MITSUMURA PRINTING CO.,LTD.

光村印刷株式会社

Other Products

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Price

¥1,867

Market Cap

¥5.7B

Ent. Value

¥3.3B

Net Cash

¥2.5B

Shares Out.

3.1M

P / E

16.2×

EV / EBIT

—

⚠ TSE Capital Mandate

P / Book

0.31×

P / NCAV

3.71×

Div. Yield

2.68%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥14.1B	¥14.8B	¥14.7B	¥14.8B	¥15.4B
Cost of Sales	¥11.5B	¥12.2B	¥12.0B	¥12.2B	¥12.4B
Gross Profit	¥2.6B	¥2.6B	¥2.7B	¥2.6B	¥3.0B
SG&A	¥2.7B	¥2.8B	¥2.7B	¥2.7B	¥2.8B
Operating Income	¥-70M	¥-159M	¥-63M	¥-87M	¥221M
Non-Operating Income	¥222M	¥209M	¥209M	¥187M	¥256M
Dividend Income	—	¥163M	¥157M	¥135M	¥122M
Interest Income	—	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	—	¥99M	¥89M	¥128M	¥60M
Interest Expense	—	¥55M	¥50M	¥45M	¥52M
Ordinary Income	¥23M	¥-49M	¥57M	¥-28M	¥416M
Pre-tax Income	¥103M	¥125M	¥126M	¥921M	¥210M
Income Taxes	¥-258M	¥43M	¥62M	¥427M	¥155M
Current Tax	—	¥38M	¥40M	¥459M	¥84M
Deferred Tax	—	¥4M	¥22M	¥-32M	¥72M
Net Income (owners)	¥353M	¥71M	¥57M	¥488M	¥50M
Minority Interest	—	¥12M	¥6M	¥6M	¥5M
Comprehensive Income	—	¥-1.2B	¥1.8B	¥510M	¥-440M
EBITDA	¥823M	¥833M	¥818M	¥715M	¥1.0B
EPS	¥115.27	¥23.04	¥18.51	¥159.22	¥16.20
Shares Outstanding	—	3.1M	3.1M	3.1M	3.1M
Shares Issued (total)	—	3.1M	3.1M	3.1M	3.1M
Treasury Shares	—	0.0M	0.0M	0.0M	0.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥26.8B	¥27.7B	¥29.9B	¥27.5B	¥27.1B
Current Assets	¥9.9B	¥10.4B	¥10.2B	¥10.8B	¥9.1B
Cash & Deposits	¥4.1B	¥4.1B	¥3.7B	¥6.0B	¥2.5B
Trade Receivables	—	¥1.7B	¥1.9B	¥1.9B	¥2.0B
Non-Current Assets	¥16.9B	¥17.3B	¥19.7B	¥16.7B	¥18.0B
PP&E	¥9.7B	¥10.9B	¥11.2B	¥10.9B	¥12.3B
Intangible Assets	—	¥140M	¥164M	¥73M	¥75M
Investment Securities	¥5.7B	¥5.2B	¥7.3B	¥4.9B	¥4.7B
Deferred Tax Assets	—	¥128M	¥128M	¥123M	¥119M
Total Liabilities	¥8.4B	¥9.9B	¥10.8B	¥10.0B	¥9.9B
Current Liabilities	¥3.6B	¥5.4B	¥5.7B	¥6.0B	¥5.7B
Accounts Payable	—	¥1.8B	¥1.8B	¥1.7B	¥1.7B
ST Debt	¥1.6B	¥2.6B	¥2.6B	¥2.8B	¥2.8B
Taxes Payable	—	¥30M	¥25M	¥385M	¥27M
Non-Current Liabilities	¥4.7B	¥4.6B	¥5.1B	¥3.9B	¥4.2B
Total LT Borrowings	—	—	—	—	¥150M
Pension Obligations	—	¥1.4B	¥1.4B	¥1.5B	¥1.5B
Deferred Tax Liab.	—	¥2.0B	¥2.7B	¥1.8B	¥1.7B
Total Equity	¥18.4B	¥17.8B	¥19.2B	¥17.5B	¥17.2B
Capital Stock	—	¥100M	¥100M	¥100M	¥5.6B
Capital Surplus	—	¥10.0B	¥10.0B	¥10.0B	¥4.4B
Retained Earnings	¥6.1B	¥5.9B	¥5.9B	¥6.0B	¥5.7B
Treasury Stock	—	¥-87M	¥-87M	¥-87M	¥-87M
AOCI	—	¥1.7B	¥3.1B	¥1.3B	¥1.3B
Equity (owners)	¥16.0B	¥15.8B	¥15.9B	¥16.0B	¥15.7B
Minority Interests	—	¥197M	¥188M	¥184M	¥181M

Total Interest-Bearing Debt ⓘ	¥1.6B	¥2.6B	¥2.6B	¥2.8B	¥3.0B
Net Cash ⓘ	¥2.5B	¥1.5B	¥1.0B	¥3.2B	¥-413M
NCAV ⓘ	¥1.5B	¥433M	¥-556M	¥810M	¥-782M
NCAV/Share	—	¥141	¥-181	¥264	¥-255
BV/Share	—	¥5,167	¥5,194	¥5,226	¥5,116

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-269M	¥899M	¥469M	¥1.2B	¥-1.5B
Interest Paid	—	¥-62M	¥-51M	¥-45M	¥-51M
Interest Received	—	¥163M	¥157M	¥135M	¥122M
D&A	¥893M	¥992M	¥881M	¥802M	¥791M
Investing CF	¥572M	¥-75M	¥-538M	¥1.8B	¥-1.4B
CapEx	¥688M	¥728M	¥722M	¥1.5B	¥1.7B
Purchase Investments	—	¥-65M	¥-69M	¥-30M	¥-29M
Proceeds from Invest.	—	¥646M	¥395M	¥37M	¥355M
Financing CF	¥-854M	¥-334M	¥-598M	¥-604M	¥-760M
Dividends Paid	—	¥-152M	¥-153M	¥-153M	¥-153M
Share Buybacks	—	—	¥-0M	¥-0M	¥-0M
LT Debt Repaid	—	—	¥-150M	¥-200M	¥-357M
Free Cash Flow	¥-957M	¥171M	¥-253M	¥-232M	¥-3.1B
Net Change in Cash	—	¥490M	¥-667M	¥2.4B	¥-3.6B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.0%	0.4%	0.3%	2.8%	0.3%
ROA	1.3%	0.2%	0.2%	1.8%	0.2%
EPS	¥115.27	¥23.04	¥18.51	¥159.22	¥16.20
DPS	¥0.00	¥50.00	¥50.00	¥50.00	¥50.00
BPS	¥5,942.33	¥5,736.81	¥6,195.24	¥5,666.03	¥5,551.48
FCF/Share	—	¥56	¥-83	¥-76	¥-1,014
NCAV/Share	—	¥141	¥-181	¥264	¥-255
Payout Ratio	0.0%	217.0%	270.1%	31.4%	308.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2024-03-18	Mitsubishi UFJ Financial Group Inc.	4.12%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	MITSUBISHI PAPER MILLS LIMITED 三菱製紙株式会社	511	16.70%
2	DIC ＤＩＣ株式会社	457	14.91%
3	株式会社読売新聞グループ本社	224	7.33%
4	江口弘尚	131	4.29%
5	MUFG Bank 株式会社三菱ＵＦＪ銀行	112	3.67%
6	SCREEN Holdings Co., Ltd. 株式会社ＳＣＲＥＥＮホールディングス	100	3.26%
7	株式会社桜井グラフィックシステムズ	71	2.32%
8	三菱ＨＣキャピタル株式会社	48	1.59%
9	上田八木短期投資株式会社	44	1.45%
10	阿部茂雄	43	1.42%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-3.7% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

56.9%

+3.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
MITSUBISHI PAPER MILLS LIMITED 三菱製紙		16.70%	16.70%	16.70%
DIC ＤＩＣ		14.91%	14.91%	14.91%
式会社読売新聞グループ本社		7.33%	7.33%	7.33%
江口弘尚		—	3.79%	4.29% +0.50%
MUFG Bank 式会社三菱ＵＦＪ銀行		3.67%	3.67%	3.67%
SCREEN Holdings Co., Ltd. 式会社ＳＣＲＥＥＮホールディングス		3.26%	3.26%	3.26%
式会社桜井グラフィックシステムズ NEW ENTRY	—	—	—	2.32% NEW
三菱ＨＣキャピタル NEW ENTRY		1.59%	—	1.59% NEW
上田八木短期投資 NEW ENTRY	—	—	—	1.45% NEW
阿部茂雄 NEW ENTRY	—	—	—	1.42% NEW
式会社十六銀行 last seen 2024	Exited Top 10	2.17%	2.17%	—
Japan Master Trust Bank 日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	3.72%	2.04%	—
Executive Stock Ownership Plan 光村印刷役員持株会 last seen 2024	Exited Top 10	1.40%	1.73%	—
日本カストディ銀行 last seen 2024	Exited Top 10	1.66%	1.62%	—
Concentration (HHI) ⓘ		605	608	609

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥4,880M +4% since 2023

Holdings 17 +3 new 4 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥4,880M total		FY2023 ¥4,696M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
YAMATO HOLDINGS CO.,LTD. ヤマトホールディングス株式会社	1,920	+0.7% ↑ 978,586	2,206	972,131	M
SCREEN Holdings Co., Ltd. 株式会社ＳＣＲＥＥＮホールディングス	1,271	+102.4% ↑ 132,434	762	65,432	M
Mitsubishi HC Capital Inc. 三菱ＨＣキャピタル株式会社	705	700,000	479	700,000	M
DIC Corporation ＤＩＣ株式会社	307	100,932	240	100,932	M
Isetan Mitsukoshi Holdings Ltd. 株式会社三越伊勢丹ホールディングス	198	+0.0% ↑ 92,563	137	92,562
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ株式会社（注１）	86	NEW New 23,120	—
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	65	-89.7% ↓ 32,480	269	316,780
MITSUBISHI PAPER MILLS LIMITED 三菱製紙株式会社	65	100,000	35	100,000	M
The Kiyo Bank, Ltd. 株式会社紀陽銀行	57	24,786	37	24,786
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	48	-89.4% ↓ 11,758	209	111,358
KPP GROUP HOLDINGS CO., LTD. ＫＰＰグループホールディングス株式会社	45	NEW New 69,300	—		M
Fuyo General Lease Co., Ltd. 芙蓉総合リース株式会社	38	+200.0% ↑ 9,900	30	3,300	M
Superbag Company,Limited スーパーバッグ株式会社	25	10,980	15	10,980	M
Resona Holdings, Inc. 株式会社りそなホールディングス	20	15,775	10	15,775	M
KYODO PAPER HOLDINGS 株式会社共同紙販ホールディングス	19	3,900	17	3,900	M
Aichi Financial Group Co., Ltd. 株式会社あいちフィナンシャルグループ	7	NEW New 2,300	—
Tokai Tokyo Financial Holdings, Inc. 東海東京フィナンシャル・ホールディングス株式会社	4	9,187	3	9,187	M
Juroku Financial Group, Inc. 株式会社十六フィナンシャルグループ	—	−100% Exit —	144	50,973	M
三井住友トラスト・ホールディングス株式会社	—	−100% Exit —	52	11,560
KPP GROUP HOLDINGS CO., LTD. ＫＰＰグループホールディングス株式会社(注４)	—	−100% Exit —	46	69,300	M
Aichi Financial Group Co., Ltd. 株式会社あいちフィナンシャルグループ(注６)	—	−100% Exit —	5	2,300	M
Portfolio total	4,880		4,696

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding