Belluna Co., Ltd. (9997) AI Stock Analysis

• Market Cap: ¥94.56B
• Dividend Yield: 2.98%
• Average Volume (3M): 442.70K
• Price to Earnings (P/E): 8.4
• Beta (1Y): 0.59
• Revenue Growth: 1.15%
• EPS Growth: 86.72%
• Country: JP
• Employees: 3,825
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 45.97
• Shares Outstanding: 97,244,470
• 10 Day Avg. Volume: 199,110
• 30 Day Avg. Volume: 442,696
• PEG Ratio: 0.20
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.43
• P/FCF Ratio: -17.07
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ¥1,106.00 ▲(10.93% Upside)
• Action: Upgraded Date: 11/28/25
• Date: Action: Upgraded 11/28/25

Belluna Co., Ltd. receives a solid score driven by strong financial performance and attractive valuation. While technical analysis presents mixed signals, the low P/E ratio and healthy dividend yield enhance its appeal. The company's financial health is robust, though attention to debt levels and cash flow management is advised.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a robust business model and effective market penetration, supporting long-term sustainability.

E-commerce Strategy

Emphasizing e-commerce positions Belluna to benefit from structural shifts towards online retail, enhancing future growth prospects.

Profit Margins

Strong profit margins suggest effective cost control and pricing strategies, contributing to sustained profitability.

Negative Factors

Increasing Debt Levels

Rising debt levels may strain financial flexibility and increase risk, necessitating careful debt management to maintain stability.

Free Cash Flow Challenges

Negative free cash flow indicates potential liquidity issues, impacting the ability to fund operations and growth initiatives.

Net Profit Margin Volatility

Volatile net profit margins suggest challenges in managing operational expenses, potentially affecting long-term earnings stability.

Belluna Co., Ltd. Business Overview & Revenue Model

Company Description

Belluna Co., Ltd. (9997) is a Japanese company primarily engaged in the mail-order retail sector, specializing in a diverse range of products including apparel, health and beauty items, and household goods. The company operates through various channels, including catalogs, television shopping, and online platforms, catering to a wide customer base. Belluna also engages in the sale of lifestyle-related products and services, contributing to its presence in the broader retail market.

How the Company Makes Money

Belluna Co., Ltd. generates revenue primarily through its mail-order business, which includes catalog sales and online shopping. The company earns money by selling a wide array of products directly to consumers, leveraging its extensive marketing and distribution networks. Key revenue streams include sales from clothing, health and beauty products, and home essentials. Additionally, Belluna may benefit from partnerships with other brands for exclusive product offerings or collaborations that enhance its product range. The company's strategic focus on e-commerce allows it to tap into the growing online shopping trend, while its catalog sales continue to attract customers who prefer traditional shopping methods. Overall, the combination of diverse product offerings and multiple sales channels contributes significantly to Belluna's earnings.

Belluna Co., Ltd. Financial Statement Overview

Summary

Belluna Co., Ltd. demonstrates solid financial health with strong revenue generation and profit margins. However, increasing debt levels and challenges in managing free cash flow suggest the need for improved financial strategies.

Income Statement

Belluna Co., Ltd. has shown a consistent revenue trend over the years with a slight dip in 2025. The Gross Profit Margin remains strong, reflecting efficient cost management. However, the Net Profit Margin has shown fluctuations, indicating some volatility in managing operational expenses. The EBIT and EBITDA margins are solid, contributing to overall profitability, though there's room for improvement in stabilizing net income.

Balance Sheet

The company's balance sheet indicates a reasonable equity position with a Debt-to-Equity Ratio that has increased over recent years, suggesting higher leverage. Return on Equity is healthy, indicating efficient use of equity. The Equity Ratio shows a stable capital structure, but increasing debt levels could pose a risk if not managed carefully.

Cash Flow

Belluna's cash flow statement highlights challenges with Free Cash Flow, which has been negative in recent years. The Operating Cash Flow to Net Income Ratio is positive, suggesting that operating activities are generating sufficient cash relative to net income. However, the Free Cash Flow to Net Income Ratio indicates potential issues in covering net income with free cash flow, warranting attention to capital expenditures.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	210.31B	210.86B	208.30B	212.38B	220.13B	206.49B
Gross Profit	129.55B	129.23B	126.34B	125.70B	129.31B	121.56B
EBITDA	19.02B	20.32B	16.19B	16.85B	18.17B	21.95B
Net Income	8.54B	8.80B	5.84B	7.42B	10.20B	11.04B
Balance Sheet
Total Assets	317.11B	312.46B	300.69B	285.59B	254.18B	240.21B
Cash, Cash Equivalents and Short-Term Investments	32.01B	35.73B	36.54B	32.28B	28.79B	30.96B
Total Debt	137.55B	130.26B	119.55B	111.34B	84.32B	73.40B
Total Liabilities	177.37B	170.80B	164.51B	159.16B	135.13B	126.98B
Stockholders Equity	139.39B	141.31B	135.19B	125.50B	118.27B	112.62B
Cash Flow
Free Cash Flow	0.00	-5.34B	-4.01B	-21.76B	-9.47B	12.54B
Operating Cash Flow	0.00	9.69B	12.77B	8.24B	7.15B	20.77B
Investing Cash Flow	0.00	-17.79B	-14.40B	-29.92B	-17.03B	-5.18B
Financing Cash Flow	0.00	6.72B	5.97B	23.53B	8.65B	-7.00B

Belluna Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 997.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9997, the sentiment is Negative. The current price of 997 is above the 20-day moving average (MA) of 967.35, above the 50-day MA of 982.08, and above the 200-day MA of 965.20, indicating a neutral trend. The MACD of -0.88 indicates Negative momentum. The RSI at 45.65 is Neutral, neither overbought nor oversold. The STOCH value of 34.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9997.

Belluna Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8005	74 Outperform	¥47.09B	18.48	―	4.27%	6.15%	-25.28%
9997	71 Outperform	¥94.56B	8.41	6.96%	2.98%	1.15%	86.72%
3092	65 Neutral	¥972.92B	20.94	47.74%	2.82%	6.80%	0.62%
7545	65 Neutral	¥131.78B	16.12	―	1.54%	4.78%	3.50%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
8281	60 Neutral	¥49.25B	-22.10	―	3.31%	0.88%	-138.66%
4755	41 Neutral	$1.79T	-9.93	-21.14%	―	11.45%	42.34%

Belluna Co., Ltd. Corporate Events

Belluna Co., Ltd. Reports Mixed November Sales Performance

Belluna Co., Ltd. reported a mixed performance for November, with notable growth in its hotel and wine businesses, driven by strategic acquisitions and strong customer acquisition through e-commerce channels. However, the apparel and goods segment saw a decline due to strategic shifts towards profitability, resulting in a slight decrease in overall consolidated sales compared to the previous year.

The most recent analyst rating on (JP:9997) stock is a Buy with a Yen1106.00 price target. To see the full list of analyst forecasts on Belluna Co., Ltd. stock, see the JP:9997 Stock Forecast page.

Belluna Co., Ltd. Anticipates Limited Impact from Chinese Travel Advisories

Belluna Co., Ltd. has announced that the recent travel advisories from China are expected to have a limited impact on its hotel business, as Chinese tourists constitute only about 2% of its guests. The company reports stable bookings from domestic and other international markets and anticipates no significant effect on its financial results for the current fiscal year.

The most recent analyst rating on (JP:9997) stock is a Hold with a Yen1013.00 price target. To see the full list of analyst forecasts on Belluna Co., Ltd. stock, see the JP:9997 Stock Forecast page.

Belluna Co., Ltd. Reports Positive Financial Growth in First Half of FY 2026

Belluna Co., Ltd. reported a slight increase in net sales for the first half of fiscal year 2026, with significant growth in operating and ordinary profits. The company’s financial position remains stable with a slight increase in total assets and net assets. The forecast for the fiscal year ending March 2026 shows expected growth in net sales and profits, indicating a positive outlook for stakeholders.

The most recent analyst rating on (JP:9997) stock is a Buy with a Yen980.00 price target. To see the full list of analyst forecasts on Belluna Co., Ltd. stock, see the JP:9997 Stock Forecast page.

Belluna Co., Ltd. Revises First-Half Financial Forecast Upwards

Belluna Co., Ltd. has revised its first-half financial forecast for the fiscal year ending March 31, 2026, showing significant increases in net sales, operating profit, ordinary profit, and profit attributable to owners of the parent. The upward revision is driven by higher sales and profitability in the domestic hotel business and Apparel & Goods Segment, as well as foreign exchange gains and strategic investment in growth areas. Despite these changes, the full-year forecast and dividend forecast remain unchanged.

The most recent analyst rating on (JP:9997) stock is a Buy with a Yen980.00 price target. To see the full list of analyst forecasts on Belluna Co., Ltd. stock, see the JP:9997 Stock Forecast page.