VALOR HOLDINGS CO.,LTD.

株式会社バローホールディングス

Retail Trade

Valor Holdings Co., Ltd. operates supermarkets and home centers in Japan. The company operates drug stores, delicatessen, home centers, sports clubs, and pet shops. It also engages in the agricultural production, food manufacturing and processing, logistics, material procurement, security and maintenance, and cleaning activities. Valor Holdings Co., Ltd. was incorporated in 1958 and is headquartered in Tajimi, Japan.

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Price

¥3,425

Market Cap

¥180.4B

Ent. Value

¥254.6B

Net Debt

−¥74.2B

Shares Out.

52.7M

P / E

13.3×

EV / EBIT

11.0×

P / Book

1.05×

P / NCAV

N/M

Div. Yield

1.99%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥827.5B	¥782.6B	¥735.4B	¥708.5B
Cost of Sales	¥605.7B	¥573.4B	¥540.0B	¥520.3B
Gross Profit	¥221.9B	¥209.2B	¥195.4B	¥188.2B
SG&A	¥225.6B	¥211.6B	¥200.0B	¥191.1B
Operating Income	¥23.2B	¥22.8B	¥20.1B	¥21.2B
Non-Operating Income	¥4.9B	¥4.4B	¥4.5B	¥4.6B
Dividend Income	¥307M	¥248M	¥193M	¥182M
Interest Income	¥125M	¥145M	¥123M	¥134M
Non-Operating Expenses	¥1.9B	¥1.7B	¥1.5B	¥1.7B
Interest Expense	¥966M	¥730M	¥746M	¥764M
Ordinary Income	¥26.2B	¥25.6B	¥23.0B	¥24.1B
Pre-tax Income	¥22.4B	¥21.3B	¥17.3B	¥20.7B
Income Taxes	¥7.6B	¥8.2B	¥8.1B	¥9.4B
Current Tax	¥8.8B	¥9.2B	¥8.6B	¥8.0B
Deferred Tax	¥-1.3B	¥-959M	¥-578M	¥1.4B
Net Income (owners)	¥13.7B	¥11.9B	¥7.6B	¥9.0B
Minority Interest	¥1.2B	¥1.1B	¥1.7B	¥2.2B
Comprehensive Income	¥14.0B	¥15.5B	¥9.0B	¥10.8B
EBITDA	¥47.0B	¥45.3B	¥41.5B	¥42.1B
Goodwill Amort. (J-GAAP)	¥695M	¥690M	¥711M	¥652M
EPS	¥257.64	¥223.02	¥141.61	¥167.87
Shares Outstanding	52.7M	53.6M	53.6M	53.7M
Shares Issued (total)	54.0M	54.0M	54.0M	54.0M
Treasury Shares	1.3M	0.4M	0.4M	0.3M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥460.1B	¥444.8B	¥417.1B	¥410.4B
Current Assets	¥134.9B	¥135.6B	¥115.7B	¥110.2B
Cash & Deposits	¥22.6B	¥29.6B	¥21.5B	¥23.3B
Trade Receivables	¥30.6B	¥26.0B	¥16.7B	¥14.9B
Non-Current Assets	¥325.1B	¥309.2B	¥301.4B	¥300.1B
PP&E	¥242.4B	¥229.4B	¥225.4B	¥225.3B
Goodwill	¥3.5B	¥1.8B	¥1.8B	¥2.3B
Intangible Assets	¥19.2B	¥17.8B	¥18.4B	¥17.8B
Investment Securities	¥11.9B	¥13.6B	¥10.0B	¥9.8B
Deferred Tax Assets	¥12.4B	¥10.6B	¥10.5B	¥9.9B
Total Liabilities	¥272.0B	¥265.5B	¥249.6B	¥247.8B
Current Liabilities	¥167.7B	¥166.9B	¥150.4B	¥148.0B
Accounts Payable	¥68.0B	¥64.7B	¥59.5B	¥57.2B
ST Debt	¥36.8B	¥36.9B	¥31.8B	¥37.6B
Taxes Payable	¥4.7B	¥5.3B	¥4.7B	¥3.5B
Non-Current Liabilities	¥104.3B	¥98.6B	¥99.2B	¥99.8B
Total LT Borrowings	¥60.1B	¥54.5B	¥55.8B	¥57.5B
Pension Obligations	¥6.2B	¥6.7B	¥6.5B	¥6.3B
Deferred Tax Liab.	¥301M	¥269M	¥231M	¥198M
Total Equity	¥188.0B	¥179.3B	¥167.5B	¥162.5B
Capital Stock	¥13.6B	¥13.6B	¥13.6B	¥13.6B
Capital Surplus	¥20.1B	¥20.1B	¥20.1B	¥20.1B
Retained Earnings	¥138.5B	¥128.3B	¥119.6B	¥115.0B
Treasury Stock	¥-2.9B	¥-816M	¥-831M	¥-547M
AOCI	¥2.0B	¥2.8B	¥325M	¥431M
Equity (owners)	¥169.2B	¥161.2B	¥152.4B	¥148.2B
Minority Interests	¥16.8B	¥15.3B	¥14.8B	¥13.8B

Total Interest-Bearing Debt ⓘ	¥96.9B	¥91.4B	¥87.5B	¥95.1B
Net Cash ⓘ	¥-74.2B	¥-61.8B	¥-66.1B	¥-71.9B
NCAV ⓘ	¥-137.1B	¥-129.9B	¥-133.9B	¥-137.6B
NCAV/Share	¥-2,603	¥-2,425	¥-2,500	¥-2,563
BV/Share	¥3,213	¥3,009	¥2,846	¥2,759

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥37.8B	¥38.4B	¥36.2B	¥24.4B
Interest Paid	¥-961M	¥-716M	¥-733M	¥-753M
Interest Received	¥360M	¥281M	¥227M	¥218M
D&A	¥23.2B	¥21.8B	¥20.7B	¥20.2B
Goodwill Amort.	¥695M	¥690M	¥711M	¥652M
Investing CF	¥-39.9B	¥-26.1B	¥-25.7B	¥-26.7B
CapEx	¥32.7B	¥23.4B	¥23.2B	¥24.3B
Purchase Investments	¥-20M	¥-76M	¥-131M	¥-355M
Proceeds from Invest.	¥125M	¥18M	¥39M	¥7M
Financing CF	¥-4.7B	¥-4.6B	¥-12.3B	¥-4.1B
Dividends Paid	¥-3.5B	¥-3.2B	¥-3.1B	¥-3.0B
Share Buybacks	¥-2.1B	¥0M	¥-300M	¥0M
LT Debt Repaid	¥-15.0B	¥-12.8B	¥-17.9B	¥-24.0B
Free Cash Flow	¥5.1B	¥15.0B	¥13.1B	¥22M
Net Change in Cash	¥-6.8B	¥7.8B	¥-1.9B	¥-6.5B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.1%	7.5%	5.0%	6.2%
ROA	3.0%	2.8%	1.8%	2.2%
EPS	¥257.64	¥223.02	¥141.61	¥167.87
DPS	¥68.00	¥65.00	¥58.00	¥56.00
BPS	¥3,250.32	¥3,062.60	¥2,851.73	¥2,766.89
FCF/Share	¥97	¥281	¥244	¥0
NCAV/Share	¥-2,603	¥-2,425	¥-2,500	¥-2,563
Payout Ratio	26.4%	29.1%	41.0%	33.4%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2024-08-21	Sumitomo Mitsui Trust Bank,Limited	4.36% -1.45%	change	Passive	—
2023-12-21	Sumitomo Mitsui Trust Bank,Limited	5.81%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-13 13:00	Div Increase	¥2.1B ¥39.0/sh +0%	Barro Holdings (9956) announced a dividend increase for fiscal year ending March 31, 2026, raising the interim dividend …
Summary Barro Holdings (9956) announced a dividend increase for fiscal year ending March 31, 2026, raising the interim dividend forecast from 35 yen to 39 yen per share, effective June 11, 2026. The total dividend payout is 2,063 million yen sourced from retained earnings, bringing the full-year dividend to 74 yen per share. This decision reflects strong business performance and the company's commitment to stable shareholder returns while maintaining financial strength. Deadline: 2026-06-11 YoY: +0% Source (JP) 期末配当予想を前回予想の１株当たり 35 円 00 銭から４円増額し、１株当たり 39 円 00 銭とする方針を決定いたしました。これにより、１株当たりの年間配当金は 74 円 00 銭となります。 2026年３月期剰余金の配当（増配）に関するお知らせ TDnet PDF
2026-05-13 13:00	Cost of Capital	¥76.0/sh +9%	Baro Holdings (9956) published a capital cost and shareholder value management update for FY2026/3, demonstrating achiev…
Summary Baro Holdings (9956) published a capital cost and shareholder value management update for FY2026/3, demonstrating achievement of ROE 9.2% (exceeding 8% target) and PBR 1.06x (surpassing 1.0x target). The company maintains capital efficiency with ROIC 5.6% above WACC (4.0-5.0%), supported by strong earnings growth and successful Kanto region expansion, while committing to continued dividend increases (16 consecutive years) with 30% payout ratio guidance and 2% DOE floor. YoY: +9% Source (JP) ROEは目標の8%を2期連続で達成。関西に続く関東進出など成長期待からPERも上昇。2026年３月期は営業利益が大幅に増加した結果、ROEは9%を超過。配当金は16期連続増配で1株当たり76円。資本コストや株価を意識した経営の実現に向けた対応について（アップデート） TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	5,229	9.88%
2	公益財団法人伊藤青少年育成奨学会	2,910	5.50%
3	株式会社子雲社	2,730	5.16%
4	Norinchukin Bank 農林中央金庫	2,542	4.80%
5	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	2,538	4.79%
6	株式会社十六銀行	2,536	4.79%
7	田代正美	1,350	2.55%
8	RETAIL PARTNERS CO., LTD. 株式会社リテールパートナーズ	1,260	2.38%
9	ARCS COMPANY,LIMITED 株式会社アークス	1,260	2.38%
10	MUFG Bank 株式会社三菱ＵＦＪ銀行	1,223	2.31%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

14.7%

-1.9% 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

29.9%

+0.5% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	9.61%	9.55%	9.88% +0.33%
公益財団法人伊藤青少年育成奨学会	5.41%	5.40%	5.50% +0.10%
式会社子雲社	5.07%	5.07%	5.16% +0.09%
Norinchukin Bank 農林中央金庫	4.72%	4.72%	4.80% +0.08%
Japan Custody Bank 日本カストディ銀行	5.75%	6.98%	4.79% -2.19%
式会社十六銀行	4.71%	4.71%	4.79% +0.08%
田代正美	2.58%	2.51%	2.55% +0.04%
ARCS COMPANY,LIMITED 式会社アークス	2.34%	2.34%	2.38% +0.04%
RETAIL PARTNERS CO., LTD. 式会社リテールパートナーズ	2.34%	2.34%	2.38% +0.04%
MUFG Bank 式会社三菱ＵＦＪ銀行	2.27%	2.27%	2.31% +0.04%
Concentration (HHI) ⓘ	248	262	247

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

Portfolio Book Value ¥9,494M +15% since 2023

Holdings 15 1 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥9,494M total		FY2023 ¥8,259M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
RETAIL PARTNERS CO., LTD. ㈱リテールパートナーズ	4,224	3,136,400	4,278	3,136,400	M
ARCS COMPANY,LIMITED ㈱アークス	3,882	1,335,000	2,997	1,335,000	M
Juroku Financial Group, Inc. ㈱十六フィナンシャルグループ	459	95,188	268	95,188
OKAMURA CORPORATION ㈱オカムラ	267	136,000	185	136,000	M
Riken Vitamin Co., Ltd. 理研ビタミン㈱	239	99,200	190	99,200	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	140	69,860	59	69,860
KAGOME CO.,LTD. カゴメ㈱	96	33,000	101	33,000	M
The Fukui Bank, Ltd. ㈱福井銀行	49	+2.9% ↑ 27,272	39	26,512	M
YAMANAKA CO.,LTD. ㈱ヤマナカ	42	76,000	52	76,000	M
Aidma Marketing Communication Corporation ㈱アイドママーケティングコミュニケーション	30	121,200	35	121,200	M
MEGMILK SNOW BRAND Co.,Ltd. 雪印メグミルク㈱	26	10,400	18	10,400	M
S&B FOODS INC. ヱスビー食品㈱	21	4,000	14	4,000	M
The Ogaki Kyoritsu Bank, Ltd. ㈱大垣共立銀行	12	5,121	9	5,121	M
Sanyodo Holdings Inc. ㈱三洋堂ホールディングス	7	11,400	9	11,400	M
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	—		—
TOSHIBA TEC CORPORATION 東芝テック㈱	—	−100% Exit —	5	1,322	M
Portfolio total	9,494		8,259

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