Bull-Dog Sauce Co., Ltd. (2804) AI Stock Analysis

• Market Cap: ¥23.81B
• Dividend Yield: 2.07%
• Average Volume (3M): 32.40K
• Price to Earnings (P/E): 9.6
• Beta (1Y): 0.45
• Revenue Growth: 0.99%
• EPS Growth: 830.67%
• Country: JP
• Employees: 302
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 24.26
• Shares Outstanding: 13,419,080
• 10 Day Avg. Volume: 21,190
• 30 Day Avg. Volume: 32,396
• PEG Ratio: 0.11
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 1.54
• P/FCF Ratio: 10.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 36,369.31
• Revenue Forecast (FY): ¥2.50T

• Rating: 66 Neutral
• Price Target: ¥2,148.00 ▲(16.93% Upside)

Bull-Dog Sauce Co., Ltd. has a strong financial foundation with steady revenue growth and robust cash flow, contributing positively to the overall score. However, technical indicators suggest bearish momentum, which weighs down the score. The stock's attractive valuation, with a low P/E ratio and decent dividend yield, provides a counterbalance, making it a potentially undervalued investment opportunity.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, enhancing the company's long-term market position.

Cash Flow Recovery

Improved cash generation enhances financial flexibility, allowing for strategic investments and debt management, supporting long-term growth.

Brand Reputation

A strong brand reputation fosters customer loyalty and repeat purchases, providing a competitive edge and supporting sustained revenue streams.

Negative Factors

Profitability Volatility

Volatile profitability can signal operational inefficiencies, potentially impacting long-term financial stability and investor confidence.

Inconsistent Return on Equity

Inconsistent ROE suggests fluctuating profitability, which may affect the company's ability to attract and retain investors over time.

Leverage Concerns

While leverage is manageable, volatility in profitability could strain financial resources, impacting long-term growth and stability.

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

Company Description

Bull-Dog Sauce Co., Ltd. manufactures and sells sauces, pasta, and seasonings in Japan. The company was formerly known as Bull-Dog Foods Co., Ltd. and changed its name to Bull-Dog Sauce Co., Ltd. in 1962. Bull-Dog Sauce Co., Ltd. was founded in 1902 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Bull-Dog Sauce Co., Ltd. generates revenue through the sale of its wide range of sauces and condiments, which are distributed both in Japan and globally. The company's revenue model is primarily based on direct sales to consumers through retail channels, as well as partnerships with restaurants and food service providers. Key revenue streams include retail sales from supermarkets and grocery stores, online sales through e-commerce platforms, and bulk sales to food service businesses. Additionally, the company benefits from brand loyalty and recognition, which drives repeat purchases. Significant partnerships with distributors and suppliers also enhance its market reach and contribute to its overall earnings.

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

Summary

Bull-Dog Sauce Co., Ltd. demonstrates solid financial performance with steady revenue growth and strong cash flow recovery. The balance sheet is robust with reasonable leverage, though profitability metrics show some volatility. Continued focus on operational efficiency could further enhance financial performance.

Income Statement

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

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

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	14.68B	14.62B	14.48B	13.53B	13.30B	17.71B
Gross Profit	4.50B	4.31B	4.39B	4.41B	4.57B	9.03B
EBITDA	4.29B	2.06B	1.20B	1.81B	1.72B	1.71B
Net Income	2.38B	623.00M	145.41M	595.77M	716.87M	693.95M
Balance Sheet
Total Assets	34.38B	32.47B	33.75B	36.30B	29.76B	26.81B
Cash, Cash Equivalents and Short-Term Investments	4.04B	2.46B	1.99B	6.06B	4.59B	4.87B
Total Debt	4.73B	4.88B	6.29B	5.78B	729.59M	488.20M
Total Liabilities	11.21B	11.03B	12.29B	16.04B	9.62B	6.26B
Stockholders Equity	23.16B	21.45B	21.46B	20.26B	20.14B	20.55B
Cash Flow
Free Cash Flow	0.00	2.25B	-4.73B	-3.96B	-120.78M	1.03B
Operating Cash Flow	0.00	2.33B	90.17M	45.00M	1.13B	1.51B
Investing Cash Flow	0.00	635.00M	-4.08B	-3.13B	-1.19B	-165.18M
Financing Cash Flow	0.00	-2.49B	31.18M	4.57B	-413.76M	-774.13M

Bull-Dog Sauce Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1837.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2804, the sentiment is Negative. The current price of 1837 is below the 20-day moving average (MA) of 1869.20, below the 50-day MA of 1922.84, and below the 200-day MA of 1876.27, indicating a bearish trend. The MACD of -29.48 indicates Negative momentum. The RSI at 38.97 is Neutral, neither overbought nor oversold. The STOCH value of 68.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2804.

Bull-Dog Sauce Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2612	77 Outperform	¥35.93B	13.58	―	2.56%	8.21%	20.27%
2915	72 Outperform	¥30.34B	11.42	―	2.27%	-0.25%	-41.09%
2804	66 Neutral	¥23.81B	9.61	―	2.07%	0.99%	830.67%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
2819	62 Neutral	¥23.47B	17.76	―	1.87%	3.08%	-16.77%
2933	59 Neutral	¥24.36B	15.31	―	1.89%	3.06%	-53.49%

Bull-Dog Sauce Co., Ltd. Corporate Events

Bull-Dog Sauce Co., Ltd. Completes Share Repurchase

Bull-Dog Sauce Co., Ltd. announced the repurchase of 59,400 common shares for approximately JPY 114.97 million, executed through market purchases on the Tokyo Stock Exchange. This move is part of a larger board-approved plan to repurchase up to 240,000 shares, reflecting the company’s strategy to enhance shareholder value.

Bull-Dog Sauce Announces Interim Dividend for 2025

Bull-Dog Sauce Co., Ltd. announced an interim dividend of ¥20.00 per share, with a total payout of ¥260 million, effective December 1, 2025. This decision aligns with the company’s shareholder return policy, which targets a 60% payout ratio, reflecting its commitment to returning profits to shareholders while considering earnings and growth strategies.

Bull-Dog Sauce Completes Share Repurchase and Cancellation

Bull-Dog Sauce Co., Ltd. announced the completion of its share repurchase program and the cancellation of treasury shares. The company repurchased 535,800 common shares, amounting to approximately JPY 999,996,100, through market purchases on the Tokyo Stock Exchange. This strategic move is aimed at optimizing the company’s capital structure and enhancing shareholder value by reducing the number of outstanding shares.

Bull-Dog Sauce Co., Ltd. Reports Increased Profits and Revised Forecasts

Bull-Dog Sauce Co., Ltd. reported its consolidated financial results for the six months ended September 30, 2025, showing a slight increase in net sales and a significant rise in ordinary profit compared to the previous year. The company has revised its financial forecasts for the fiscal year ending March 31, 2026, indicating expected growth in net sales and profits, which could positively impact its market position and shareholder value.

Bull-Dog Sauce Co., Ltd. Revises Financial Forecasts Upwards for FY 2026

Bull-Dog Sauce Co., Ltd. has revised its financial forecasts for the fiscal year ending March 31, 2026, indicating an expected increase in profits. This revision is attributed to improved profitability from strategic sales changes and increased productivity at the Tatebayashi Creation Center, suggesting a positive impact on the company’s financial performance and market positioning.

Bull-Dog Sauce Co., Ltd. Completes Share Repurchase

Bull-Dog Sauce Co., Ltd. announced the completion of a share repurchase program, acquiring 43,100 common shares for JPY 91,829,800 between September 1 and September 30, 2025. This move is part of a broader strategy approved by the board to repurchase up to 600,000 shares, aiming to enhance shareholder value and optimize capital structure.