# Sompo Holdings (8630.JP)

Canonical: https://gigainvestors.com/s/8630.JP

Analysis as of: 2026-10-15T07:11:48.019Z. Financial observations: FY2016–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

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

Share price: JPY 6,754.00 per share; close as of 2026-10-15.

Estimated value: low JPY 4,330.51 per share, central JPY 5,413.14 per share, high JPY 7,217.52 per share. Buy at or below the central value JPY 5,413.14 per share. Valuation as of 2026-10-15T07:11:48.019Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% 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: 8

- Return on common equity variation (informational): 0.43×

Chart: Net income; fiscal year observations.

- FY2017: JPY 166B

- FY2018: JPY 140B

- FY2019: JPY 147B

- FY2020: JPY 123B

- FY2021: JPY 142B

- FY2022: JPY 225B

- FY2023: JPY 0

- FY2024: JPY 530B

- FY2025: JPY 243B

- FY2026: JPY 640B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.0%

- Years with reported combined ratio: 0

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

- FY2017: 12.5%

- FY2018: 9.4%

- FY2019: 10.8%

- FY2020: 10.3%

- FY2021: 8.9%

- FY2022: 14.1%

- FY2023: 0.0%

- FY2024: 14.8%

- FY2025: 7.0%

- FY2026: 14.7%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 18.4%

- Book return interval: 10 years

- Starting book value per share: JPY 1K

- Ending book value per share: JPY 6K

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

- FY2017: 13.9%

- FY2018: 9.8%

- FY2019: -1.1%

- FY2020: -4.4%

- FY2021: 32.8%

- FY2022: 6.7%

- FY2023: 50.8%

- FY2024: 49.0%

- FY2025: 7.3%

- FY2026: 34.0%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.8%

- Diluted shares, 5-year annual growth: -3.2%

- Share growth excluding flagged crisis recapitalisations: -2.8%

- Five-year share growth excluding flagged crisis recapitalisations: -3.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 4.91×

- Book value created per share: JPY 4K

- Earnings retained per share after dividends and buybacks: JPY 877.31

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

- FY2016: 100

- FY2017: 98

- FY2018: 96

- FY2019: 92

- FY2020: 91

- FY2021: 89

- FY2022: 86

- FY2023: 86

- FY2024: 82

- FY2025: 80

- FY2026: 75

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 6.8% a year forever · net income +163.3%

Story as of 2026-10-16T10:00:14.771Z; price observation 2026-10-15.

The price assumes profits grow 6.8% a year forever

### Net income · FY2026

net income +163.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6Z.pdf; observed 2026-06-17.

- FY2017: JPY 166B 

- FY2018: JPY 140B 

- FY2019: JPY 147B 

- FY2020: JPY 123B 

- FY2021: JPY 142B 

- FY2022: JPY 225B 

- FY2023: JPY 0 

- FY2024: JPY 530B 

- FY2025: JPY 243B 

- FY2026: JPY 640B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are JPY 5.6 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC6Z.pdf (filed 2026-06-17); FY2026: revenue 5601496000000.

### Why customers stay

It earns 10.6% 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 [[2017,0.12481856893930245],[2018,0.09415730034412396],[2019,0.10807428236586165],[2020,0.10303933013291708],[2021,0.08926755644771737],[2022,0.140539162035512],[2023,0],[2024,0.1484452007936061],[2025,0.06987611913531708],[2026,0.1474960607712731]]; median 0.10555680624938937. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back JPY 229.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Dividend observations: [[2017,31885000000],[2018,40983000000],[2019,45159000000],[2020,51571000000],[2021,55997000000],[2022,68657000000],[2023,79718000000],[2024,92797000000],[2025,103794000000],[2026,140017000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/ANK.F.json#2026-03-31 (filed 2026-06-17); FY2026: cash repurchases 229290000000 JPY.

### What the price says

The price assumes profits grow 6.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-17); Price 6754; FX 1; original perpetual distributable cash 216.5257005374176; discount 0.1; growth 0.06794111629591093. 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 1,242.67 per share

- 2016-12: JPY 1,320.00 per share

- 2017-01: JPY 1,366.00 per share

- 2017-02: JPY 1,399.33 per share

- 2017-03: JPY 1,359.67 per share

- 2017-04: JPY 1,402.00 per share

- 2017-05: JPY 1,424.67 per share

- 2017-06: JPY 1,446.33 per share

- 2017-07: JPY 1,444.00 per share

- 2017-08: JPY 1,378.33 per share

- 2017-09: JPY 1,459.33 per share

- 2017-10: JPY 1,513.00 per share

- 2017-11: JPY 1,510.67 per share

- 2017-12: JPY 1,454.67 per share

- 2018-01: JPY 1,455.33 per share

- 2018-02: JPY 1,381.00 per share

- 2018-03: JPY 1,427.33 per share

- 2018-04: JPY 1,530.00 per share

- 2018-05: JPY 1,577.33 per share

- 2018-06: JPY 1,493.33 per share

- 2018-07: JPY 1,511.33 per share

- 2018-08: JPY 1,581.33 per share

- 2018-09: JPY 1,613.00 per share

- 2018-10: JPY 1,560.00 per share

- 2018-11: JPY 1,462.00 per share

- 2018-12: JPY 1,244.00 per share

- 2019-01: JPY 1,362.00 per share

- 2019-02: JPY 1,385.67 per share

- 2019-03: JPY 1,366.00 per share

- 2019-04: JPY 1,387.00 per share

- 2019-05: JPY 1,370.67 per share

- 2019-06: JPY 1,387.00 per share

- 2019-07: JPY 1,510.67 per share

- 2019-08: JPY 1,414.67 per share

- 2019-09: JPY 1,505.67 per share

- 2019-10: JPY 1,424.67 per share

- 2019-11: JPY 1,438.67 per share

- 2019-12: JPY 1,433.33 per share

- 2020-01: JPY 1,377.67 per share

- 2020-02: JPY 1,338.67 per share

- 2020-03: JPY 1,114.33 per share

- 2020-04: JPY 1,166.67 per share

- 2020-05: JPY 1,277.33 per share

- 2020-06: JPY 1,235.67 per share

- 2020-07: JPY 1,151.67 per share

- 2020-08: JPY 1,326.67 per share

- 2020-09: JPY 1,209.67 per share

- 2020-10: JPY 1,297.00 per share

- 2020-11: JPY 1,336.67 per share

- 2020-12: JPY 1,391.00 per share

- 2021-01: JPY 1,389.00 per share

- 2021-02: JPY 1,360.00 per share

- 2021-03: JPY 1,414.00 per share

- 2021-04: JPY 1,353.33 per share

- 2021-05: JPY 1,468.00 per share

- 2021-06: JPY 1,368.67 per share

- 2021-07: JPY 1,510.00 per share

- 2021-08: JPY 1,609.33 per share

- 2021-09: JPY 1,627.00 per share

- 2021-10: JPY 1,649.33 per share

- 2021-11: JPY 1,558.00 per share

- 2021-12: JPY 1,619.67 per share

- 2022-01: JPY 1,784.67 per share

- 2022-02: JPY 1,673.33 per share

- 2022-03: JPY 1,793.67 per share

- 2022-04: JPY 1,761.67 per share

- 2022-05: JPY 1,949.33 per share

- 2022-06: JPY 1,994.33 per share

- 2022-07: JPY 1,973.33 per share

- 2022-08: JPY 1,991.00 per share

- 2022-09: JPY 1,920.67 per share

- 2022-10: JPY 2,064.33 per share

- 2022-11: JPY 2,019.67 per share

- 2022-12: JPY 1,953.33 per share

- 2023-01: JPY 1,861.67 per share

- 2023-02: JPY 1,946.33 per share

- 2023-03: JPY 1,750.67 per share

- 2023-04: JPY 1,884.33 per share

- 2023-05: JPY 1,896.67 per share

- 2023-06: JPY 2,153.00 per share

- 2023-07: JPY 2,097.00 per share

- 2023-08: JPY 2,115.67 per share

- 2023-09: JPY 2,144.33 per share

- 2023-10: JPY 2,169.00 per share

- 2023-11: JPY 2,252.33 per share

- 2023-12: JPY 2,298.67 per share

- 2024-01: JPY 2,563.67 per share

- 2024-02: JPY 2,927.33 per share

- 2024-03: JPY 3,201.00 per share

- 2024-04: JPY 3,120.00 per share

- 2024-05: JPY 3,325.00 per share

- 2024-06: JPY 3,435.00 per share

- 2024-07: JPY 3,467.00 per share

- 2024-08: JPY 3,430.00 per share

- 2024-09: JPY 3,201.00 per share

- 2024-10: JPY 3,324.00 per share

- 2024-11: JPY 3,946.00 per share

- 2024-12: JPY 4,119.00 per share

- 2025-01: JPY 4,352.00 per share

- 2025-02: JPY 4,425.00 per share

- 2025-03: JPY 4,521.00 per share

- 2025-04: JPY 4,645.00 per share

- 2025-05: JPY 4,387.00 per share

- 2025-06: JPY 4,345.00 per share

- 2025-07: JPY 4,472.00 per share

- 2025-08: JPY 4,757.00 per share

- 2025-09: JPY 4,575.00 per share

- 2025-10: JPY 4,708.00 per share

- 2025-11: JPY 4,953.00 per share

- 2025-12: JPY 5,336.00 per share

- 2026-01: JPY 5,316.00 per share

- 2026-02: JPY 6,245.00 per share

- 2026-03: JPY 6,012.00 per share

- 2026-04: JPY 5,797.00 per share

- 2026-05: JPY 5,958.00 per share

- 2026-06: JPY 6,238.00 per share

- 2026-07: JPY 7,113.00 per share

- 2026-08: JPY 6,850.00 per share

- 2026-09: JPY 6,702.00 per share

- 2026-10: JPY 6,694.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 874.01 per share, central JPY 1,092.51 per share, high JPY 1,456.68 per share

- FY2019: low JPY 977.68 per share, central JPY 1,222.10 per share, high JPY 1,629.46 per share

- FY2020: low JPY 930.38 per share, central JPY 1,162.98 per share, high JPY 1,550.63 per share

- FY2021: low JPY 1,145.49 per share, central JPY 1,431.86 per share, high JPY 1,909.14 per share

- FY2022: low JPY 1,315.26 per share, central JPY 1,644.07 per share, high JPY 2,192.10 per share

- FY2023: low JPY 1,798.41 per share, central JPY 2,248.02 per share, high JPY 2,997.35 per share

- FY2024: low JPY 3,229.26 per share, central JPY 4,036.58 per share, high JPY 5,382.11 per share

- FY2025: low JPY 3,220.52 per share, central JPY 4,025.65 per share, high JPY 5,367.54 per share

- FY2026: low JPY 4,330.51 per share, central JPY 5,413.14 per share, high JPY 7,217.52 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/S100YC6Z.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.

Sompo Holdings

8630 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: JPY 6,754.00
Buy up to: JPY 5,413.14
Expected / yr: 9.2% 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 8 needed).

Net income

10y median: JPY 157B
Worst year: JPY 0
Latest · 2026: JPY 640B

Earned a median 10.6% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.6%
Worst year: 0.0%
Latest · 2026: 14.7%

Book value plus dividends grew 18.4% a year (minimum 7%).

Annual book + dividend return

10y median: 11.8%
Worst year: -4.4%
Latest · 2026: 34.0%

Ordinary share growth was -2.8% over the full period and -3.2% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 89
Worst year: 100
Latest · 2026: 75

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 495.46 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1242.67; 2016-12 · Price JPY 1320.00; 2017-01 · Price JPY 1366.00; 2017-02 · Price JPY 1399.33; 2017-03 · Price JPY 1359.67; 2017-04 · Price JPY 1402.00; 2017-05 · Price JPY 1424.67; 2017-06 · Price JPY 1446.33; 2017-07 · Price JPY 1444.00; 2017-08 · Price JPY 1378.33; 2017-09 · Price JPY 1459.33; 2017-10 · Price JPY 1513.00; 2017-11 · Price JPY 1510.67; 2017-12 · Price JPY 1454.67; 2018-01 · Price JPY 1455.33 · Value 1092.51 · Buy at or below 1092.51; 2018-02 · Price JPY 1381.00 · Value 1092.51 · Buy at or below 1092.51; 2018-03 · Price JPY 1427.33 · Value 1092.51 · Buy at or below 1092.51; 2018-04 · Price JPY 1530.00 · Value 1092.51 · Buy at or below 1092.51; 2018-05 · Price JPY 1577.33 · Value 1092.51 · Buy at or below 1092.51; 2018-06 · Price JPY 1493.33 · Value 1092.51 · Buy at or below 1092.51; 2018-07 · Price JPY 1511.33 · Value 1092.51 · Buy at or below 1092.51; 2018-08 · Price JPY 1581.33 · Value 1092.51 · Buy at or below 1092.51; 2018-09 · Price JPY 1613.00 · Value 1092.51 · Buy at or below 1092.51; 2018-10 · Price JPY 1560.00 · Value 1092.51 · Buy at or below 1092.51; 2018-11 · Price JPY 1462.00 · Value 1092.51 · Buy at or below 1092.51; 2018-12 · Price JPY 1244.00 · Value 1092.51 · Buy at or below 1092.51; 2019-01 · Price JPY 1362.00 · Value 1092.51 · Buy at or below 1092.51; 2019-02 · Price JPY 1385.67 · Value 1222.10 · Buy at or below 1222.10; 2019-03 · Price JPY 1366.00 · Value 1222.10 · Buy at or below 1222.10; 2019-04 · Price JPY 1387.00 · Value 1222.10 · Buy at or below 1222.10; 2019-05 · Price JPY 1370.67 · Value 1222.10 · Buy at or below 1222.10; 2019-06 · Price JPY 1387.00 · Value 1222.10 · Buy at or below 1222.10; 2019-07 · Price JPY 1510.67 · Value 1222.10 · Buy at or below 1222.10; 2019-08 · Price JPY 1414.67 · Value 1222.10 · Buy at or below 1222.10; 2019-09 · Price JPY 1505.67 · Value 1222.10 · Buy at or below 1222.10; 2019-10 · Price JPY 1424.67 · Value 1222.10 · Buy at or below 1222.10; 2019-11 · Price JPY 1438.67 · Value 1222.10 · Buy at or below 1222.10; 2019-12 · Price JPY 1433.33 · Value 1222.10 · Buy at or below 1222.10; 2020-01 · Price JPY 1377.67 · Value 1222.10 · Buy at or below 1222.10; 2020-02 · Price JPY 1338.67 · Value 1162.98 · Buy at or below 1162.98; 2020-03 · Price JPY 1114.33 · Value 1162.98 · Buy at or below 1162.98; 2020-04 · Price JPY 1166.67 · Value 1162.98 · Buy at or below 1162.98; 2020-05 · Price JPY 1277.33 · Value 1162.98 · Buy at or below 1162.98; 2020-06 · Price JPY 1235.67 · Value 1162.98 · Buy at or below 1162.98; 2020-07 · Price JPY 1151.67 · Value 1162.98 · Buy at or below 1162.98; 2020-08 · Price JPY 1326.67 · Value 1162.98 · Buy at or below 1162.98; 2020-09 · Price JPY 1209.67 · Value 1162.98 · Buy at or below 1162.98; 2020-10 · Price JPY 1297.00 · Value 1162.98 · Buy at or below 1162.98; 2020-11 · Price JPY 1336.67 · Value 1162.98 · Buy at or below 1162.98; 2020-12 · Price JPY 1391.00 · Value 1162.98 · Buy at or below 1162.98; 2021-01 · Price JPY 1389.00 · Value 1162.98 · Buy at or below 1162.98; 2021-02 · Price JPY 1360.00 · Value 1431.86 · Buy at or below 1431.86; 2021-03 · Price JPY 1414.00 · Value 1431.86 · Buy at or below 1431.86; 2021-04 · Price JPY 1353.33 · Value 1431.86 · Buy at or below 1431.86; 2021-05 · Price JPY 1468.00 · Value 1431.86 · Buy at or below 1431.86; 2021-06 · Price JPY 1368.67 · Value 1431.86 · Buy at or below 1431.86; 2021-07 · Price JPY 1510.00 · Value 1431.86 · Buy at or below 1431.86; 2021-08 · Price JPY 1609.33 · Value 1431.86 · Buy at or below 1431.86; 2021-09 · Price JPY 1627.00 · Value 1431.86 · Buy at or below 1431.86; 2021-10 · Price JPY 1649.33 · Value 1431.86 · Buy at or below 1431.86; 2021-11 · Price JPY 1558.00 · Value 1431.86 · Buy at or below 1431.86; 2021-12 · Price JPY 1619.67 · Value 1431.86 · Buy at or below 1431.86; 2022-01 · Price JPY 1784.67 · Value 1431.86 · Buy at or below 1431.86; 2022-02 · Price JPY 1673.33 · Value 1644.07 · Buy at or below 1644.07; 2022-03 · Price JPY 1793.67 · Value 1644.07 · Buy at or below 1644.07; 2022-04 · Price JPY 1761.67 · Value 1644.07 · Buy at or below 1644.07; 2022-05 · Price JPY 1949.33 · Value 1644.07 · Buy at or below 1644.07; 2022-06 · Price JPY 1994.33 · Value 1644.07 · Buy at or below 1644.07; 2022-07 · Price JPY 1973.33 · Value 1644.07 · Buy at or below 1644.07; 2022-08 · Price JPY 1991.00 · Value 1644.07 · Buy at or below 1644.07; 2022-09 · Price JPY 1920.67 · Value 1644.07 · Buy at or below 1644.07; 2022-10 · Price JPY 2064.33 · Value 1644.07 · Buy at or below 1644.07; 2022-11 · Price JPY 2019.67 · Value 1644.07 · Buy at or below 1644.07; 2022-12 · Price JPY 1953.33 · Value 1644.07 · Buy at or below 1644.07; 2023-01 · Price JPY 1861.67 · Value 1644.07 · Buy at or below 1644.07; 2023-02 · Price JPY 1946.33 · Value 2248.02 · Buy at or below 2248.02; 2023-03 · Price JPY 1750.67 · Value 2248.02 · Buy at or below 2248.02; 2023-04 · Price JPY 1884.33 · Value 2248.02 · Buy at or below 2248.02; 2023-05 · Price JPY 1896.67 · Value 2248.02 · Buy at or below 2248.02; 2023-06 · Price JPY 2153.00 · Value 2248.02 · Buy at or below 2248.02; 2023-07 · Price JPY 2097.00 · Value 2248.02 · Buy at or below 2248.02; 2023-08 · Price JPY 2115.67 · Value 2248.02 · Buy at or below 2248.02; 2023-09 · Price JPY 2144.33 · Value 2248.02 · Buy at or below 2248.02; 2023-10 · Price JPY 2169.00 · Value 2248.02 · Buy at or below 2248.02; 2023-11 · Price JPY 2252.33 · Value 2248.02 · Buy at or below 2248.02; 2023-12 · Price JPY 2298.67 · Value 2248.02 · Buy at or below 2248.02; 2024-01 · Price JPY 2563.67 · Value 2248.02 · Buy at or below 2248.02; 2024-02 · Price JPY 2927.33 · Value 4036.58 · Buy at or below 4036.58; 2024-03 · Price JPY 3201.00 · Value 4036.58 · Buy at or below 4036.58; 2024-04 · Price JPY 3120.00 · Value 4036.58 · Buy at or below 4036.58; 2024-05 · Price JPY 3325.00 · Value 4036.58 · Buy at or below 4036.58; 2024-06 · Price JPY 3435.00 · Value 4036.58 · Buy at or below 4036.58; 2024-07 · Price JPY 3467.00 · Value 4036.58 · Buy at or below 4036.58; 2024-08 · Price JPY 3430.00 · Value 4036.58 · Buy at or below 4036.58; 2024-09 · Price JPY 3201.00 · Value 4036.58 · Buy at or below 4036.58; 2024-10 · Price JPY 3324.00 · Value 4036.58 · Buy at or below 4036.58; 2024-11 · Price JPY 3946.00 · Value 4036.58 · Buy at or below 4036.58; 2024-12 · Price JPY 4119.00 · Value 4036.58 · Buy at or below 4036.58; 2025-01 · Price JPY 4352.00 · Value 4036.58 · Buy at or below 4036.58; 2025-02 · Price JPY 4425.00 · Value 4025.65 · Buy at or below 4025.65; 2025-03 · Price JPY 4521.00 · Value 4025.65 · Buy at or below 4025.65; 2025-04 · Price JPY 4645.00 · Value 4025.65 · Buy at or below 4025.65; 2025-05 · Price JPY 4387.00 · Value 4025.65 · Buy at or below 4025.65; 2025-06 · Price JPY 4345.00 · Value 4025.65 · Buy at or below 4025.65; 2025-07 · Price JPY 4472.00 · Value 4025.65 · Buy at or below 4025.65; 2025-08 · Price JPY 4757.00 · Value 4025.65 · Buy at or below 4025.65; 2025-09 · Price JPY 4575.00 · Value 4025.65 · Buy at or below 4025.65; 2025-10 · Price JPY 4708.00 · Value 4025.65 · Buy at or below 4025.65; 2025-11 · Price JPY 4953.00 · Value 4025.65 · Buy at or below 4025.65; 2025-12 · Price JPY 5336.00 · Value 4025.65 · Buy at or below 4025.65; 2026-01 · Price JPY 5316.00 · Value 4025.65 · Buy at or below 4025.65; 2026-02 · Price JPY 6245.00 · Value 5413.14 · Buy at or below 5413.14; 2026-03 · Price JPY 6012.00 · Value 5413.14 · Buy at or below 5413.14; 2026-04 · Price JPY 5797.00 · Value 5413.14 · Buy at or below 5413.14; 2026-05 · Price JPY 5958.00 · Value 5413.14 · Buy at or below 5413.14; 2026-06 · Price JPY 6238.00 · Value 5413.14 · Buy at or below 5413.14; 2026-07 · Price JPY 7113.00 · Value 5413.14 · Buy at or below 5413.14; 2026-08 · Price JPY 6850.00 · Value 5413.14 · Buy at or below 5413.14; 2026-09 · Price JPY 6702.00 · Value 5413.14 · Buy at or below 5413.14; 2026-10 · Price JPY 6694.00 · Value 5413.14 · Buy at or below 5413.14; 2026-10 · Price JPY 6754.00 · Value 5413.14 · Buy at or below 5413.14

JPY per share · annual estimates

Price & return math
Value range	JPY 4,330.51 – JPY 7,217.52
Buy at or below	Central value JPY 5,413.14
Discount to value	1 − 6754.00 / 5413.14 = -24.8%
Return / year	About 9.2% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 4752.87/share; ROE 10.6%; first payout JPY 216.53/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 640B

Net income

Book / shareJPY 6K

Book / share

Dividend / shareJPY 153.35

Dividend / share

Return on tangible equity14.7%

Return on tangible equity

Diluted shares913M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·