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Bull-Dog Sauce Co., Ltd. (JP:2804)
:2804
Japanese Market
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Bull-Dog Sauce Co., Ltd. (2804) AI Stock Analysis

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JP:2804

Bull-Dog Sauce Co., Ltd.

(2804)

Rating:71Outperform
Price Target:
¥2,162.00
▲(2.46% Upside)
Bull-Dog Sauce Co., Ltd. benefits from strong financial stability and a solid valuation with reasonable growth prospects. Despite technical indicators suggesting overbought conditions, the stock's robust financial performance and reasonable valuation support a positive outlook. Investors should be mindful of potential short-term pullbacks due to overbought technical signals.

Bull-Dog Sauce Co., Ltd. (2804) vs. iShares MSCI Japan ETF (EWJ)

Bull-Dog Sauce Co., Ltd. Business Overview & Revenue Model

Company DescriptionBull-Dog Sauce Co., Ltd. is a renowned Japanese company specializing in the production and distribution of a variety of sauces and condiments. Founded in 1902, the company is best known for its flagship product, the Bull-Dog brand Tonkatsu sauce, a thick, savory condiment often used on Japanese-style pork cutlets. Operating primarily in the food manufacturing sector, Bull-Dog Sauce Co., Ltd. offers a range of products including Worcestershire sauce, soy sauce-based products, and other related condiments, catering to both domestic and international markets.
How the Company Makes MoneyBull-Dog Sauce Co., Ltd. generates revenue primarily through the sale of its sauces and condiments. The company markets its products to a diverse customer base, including individual consumers, restaurants, and food service providers. Key revenue streams include domestic sales in Japan, which remain the largest market, as well as growing international sales driven by the global popularity of Japanese cuisine. The company also leverages strategic partnerships with distributors and retailers to expand its market presence and enhance product availability. Additionally, Bull-Dog Sauce Co., Ltd. invests in marketing and brand development to maintain and increase its market share in the competitive food condiment industry.

Bull-Dog Sauce Co., Ltd. Financial Statement Overview

Summary
Bull-Dog Sauce Co., Ltd. shows steady revenue growth and strong cash flow recovery. The company maintains a robust balance sheet with reasonable leverage, though profitability metrics are somewhat volatile.
Income Statement
70
Positive
Bull-Dog Sauce Co., Ltd. has demonstrated stable revenue growth with a revenue increase from ¥13.53 billion in 2023 to ¥14.62 billion in 2025. Gross profit margins have remained relatively high, indicating strong pricing power. However, net profit margins have shown volatility, with a significant improvement in 2025, suggesting potential operational efficiency gains. The EBIT and EBITDA margins reflect moderate profitability, but there is room for improvement.
Balance Sheet
65
Positive
The company's balance sheet shows a healthy equity ratio, indicative of strong financial stability. The debt-to-equity ratio is reasonable, suggesting manageable leverage. However, the company experienced fluctuations in stockholders' equity due to variations in profitability. The return on equity has been inconsistent, reflecting variable net income performance.
Cash Flow
75
Positive
Cash flow analysis reveals a strong recovery in operating cash flow by 2025, coupled with a significant increase in free cash flow, indicating improved cash generation capabilities. The ratio of operating cash flow to net income suggests healthy cash conversion. There is a notable improvement in free cash flow growth, attributed to better cost management and reduced capital expenditures.
BreakdownTTMMar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Income Statement
Total Revenue14.49B14.62B14.48B13.53B13.30B17.71B
Gross Profit4.31B4.31B4.39B4.41B4.57B9.03B
EBITDA1.49B2.06B1.20B1.81B1.72B1.71B
Net Income435.33M623.00M145.41M595.77M716.87M693.95M
Balance Sheet
Total Assets33.83B32.47B33.75B36.30B29.76B26.81B
Cash, Cash Equivalents and Short-Term Investments3.01B2.46B1.99B6.06B4.59B4.87B
Total Debt5.92B4.88B6.29B5.78B729.59M488.20M
Total Liabilities12.22B11.03B12.29B16.04B9.62B6.26B
Stockholders Equity21.60B21.45B21.46B20.26B20.14B20.55B
Cash Flow
Free Cash Flow0.002.25B-4.73B-3.96B-120.78M1.03B
Operating Cash Flow0.002.33B90.17M45.00M1.13B1.51B
Investing Cash Flow0.00635.00M-4.08B-3.13B-1.19B-165.18M
Financing Cash Flow0.00-2.49B31.18M4.57B-413.76M-774.13M

Bull-Dog Sauce Co., Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price2110.00
Price Trends
50DMA
1892.82
Positive
100DMA
1809.05
Positive
200DMA
1787.10
Positive
Market Momentum
MACD
74.42
Negative
RSI
71.66
Negative
STOCH
78.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2804, the sentiment is Positive. The current price of 2110 is above the 20-day moving average (MA) of 2027.55, above the 50-day MA of 1892.82, and above the 200-day MA of 1787.10, indicating a bullish trend. The MACD of 74.42 indicates Negative momentum. The RSI at 71.66 is Negative, neither overbought nor oversold. The STOCH value of 78.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2804.

Bull-Dog Sauce Co., Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (53)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
80
Outperform
¥31.15B10.57
1.97%1.16%-23.94%
73
Outperform
¥33.68B14.38
2.70%10.50%-3.82%
71
Outperform
¥28.33B11.64
1.66%1.31%10549.54%
70
Neutral
¥25.71B10.69
1.75%4.32%-27.62%
66
Neutral
¥23.99B24.58
1.74%3.96%-42.78%
53
Neutral
C$5.40B6.7411.95%3.32%4.99%-1.01%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
JP:2804
Bull-Dog Sauce Co., Ltd.
2,134.00
252.76
13.44%
JP:2612
Kadoya Sesame Mills Incorporated
3,690.00
156.29
4.42%
JP:2819
Ebara Foods Industry, Inc.
2,574.00
-177.68
-6.46%
JP:2915
KENKO Mayonnaise Co., Ltd.
1,890.00
-375.02
-16.56%
JP:2933
KIBUN FOODS INC.
1,124.00
-24.94
-2.17%

Bull-Dog Sauce Co., Ltd. Corporate Events

Bull-Dog Sauce Co., Ltd. Reports Strong Q1 Financial Performance and Positive Outlook
Jul 25, 2025

Bull-Dog Sauce Co., Ltd. reported a notable improvement in its financial performance for the three months ended June 30, 2025, with net sales increasing by 1.7% year-on-year to ¥3,695 million. The company also achieved a significant turnaround in profitability, with an ordinary profit of ¥418 million and a profit attributable to owners of ¥1,765 million, reflecting a strong recovery from the previous year’s losses. The company has revised its financial forecasts for the fiscal year ending March 31, 2026, projecting a 4.7% increase in net sales and substantial growth in profits, indicating positive future prospects.

Bull-Dog Sauce Co., Ltd. Revises Financial Forecasts Amid Performance Trends
Jul 25, 2025

Bull-Dog Sauce Co., Ltd. has revised its financial forecasts for the fiscal year ending March 31, 2026, due to recent performance trends. While net sales are expected to fall slightly short of previous forecasts due to sluggish sales of main products, profits are anticipated to exceed previous expectations thanks to increased productivity at the Tatebayashi Creation Center and improved profitability from a revised sales strategy.

Bull-Dog Sauce Co., Ltd. Completes Share Repurchase
Jun 6, 2025

Bull-Dog Sauce Co., Ltd. announced the repurchase of 30,800 common shares for JPY 54,034,500 during May 2025, as part of a broader share repurchase plan approved in October 2024. This strategic move aims to optimize capital structure and potentially enhance shareholder value, reflecting the company’s proactive financial management approach.

Bull-Dog Sauce Co., Ltd. Continues Takeover Defense Policies
May 15, 2025

Bull-Dog Sauce Co., Ltd. has announced the continuation of its Response Policies to Large-Scale Purchases of the Company’s Shares, aimed at securing and enhancing corporate value and shareholder interests. These policies, effective until 2028, include changes to definitions related to large-scale purchases, reflecting the company’s commitment to safeguarding against takeovers that may harm its corporate value.

Bull-Dog Sauce Co., Ltd. Announces Share Repurchase and Cancellation Plan
May 15, 2025

Bull-Dog Sauce Co., Ltd. has announced a plan to repurchase and cancel a portion of its treasury shares to enhance shareholder returns and improve capital efficiency. The company aims to repurchase up to 240,000 common shares, representing 1.8% of its total issued shares, with a maximum repurchase price of JPY 0.4 billion, through market purchases on the Tokyo Stock Exchange, with the cancellation planned for March 13, 2026.

Bull-Dog Sauce Co., Ltd. Announces Dividend Increase and Policy Changes
May 15, 2025

Bull-Dog Sauce Co., Ltd. announced changes to its shareholder return policy and an increase in dividends for the fiscal year ending March 31, 2026. The company aims to enhance shareholder returns while investing strategically for growth, with a target payout ratio of 60%. The dividend per share will increase to ¥40.00, with an additional ¥5.00 special dividend, reflecting profits from asset transfers.

Bull-Dog Sauce Co., Ltd. Announces Sale of Investment Securities
May 15, 2025

Bull-Dog Sauce Co., Ltd. has announced its decision to sell investment securities between May 16, 2025, and September 22, 2025, to reduce share holdings and improve cash management efficiency. This sale is expected to generate a gain of 380 million yen, which will be reflected in the company’s financial results for the first half of the fiscal year ending March 31, 2026, potentially impacting its financial performance and stakeholder interests.

Bull-Dog Sauce Co., Ltd. Reports Strong Profit Growth and Positive Outlook
May 15, 2025

Bull-Dog Sauce Co., Ltd. reported its consolidated financial results for the fiscal year ending March 31, 2025, showing a modest increase in net sales by 0.9% to 14,617 million yen. The company experienced significant growth in operating profit and profit attributable to owners of the parent, with increases of 36.2% and 328.9% respectively. The financial position remains stable with a slight decrease in total assets but an improved equity-to-asset ratio. The company forecasts further growth in the coming fiscal year with expected increases in net sales and profits, alongside a planned increase in dividend payouts, indicating a positive outlook for stakeholders.

Bull-Dog Sauce Co. Reports Non-Operating Income from Securities Sale
May 15, 2025

Bull-Dog Sauce Co., Ltd. has reported a non-operating income of 79 million yen for the fiscal year ending March 31, 2025, due to gains from the sale of investment securities. This financial maneuver is reflected in the company’s consolidated financial results, potentially strengthening its financial position and offering positive implications for stakeholders.

Bull-Dog Sauce Co., Ltd. Announces Share Repurchase
May 9, 2025

Bull-Dog Sauce Co., Ltd. announced the repurchase of 42,100 common shares for JPY 70,869,800, as part of a board-approved plan to buy back up to 600,000 shares. This strategic move is aimed at enhancing shareholder value and optimizing capital structure, reflecting the company’s commitment to maintaining a robust market position.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 26, 2025