繧キ繝・繝�繝斐Φ譬ェ蠑丈シ夂、セ

3179 シュッピン株式会社

Internet Retail · Prime · TSE: Disclosed

PRICE: ¥1,091 · MKT CAP: ¥25.3B · P/E: 13.9x · P/B: 2.26x · DIV YIELD: 3.7%

PRICE — 5Y

Characteristics & Business Summary

Syuppin Co., Ltd. operates e-commerce websites for buying and selling new and used products in Japan. It operates in four segments: Camera, Watch, and Writing instruments. The company offers used and new digital cameras, film cameras, interchangeable lenses...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	33,961	43,453	45,619	48,842	52,658	51,925	55,098
Operating Profit	1,613	3,141	2,463	3,344	3,397	2,538	2,754
Ordinary Profit	1,624	3,187	2,439	3,344	3,368	2,491	—
Net Profit	1,068	2,208	1,697	2,322	2,021	1,685	1,851
EPS	¥45	¥92	¥73	¥100	¥87	¥73	—
DPS	¥16	¥28	¥30	¥36	¥40	¥0	—

Balance Sheet & Valuation Highlights

Total Assets ¥18B

Net Assets (Equity) ¥10B

Equity Ratio 56.7%

ROE (Return on Equity) 16.4%

Cash & Equivalents ¥2B

Interest-Bearing Debt ¥5B

Capital Expenditure (CapEx) ¥0B

Depreciation & Amort. ¥0B

Major Shareholders

1. The Master Trust Bank of Japan, Ltd. (Trust Account) 10.0%
2. BNY Mellon (Nominee) 10.0%
3. Northern Trust Company 5.4%
4. 株式会社エムジー 4.9%
5. Custody Bank of Japan, Ltd. (Trust Account) 4.8%
6. Goldman Sachs 4.3%
7. Nomura Trust and Banking Co., Ltd. 3.3%
8. 鈴木慶 2.4%
9. CACEIS BANK/QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT（常任代理人香港上海銀行東京支店） 2.3%
10. State Street Bank and Trust Company 2.3%

Activist Activity

Fidelity Management Research Company LLC, FIAM LLC, Fidelity Management Trust Company 5.66%

2026-06-09 · initial_5pct

VARECS Partners Limited 10.87%

2026-06-03 · increase

FMR LLC 9.02%

2026-04-22 · change

MIRI Capital Management LLC 8.11%

2026-04-17 · change

FMR LLC 9.02%

2026-04-07 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥1,417	¥1,812	¥1,950	¥2,105	¥2,269	¥2,237	—
FCF/Share	¥-28	¥54	¥50	¥101	¥39	¥131	—
EPS	¥45	¥92	¥73	¥100	¥87	¥73	—
DPS	¥16	¥28	¥30	¥36	¥40	¥0	—
Capital Spending per share	¥12	¥0	¥3	¥1	¥13	¥0	—
Book Value per share	¥267	¥228	¥277	¥356	¥438	¥442	—
Common Shares Outstanding	24M	24M	23M	23M	23M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥34B	¥43B	¥46B	¥49B	¥53B	¥52B	¥55B
Operating Margin (%)	4.8%	7.2%	5.4%	6.8%	6.5%	4.9%	5.0%
Net Profit (owners)	¥1B	¥2B	¥2B	¥2B	¥2B	¥2B	¥2B
Net Profit Margin (%)	3.1%	5.1%	3.7%	4.8%	3.8%	3.2%	3.4%
Working Capital	¥5B	¥4B	¥5B	¥6B	¥8B	¥7B	—
Total Debt (Interest-bearing)	¥4B	¥6B	¥6B	¥4B	¥4B	¥5B	—
Net Worth (Common Equity)	¥6B	¥5B	¥6B	¥8B	¥10B	¥10B	—
Return on Total Assets (ROA)	8.5%	15.3%	11.3%	14.5%	11.2%	9.3%	—
Return on Common Equity (ROE)	16.7%	40.4%	26.2%	28.1%	19.9%	16.4%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.