# MS&AD Insurance Group Holdings (8725.JP)

Canonical: https://gigainvestors.com/s/8725.JP

Analysis as of: 2026-10-15T07:11:48.704Z. 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 5,017.00 per share; close as of 2026-10-15.

Estimated value: low JPY 2,097.70 per share, central JPY 2,448.31 per share, high JPY 2,939.65 per share. Buy at or below the central value JPY 2,448.31 per share. Valuation as of 2026-10-15T07:11:48.704Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2017: JPY 210B

- FY2018: JPY 154B

- FY2019: JPY 193B

- FY2020: JPY 143B

- FY2021: JPY 144B

- FY2022: JPY 263B

- FY2023: JPY 211B

- FY2024: JPY 369B

- FY2025: JPY 300B

- FY2026: JPY 511B

### 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: 7.6%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 6.0%

- Years with reported combined ratio: 0

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

- FY2017: 9.2%

- FY2018: 6.4%

- FY2019: 8.7%

- FY2020: 7.1%

- FY2021: 5.4%

- FY2022: 9.3%

- FY2023: 8.1%

- FY2024: 6.9%

- FY2025: 6.0%

- FY2026: 8.4%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 14.6%

- Book return interval: 10 years

- Starting book value per share: JPY 1K

- Ending book value per share: JPY 4K

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

- FY2017: 4.1%

- FY2018: 12.9%

- FY2019: -2.8%

- FY2020: -6.2%

- FY2021: 31.9%

- FY2022: 10.7%

- FY2023: 0.9%

- FY2024: 96.8%

- FY2025: -2.7%

- FY2026: 28.8%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.0%

- Diluted shares, 5-year annual growth: -2.5%

- Share growth excluding flagged crisis recapitalisations: -2.0%

- Five-year share growth excluding flagged crisis recapitalisations: -2.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 7.70×

- Book value created per share: JPY 3K

- Earnings retained per share after dividends and buybacks: JPY 368.03

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

- FY2016: 100

- FY2017: 99

- FY2018: 97

- FY2019: 96

- FY2020: 95

- FY2021: 93

- FY2022: 91

- FY2023: 89

- FY2024: 87

- FY2025: 85

- FY2026: 82

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.1% a year forever · net income +70.1%

Story as of 2026-10-16T10:00:14.780Z; price observation 2026-10-15.

The price assumes profits grow 7.1% a year forever

### Net income · FY2026

net income +70.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YNCJ.pdf; observed 2026-06-30.

- FY2017: JPY 210B 

- FY2018: JPY 154B 

- FY2019: JPY 193B 

- FY2020: JPY 143B 

- FY2021: JPY 144B 

- FY2022: JPY 263B 

- FY2023: JPY 211B 

- FY2024: JPY 369B 

- FY2025: JPY 300B 

- FY2026: JPY 511B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are JPY 6.4 trillion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YNCJ.pdf (filed 2026-06-30); FY2026: revenue 6436026000000.

### Why customers stay

It earns 7.6% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); 10-year return on tangible equity observations [[2017,0.09182519410320697],[2018,0.06441560287839572],[2019,0.08739182311301823],[2020,0.07119547470950374],[2021,0.05444007568934193],[2022,0.0933324904491874],[2023,0.08129880197484972],[2024,0.06935677268417581],[2025,0.059951474197426004],[2026,0.08447179814990265]]; median 0.07624713834217672. 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 221.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); Dividend observations: [[2017,63151000000],[2018,79887000000],[2019,79286000000],[2020,83861000000],[2021,84928000000],[2022,90264000000],[2023,106753000000],[2024,117133000000],[2025,190510000000],[2026,224862000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/59M.F.json#2026-03-31 (filed 2026-06-30); FY2026: cash repurchases 221499000000 JPY.

### What the price says

The price assumes profits grow 7.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-30); Price 5017; FX 1; original perpetual distributable cash 146.48059892343184; discount 0.1; growth 0.07080314950698988. 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 1,183.00 per share

- 2016-12: JPY 1,208.00 per share

- 2017-01: JPY 1,265.00 per share

- 2017-02: JPY 1,266.33 per share

- 2017-03: JPY 1,180.00 per share

- 2017-04: JPY 1,210.67 per share

- 2017-05: JPY 1,295.00 per share

- 2017-06: JPY 1,258.00 per share

- 2017-07: JPY 1,290.67 per share

- 2017-08: JPY 1,209.67 per share

- 2017-09: JPY 1,207.67 per share

- 2017-10: JPY 1,278.33 per share

- 2017-11: JPY 1,218.33 per share

- 2017-12: JPY 1,271.33 per share

- 2018-01: JPY 1,237.00 per share

- 2018-02: JPY 1,110.67 per share

- 2018-03: JPY 1,118.33 per share

- 2018-04: JPY 1,224.00 per share

- 2018-05: JPY 1,154.67 per share

- 2018-06: JPY 1,148.00 per share

- 2018-07: JPY 1,137.33 per share

- 2018-08: JPY 1,138.33 per share

- 2018-09: JPY 1,264.67 per share

- 2018-10: JPY 1,135.33 per share

- 2018-11: JPY 1,148.33 per share

- 2018-12: JPY 1,044.00 per share

- 2019-01: JPY 1,078.00 per share

- 2019-02: JPY 1,114.33 per share

- 2019-03: JPY 1,123.33 per share

- 2019-04: JPY 1,146.00 per share

- 2019-05: JPY 1,148.67 per share

- 2019-06: JPY 1,140.00 per share

- 2019-07: JPY 1,193.67 per share

- 2019-08: JPY 1,125.67 per share

- 2019-09: JPY 1,166.67 per share

- 2019-10: JPY 1,169.67 per share

- 2019-11: JPY 1,180.33 per share

- 2019-12: JPY 1,203.67 per share

- 2020-01: JPY 1,219.00 per share

- 2020-02: JPY 1,161.00 per share

- 2020-03: JPY 1,008.33 per share

- 2020-04: JPY 1,040.67 per share

- 2020-05: JPY 1,055.00 per share

- 2020-06: JPY 987.00 per share

- 2020-07: JPY 878.67 per share

- 2020-08: JPY 980.33 per share

- 2020-09: JPY 941.33 per share

- 2020-10: JPY 948.17 per share

- 2020-11: JPY 1,011.67 per share

- 2020-12: JPY 1,047.00 per share

- 2021-01: JPY 1,001.33 per share

- 2021-02: JPY 1,000.00 per share

- 2021-03: JPY 1,083.00 per share

- 2021-04: JPY 1,031.67 per share

- 2021-05: JPY 1,114.33 per share

- 2021-06: JPY 1,069.33 per share

- 2021-07: JPY 1,126.67 per share

- 2021-08: JPY 1,185.00 per share

- 2021-09: JPY 1,252.00 per share

- 2021-10: JPY 1,228.67 per share

- 2021-11: JPY 1,105.33 per share

- 2021-12: JPY 1,183.00 per share

- 2022-01: JPY 1,308.67 per share

- 2022-02: JPY 1,301.67 per share

- 2022-03: JPY 1,326.00 per share

- 2022-04: JPY 1,293.67 per share

- 2022-05: JPY 1,364.33 per share

- 2022-06: JPY 1,386.00 per share

- 2022-07: JPY 1,439.00 per share

- 2022-08: JPY 1,387.00 per share

- 2022-09: JPY 1,278.67 per share

- 2022-10: JPY 1,313.67 per share

- 2022-11: JPY 1,366.67 per share

- 2022-12: JPY 1,408.00 per share

- 2023-01: JPY 1,386.33 per share

- 2023-02: JPY 1,484.00 per share

- 2023-03: JPY 1,368.67 per share

- 2023-04: JPY 1,481.67 per share

- 2023-05: JPY 1,599.33 per share

- 2023-06: JPY 1,698.67 per share

- 2023-07: JPY 1,764.00 per share

- 2023-08: JPY 1,746.67 per share

- 2023-09: JPY 1,831.67 per share

- 2023-10: JPY 1,831.00 per share

- 2023-11: JPY 1,844.33 per share

- 2023-12: JPY 1,848.67 per share

- 2024-01: JPY 2,049.33 per share

- 2024-02: JPY 2,470.00 per share

- 2024-03: JPY 2,706.50 per share

- 2024-04: JPY 2,846.50 per share

- 2024-05: JPY 3,281.00 per share

- 2024-06: JPY 3,575.00 per share

- 2024-07: JPY 3,582.00 per share

- 2024-08: JPY 3,345.00 per share

- 2024-09: JPY 3,330.00 per share

- 2024-10: JPY 3,439.00 per share

- 2024-11: JPY 3,341.00 per share

- 2024-12: JPY 3,449.00 per share

- 2025-01: JPY 3,249.00 per share

- 2025-02: JPY 3,130.00 per share

- 2025-03: JPY 3,225.00 per share

- 2025-04: JPY 3,245.00 per share

- 2025-05: JPY 3,456.00 per share

- 2025-06: JPY 3,230.00 per share

- 2025-07: JPY 3,244.00 per share

- 2025-08: JPY 3,462.00 per share

- 2025-09: JPY 3,356.00 per share

- 2025-10: JPY 3,186.00 per share

- 2025-11: JPY 3,465.00 per share

- 2025-12: JPY 3,683.00 per share

- 2026-01: JPY 3,932.00 per share

- 2026-02: JPY 4,376.00 per share

- 2026-03: JPY 4,032.00 per share

- 2026-04: JPY 4,034.00 per share

- 2026-05: JPY 4,287.00 per share

- 2026-06: JPY 4,240.00 per share

- 2026-07: JPY 4,924.00 per share

- 2026-08: JPY 5,107.00 per share

- 2026-09: JPY 4,902.00 per share

- 2026-10: JPY 5,005.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 788.00 per share, central JPY 866.80 per share, high JPY 963.11 per share

- FY2019: low JPY 508.19 per share, central JPY 608.47 per share, high JPY 758.04 per share

- FY2020: low JPY 752.55 per share, central JPY 827.80 per share, high JPY 919.78 per share

- FY2021: low JPY 965.38 per share, central JPY 1,061.92 per share, high JPY 1,179.91 per share

- FY2022: low JPY 1,096.86 per share, central JPY 1,206.55 per share, high JPY 1,340.61 per share

- FY2023: low JPY 1,112.99 per share, central JPY 1,224.29 per share, high JPY 1,360.32 per share

- FY2024: low JPY 1,538.37 per share, central JPY 1,831.21 per share, high JPY 2,261.76 per share

- FY2025: low JPY 1,641.27 per share, central JPY 1,920.75 per share, high JPY 2,314.94 per share

- FY2026: low JPY 2,097.70 per share, central JPY 2,448.31 per share, high JPY 2,939.65 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/S100YNCJ.pdf); period 2026-03-31, filed 2026-06-30.

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.

MS&AD Insurance Group Holdings

8725 · JP

Nikkei 225 · TOPIX Large70

Not a wonderful business

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

Share price: JPY 5,017.00
Buy up to: JPY 2,448.31
Expected / yr: 6.9% 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 10 years (at least 8 needed).

Net income

10y median: JPY 211B
Worst year: JPY 143B
Latest · 2026: JPY 511B

Earned a median 7.6% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 7.6%
Worst year: 5.4%
Latest · 2026: 8.4%

Book value plus dividends grew 14.6% a year (minimum 7%).

Annual book + dividend return

10y median: 7.4%
Worst year: -6.2%
Latest · 2026: 28.8%

Ordinary share growth was -2% over the full period and -2.5% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 93
Worst year: 100
Latest · 2026: 82

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 256.06 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1183.00; 2016-12 · Price JPY 1208.00; 2017-01 · Price JPY 1265.00; 2017-02 · Price JPY 1266.33; 2017-03 · Price JPY 1180.00; 2017-04 · Price JPY 1210.67; 2017-05 · Price JPY 1295.00; 2017-06 · Price JPY 1258.00; 2017-07 · Price JPY 1290.67; 2017-08 · Price JPY 1209.67; 2017-09 · Price JPY 1207.67; 2017-10 · Price JPY 1278.33; 2017-11 · Price JPY 1218.33; 2017-12 · Price JPY 1271.33; 2018-01 · Price JPY 1237.00 · Value 866.80 · Buy at or below 866.80; 2018-02 · Price JPY 1110.67 · Value 866.80 · Buy at or below 866.80; 2018-03 · Price JPY 1118.33 · Value 866.80 · Buy at or below 866.80; 2018-04 · Price JPY 1224.00 · Value 866.80 · Buy at or below 866.80; 2018-05 · Price JPY 1154.67 · Value 866.80 · Buy at or below 866.80; 2018-06 · Price JPY 1148.00 · Value 866.80 · Buy at or below 866.80; 2018-07 · Price JPY 1137.33 · Value 866.80 · Buy at or below 866.80; 2018-08 · Price JPY 1138.33 · Value 866.80 · Buy at or below 866.80; 2018-09 · Price JPY 1264.67 · Value 866.80 · Buy at or below 866.80; 2018-10 · Price JPY 1135.33 · Value 866.80 · Buy at or below 866.80; 2018-11 · Price JPY 1148.33 · Value 866.80 · Buy at or below 866.80; 2018-12 · Price JPY 1044.00 · Value 866.80 · Buy at or below 866.80; 2019-01 · Price JPY 1078.00 · Value 866.80 · Buy at or below 866.80; 2019-02 · Price JPY 1114.33 · Value 608.47 · Buy at or below 608.47; 2019-03 · Price JPY 1123.33 · Value 608.47 · Buy at or below 608.47; 2019-04 · Price JPY 1146.00 · Value 608.47 · Buy at or below 608.47; 2019-05 · Price JPY 1148.67 · Value 608.47 · Buy at or below 608.47; 2019-06 · Price JPY 1140.00 · Value 608.47 · Buy at or below 608.47; 2019-07 · Price JPY 1193.67 · Value 608.47 · Buy at or below 608.47; 2019-08 · Price JPY 1125.67 · Value 608.47 · Buy at or below 608.47; 2019-09 · Price JPY 1166.67 · Value 608.47 · Buy at or below 608.47; 2019-10 · Price JPY 1169.67 · Value 608.47 · Buy at or below 608.47; 2019-11 · Price JPY 1180.33 · Value 608.47 · Buy at or below 608.47; 2019-12 · Price JPY 1203.67 · Value 608.47 · Buy at or below 608.47; 2020-01 · Price JPY 1219.00 · Value 608.47 · Buy at or below 608.47; 2020-02 · Price JPY 1161.00 · Value 827.80 · Buy at or below 827.80; 2020-03 · Price JPY 1008.33 · Value 827.80 · Buy at or below 827.80; 2020-04 · Price JPY 1040.67 · Value 827.80 · Buy at or below 827.80; 2020-05 · Price JPY 1055.00 · Value 827.80 · Buy at or below 827.80; 2020-06 · Price JPY 987.00 · Value 827.80 · Buy at or below 827.80; 2020-07 · Price JPY 878.67 · Value 827.80 · Buy at or below 827.80; 2020-08 · Price JPY 980.33 · Value 827.80 · Buy at or below 827.80; 2020-09 · Price JPY 941.33 · Value 827.80 · Buy at or below 827.80; 2020-10 · Price JPY 948.17 · Value 827.80 · Buy at or below 827.80; 2020-11 · Price JPY 1011.67 · Value 827.80 · Buy at or below 827.80; 2020-12 · Price JPY 1047.00 · Value 827.80 · Buy at or below 827.80; 2021-01 · Price JPY 1001.33 · Value 827.80 · Buy at or below 827.80; 2021-02 · Price JPY 1000.00 · Value 1061.92 · Buy at or below 1061.92; 2021-03 · Price JPY 1083.00 · Value 1061.92 · Buy at or below 1061.92; 2021-04 · Price JPY 1031.67 · Value 1061.92 · Buy at or below 1061.92; 2021-05 · Price JPY 1114.33 · Value 1061.92 · Buy at or below 1061.92; 2021-06 · Price JPY 1069.33 · Value 1061.92 · Buy at or below 1061.92; 2021-07 · Price JPY 1126.67 · Value 1061.92 · Buy at or below 1061.92; 2021-08 · Price JPY 1185.00 · Value 1061.92 · Buy at or below 1061.92; 2021-09 · Price JPY 1252.00 · Value 1061.92 · Buy at or below 1061.92; 2021-10 · Price JPY 1228.67 · Value 1061.92 · Buy at or below 1061.92; 2021-11 · Price JPY 1105.33 · Value 1061.92 · Buy at or below 1061.92; 2021-12 · Price JPY 1183.00 · Value 1061.92 · Buy at or below 1061.92; 2022-01 · Price JPY 1308.67 · Value 1061.92 · Buy at or below 1061.92; 2022-02 · Price JPY 1301.67 · Value 1206.55 · Buy at or below 1206.55; 2022-03 · Price JPY 1326.00 · Value 1206.55 · Buy at or below 1206.55; 2022-04 · Price JPY 1293.67 · Value 1206.55 · Buy at or below 1206.55; 2022-05 · Price JPY 1364.33 · Value 1206.55 · Buy at or below 1206.55; 2022-06 · Price JPY 1386.00 · Value 1206.55 · Buy at or below 1206.55; 2022-07 · Price JPY 1439.00 · Value 1206.55 · Buy at or below 1206.55; 2022-08 · Price JPY 1387.00 · Value 1206.55 · Buy at or below 1206.55; 2022-09 · Price JPY 1278.67 · Value 1206.55 · Buy at or below 1206.55; 2022-10 · Price JPY 1313.67 · Value 1206.55 · Buy at or below 1206.55; 2022-11 · Price JPY 1366.67 · Value 1206.55 · Buy at or below 1206.55; 2022-12 · Price JPY 1408.00 · Value 1206.55 · Buy at or below 1206.55; 2023-01 · Price JPY 1386.33 · Value 1206.55 · Buy at or below 1206.55; 2023-02 · Price JPY 1484.00 · Value 1224.29 · Buy at or below 1224.29; 2023-03 · Price JPY 1368.67 · Value 1224.29 · Buy at or below 1224.29; 2023-04 · Price JPY 1481.67 · Value 1224.29 · Buy at or below 1224.29; 2023-05 · Price JPY 1599.33 · Value 1224.29 · Buy at or below 1224.29; 2023-06 · Price JPY 1698.67 · Value 1224.29 · Buy at or below 1224.29; 2023-07 · Price JPY 1764.00 · Value 1224.29 · Buy at or below 1224.29; 2023-08 · Price JPY 1746.67 · Value 1224.29 · Buy at or below 1224.29; 2023-09 · Price JPY 1831.67 · Value 1224.29 · Buy at or below 1224.29; 2023-10 · Price JPY 1831.00 · Value 1224.29 · Buy at or below 1224.29; 2023-11 · Price JPY 1844.33 · Value 1224.29 · Buy at or below 1224.29; 2023-12 · Price JPY 1848.67 · Value 1224.29 · Buy at or below 1224.29; 2024-01 · Price JPY 2049.33 · Value 1224.29 · Buy at or below 1224.29; 2024-02 · Price JPY 2470.00 · Value 1831.21 · Buy at or below 1831.21; 2024-03 · Price JPY 2706.50 · Value 1831.21 · Buy at or below 1831.21; 2024-04 · Price JPY 2846.50 · Value 1831.21 · Buy at or below 1831.21; 2024-05 · Price JPY 3281.00 · Value 1831.21 · Buy at or below 1831.21; 2024-06 · Price JPY 3575.00 · Value 1831.21 · Buy at or below 1831.21; 2024-07 · Price JPY 3582.00 · Value 1831.21 · Buy at or below 1831.21; 2024-08 · Price JPY 3345.00 · Value 1831.21 · Buy at or below 1831.21; 2024-09 · Price JPY 3330.00 · Value 1831.21 · Buy at or below 1831.21; 2024-10 · Price JPY 3439.00 · Value 1831.21 · Buy at or below 1831.21; 2024-11 · Price JPY 3341.00 · Value 1831.21 · Buy at or below 1831.21; 2024-12 · Price JPY 3449.00 · Value 1831.21 · Buy at or below 1831.21; 2025-01 · Price JPY 3249.00 · Value 1831.21 · Buy at or below 1831.21; 2025-02 · Price JPY 3130.00 · Value 1920.75 · Buy at or below 1920.75; 2025-03 · Price JPY 3225.00 · Value 1920.75 · Buy at or below 1920.75; 2025-04 · Price JPY 3245.00 · Value 1920.75 · Buy at or below 1920.75; 2025-05 · Price JPY 3456.00 · Value 1920.75 · Buy at or below 1920.75; 2025-06 · Price JPY 3230.00 · Value 1920.75 · Buy at or below 1920.75; 2025-07 · Price JPY 3244.00 · Value 1920.75 · Buy at or below 1920.75; 2025-08 · Price JPY 3462.00 · Value 1920.75 · Buy at or below 1920.75; 2025-09 · Price JPY 3356.00 · Value 1920.75 · Buy at or below 1920.75; 2025-10 · Price JPY 3186.00 · Value 1920.75 · Buy at or below 1920.75; 2025-11 · Price JPY 3465.00 · Value 1920.75 · Buy at or below 1920.75; 2025-12 · Price JPY 3683.00 · Value 1920.75 · Buy at or below 1920.75; 2026-01 · Price JPY 3932.00 · Value 1920.75 · Buy at or below 1920.75; 2026-02 · Price JPY 4376.00 · Value 2448.31 · Buy at or below 2448.31; 2026-03 · Price JPY 4032.00 · Value 2448.31 · Buy at or below 2448.31; 2026-04 · Price JPY 4034.00 · Value 2448.31 · Buy at or below 2448.31; 2026-05 · Price JPY 4287.00 · Value 2448.31 · Buy at or below 2448.31; 2026-06 · Price JPY 4240.00 · Value 2448.31 · Buy at or below 2448.31; 2026-07 · Price JPY 4924.00 · Value 2448.31 · Buy at or below 2448.31; 2026-08 · Price JPY 5107.00 · Value 2448.31 · Buy at or below 2448.31; 2026-09 · Price JPY 4902.00 · Value 2448.31 · Buy at or below 2448.31; 2026-10 · Price JPY 5005.00 · Value 2448.31 · Buy at or below 2448.31; 2026-10 · Price JPY 5017.00 · Value 2448.31 · Buy at or below 2448.31

JPY per share · annual estimates

Price & return math
Value range	JPY 2,097.70 – JPY 2,939.65
Buy at or below	Central value JPY 2,448.31
Discount to value	1 − 5017.00 / 2448.31 = -104.9%
Return / year	About 6.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 4060.29/share; ROE 7.6%; first payout JPY 146.48/share, growing 4.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 511B

Net income

Book / shareJPY 4K

Book / share

Dividend / shareJPY 151.04

Dividend / share

Return on tangible equity8.4%

Return on tangible equity

Diluted shares1.5B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·