; 2017-06 · Price JPY 4280.00; 2017-07 · Price JPY 4240.00; 2017-08 · Price JPY 4160.00; 2017-09 · Price JPY 4280.00; 2017-10 · Price JPY 4425.00; 2017-11 · Price JPY 4355.00; 2017-12 · Price JPY 4385.00; 2018-01 · Price JPY 4420.00 · Value 3691.60 · Buy at or below 3691.60; 2018-02 · Price JPY 4395.00 · Value 3691.60 · Buy at or below 3691.60; 2018-03 · Price JPY 4235.00 · Value 3691.60 · Buy at or below 3691.60; 2018-04 · Price JPY 4425.00 · Value 3691.60 · Buy at or below 3691.60; 2018-05 · Price JPY 4310.00 · Value 3691.60 · Buy at or below 3691.60; 2018-06 · Price JPY 4215.00 · Value 3691.60 · Buy at or below 3691.60; 2018-07 · Price JPY 4175.00 · Value 3691.60 · Buy at or below 3691.60; 2018-08 · Price JPY 3925.00 · Value 3691.60 · Buy at or below 3691.60; 2018-09 · Price JPY 4060.00 · Value 3691.60 · Buy at or below 3691.60; 2018-10 · Price JPY 3895.00 · Value 3691.60 · Buy at or below 3691.60; 2018-11 · Price JPY 3730.00 · Value 3691.60 · Buy at or below 3691.60; 2018-12 · Price JPY 3275.00 · Value 3691.60 · Buy at or below 3691.60; 2019-01 · Price JPY 3350.00 · Value 3691.60 · Buy at or below 3691.60; 2019-02 · Price JPY 3210.00 · Value 3359.73 · Buy at or below 3359.73; 2019-03 · Price JPY 2736.00 · Value 3359.73 · Buy at or below 3359.73; 2019-04 · Price JPY 2709.00 · Value 3359.73 · Buy at or below 3359.73; 2019-05 · Price JPY 2639.00 · Value 3359.73 · Buy at or below 3359.73; 2019-06 · Price JPY 2586.00 · Value 3359.73 · Buy at or below 3359.73; 2019-07 · Price JPY 2498.00 · Value 3359.73 · Buy at or below 3359.73; 2019-08 · Price JPY 2455.00 · Value 3359.73 · Buy at or below 3359.73; 2019-09 · Price JPY 2702.00 · Value 3359.73 · Buy at or below 3359.73; 2019-10 · Price JPY 2791.00 · Value 3359.73 · Buy at or below 3359.73; 2019-11 · Price JPY 2788.00 · Value 3359.73 · Buy at or below 3359.73; 2019-12 · Price JPY 2891.00 · Value 3359.73 · Buy at or below 3359.73; 2020-01 · Price JPY 2962.00 · Value 3359.73 · Buy at or below 3359.73; 2020-02 · Price JPY 2702.00 · Value 2681.42 · Buy at or below 2681.42; 2020-03 · Price JPY 2062.00 · Value 2681.42 · Buy at or below 2681.42; 2020-04 · Price JPY 1933.00 · Value 2681.42 · Buy at or below 2681.42; 2020-05 · Price JPY 2002.00 · Value 2681.42 · Buy at or below 2681.42; 2020-06 · Price JPY 1876.00 · Value 2681.42 · Buy at or below 2681.42; 2020-07 · Price JPY 1687.00 · Value 2681.42 · Buy at or below 2681.42; 2020-08 · Price JPY 1905.00 · Value 2681.42 · Buy at or below 2681.42; 2020-09 · Price JPY 1743.00 · Value 2681.42 · Buy at or below 2681.42; 2020-10 · Price JPY 1708.00 · Value 2681.42 · Buy at or below 2681.42; 2020-11 · Price JPY 1895.00 · Value 2681.42 · Buy at or below 2681.42; 2020-12 · Price JPY 1903.00 · Value 2681.42 · Buy at or below 2681.42; 2021-01 · Price JPY 1926.00 · Value 2681.42 · Buy at or below 2681.42; 2021-02 · Price JPY 2250.00 · Value 3037.47 · Buy at or below 3037.47; 2021-03 · Price JPY 2534.00 · Value 3037.47 · Buy at or below 3037.47; 2021-04 · Price JPY 2350.00 · Value 3037.47 · Buy at or below 3037.47; 2021-05 · Price JPY 2473.00 · Value 3037.47 · Buy at or below 3037.47; 2021-06 · Price JPY 2485.00 · Value 3037.47 · Buy at or below 3037.47; 2021-07 · Price JPY 2462.00 · Value 3037.47 · Buy at or below 3037.47; 2021-08 · Price JPY 2581.00 · Value 3037.47 · Buy at or below 3037.47; 2021-09 · Price JPY 2739.00 · Value 3037.47 · Buy at or below 3037.47; 2021-10 · Price JPY 2606.00 · Value 3037.47 · Buy at or below 3037.47; 2021-11 · Price JPY 2472.00 · Value 3037.47 · Buy at or below 3037.47; 2021-12 · Price JPY 2518.00 · Value 3037.47 · Buy at or below 3037.47; 2022-01 · Price JPY 2574.00 · Value 3037.47 · Buy at or below 3037.47; 2022-02 · Price JPY 2602.00 · Value 2946.65 · Buy at or below 2946.65; 2022-03 · Price JPY 2589.00 · Value 2946.65 · Buy at or below 2946.65; 2022-04 · Price JPY 2604.00 · Value 2946.65 · Buy at or below 2946.65; 2022-05 · Price JPY 2656.00 · Value 2946.65 · Buy at or below 2946.65; 2022-06 · Price JPY 2637.00 · Value 2946.65 · Buy at or below 2946.65; 2022-07 · Price JPY 2775.00 · Value 2946.65 · Buy at or below 2946.65; 2022-08 · Price JPY 2689.00 · Value 2946.65 · Buy at or below 2946.65; 2022-09 · Price JPY 2582.00 · Value 2946.65 · Buy at or below 2946.65; 2022-10 · Price JPY 2557.00 · Value 2946.65 · Buy at or below 2946.65; 2022-11 · Price JPY 2595.00 · Value 2946.65 · Buy at or below 2946.65; 2022-12 · Price JPY 2595.00 · Value 2946.65 · Buy at or below 2946.65; 2023-01 · Price JPY 2594.00 · Value 2946.65 · Buy at or below 2946.65; 2023-02 · Price JPY 2637.00 · Value 2879.95 · Buy at or below 2879.95; 2023-03 · Price JPY 2399.00 · Value 2879.95 · Buy at or below 2879.95; 2023-04 · Price JPY 2432.00 · Value 2879.95 · Buy at or below 2879.95; 2023-05 · Price JPY 2542.00 · Value 2879.95 · Buy at or below 2879.95; 2023-06 · Price JPY 2674.50 · Value 2879.95 · Buy at or below 2879.95; 2023-07 · Price JPY 2921.50 · Value 2879.95 · Buy at or below 2879.95; 2023-08 · Price JPY 2862.00 · Value 2879.95 · Buy at or below 2879.95; 2023-09 · Price JPY 3055.00 · Value 2879.95 · Buy at or below 2879.95; 2023-10 · Price JPY 3066.00 · Value 2879.95 · Buy at or below 2879.95; 2023-11 · Price JPY 3040.00 · Value 2879.95 · Buy at or below 2879.95; 2023-12 · Price JPY 3063.00 · Value 2879.95 · Buy at or below 2879.95; 2024-01 · Price JPY 3257.00 · Value 2879.95 · Buy at or below 2879.95; 2024-02 · Price JPY 2748.50 · Value 2374.37 · Buy at or below 2374.37; 2024-03 · Price JPY 2470.50 · Value 2374.37 · Buy at or below 2374.37; 2024-04 · Price JPY 2454.00 · Value 2374.37 · Buy at or below 2374.37; 2024-05 · Price JPY 2365.50 · Value 2374.37 · Buy at or below 2374.37; 2024-06 · Price JPY 2627.50 · Value 2374.37 · Buy at or below 2374.37; 2024-07 · Price JPY 2507.50 · Value 2374.37 · Buy at or below 2374.37; 2024-08 · Price JPY 2687.00 · Value 2374.37 · Buy at or below 2374.37; 2024-09 · Price JPY 2664.00 · Value 2374.37 · Buy at or below 2374.37; 2024-10 · Price JPY 2642.50 · Value 2374.37 · Buy at or below 2374.37; 2024-11 · Price JPY 2398.00 · Value 2374.37 · Buy at or below 2374.37; 2024-12 · Price JPY 2484.00 · Value 2374.37 · Buy at or below 2374.37; 2025-01 · Price JPY 2400.00 · Value 2374.37 · Buy at or below 2374.37; 2025-02 · Price JPY 2244.50 · Value 2321.60 · Buy at or below 2321.60; 2025-03 · Price JPY 2058.50 · Value 2321.60 · Buy at or below 2321.60; 2025-04 · Price JPY 1965.00 · Value 2321.60 · Buy at or below 2321.60; 2025-05 · Price JPY 2096.00 · Value 2321.60 · Buy at or below 2321.60; 2025-06 · Price JPY 2162.00 · Value 2321.60 · Buy at or below 2321.60; 2025-07 · Price JPY 2217.50 · Value 2321.60 · Buy at or below 2321.60; 2025-08 · Price JPY 2291.00 · Value 2321.60 · Buy at or below 2321.60; 2025-09 · Price JPY 2315.00 · Value 2321.60 · Buy at or below 2321.60; 2025-10 · Price JPY 2205.50 · Value 2321.60 · Buy at or below 2321.60; 2025-11 · Price JPY 2415.00 · Value 2321.60 · Buy at or below 2321.60; 2025-12 · Price JPY 2509.00 · Value 2321.60 · Buy at or below 2321.60; 2026-01 · Price JPY 2502.00 · Value 2321.60 · Buy at or below 2321.60; 2026-02 · Price JPY 2825.00 · Value 1617.98 · Buy at or below 1617.98; 2026-03 · Price JPY 2494.00 · Value 1617.98 · Buy at or below 1617.98; 2026-04 · Price JPY 2518.50 · Value 1617.98 · Buy at or below 1617.98; 2026-05 · Price JPY 2670.50 · Value 1617.98 · Buy at or below 1617.98; 2026-06 · Price JPY 2714.00 · Value 1617.98 · Buy at or below 1617.98; 2026-07 · Price JPY 3038.00 · Value 1617.98 · Buy at or below 1617.98; 2026-08 · Price JPY 3408.00 · Value 1617.98 · Buy at or below 1617.98; 2026-09 · Price JPY 3492.00 · Value 1617.98 · Buy at or below 1617.98; 2026-10 · Price JPY 3246.00 · Value 1617.98 · Buy at or below 1617.98; 2026-10 · Price JPY 3165.00 · Value 1617.98 · Buy at or below 1617.98

JPY per share · annual estimates

Price & return math
Value range	JPY 1,410.26 – JPY 1,897.47
Buy at or below	Central value JPY 1,617.98
Discount to value	1 − 3165.00 / 1617.98 = -95.6%
Return / year	About 6.7% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 3332.91/share; ROE 6.5%; first payout JPY 109.85/share, growing 3.2% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 26B

Net income

Book / shareJPY 3K

Book / share

Dividend / shareJPY 87.99

Dividend / share

Return on tangible equity5.6%

Return on tangible equity

Diluted shares138M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·