# Tokio Marine Holdings (8766.JP)

Canonical: https://gigainvestors.com/s/8766.JP

Analysis as of: 2026-10-15T07:11:49.146Z. 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 542.60 per share; close as of 2026-10-15.

Estimated value: low JPY 174.94 per share, central JPY 206.60 per share, high JPY 252.23 per share. Buy at or below the central value JPY 206.60 per share. Valuation as of 2026-10-15T07:11:49.146Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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): 0.23×

Chart: Net income; fiscal year observations.

- FY2017: JPY 274B

- FY2018: JPY 284B

- FY2019: JPY 275B

- FY2020: JPY 260B

- FY2021: JPY 162B

- FY2022: JPY 420B

- FY2023: JPY 375B

- FY2024: JPY 696B

- FY2025: JPY 450B

- FY2026: JPY 531B

### 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: 10.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 8.2%

- Years with reported combined ratio: 0

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

- FY2017: 10.3%

- FY2018: 9.5%

- FY2019: 9.8%

- FY2020: 11.4%

- FY2021: 6.2%

- FY2022: 14.3%

- FY2023: 15.5%

- FY2024: 11.8%

- FY2025: 8.2%

- FY2026: 9.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 15.0%

- Book return interval: 10 years

- Starting book value per share: JPY 2K

- Ending book value per share: JPY 4K

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

- FY2017: 4.5%

- FY2018: 12.3%

- FY2019: 2.0%

- FY2020: 0.7%

- FY2021: 14.3%

- FY2022: 15.8%

- FY2023: -3.9%

- FY2024: 119.0%

- FY2025: -0.3%

- FY2026: 20.3%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

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

- Diluted shares, 5-year annual growth: -1.9%

- Share growth excluding flagged crisis recapitalisations: -1.7%

- Five-year share growth excluding flagged crisis recapitalisations: -1.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 8.00×

- Book value created per share: JPY 3K

- Earnings retained per share after dividends and buybacks: JPY 330.61

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

- FY2016: 100

- FY2017: 100

- FY2018: 98

- FY2019: 95

- FY2020: 93

- FY2021: 92

- FY2022: 91

- FY2023: 89

- FY2024: 87

- FY2025: 86

- FY2026: 84

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.9% a year forever · net income +17.9%

Story as of 2026-10-16T10:00:14.794Z; price observation 2026-10-15.

The price assumes profits grow 7.9% a year forever

### Net income · FY2026

net income +17.9%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLS8.pdf; observed 2026-06-26.

- FY2017: JPY 274B 

- FY2018: JPY 284B 

- FY2019: JPY 275B 

- FY2020: JPY 260B 

- FY2021: JPY 162B 

- FY2022: JPY 420B 

- FY2023: JPY 375B 

- FY2024: JPY 696B 

- FY2025: JPY 450B 

- FY2026: JPY 531B 

## Owner memo

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

### How it makes money

Operates in insurance property & casualty; annual sales are JPY 8.3 trillion.

- Source: https://eodhd.com/api/fundamentals/MH6.F.json#2026-03-31 (filed 2026-06-26); FY2026: revenue 8310156000000.

### Why customers stay

It earns 10% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); 10-year return on tangible equity observations [[2017,0.10287344383142874],[2018,0.09450111599126361],[2019,0.09783203171624973],[2020,0.1143905085510057],[2021,0.062015744542705704],[2022,0.14311601108757332],[2023,0.15479948444938857],[2024,0.11750157176387623],[2025,0.08214873633462447],[2026,0.09184676386916303]]; median 0.10035273777383924. 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 251.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Dividend observations: [[2017,94244000000],[2018,113855000000],[2019,172397000000],[2020,154799000000],[2021,160419000000],[2022,151571000000],[2023,192008000000],[2024,219142000000],[2025,280967000000],[2026,375420000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/MH6.F.json#2026-03-31 (filed 2026-06-26); FY2026: cash repurchases 251599000000 JPY.

### What could break it

"②巨大地震" (8766 filing, Jun 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLS8.pdf (filed 2026-06-26); ②巨大地震

### What the price says

The price assumes profits grow 7.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-26); Price 542.5999755859375; FX 1; original perpetual distributable cash 11.41791185720088; discount 0.1; growth 0.07895703580732562. 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 108.87 per share

- 2016-12: JPY 106.58 per share

- 2017-01: JPY 105.13 per share

- 2017-02: JPY 109.31 per share

- 2017-03: JPY 104.36 per share

- 2017-04: JPY 104.27 per share

- 2017-05: JPY 104.44 per share

- 2017-06: JPY 103.36 per share

- 2017-07: JPY 103.22 per share

- 2017-08: JPY 97.56 per share

- 2017-09: JPY 97.82 per share

- 2017-10: JPY 107.89 per share

- 2017-11: JPY 110.22 per share

- 2017-12: JPY 114.24 per share

- 2018-01: JPY 114.22 per share

- 2018-02: JPY 110.36 per share

- 2018-03: JPY 105.22 per share

- 2018-04: JPY 114.93 per share

- 2018-05: JPY 116.44 per share

- 2018-06: JPY 115.40 per share

- 2018-07: JPY 117.80 per share

- 2018-08: JPY 116.38 per share

- 2018-09: JPY 125.27 per share

- 2018-10: JPY 118.80 per share

- 2018-11: JPY 124.56 per share

- 2018-12: JPY 116.36 per share

- 2019-01: JPY 118.04 per share

- 2019-02: JPY 120.58 per share

- 2019-03: JPY 119.16 per share

- 2019-04: JPY 124.49 per share

- 2019-05: JPY 120.02 per share

- 2019-06: JPY 119.98 per share

- 2019-07: JPY 128.82 per share

- 2019-08: JPY 121.60 per share

- 2019-09: JPY 128.42 per share

- 2019-10: JPY 130.40 per share

- 2019-11: JPY 132.27 per share

- 2019-12: JPY 135.98 per share

- 2020-01: JPY 133.00 per share

- 2020-02: JPY 128.91 per share

- 2020-03: JPY 110.00 per share

- 2020-04: JPY 113.02 per share

- 2020-05: JPY 103.73 per share

- 2020-06: JPY 104.40 per share

- 2020-07: JPY 98.58 per share

- 2020-08: JPY 108.67 per share

- 2020-09: JPY 102.22 per share

- 2020-10: JPY 103.53 per share

- 2020-11: JPY 115.33 per share

- 2020-12: JPY 117.96 per share

- 2021-01: JPY 114.07 per share

- 2021-02: JPY 116.73 per share

- 2021-03: JPY 117.00 per share

- 2021-04: JPY 116.22 per share

- 2021-05: JPY 115.09 per share

- 2021-06: JPY 113.51 per share

- 2021-07: JPY 115.78 per share

- 2021-08: JPY 119.49 per share

- 2021-09: JPY 133.80 per share

- 2021-10: JPY 133.29 per share

- 2021-11: JPY 126.84 per share

- 2021-12: JPY 142.04 per share

- 2022-01: JPY 151.78 per share

- 2022-02: JPY 146.09 per share

- 2022-03: JPY 158.40 per share

- 2022-04: JPY 155.98 per share

- 2022-05: JPY 165.91 per share

- 2022-06: JPY 175.62 per share

- 2022-07: JPY 172.53 per share

- 2022-08: JPY 173.16 per share

- 2022-09: JPY 171.00 per share

- 2022-10: JPY 179.40 per share

- 2022-11: JPY 188.47 per share

- 2022-12: JPY 188.50 per share

- 2023-01: JPY 180.93 per share

- 2023-02: JPY 192.70 per share

- 2023-03: JPY 169.80 per share

- 2023-04: JPY 181.33 per share

- 2023-05: JPY 209.60 per share

- 2023-06: JPY 221.00 per share

- 2023-07: JPY 217.27 per share

- 2023-08: JPY 215.13 per share

- 2023-09: JPY 231.00 per share

- 2023-10: JPY 222.87 per share

- 2023-11: JPY 243.20 per share

- 2023-12: JPY 235.27 per share

- 2024-01: JPY 262.00 per share

- 2024-02: JPY 291.73 per share

- 2024-03: JPY 314.00 per share

- 2024-04: JPY 332.73 per share

- 2024-05: JPY 361.93 per share

- 2024-06: JPY 400.33 per share

- 2024-07: JPY 401.47 per share

- 2024-08: JPY 367.07 per share

- 2024-09: JPY 348.73 per share

- 2024-10: JPY 371.20 per share

- 2024-11: JPY 370.93 per share

- 2024-12: JPY 381.87 per share

- 2025-01: JPY 344.00 per share

- 2025-02: JPY 353.13 per share

- 2025-03: JPY 382.40 per share

- 2025-04: JPY 380.53 per share

- 2025-05: JPY 407.47 per share

- 2025-06: JPY 407.40 per share

- 2025-07: JPY 408.27 per share

- 2025-08: JPY 426.73 per share

- 2025-09: JPY 417.93 per share

- 2025-10: JPY 385.47 per share

- 2025-11: JPY 367.27 per share

- 2025-12: JPY 387.80 per share

- 2026-01: JPY 381.80 per share

- 2026-02: JPY 435.13 per share

- 2026-03: JPY 487.20 per share

- 2026-04: JPY 480.13 per share

- 2026-05: JPY 474.07 per share

- 2026-06: JPY 480.13 per share

- 2026-07: JPY 540.93 per share

- 2026-08: JPY 513.80 per share

- 2026-09: JPY 537.50 per share

- 2026-10: JPY 525.90 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 931.77 per share, central JPY 1,164.72 per share, high JPY 1,552.96 per share

- FY2019: low JPY 943.94 per share, central JPY 1,179.93 per share, high JPY 1,573.24 per share

- FY2020: low JPY 815.18 per share, central JPY 1,018.97 per share, high JPY 1,358.63 per share

- FY2021: low JPY 902.42 per share, central JPY 1,128.02 per share, high JPY 1,504.03 per share

- FY2022: low JPY 1,081.07 per share, central JPY 1,351.33 per share, high JPY 1,801.78 per share

- FY2023: low JPY 971.91 per share, central JPY 1,214.89 per share, high JPY 1,619.85 per share

- FY2024: low JPY 2,580.34 per share, central JPY 3,225.43 per share, high JPY 4,300.57 per share

- FY2025: low JPY 2,457.71 per share, central JPY 3,016.71 per share, high JPY 3,904.87 per share

- FY2026: low JPY 2,591.91 per share, central JPY 3,060.89 per share, high JPY 3,737.08 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

Prior published observations retained from 2026-10-15T07:11:49.146Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YLS8.pdf); period 2026-03-31, filed 2026-06-26.

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.

Tokio Marine Holdings

8766 · JP

Nikkei 225 · TOPIX Core30

Not a wonderful business

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

Share price: JPY 542.60
Buy up to: JPY 206.60
Expected / yr: 6.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What could break it
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 329B
Worst year: JPY 162B
Latest · 2026: JPY 531B

Earned a median 10% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.0%
Worst year: 6.2%
Latest · 2026: 9.2%

Book value plus dividends grew 15% a year (minimum 7%).

Annual book + dividend return

10y median: 8.4%
Worst year: -3.9%
Latest · 2026: 20.3%

Ordinary share growth was -1.7% over the full period and -1.9% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 92
Worst year: 100
Latest · 2026: 84

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 287.45 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 108.87; 2016-12 · Price JPY 106.58; 2017-01 · Price JPY 105.13; 2017-02 · Price JPY 109.31; 2017-03 · Price JPY 104.36; 2017-04 · Price JPY 104.27; 2017-05 · Price JPY 104.44; 2017-06 · Price JPY 103.36; 2017-07 · Price JPY 103.22; 2017-08 · Price JPY 97.56; 2017-09 · Price JPY 97.82; 2017-10 · Price JPY 107.89; 2017-11 · Price JPY 110.22; 2017-12 · Price JPY 114.24; 2018-01 · Price JPY 114.22 · Value 1164.72 · Buy at or below 1164.72; 2018-02 · Price JPY 110.36 · Value 1164.72 · Buy at or below 1164.72; 2018-03 · Price JPY 105.22 · Value 1164.72 · Buy at or below 1164.72; 2018-04 · Price JPY 114.93 · Value 1164.72 · Buy at or below 1164.72; 2018-05 · Price JPY 116.44 · Value 1164.72 · Buy at or below 1164.72; 2018-06 · Price JPY 115.40 · Value 1164.72 · Buy at or below 1164.72; 2018-07 · Price JPY 117.80 · Value 1164.72 · Buy at or below 1164.72; 2018-08 · Price JPY 116.38 · Value 1164.72 · Buy at or below 1164.72; 2018-09 · Price JPY 125.27 · Value 1164.72 · Buy at or below 1164.72; 2018-10 · Price JPY 118.80 · Value 1164.72 · Buy at or below 1164.72; 2018-11 · Price JPY 124.56 · Value 1164.72 · Buy at or below 1164.72; 2018-12 · Price JPY 116.36 · Value 1164.72 · Buy at or below 1164.72; 2019-01 · Price JPY 118.04 · Value 1164.72 · Buy at or below 1164.72; 2019-02 · Price JPY 120.58 · Value 1179.93 · Buy at or below 1179.93; 2019-03 · Price JPY 119.16 · Value 1179.93 · Buy at or below 1179.93; 2019-04 · Price JPY 124.49 · Value 1179.93 · Buy at or below 1179.93; 2019-05 · Price JPY 120.02 · Value 1179.93 · Buy at or below 1179.93; 2019-06 · Price JPY 119.98 · Value 1179.93 · Buy at or below 1179.93; 2019-07 · Price JPY 128.82 · Value 1179.93 · Buy at or below 1179.93; 2019-08 · Price JPY 121.60 · Value 1179.93 · Buy at or below 1179.93; 2019-09 · Price JPY 128.42 · Value 1179.93 · Buy at or below 1179.93; 2019-10 · Price JPY 130.40 · Value 1179.93 · Buy at or below 1179.93; 2019-11 · Price JPY 132.27 · Value 1179.93 · Buy at or below 1179.93; 2019-12 · Price JPY 135.98 · Value 1179.93 · Buy at or below 1179.93; 2020-01 · Price JPY 133.00 · Value 1179.93 · Buy at or below 1179.93; 2020-02 · Price JPY 128.91 · Value 1018.97 · Buy at or below 1018.97; 2020-03 · Price JPY 110.00 · Value 1018.97 · Buy at or below 1018.97; 2020-04 · Price JPY 113.02 · Value 1018.97 · Buy at or below 1018.97; 2020-05 · Price JPY 103.73 · Value 1018.97 · Buy at or below 1018.97; 2020-06 · Price JPY 104.40 · Value 1018.97 · Buy at or below 1018.97; 2020-07 · Price JPY 98.58 · Value 1018.97 · Buy at or below 1018.97; 2020-08 · Price JPY 108.67 · Value 1018.97 · Buy at or below 1018.97; 2020-09 · Price JPY 102.22 · Value 1018.97 · Buy at or below 1018.97; 2020-10 · Price JPY 103.53 · Value 1018.97 · Buy at or below 1018.97; 2020-11 · Price JPY 115.33 · Value 1018.97 · Buy at or below 1018.97; 2020-12 · Price JPY 117.96 · Value 1018.97 · Buy at or below 1018.97; 2021-01 · Price JPY 114.07 · Value 1018.97 · Buy at or below 1018.97; 2021-02 · Price JPY 116.73 · Value 1128.02 · Buy at or below 1128.02; 2021-03 · Price JPY 117.00 · Value 1128.02 · Buy at or below 1128.02; 2021-04 · Price JPY 116.22 · Value 1128.02 · Buy at or below 1128.02; 2021-05 · Price JPY 115.09 · Value 1128.02 · Buy at or below 1128.02; 2021-06 · Price JPY 113.51 · Value 1128.02 · Buy at or below 1128.02; 2021-07 · Price JPY 115.78 · Value 1128.02 · Buy at or below 1128.02; 2021-08 · Price JPY 119.49 · Value 1128.02 · Buy at or below 1128.02; 2021-09 · Price JPY 133.80 · Value 1128.02 · Buy at or below 1128.02; 2021-10 · Price JPY 133.29 · Value 1128.02 · Buy at or below 1128.02; 2021-11 · Price JPY 126.84 · Value 1128.02 · Buy at or below 1128.02; 2021-12 · Price JPY 142.04 · Value 1128.02 · Buy at or below 1128.02; 2022-01 · Price JPY 151.78 · Value 1128.02 · Buy at or below 1128.02; 2022-02 · Price JPY 146.09 · Value 1351.33 · Buy at or below 1351.33; 2022-03 · Price JPY 158.40 · Value 1351.33 · Buy at or below 1351.33; 2022-04 · Price JPY 155.98 · Value 1351.33 · Buy at or below 1351.33; 2022-05 · Price JPY 165.91 · Value 1351.33 · Buy at or below 1351.33; 2022-06 · Price JPY 175.62 · Value 1351.33 · Buy at or below 1351.33; 2022-07 · Price JPY 172.53 · Value 1351.33 · Buy at or below 1351.33; 2022-08 · Price JPY 173.16 · Value 1351.33 · Buy at or below 1351.33; 2022-09 · Price JPY 171.00 · Value 1351.33 · Buy at or below 1351.33; 2022-10 · Price JPY 179.40 · Value 1351.33 · Buy at or below 1351.33; 2022-11 · Price JPY 188.47 · Value 1351.33 · Buy at or below 1351.33; 2022-12 · Price JPY 188.50 · Value 1351.33 · Buy at or below 1351.33; 2023-01 · Price JPY 180.93 · Value 1351.33 · Buy at or below 1351.33; 2023-02 · Price JPY 192.70 · Value 1214.89 · Buy at or below 1214.89; 2023-03 · Price JPY 169.80 · Value 1214.89 · Buy at or below 1214.89; 2023-04 · Price JPY 181.33 · Value 1214.89 · Buy at or below 1214.89; 2023-05 · Price JPY 209.60 · Value 1214.89 · Buy at or below 1214.89; 2023-06 · Price JPY 221.00 · Value 1214.89 · Buy at or below 1214.89; 2023-07 · Price JPY 217.27 · Value 1214.89 · Buy at or below 1214.89; 2023-08 · Price JPY 215.13 · Value 1214.89 · Buy at or below 1214.89; 2023-09 · Price JPY 231.00 · Value 1214.89 · Buy at or below 1214.89; 2023-10 · Price JPY 222.87 · Value 1214.89 · Buy at or below 1214.89; 2023-11 · Price JPY 243.20 · Value 1214.89 · Buy at or below 1214.89; 2023-12 · Price JPY 235.27 · Value 1214.89 · Buy at or below 1214.89; 2024-01 · Price JPY 262.00 · Value 1214.89 · Buy at or below 1214.89; 2024-02 · Price JPY 291.73 · Value 3225.43 · Buy at or below 3225.43; 2024-03 · Price JPY 314.00 · Value 3225.43 · Buy at or below 3225.43; 2024-04 · Price JPY 332.73 · Value 3225.43 · Buy at or below 3225.43; 2024-05 · Price JPY 361.93 · Value 3225.43 · Buy at or below 3225.43; 2024-06 · Price JPY 400.33 · Value 3225.43 · Buy at or below 3225.43; 2024-07 · Price JPY 401.47 · Value 3225.43 · Buy at or below 3225.43; 2024-08 · Price JPY 367.07 · Value 3225.43 · Buy at or below 3225.43; 2024-09 · Price JPY 348.73 · Value 3225.43 · Buy at or below 3225.43; 2024-10 · Price JPY 371.20 · Value 3225.43 · Buy at or below 3225.43; 2024-11 · Price JPY 370.93 · Value 3225.43 · Buy at or below 3225.43; 2024-12 · Price JPY 381.87 · Value 3225.43 · Buy at or below 3225.43; 2025-01 · Price JPY 344.00 · Value 3225.43 · Buy at or below 3225.43; 2025-02 · Price JPY 353.13 · Value 3016.71 · Buy at or below 3016.71; 2025-03 · Price JPY 382.40 · Value 3016.71 · Buy at or below 3016.71; 2025-04 · Price JPY 380.53 · Value 3016.71 · Buy at or below 3016.71; 2025-05 · Price JPY 407.47 · Value 3016.71 · Buy at or below 3016.71; 2025-06 · Price JPY 407.40 · Value 3016.71 · Buy at or below 3016.71; 2025-07 · Price JPY 408.27 · Value 3016.71 · Buy at or below 3016.71; 2025-08 · Price JPY 426.73 · Value 3016.71 · Buy at or below 3016.71; 2025-09 · Price JPY 417.93 · Value 3016.71 · Buy at or below 3016.71; 2025-10 · Price JPY 385.47 · Value 3016.71 · Buy at or below 3016.71; 2025-11 · Price JPY 367.27 · Value 3016.71 · Buy at or below 3016.71; 2025-12 · Price JPY 387.80 · Value 3016.71 · Buy at or below 3016.71; 2026-01 · Price JPY 381.80 · Value 3016.71 · Buy at or below 3016.71; 2026-02 · Price JPY 435.13 · Value 3060.89 · Buy at or below 3060.89; 2026-03 · Price JPY 487.20 · Value 3060.89 · Buy at or below 3060.89; 2026-04 · Price JPY 480.13 · Value 3060.89 · Buy at or below 3060.89; 2026-05 · Price JPY 474.07 · Value 3060.89 · Buy at or below 3060.89; 2026-06 · Price JPY 480.13 · Value 3060.89 · Buy at or below 3060.89; 2026-07 · Price JPY 540.93 · Value 3060.89 · Buy at or below 3060.89; 2026-08 · Price JPY 513.80 · Value 3060.89 · Buy at or below 3060.89; 2026-09 · Price JPY 537.50 · Value 3060.89 · Buy at or below 3060.89; 2026-10 · Price JPY 525.90 · Value 3060.89 · Buy at or below 3060.89; 2026-10 · Price JPY 542.60 · Value 3060.89 · Buy at or below 3060.89

JPY per share · annual estimates

Price & return math
Value range	JPY 174.94 – JPY 252.23
Buy at or below	Central value JPY 206.60
Discount to value	1 − 542.60 / 206.60 = -162.6%
Return / year	About 6.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 205.29/share; ROE 10.0%; first payout JPY 11.42/share, growing 4.5% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 531B

Net income

Book / shareJPY 4K

Book / share

Dividend / shareJPY 197.41

Dividend / share

Return on tangible equity9.2%

Return on tangible equity

Diluted shares1.9B

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·