Business plan

Hakuhodo DY: Presentation Material (Medium-Term Business Plan) for FY2021 (With Commentary)

Good afternoon. My name is Masayuki Mizushima and I am the Managing Director and Chairman of Hakuhodo DY Holdings Inc. Let me explain the progress we are making with Hakuhodo DY Group’s Medium Term Business Plan (MTBP).

In May 2019, the Group announced the current MTBP, which extends to the end of the 2023 financial year, and since then it has pursued various initiatives in accordance with the plan. However, due to the dramatic changes in the business environment caused by the impact of the COVID-19 pandemic, we have temporarily removed the MTBP numerical targets. In February 2022, we announced a revised MTBP that covers the three-year period from fiscal year 2021.

The COVID-19 pandemic has brought significant changes to the business environment, rapidly accelerating the shift to digitization. To respond to this change, we have adopted

four new initiatives under the revised MTBP, while maintaining our core medium-term strategy. These new initiatives transform the services we provide to implement a full funnelSei-katsu-sha Data-driven marketing; strengthen cross-functional functions to accelerate transformation; continuously pursue transformation based on existing strategies; and strengthen our foundation for sustainable business management.

With respect to the new MTBP targets, we aim to achieve an operating profit before goodwill amortization of 65.0 billion yen, and this numerical target reflects our strategic investment in structural reforms aimed at maintaining and improving our growth potential and to achieve continued growth over the medium to long term. long term. We have also established the various other targets that you see on this slide, including annual growth rates which are based on our core businesses and exclude capital projects.

I will now explain the progress we have made with various initiatives during the first year of the revised MTBP.

First, I will explain our profit and loss situation for the financial year 2021.

Gross margin after adjustments, which excludes the impact of capital projects, increased by 23.8% year-on-year due not only to the recovery in advertising demand, but also to temporary positive factors, such as the works linked in particular to the COVID-19 pandemic.

Although we continued to favor strategic investments geared towards medium-long term growth, operating income after adjustments and before amortization of goodwill increased significantly, up 59.9%, while operating margin on the same basis exceeded the level of 20%. These increases are the result of factors such as our revenue growth, unspent business expenses due to pandemic-related restrictions and the impact of efforts to reform our cost structure.

Furthermore, operating income before amortization of goodwill and including investment projects also increased significantly, reaching a record level of 84.0 billion yen.

Return on equity (ROE) before goodwill amortization reached a high of 19.7%, partly due to exceptional profits such as the gain on the sale of marketable securities.

Next, I will explain in order the details of our efforts to strengthen our group structure and response capabilities, with particular emphasis on the four new initiatives adopted under the revised MTBP.

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Hakuhodo DY Holdings Inc. published this content on June 16, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on June 16, 2022 06:12:04 UTC.

Public now 2022


2022 sales 890 BC
6,617 million
6,617 million
2022 net income 48,617M
Net cash 2022 96,005 million
PER 2022 ratio 9.04x
2022 return 2.65%
Capitalization 439B
3,268 million
3,268 million
EV / Sales 2022 0.39x
EV / Sales 2023 0.33x
# of employees 24,775
Floating 57.6%


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Medium consensus HOLD
Number of analysts 6
Last closing price JPY1,176.00
Average target price JPY1,650.00
Average Spread / Target 40.3%