Upcoming Dividend • Mar 23
Upcoming dividend of JP¥78.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 15 July 2026. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (110% cash payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥3,450, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 17x in the Electronic industry in Japan. Total returns to shareholders of 403% over the past three years. Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥60.28 (vs JP¥45.82 in 3Q 2025) Third quarter 2026 results: EPS: JP¥60.28 (up from JP¥45.82 in 3Q 2025). Revenue: JP¥12.1b (up 4.2% from 3Q 2025). Net income: JP¥546.0m (up 32% from 3Q 2025). Profit margin: 4.5% (up from 3.6% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 07
Dividend of JP¥78.00 announced Shareholders will receive a dividend of JP¥78.00. Ex-date: 30th March 2026 Payment date: 15th July 2026 Dividend yield will be 2.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (49% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥37.79 (vs JP¥43.11 in 2Q 2025) Second quarter 2026 results: EPS: JP¥37.79 (down from JP¥43.11 in 2Q 2025). Revenue: JP¥11.1b (down 1.8% from 2Q 2025). Net income: JP¥342.0m (down 12% from 2Q 2025). Profit margin: 3.1% (down from 3.4% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥37.98 (vs JP¥31.63 in 1Q 2025) First quarter 2026 results: EPS: JP¥37.98 (up from JP¥31.63 in 1Q 2025). Revenue: JP¥11.1b (up 2.5% from 1Q 2025). Net income: JP¥343.0m (up 21% from 1Q 2025). Profit margin: 3.1% (up from 2.6% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jun 25
Full year 2025 earnings released: EPS: JP¥155 (vs JP¥163 in FY 2024) Full year 2025 results: EPS: JP¥155 (down from JP¥163 in FY 2024). Revenue: JP¥44.9b (up 7.1% from FY 2024). Net income: JP¥1.40b (down 4.2% from FY 2024). Profit margin: 3.1% (down from 3.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,899, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 368% over the past three years. Reported Earnings • May 15
Full year 2025 earnings released: EPS: JP¥155 (vs JP¥163 in FY 2024) Full year 2025 results: EPS: JP¥155 (down from JP¥163 in FY 2024). Revenue: JP¥44.9b (up 7.1% from FY 2024). Net income: JP¥1.40b (down 4.2% from FY 2024). Profit margin: 3.1% (down from 3.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 13
Nippo Ltd., Annual General Meeting, Jun 24, 2025 Nippo Ltd., Annual General Meeting, Jun 24, 2025. Buy Or Sell Opportunity • Apr 09
Now 20% undervalued Over the last 90 days, the stock has risen 3.9% to JP¥2,174. The fair value is estimated to be JP¥2,730, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 10.0%. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥76.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 16 July 2025. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Annonce • Feb 28
Nippo Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Nippo Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Buy Or Sell Opportunity • Feb 06
Now 21% undervalued Over the last 90 days, the stock has risen 4.8% to JP¥2,198. The fair value is estimated to be JP¥2,776, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 10.0%. Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥43.10 (vs JP¥46.94 in 2Q 2024) Second quarter 2025 results: EPS: JP¥43.10 (down from JP¥46.94 in 2Q 2024). Revenue: JP¥11.3b (up 12% from 2Q 2024). Net income: JP¥388.0m (down 7.6% from 2Q 2024). Profit margin: 3.4% (down from 4.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 07
Dividend of JP¥76.00 announced Shareholders will receive a dividend of JP¥76.00. Ex-date: 28th March 2025 Payment date: 16th July 2025 Dividend yield will be 3.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 50% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥31.63 (vs JP¥37.54 in 1Q 2024) First quarter 2025 results: EPS: JP¥31.63 (down from JP¥37.54 in 1Q 2024). Revenue: JP¥10.8b (up 6.8% from 1Q 2024). Net income: JP¥284.0m (down 15% from 1Q 2024). Profit margin: 2.6% (down from 3.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,450, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 174% over the past three years. New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.4b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥15.4b market cap, or US$99.4m). Annonce • Jun 06
Nippo Ltd. to Report Q1, 2025 Results on Aug 05, 2024 Nippo Ltd. announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • May 21
Full year 2024 earnings released: EPS: JP¥163 (vs JP¥141 in FY 2023) Full year 2024 results: EPS: JP¥163 (up from JP¥141 in FY 2023). Revenue: JP¥41.9b (up 7.8% from FY 2023). Net income: JP¥1.46b (up 15% from FY 2023). Profit margin: 3.5% (up from 3.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 17
Nippo Ltd., Annual General Meeting, Jun 25, 2024 Nippo Ltd., Annual General Meeting, Jun 25, 2024. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥2,190, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 349% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Annonce • Mar 02
Nippo Ltd. to Report Fiscal Year 2024 Results on May 15, 2024 Nippo Ltd. announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥41.62 (vs JP¥45.05 in 3Q 2023) Third quarter 2024 results: EPS: JP¥41.62 (down from JP¥45.05 in 3Q 2023). Revenue: JP¥10.7b (flat on 3Q 2023). Net income: JP¥373.0m (down 7.0% from 3Q 2023). Profit margin: 3.5% (down from 3.7% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Annonce • Nov 08
Nippo Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 Nippo Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2024. For the year, the company expected net sales of JPY 38,900 million, operating profit of JPY 1,830 million, profit attributable to owners of parent of JPY 1,340 compared to million and basic earnings per share of JPY 149.96 compared to JPY 141.22 as per previous guidance. Annonce • Nov 07
Nippo Ltd. Revises Dividend Guidance for the Fiscal Year Ending March 31, 2024 Nippo Ltd. revised dividend guidance for the Fiscal Year Ending March 31, 2024. For the company expected dividend of JPY 42.00 per share against JPY 40.00 per share previous guidance for the Fiscal Year Ending March 31, 2024. Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥46.93 (vs JP¥50.20 in 2Q 2023) Second quarter 2024 results: EPS: JP¥46.93 (down from JP¥50.20 in 2Q 2023). Revenue: JP¥10.1b (up 6.6% from 2Q 2023). Net income: JP¥420.0m (down 7.5% from 2Q 2023). Profit margin: 4.2% (down from 4.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥37.54 (vs JP¥14.93 in 1Q 2023) First quarter 2024 results: EPS: JP¥37.54 (up from JP¥14.93 in 1Q 2023). Revenue: JP¥10.1b (up 11% from 1Q 2023). Net income: JP¥335.0m (up 146% from 1Q 2023). Profit margin: 3.3% (up from 1.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Annonce • Jun 07
Nippo Ltd. to Report Q1, 2024 Results on Aug 03, 2023 Nippo Ltd. announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥141 (vs JP¥113 in FY 2022) Full year 2023 results: EPS: JP¥141 (up from JP¥113 in FY 2022). Revenue: JP¥38.9b (up 9.6% from FY 2022). Net income: JP¥1.27b (up 23% from FY 2022). Profit margin: 3.3% (up from 2.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥45.05 (vs JP¥29.10 in 3Q 2022) Third quarter 2023 results: EPS: JP¥45.05 (up from JP¥29.10 in 3Q 2022). Revenue: JP¥10.7b (up 20% from 3Q 2022). Net income: JP¥401.0m (up 51% from 3Q 2022). Profit margin: 3.7% (up from 3.0% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annonce • Dec 10
Nippo Ltd. to Report Q3, 2023 Results on Feb 03, 2023 Nippo Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director Hiroyuki Kawabe was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥50.20 (vs JP¥19.87 in 2Q 2022) Second quarter 2023 results: EPS: JP¥50.20 (up from JP¥19.87 in 2Q 2022). Revenue: JP¥9.44b (up 9.8% from 2Q 2022). Net income: JP¥454.0m (up 151% from 2Q 2022). Profit margin: 4.8% (up from 2.1% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annonce • Aug 24
Nippo Ltd. to Report Q2, 2023 Results on Nov 04, 2022 Nippo Ltd. announced that they will report Q2, 2023 results on Nov 04, 2022 Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: JP¥14.93 (vs JP¥31.40 in 1Q 2022) First quarter 2023 results: EPS: JP¥14.93 (down from JP¥31.40 in 1Q 2022). Revenue: JP¥9.16b (up 4.1% from 1Q 2022). Net income: JP¥136.0m (down 52% from 1Q 2022). Profit margin: 1.5% (down from 3.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Annonce • May 29
Nippo Ltd. to Report Q1, 2023 Results on Aug 03, 2022 Nippo Ltd. announced that they will report Q1, 2023 results on Aug 03, 2022 Reported Earnings • May 18
Full year 2022 earnings released: EPS: JP¥113 (vs JP¥1.32 in FY 2021) Full year 2022 results: EPS: JP¥113 (up from JP¥1.32 in FY 2021). Revenue: JP¥35.5b (down 11% from FY 2021). Net income: JP¥1.03b (up JP¥1.02b from FY 2021). Profit margin: 2.9% (up from 0% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Annonce • May 15
Nippo Ltd., Annual General Meeting, Jun 24, 2022 Nippo Ltd., Annual General Meeting, Jun 24, 2022. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent External Director Masahiro Goto was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Apr 08
Nippo Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 Nippo Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 6.8% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥29.09 (down from JP¥33.27 in 3Q 2021). Revenue: JP¥8.95b (down 13% from 3Q 2021). Net income: JP¥265.0m (down 13% from 3Q 2021). Profit margin: 3.0% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Second quarter 2022 earnings released: EPS JP¥19.87 (vs JP¥102 loss in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥8.60b (down 3.2% from 2Q 2021). Net income: JP¥181.0m (up JP¥1.11b from 2Q 2021). Profit margin: 2.1% (up from net loss in 2Q 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 04
First quarter 2022 earnings released: EPS JP¥31.40 (vs JP¥3.07 in 1Q 2021) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2022 results: Revenue: JP¥8.80b (down 10% from 1Q 2021). Net income: JP¥286.0m (up JP¥258.0m from 1Q 2021). Profit margin: 3.2% (up from 0.3% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.1%). Annonce • Mar 04
Nippo Ltd. to Report Fiscal Year 2021 Results on May 14, 2021 Nippo Ltd. announced that they will report fiscal year 2021 results on May 14, 2021 Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS JP¥33.27 (vs JP¥32.35 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥10.3b (down 6.7% from 3Q 2020). Net income: JP¥303.0m (up 3.8% from 3Q 2020). Profit margin: 2.9% (up from 2.6% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 28
New 90-day high: JP¥628 The company is up 31% from its price of JP¥481 on 30 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: JP¥556 The company is up 2.0% from its price of JP¥546 on 11 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 18% over the same period. Reported Earnings • Nov 15
Second quarter 2021 earnings released: JP¥102 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥8.88b (down 18% from 2Q 2020). Net loss: JP¥929.0m (down 481% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 78% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Nov 08
Second quarter 2021 earnings released: JP¥102 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥8.88b (down 18% from 2Q 2020). Net loss: JP¥929.0m (down 481% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 78% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Annonce • Oct 10
Nippo Ltd. to Report Q3, 2021 Results on Feb 09, 2021 Nippo Ltd. announced that they will report Q3, 2021 results on Feb 09, 2021 Is New 90 Day High Low • Sep 23
New 90-day high: JP¥552 The company is up 5.0% from its price of JP¥525 on 24 June 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Electronic industry, which is also up 5.0% over the same period.