Obermatt

Flags

Earnings warning

Ichigo

TYO:2337 · JP3120010008
Real Estate Management & DevelopmentMedium

360

33
EV / EBIT37
Price / Owner Earnings29
Owner Earnings Yield35
Dividend Yield69
Price/Sales40
EV / Gross Profit64
Price/Book25
Return on Capital71
Cash Return on Capital53
Return on Equity86
EBIT Margin11
Gross Profitability83
Cash Conversion4
Accruals15
Owner Earnings Margin34
Sales growth57
Profit Growth37
Long-Term EPS Growth84
Owner Earnings Growth15
Reinvestment69
Price momentum74
Debt load3
Refinancing65
Debt Payback23
Liquidity55
Analyst ratings23
Opinion Changes50
Price Target Upside32
Market mood91
Value Creation12/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Ichigo clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountryCayman Islands
IndustryReal Estate Management & Development
SizeMedium
TypePublic Company
ExchangeTSE
Founded2000
Employees10
ISINJP3120010008
Last UpdateApr 2, 2026
Index & Theme
Clean EnergyClimateTechImpact InvestingUtility Scale SolarCleanTech

Description

Analysis

Middle-of-the-road

Ichigo Inc. sits in the middle of our grid: average quality, average price, no obvious signal in either direction. Worth noting: the cash the business generates has lagged behind what the income statement shows.

On valuation, the picture is attractive. The owner-earnings multiple stands at 14.2×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 2% a year, against analyst forecasts of 7%. The price, in other words, assumes less than the experts do.

Growth is moderate; the safety picture is stretched. The company scores 12/20 on our value-creation score: creating some value.

Flags to be aware of: Reported profits have run ahead of actual cash for several periods. As always: this describes the company's numbers; it is not a recommendation.

360° rank · history

1007550250
61
2023202420252026

All-time high

69

Mar 2026

All-time low

29

Jan 2023

Average rank

46

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
40
69
41
59
Price/Earnings
36
71
54
41
Price/Book
25
45
46
61
Dividend Yield
69
49
32
34
Value (overall)
46
65
28
35

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →