Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €81.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 27x in the Electrical industry in Germany. Total returns to shareholders of 168% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €39.42 per share. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Kiyotaka Kawasaki was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • May 11
DAIHEN Corporation, Annual General Meeting, Jun 24, 2026 DAIHEN Corporation, Annual General Meeting, Jun 24, 2026. Annuncio • May 10
DAIHEN Corporation to Report Fiscal Year 2026 Results on May 11, 2026 DAIHEN Corporation announced that they will report fiscal year 2026 results on May 11, 2026 Annuncio • Feb 03
DAIHEN Corporation (TSE:6622) announces an Equity Buyback for 300,000 shares, representing 1.25% for ¥4,000 million. DAIHEN Corporation (TSE:6622) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 1.25% of its issued share capital (excluding treasury stock), for ¥4,000 million. The purpose of the program is to strengthen shareholder returns and improve capital efficiency in order to increase shareholder value. The repurchased shares will be cancelled. The program is valid till March 31, 2026. As of January 30, 2026, there are 24,019,322 issued shares (excluding treasury stock) and 1,183,969 shares in treasury. Annuncio • Dec 27
DAIHEN Corporation to Report Q3, 2026 Results on Feb 03, 2026 DAIHEN Corporation announced that they will report Q3, 2026 results on Feb 03, 2026 Annuncio • Sep 12
DAIHEN Corporation to Report Q2, 2026 Results on Nov 06, 2025 DAIHEN Corporation announced that they will report Q2, 2026 results on Nov 06, 2025 Annuncio • Jun 27
DAIHEN Corporation to Report Q1, 2026 Results on Aug 05, 2025 DAIHEN Corporation announced that they will report Q1, 2026 results on Aug 05, 2025 Annuncio • May 08
DAIHEN Corporation, Annual General Meeting, Jun 26, 2025 DAIHEN Corporation, Annual General Meeting, Jun 26, 2025. Annuncio • Mar 29
DAIHEN Corporation to Report Fiscal Year 2025 Results on May 08, 2025 DAIHEN Corporation announced that they will report fiscal year 2025 results on May 08, 2025 Annuncio • Feb 05
DAIHEN Corporation (TSE:6622) announces an Equity Buyback for 400,000 shares, for ¥2,864 million. DAIHEN Corporation (TSE:6622) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 1.64% of its issued share capital (excluding treasury stock), for ¥2864 million. The shares will be repurchased at ¥7160 per share. The purpose of the program is to strengthen shareholder returns and improve capital efficiency in order to increase shareholder value. The repurchased shares will be cancelled. As of January 31, 2024, there are 24,417,889 issued shares (excluding treasury stock) and Treasury stock: 1,185,402 shares. Annuncio • Dec 13
DAIHEN Corporation to Report Q3, 2025 Results on Feb 04, 2025 DAIHEN Corporation announced that they will report Q3, 2025 results on Feb 04, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥147 (vs JP¥138 in 2Q 2024) Second quarter 2025 results: EPS: JP¥147 (up from JP¥138 in 2Q 2024). Revenue: JP¥52.8b (up 21% from 2Q 2024). Net income: JP¥3.58b (up 5.3% from 2Q 2024). Profit margin: 6.8% (down from 7.8% in 2Q 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Annuncio • Sep 27
DAIHEN Corporation to Report Q2, 2025 Results on Nov 06, 2024 DAIHEN Corporation announced that they will report Q2, 2025 results on Nov 06, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥82.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥26.13 (vs JP¥28.04 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.13 (down from JP¥28.04 in 1Q 2024). Revenue: JP¥43.3b (up 23% from 1Q 2024). Net income: JP¥636.0m (down 7.6% from 1Q 2024). Profit margin: 1.5% (down from 1.9% in 1Q 2024). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €34.80, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the Electrical industry in Germany. Negligible returns to shareholders over past three years. Declared Dividend • Jul 11
Final dividend of JP¥82.50 announced Shareholders will receive a dividend of JP¥82.50. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 173%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Jul 07
DAIHEN Corporation to Report Q1, 2025 Results on Aug 05, 2024 DAIHEN Corporation announced that they will report Q1, 2025 results on Aug 05, 2024 New Risk • May 30
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 German stocks, typically moving 7.2% 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: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • May 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Annuncio • May 11
DAIHEN Corporation, Annual General Meeting, Jun 26, 2024 DAIHEN Corporation, Annual General Meeting, Jun 26, 2024. Reported Earnings • May 10
Full year 2024 earnings released: EPS: JP¥673 (vs JP¥538 in FY 2023) Full year 2024 results: EPS: JP¥673 (up from JP¥538 in FY 2023). Revenue: JP¥188.6b (up 1.8% from FY 2023). Net income: JP¥16.5b (up 25% from FY 2023). Profit margin: 8.7% (up from 7.1% in FY 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €64.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Electrical industry in Germany. Total returns to shareholders of 123% over the past year. Annuncio • Apr 07
DAIHEN Corporation to Report Fiscal Year 2024 Results on May 09, 2024 DAIHEN Corporation announced that they will report fiscal year 2024 results on May 09, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥82.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.9%). In line with average of industry peers (1.9%). Annuncio • Feb 08
DAIHEN Corporation Provides Consolidated Earnings Guidance for the Year Ending March 31, 2024 DAIHEN Corporation provided Consolidated earnings guidance for the year ending March 31, 2024. For the year, the company expects net sales to be ¥190,000 million, operating profit to be ¥15,500 million, profit attributable to owners of parent to be ¥16,500 million or basic earnings per share to be ¥673.41. Annuncio • Feb 05
DAIHEN Corporation (TSE:6622) announces an Equity Buyback for 202,112 shares, representing 0.82% for ¥1,400 million. DAIHEN Corporation (TSE:6622) announces a share repurchase program. Under the program, the company will repurchase 202,112 shares, representing 0.82% of the outstanding shares for ¥1,400 million. The repurchases will be made from company's subsidiary Shihen Tech Co., Ltd. The acquisition will be made on February 5, 2024. As of February 1, 2024, the company had 24,619,026 shares outstanding and 2,484,265 shares in treasury. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥293 (vs JP¥113 in 3Q 2023) Third quarter 2024 results: EPS: JP¥293 (up from JP¥113 in 3Q 2023). Revenue: JP¥48.3b (up 9.6% from 3Q 2023). Net income: JP¥7.18b (up 160% from 3Q 2023). Profit margin: 15% (up from 6.3% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Electrical industry in Germany. Annuncio • Jan 14
DAIHEN Corporation to Report Q3, 2024 Results on Feb 02, 2024 DAIHEN Corporation announced that they will report Q3, 2024 results on Feb 02, 2024 Buying Opportunity • Dec 21
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be €48.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 41% in the next 2 years. Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: JP¥138 (vs JP¥182 in 2Q 2023) Second quarter 2024 results: EPS: JP¥138 (down from JP¥182 in 2Q 2023). Revenue: JP¥43.6b (down 6.2% from 2Q 2023). Net income: JP¥3.40b (down 24% from 2Q 2023). Profit margin: 7.8% (down from 9.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Electrical industry in Germany. Buying Opportunity • Oct 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €38.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 20% in the next 2 years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥82.50 per share at 3.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.1%). Annuncio • Sep 10
DAIHEN Corporation to Report Q2, 2024 Results on Nov 02, 2023 DAIHEN Corporation announced that they will report Q2, 2024 results on Nov 02, 2023 Annuncio • Aug 31
DAIHEN Corporation (TSE:6622) agreed to acquire Lorch SchweißTechnik Gmbh for €22 million. DAIHEN Corporation (TSE:6622) agreed to acquire Lorch SchweißTechnik Gmbh for €22 million on August 2, 2023. Transaction has been approved by DAIHEN Corporation;s board Transaction is expected to close on January 15, 2024 Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: JP¥28.04 (vs JP¥66.51 in 1Q 2023) First quarter 2024 results: EPS: JP¥28.04 (down from JP¥66.51 in 1Q 2023). Revenue: JP¥35.3b (down 3.8% from 1Q 2023). Net income: JP¥688.0m (down 58% from 1Q 2023). Profit margin: 1.9% (down from 4.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Electrical industry in Germany. Annuncio • May 31
DAIHEN Corporation to Report Q1, 2024 Results on Aug 02, 2023 DAIHEN Corporation announced that they will report Q1, 2024 results on Aug 02, 2023 Annuncio • May 13
DAIHEN Corporation, Annual General Meeting, Jun 28, 2023 DAIHEN Corporation, Annual General Meeting, Jun 28, 2023. Reported Earnings • May 12
Full year 2023 earnings released: EPS: JP¥538 (vs JP¥445 in FY 2022) Full year 2023 results: EPS: JP¥538 (up from JP¥445 in FY 2022). Revenue: JP¥185.3b (up 15% from FY 2022). Net income: JP¥13.2b (up 20% from FY 2022). Profit margin: 7.1% (up from 6.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Electrical industry in Germany. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥75.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.1%). Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: JP¥113 (vs JP¥110 in 3Q 2022) Third quarter 2023 results: EPS: JP¥113 (up from JP¥110 in 3Q 2022). Revenue: JP¥44.1b (up 13% from 3Q 2022). Net income: JP¥2.77b (up 2.0% from 3Q 2022). Profit margin: 6.3% (down from 7.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Electrical industry in Germany. Annuncio • Dec 28
DAIHEN Corporation to Report Q3, 2023 Results on Feb 03, 2023 DAIHEN Corporation announced that they will report Q3, 2023 results on Feb 03, 2023 Board Change • Nov 18
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 1 independent director (7 non-independent directors). Independent Board Director/Trustee Kusuo Sanjo was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 04
Second quarter 2023 earnings released: EPS: JP¥182 (vs JP¥112 in 2Q 2022) Second quarter 2023 results: EPS: JP¥182 (up from JP¥112 in 2Q 2022). Revenue: JP¥46.5b (up 25% from 2Q 2022). Net income: JP¥4.48b (up 62% from 2Q 2022). Profit margin: 9.6% (up from 7.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electrical industry in Germany. Annuncio • Oct 13
DAIHEN Corporation to Report Q2, 2023 Results on Nov 02, 2022 DAIHEN Corporation announced that they will report Q2, 2023 results on Nov 02, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥75.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.3%). Reported Earnings • Aug 03
First quarter 2023 earnings released: EPS: JP¥66.51 (vs JP¥97.47 in 1Q 2022) First quarter 2023 results: EPS: JP¥66.51 (down from JP¥97.47 in 1Q 2022). Revenue: JP¥36.7b (up 6.2% from 1Q 2022). Net income: JP¥1.63b (down 32% from 1Q 2022). Profit margin: 4.5% (down from 7.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the industry in Germany. Annuncio • Jun 30
DAIHEN Corporation to Report Q1, 2023 Results on Aug 02, 2022 DAIHEN Corporation announced that they will report Q1, 2023 results on Aug 02, 2022 Reported Earnings • May 15
Full year 2022 earnings released: EPS: JP¥445 (vs JP¥381 in FY 2021) Full year 2022 results: EPS: JP¥445 (up from JP¥381 in FY 2021). Revenue: JP¥160.6b (up 11% from FY 2021). Net income: JP¥11.0b (up 17% from FY 2021). Profit margin: 6.8% (up from 6.5% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.3%, compared to a 11% growth forecast for the industry in Germany. Annuncio • May 14
DAIHEN Corporation, Annual General Meeting, Jun 28, 2022 DAIHEN Corporation, Annual General Meeting, Jun 28, 2022. Board Change • Apr 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. 1 independent director (7 non-independent directors). Independent Board Director/Trustee Kusuo Sanjo was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Annuncio • Apr 08
DAIHEN Corporation to Report Fiscal Year 2022 Results on May 12, 2022 DAIHEN Corporation announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (0.9%). Annuncio • Feb 16
DAIHEN Corporation (TSE:6622) announces an Equity Buyback for 150,000 shares, representing 0.61% for ¥700 million. DAIHEN Corporation (TSE:6622) announces a share repurchase program. Under the program, the company will repurchase 150,000 shares, representing 0.61% of the outstanding shares for ¥700 million. The purpose of the program is to improve shareholder value and capital efficiency per share. The program will run until March 31, 2022. As of January 31, 2022, the company had 24,686,314 shares outstanding and 2,416,977 shares in treasury. Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: JP¥110 (up from JP¥69.11 in 3Q 2021). Revenue: JP¥39.0b (up 14% from 3Q 2021). Net income: JP¥2.71b (up 59% from 3Q 2021). Profit margin: 7.0% (up from 5.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 5.6%, compared to a 14% growth forecast for the industry in Germany. Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS JP¥112 (vs JP¥67.41 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥37.4b (up 15% from 2Q 2021). Net income: JP¥2.77b (up 66% from 2Q 2021). Profit margin: 7.4% (up from 5.1% in 2Q 2021). The increase in margin was driven by higher revenue. Board Change • Jul 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Board Director/Trustee Kusuo Sanjo was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
Full year 2021 earnings released: EPS JP¥381 (vs JP¥269 in FY 2020) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: JP¥145.1b (flat on FY 2020). Net income: JP¥9.41b (up 41% from FY 2020). Profit margin: 6.5% (up from 4.6% in FY 2020).