# T&D Holdings (8795.JP)

Canonical: https://gigainvestors.com/s/8795.JP

Analysis as of: 2026-10-15T07:11:49.420Z. 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 4,760.00 per share; close as of 2026-10-15.

Estimated value: low JPY 1,200.78 per share, central JPY 1,416.97 per share, high JPY 1,728.09 per share. Buy at or below the central value JPY 1,416.97 per share. Valuation as of 2026-10-15T07:11:49.420Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% 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): 1.34×

Chart: Net income; fiscal year observations.

- FY2017: JPY 75B

- FY2018: JPY 78B

- FY2019: JPY 73B

- FY2020: JPY 67B

- FY2021: JPY 162B

- FY2022: JPY 14B

- FY2023: JPY -132B

- FY2024: JPY 99B

- FY2025: JPY 126B

- FY2026: JPY 139B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 6.8%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 1.0%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: 6.9%

- FY2018: 6.8%

- FY2019: 6.3%

- FY2020: 6.0%

- FY2021: 10.9%

- FY2022: 1.0%

- FY2023: -13.4%

- FY2024: 7.0%

- FY2025: 9.0%

- FY2026: 8.6%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 8.4%

- Book return interval: 10 years

- Starting book value per share: JPY 2K

- Ending book value per share: JPY 3K

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

- FY2017: -5.1%

- FY2018: 9.4%

- FY2019: 4.3%

- FY2020: 1.0%

- FY2021: 37.4%

- FY2022: -2.8%

- FY2023: -22.9%

- FY2024: 50.6%

- FY2025: 6.0%

- FY2026: 24.7%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -2.7%

- Diluted shares, 5-year annual growth: -3.6%

- Share growth excluding flagged crisis recapitalisations: -2.7%

- Five-year share growth excluding flagged crisis recapitalisations: -3.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 42.21×

- Book value created per share: JPY 1K

- Earnings retained per share after dividends and buybacks: JPY 32.97

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

- FY2016: 100

- FY2017: 98

- FY2018: 96

- FY2019: 94

- FY2020: 92

- FY2021: 91

- FY2022: 89

- FY2023: 85

- FY2024: 83

- FY2025: 80

- FY2026: 76

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.3% a year forever · net income +10%

Story as of 2026-10-16T10:00:14.800Z; price observation 2026-10-15.

The price assumes profits grow 8.3% a year forever

### Net income · FY2026

net income +10%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9UP.pdf; observed 2026-06-11.

- FY2017: JPY 75B 

- FY2018: JPY 78B 

- FY2019: JPY 73B 

- FY2020: JPY 67B 

- FY2021: JPY 162B 

- FY2022: JPY 14B 

- FY2023: JPY -132B 

- FY2024: JPY 99B 

- FY2025: JPY 126B 

- FY2026: JPY 139B 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are JPY 2.7 trillion.

- Source: https://eodhd.com/api/fundamentals/TZ6.F.json#2026-03-31 (filed 2026-06-11); FY2026: revenue 2725570000000.

### Why customers stay

It earns 6.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); 10-year return on tangible equity observations [[2017,0.06879857108478053],[2018,0.06760964768939147],[2019,0.06315496446151124],[2020,0.0601313151860179],[2021,0.10867012395073035],[2022,0.010266055915977618],[2023,-0.13394486113926618],[2024,0.07037589335142064],[2025,0.0900787504837713],[2026,0.08621218042967127]]; median 0.068204109387086. 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 106.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Dividend observations: [[2017,28840000000],[2018,21926000000],[2019,24622000000],[2020,26629000000],[2021,26409000000],[2022,30655000000],[2023,33139000000],[2024,35829000000],[2025,39420000000],[2026,51303000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9UP.pdf (filed 2026-06-11); FY2026: cash repurchases 106322000000 JPY.

### What could break it

"① 生命保険事業の業績への依存等に関するリスク" (8795 filing, Jun 2026)

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y9UP.pdf (filed 2026-06-11); ① 生命保険事業の業績への依存等に関するリスク

### What the price says

The price assumes profits grow 8.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-11); Price 4760; FX 1; original perpetual distributable cash 78.70336748256085; discount 0.1; growth 0.08346567910030235. 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 1,429.00 per share

- 2016-12: JPY 1,545.50 per share

- 2017-01: JPY 1,683.50 per share

- 2017-02: JPY 1,723.50 per share

- 2017-03: JPY 1,616.00 per share

- 2017-04: JPY 1,653.50 per share

- 2017-05: JPY 1,567.00 per share

- 2017-06: JPY 1,709.50 per share

- 2017-07: JPY 1,632.00 per share

- 2017-08: JPY 1,508.50 per share

- 2017-09: JPY 1,633.50 per share

- 2017-10: JPY 1,748.50 per share

- 2017-11: JPY 1,845.50 per share

- 2017-12: JPY 1,927.00 per share

- 2018-01: JPY 1,943.00 per share

- 2018-02: JPY 1,779.50 per share

- 2018-03: JPY 1,688.50 per share

- 2018-04: JPY 1,859.00 per share

- 2018-05: JPY 1,717.00 per share

- 2018-06: JPY 1,664.50 per share

- 2018-07: JPY 1,665.00 per share

- 2018-08: JPY 1,689.50 per share

- 2018-09: JPY 1,875.00 per share

- 2018-10: JPY 1,819.00 per share

- 2018-11: JPY 1,613.00 per share

- 2018-12: JPY 1,279.00 per share

- 2019-01: JPY 1,346.50 per share

- 2019-02: JPY 1,336.50 per share

- 2019-03: JPY 1,164.00 per share

- 2019-04: JPY 1,196.50 per share

- 2019-05: JPY 1,135.50 per share

- 2019-06: JPY 1,169.50 per share

- 2019-07: JPY 1,226.00 per share

- 2019-08: JPY 1,034.50 per share

- 2019-09: JPY 1,145.00 per share

- 2019-10: JPY 1,220.00 per share

- 2019-11: JPY 1,288.00 per share

- 2019-12: JPY 1,395.00 per share

- 2020-01: JPY 1,191.00 per share

- 2020-02: JPY 1,065.00 per share

- 2020-03: JPY 884.00 per share

- 2020-04: JPY 939.00 per share

- 2020-05: JPY 973.00 per share

- 2020-06: JPY 921.00 per share

- 2020-07: JPY 863.00 per share

- 2020-08: JPY 1,110.00 per share

- 2020-09: JPY 1,032.00 per share

- 2020-10: JPY 1,037.00 per share

- 2020-11: JPY 1,219.00 per share

- 2020-12: JPY 1,217.00 per share

- 2021-01: JPY 1,213.00 per share

- 2021-02: JPY 1,436.00 per share

- 2021-03: JPY 1,426.00 per share

- 2021-04: JPY 1,339.00 per share

- 2021-05: JPY 1,490.00 per share

- 2021-06: JPY 1,436.00 per share

- 2021-07: JPY 1,398.00 per share

- 2021-08: JPY 1,335.00 per share

- 2021-09: JPY 1,549.00 per share

- 2021-10: JPY 1,462.00 per share

- 2021-11: JPY 1,342.00 per share

- 2021-12: JPY 1,472.00 per share

- 2022-01: JPY 1,688.00 per share

- 2022-02: JPY 1,684.00 per share

- 2022-03: JPY 1,671.00 per share

- 2022-04: JPY 1,670.00 per share

- 2022-05: JPY 1,474.00 per share

- 2022-06: JPY 1,624.00 per share

- 2022-07: JPY 1,498.00 per share

- 2022-08: JPY 1,521.00 per share

- 2022-09: JPY 1,367.00 per share

- 2022-10: JPY 1,467.00 per share

- 2022-11: JPY 1,668.00 per share

- 2022-12: JPY 1,902.00 per share

- 2023-01: JPY 2,077.00 per share

- 2023-02: JPY 2,061.00 per share

- 2023-03: JPY 1,641.00 per share

- 2023-04: JPY 1,654.00 per share

- 2023-05: JPY 1,902.00 per share

- 2023-06: JPY 2,105.50 per share

- 2023-07: JPY 2,311.00 per share

- 2023-08: JPY 2,313.50 per share

- 2023-09: JPY 2,468.00 per share

- 2023-10: JPY 2,672.50 per share

- 2023-11: JPY 2,186.50 per share

- 2023-12: JPY 2,240.50 per share

- 2024-01: JPY 2,465.00 per share

- 2024-02: JPY 2,603.00 per share

- 2024-03: JPY 2,604.00 per share

- 2024-04: JPY 2,577.00 per share

- 2024-05: JPY 2,825.50 per share

- 2024-06: JPY 2,808.50 per share

- 2024-07: JPY 2,849.00 per share

- 2024-08: JPY 2,448.50 per share

- 2024-09: JPY 2,495.00 per share

- 2024-10: JPY 2,468.50 per share

- 2024-11: JPY 2,833.00 per share

- 2024-12: JPY 2,905.50 per share

- 2025-01: JPY 2,965.00 per share

- 2025-02: JPY 3,135.00 per share

- 2025-03: JPY 3,174.00 per share

- 2025-04: JPY 3,031.00 per share

- 2025-05: JPY 3,314.00 per share

- 2025-06: JPY 3,170.00 per share

- 2025-07: JPY 3,717.00 per share

- 2025-08: JPY 3,859.00 per share

- 2025-09: JPY 3,622.00 per share

- 2025-10: JPY 3,321.00 per share

- 2025-11: JPY 3,393.00 per share

- 2025-12: JPY 3,615.00 per share

- 2026-01: JPY 3,803.00 per share

- 2026-02: JPY 4,214.00 per share

- 2026-03: JPY 3,956.00 per share

- 2026-04: JPY 3,792.00 per share

- 2026-05: JPY 4,194.00 per share

- 2026-06: JPY 4,807.00 per share

- 2026-07: JPY 5,088.00 per share

- 2026-08: JPY 4,880.00 per share

- 2026-09: JPY 4,877.00 per share

- 2026-10: JPY 4,793.00 per share

## Annual estimated value (JPY per share)

- FY2018: low JPY 1,146.66 per share, central JPY 1,261.32 per share, high JPY 1,401.47 per share

- FY2019: low JPY 562.63 per share, central JPY 679.59 per share, high JPY 857.95 per share

- FY2020: low JPY 583.75 per share, central JPY 699.72 per share, high JPY 873.19 per share

- FY2021: low JPY 765.29 per share, central JPY 922.79 per share, high JPY 1,161.94 per share

- FY2022: low JPY 1,457.21 per share, central JPY 1,602.93 per share, high JPY 1,781.03 per share

- FY2023: low JPY 522.69 per share, central JPY 623.32 per share, high JPY 771.93 per share

- FY2024: low JPY 869.92 per share, central JPY 1,026.22 per share, high JPY 1,250.98 per share

- FY2025: low JPY 889.19 per share, central JPY 1,048.95 per share, high JPY 1,278.69 per share

- FY2026: low JPY 1,200.78 per share, central JPY 1,416.97 per share, high JPY 1,728.09 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/S100Y9UP.pdf); period 2026-03-31, filed 2026-06-11.

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.

T&D Holdings

8795 · JP

Nikkei 225

Not a wonderful business

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

Share price: JPY 4,760.00
Buy up to: JPY 1,416.97
Expected / yr: 6.1% 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 9 years (at least 8 needed).

Net income

10y median: JPY 76B
Worst year: JPY -132B
Latest · 2026: JPY 139B

Earned a median 6.8% on equity (minimum 10%).

Return on common equity

10y median: 6.8%
Worst year: -13.4%
Latest · 2026: 8.6%

Book value plus dividends grew 8.4% a year (minimum 7%).

Annual book + dividend return

10y median: 5.1%
Worst year: -22.9%
Latest · 2026: 24.7%

Ordinary share growth was -2.7% over the full period and -3.6% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 91
Worst year: 100
Latest · 2026: 76

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 1 loss year in 10 (at most 2), three-year average earnings per share 234.81 JPY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price JPY 1429.00; 2016-12 · Price JPY 1545.50; 2017-01 · Price JPY 1683.50; 2017-02 · Price JPY 1723.50; 2017-03 · Price JPY 1616.00; 2017-04 · Price JPY 1653.50; 2017-05 · Price JPY 1567.00; 2017-06 · Price JPY 1709.50; 2017-07 · Price JPY 1632.00; 2017-08 · Price JPY 1508.50; 2017-09 · Price JPY 1633.50; 2017-10 · Price JPY 1748.50; 2017-11 · Price JPY 1845.50; 2017-12 · Price JPY 1927.00; 2018-01 · Price JPY 1943.00 · Value 1261.32 · Buy at or below 1261.32; 2018-02 · Price JPY 1779.50 · Value 1261.32 · Buy at or below 1261.32; 2018-03 · Price JPY 1688.50 · Value 1261.32 · Buy at or below 1261.32; 2018-04 · Price JPY 1859.00 · Value 1261.32 · Buy at or below 1261.32; 2018-05 · Price JPY 1717.00 · Value 1261.32 · Buy at or below 1261.32; 2018-06 · Price JPY 1664.50 · Value 1261.32 · Buy at or below 1261.32; 2018-07 · Price JPY 1665.00 · Value 1261.32 · Buy at or below 1261.32; 2018-08 · Price JPY 1689.50 · Value 1261.32 · Buy at or below 1261.32; 2018-09 · Price JPY 1875.00 · Value 1261.32 · Buy at or below 1261.32; 2018-10 · Price JPY 1819.00 · Value 1261.32 · Buy at or below 1261.32; 2018-11 · Price JPY 1613.00 · Value 1261.32 · Buy at or below 1261.32; 2018-12 · Price JPY 1279.00 · Value 1261.32 · Buy at or below 1261.32; 2019-01 · Price JPY 1346.50 · Value 1261.32 · Buy at or below 1261.32; 2019-02 · Price JPY 1336.50 · Value 679.59 · Buy at or below 679.59; 2019-03 · Price JPY 1164.00 · Value 679.59 · Buy at or below 679.59; 2019-04 · Price JPY 1196.50 · Value 679.59 · Buy at or below 679.59; 2019-05 · Price JPY 1135.50 · Value 679.59 · Buy at or below 679.59; 2019-06 · Price JPY 1169.50 · Value 679.59 · Buy at or below 679.59; 2019-07 · Price JPY 1226.00 · Value 679.59 · Buy at or below 679.59; 2019-08 · Price JPY 1034.50 · Value 679.59 · Buy at or below 679.59; 2019-09 · Price JPY 1145.00 · Value 679.59 · Buy at or below 679.59; 2019-10 · Price JPY 1220.00 · Value 679.59 · Buy at or below 679.59; 2019-11 · Price JPY 1288.00 · Value 679.59 · Buy at or below 679.59; 2019-12 · Price JPY 1395.00 · Value 679.59 · Buy at or below 679.59; 2020-01 · Price JPY 1191.00 · Value 679.59 · Buy at or below 679.59; 2020-02 · Price JPY 1065.00 · Value 699.72 · Buy at or below 699.72; 2020-03 · Price JPY 884.00 · Value 699.72 · Buy at or below 699.72; 2020-04 · Price JPY 939.00 · Value 699.72 · Buy at or below 699.72; 2020-05 · Price JPY 973.00 · Value 699.72 · Buy at or below 699.72; 2020-06 · Price JPY 921.00 · Value 699.72 · Buy at or below 699.72; 2020-07 · Price JPY 863.00 · Value 699.72 · Buy at or below 699.72; 2020-08 · Price JPY 1110.00 · Value 699.72 · Buy at or below 699.72; 2020-09 · Price JPY 1032.00 · Value 699.72 · Buy at or below 699.72; 2020-10 · Price JPY 1037.00 · Value 699.72 · Buy at or below 699.72; 2020-11 · Price JPY 1219.00 · Value 699.72 · Buy at or below 699.72; 2020-12 · Price JPY 1217.00 · Value 699.72 · Buy at or below 699.72; 2021-01 · Price JPY 1213.00 · Value 699.72 · Buy at or below 699.72; 2021-02 · Price JPY 1436.00 · Value 922.79 · Buy at or below 922.79; 2021-03 · Price JPY 1426.00 · Value 922.79 · Buy at or below 922.79; 2021-04 · Price JPY 1339.00 · Value 922.79 · Buy at or below 922.79; 2021-05 · Price JPY 1490.00 · Value 922.79 · Buy at or below 922.79; 2021-06 · Price JPY 1436.00 · Value 922.79 · Buy at or below 922.79; 2021-07 · Price JPY 1398.00 · Value 922.79 · Buy at or below 922.79; 2021-08 · Price JPY 1335.00 · Value 922.79 · Buy at or below 922.79; 2021-09 · Price JPY 1549.00 · Value 922.79 · Buy at or below 922.79; 2021-10 · Price JPY 1462.00 · Value 922.79 · Buy at or below 922.79; 2021-11 · Price JPY 1342.00 · Value 922.79 · Buy at or below 922.79; 2021-12 · Price JPY 1472.00 · Value 922.79 · Buy at or below 922.79; 2022-01 · Price JPY 1688.00 · Value 922.79 · Buy at or below 922.79; 2022-02 · Price JPY 1684.00 · Value 1602.93 · Buy at or below 1602.93; 2022-03 · Price JPY 1671.00 · Value 1602.93 · Buy at or below 1602.93; 2022-04 · Price JPY 1670.00 · Value 1602.93 · Buy at or below 1602.93; 2022-05 · Price JPY 1474.00 · Value 1602.93 · Buy at or below 1602.93; 2022-06 · Price JPY 1624.00 · Value 1602.93 · Buy at or below 1602.93; 2022-07 · Price JPY 1498.00 · Value 1602.93 · Buy at or below 1602.93; 2022-08 · Price JPY 1521.00 · Value 1602.93 · Buy at or below 1602.93; 2022-09 · Price JPY 1367.00 · Value 1602.93 · Buy at or below 1602.93; 2022-10 · Price JPY 1467.00 · Value 1602.93 · Buy at or below 1602.93; 2022-11 · Price JPY 1668.00 · Value 1602.93 · Buy at or below 1602.93; 2022-12 · Price JPY 1902.00 · Value 1602.93 · Buy at or below 1602.93; 2023-01 · Price JPY 2077.00 · Value 1602.93 · Buy at or below 1602.93; 2023-02 · Price JPY 2061.00 · Value 623.32 · Buy at or below 623.32; 2023-03 · Price JPY 1641.00 · Value 623.32 · Buy at or below 623.32; 2023-04 · Price JPY 1654.00 · Value 623.32 · Buy at or below 623.32; 2023-05 · Price JPY 1902.00 · Value 623.32 · Buy at or below 623.32; 2023-06 · Price JPY 2105.50 · Value 623.32 · Buy at or below 623.32; 2023-07 · Price JPY 2311.00 · Value 623.32 · Buy at or below 623.32; 2023-08 · Price JPY 2313.50 · Value 623.32 · Buy at or below 623.32; 2023-09 · Price JPY 2468.00 · Value 623.32 · Buy at or below 623.32; 2023-10 · Price JPY 2672.50 · Value 623.32 · Buy at or below 623.32; 2023-11 · Price JPY 2186.50 · Value 623.32 · Buy at or below 623.32; 2023-12 · Price JPY 2240.50 · Value 623.32 · Buy at or below 623.32; 2024-01 · Price JPY 2465.00 · Value 623.32 · Buy at or below 623.32; 2024-02 · Price JPY 2603.00 · Value 1026.22 · Buy at or below 1026.22; 2024-03 · Price JPY 2604.00 · Value 1026.22 · Buy at or below 1026.22; 2024-04 · Price JPY 2577.00 · Value 1026.22 · Buy at or below 1026.22; 2024-05 · Price JPY 2825.50 · Value 1026.22 · Buy at or below 1026.22; 2024-06 · Price JPY 2808.50 · Value 1026.22 · Buy at or below 1026.22; 2024-07 · Price JPY 2849.00 · Value 1026.22 · Buy at or below 1026.22; 2024-08 · Price JPY 2448.50 · Value 1026.22 · Buy at or below 1026.22; 2024-09 · Price JPY 2495.00 · Value 1026.22 · Buy at or below 1026.22; 2024-10 · Price JPY 2468.50 · Value 1026.22 · Buy at or below 1026.22; 2024-11 · Price JPY 2833.00 · Value 1026.22 · Buy at or below 1026.22; 2024-12 · Price JPY 2905.50 · Value 1026.22 · Buy at or below 1026.22; 2025-01 · Price JPY 2965.00 · Value 1026.22 · Buy at or below 1026.22; 2025-02 · Price JPY 3135.00 · Value 1048.95 · Buy at or below 1048.95; 2025-03 · Price JPY 3174.00 · Value 1048.95 · Buy at or below 1048.95; 2025-04 · Price JPY 3031.00 · Value 1048.95 · Buy at or below 1048.95; 2025-05 · Price JPY 3314.00 · Value 1048.95 · Buy at or below 1048.95; 2025-06 · Price JPY 3170.00 · Value 1048.95 · Buy at or below 1048.95; 2025-07 · Price JPY 3717.00 · Value 1048.95 · Buy at or below 1048.95; 2025-08 · Price JPY 3859.00 · Value 1048.95 · Buy at or below 1048.95; 2025-09 · Price JPY 3622.00 · Value 1048.95 · Buy at or below 1048.95; 2025-10 · Price JPY 3321.00 · Value 1048.95 · Buy at or below 1048.95; 2025-11 · Price JPY 3393.00 · Value 1048.95 · Buy at or below 1048.95; 2025-12 · Price JPY 3615.00 · Value 1048.95 · Buy at or below 1048.95; 2026-01 · Price JPY 3803.00 · Value 1048.95 · Buy at or below 1048.95; 2026-02 · Price JPY 4214.00 · Value 1416.97 · Buy at or below 1416.97; 2026-03 · Price JPY 3956.00 · Value 1416.97 · Buy at or below 1416.97; 2026-04 · Price JPY 3792.00 · Value 1416.97 · Buy at or below 1416.97; 2026-05 · Price JPY 4194.00 · Value 1416.97 · Buy at or below 1416.97; 2026-06 · Price JPY 4807.00 · Value 1416.97 · Buy at or below 1416.97; 2026-07 · Price JPY 5088.00 · Value 1416.97 · Buy at or below 1416.97; 2026-08 · Price JPY 4880.00 · Value 1416.97 · Buy at or below 1416.97; 2026-09 · Price JPY 4877.00 · Value 1416.97 · Buy at or below 1416.97; 2026-10 · Price JPY 4793.00 · Value 1416.97 · Buy at or below 1416.97; 2026-10 · Price JPY 4760.00 · Value 1416.97 · Buy at or below 1416.97

JPY per share · annual estimates

Price & return math
Value range	JPY 1,200.78 – JPY 1,728.09
Buy at or below	Central value JPY 1,416.97
Discount to value	1 − 4760.00 / 1416.97 = -235.9%
Return / year	About 6.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Book JPY 3110.32/share; ROE 7.0%; first payout JPY 78.70/share, growing 4.4% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeJPY 139B

Net income

Book / shareJPY 3K

Book / share

Dividend / shareJPY 103.24

Dividend / share

Return on equity8.6%

Return on equity

Diluted shares497M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·