Analyst

Steve

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>'s share price has declined 18% year-to-date, greatly under-performing the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> which was up 17% year-to-date. </li>
<li>The company recently announced FY24 results (fiscal year ending March).  Sales grew 7% yoy and operating profit grew 60% yoy in FY24. </li>
<li>I believe the stock price is attractive at 23x 2024 PE with 15% expected earnings CAGR for the next 3 years.</li>
</ul>



Fancl Corp (4921 JP)'s share price has declined 18% year-to-date, greatly under-performing the Nikkei 225 (NKY INDEX) which was up 17% year-to-date. 
The company recently announced FY24 results (fiscal year ending March).  Sales grew 7% yoy and operating profit grew 60% yoy in FY24. 
I believe the stock price is attractive at 23x 2024 PE with 15% expected earnings CAGR for the next 3 years.


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