Bell-Park Co.,Ltd.9441

Why the market may be pricing it low

• Sales and purchasing are about 90% tied to a single carrier, SoftBank, so the company's fate hinges on that partner's own strategy rather than its own.

  ソフトバンク株式会社が認定するキャリアショップ…の売上高及び仕入金額が全体の約９割を占めておりますRisk factors

• As handset replacement cycles lengthen and online sales channels expand, the store-based carrier-shop business is seen as facing structural decline.

  携帯電話端末の品質向上及び価格上昇等に伴い買い替えサイクルが長期化しておりますManagement policy

What could close the gap

• The company's new stated commitment to capital-efficiency-conscious management could mark a turning point in shareholder returns.

  中長期的な企業価値の向上を図る観点から、資本効率を意識した経営を行ってまいりますManagement policy

• It already retired about 10.9 billion yen (7.96 million shares) of treasury stock, an actual reduction in outstanding shares.

  当社は2025年７月４日付で自己株式10,908百万円（7,957,088株）を消却しておりますMD&A

• The company plans to raise its dividend payout ratio from 30.2% to 37.8% next year, a strengthening of shareholder returns that could shift market perception.

  次期（2026年12月期）の配当につきましては、連結配当性向37.8％を予定しておりDividend policy

How a buyer could still lose (value trap)

• Despite this year's growth, the company's own forecast projects sales down 7.2%, operating profit down 15.0%, and net profit down 20.1% next year, suggesting the low valuation may already reflect a peak in earnings.

  売上高120,000百万円(当連結会計年度比7.2％減)、営業利益5,000百万円(同15.0％減)Management policy

• The agency contract with SoftBank can be terminated by either party with just two months' notice, meaning the business generating 90% of sales could be lost on short notice.

  契約上は、ソフトバンク株式会社及び当社の双方とも、２ヵ月前までに事前告知の上解除することが可能となっているRisk factors

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✗Leverage down on last year
• ✗Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

¥129.3bn

Operating profit

¥5.9bn

Net profit

¥4.1bn

Operating cash flow

¥4.7bn

Cash

¥13.4bn

Debt

¥0.1bn

Equity

¥27.0bn

Annual report for the year to 2025-12-31