Noritz（5943）株式概要ノーリツ株式会社は日本で家庭用電化製品および機器の製造・販売を行っている。 詳細5943 ファンダメンタル分析スノーフレーク・スコア評価1/6将来の成長0/6過去の実績2/6財務の健全性5/6配当金4/6リスク分析今後3年間の収益は年平均24.8%減少すると予測されている。 財務結果に影響を与える大きな一時的項目 3.92%の配当はフリーキャッシュフローで十分にカバーされていない すべてのリスクチェックを見る5943 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair ValueJP¥Current PriceJP¥2.40k28.2% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-5b222b2016201920222025202620282031Revenue JP¥219.7bEarnings JP¥7.0bAdvancedSet Fair ValueView all narrativesNoritz Corporation 競合他社ZojirushiSymbol: TSE:7965Market cap: JP¥99.1bChofu SeisakushoSymbol: TSE:5946Market cap: JP¥67.9bCleanupSymbol: TSE:7955Market cap: JP¥30.2bCoronaSymbol: TSE:5909Market cap: JP¥27.5b価格と性能株価の高値、安値、推移の概要Noritz過去の株価現在の株価JP¥2,396.0052週高値JP¥2,600.0052週安値JP¥1,810.00ベータ0.361ヶ月の変化-0.66%3ヶ月変化0.084%1年変化27.51%3年間の変化35.14%5年間の変化25.31%IPOからの変化32.44%最新ニュースReported Earnings • May 17First quarter 2026 earnings released: EPS: JP¥97.60 (vs JP¥30.98 in 1Q 2025)First quarter 2026 results: EPS: JP¥97.60 (up from JP¥30.98 in 1Q 2025). Revenue: JP¥51.6b (down 2.3% from 1Q 2025). Net income: JP¥4.46b (up 212% from 1Q 2025). Profit margin: 8.6% (up from 2.7% in 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year.お知らせ • May 09Noritz Corporation to Report Q1, 2026 Results on May 14, 2026Noritz Corporation announced that they will report Q1, 2026 results on May 14, 2026Buy Or Sell Opportunity • Apr 13Now 20% undervaluedOver the last 90 days, the stock has risen 18% to JP¥2,389. The fair value is estimated to be JP¥2,991, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 6.8% per annum over the same time period.Declared Dividend • Apr 11Final dividend of JP¥47.00 announcedShareholders will receive a dividend of JP¥47.00. Ex-date: 29th June 2026 Payment date: 14th September 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS is expected to decline by 18% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.Major Estimate Revision • Mar 10Consensus EPS estimates increase by 176%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥203.3b to JP¥210.0b. EPS estimate increased from JP¥64.00 to JP¥177 per share. Net income forecast to grow 138% next year vs 6.4% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,900. Share price was steady at JP¥2,352 over the past week.Price Target Changed • Mar 09Price target increased by 15% to JP¥1,900Up from JP¥1,650, the current price target is provided by 1 analyst. New target price is 17% below last closing price of JP¥2,297. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥73.49 last year.最新情報をもっと見るRecent updatesReported Earnings • May 17First quarter 2026 earnings released: EPS: JP¥97.60 (vs JP¥30.98 in 1Q 2025)First quarter 2026 results: EPS: JP¥97.60 (up from JP¥30.98 in 1Q 2025). Revenue: JP¥51.6b (down 2.3% from 1Q 2025). Net income: JP¥4.46b (up 212% from 1Q 2025). Profit margin: 8.6% (up from 2.7% in 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year.お知らせ • May 09Noritz Corporation to Report Q1, 2026 Results on May 14, 2026Noritz Corporation announced that they will report Q1, 2026 results on May 14, 2026Buy Or Sell Opportunity • Apr 13Now 20% undervaluedOver the last 90 days, the stock has risen 18% to JP¥2,389. The fair value is estimated to be JP¥2,991, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 6.8% per annum over the same time period.Declared Dividend • Apr 11Final dividend of JP¥47.00 announcedShareholders will receive a dividend of JP¥47.00. Ex-date: 29th June 2026 Payment date: 14th September 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS is expected to decline by 18% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.Major Estimate Revision • Mar 10Consensus EPS estimates increase by 176%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥203.3b to JP¥210.0b. EPS estimate increased from JP¥64.00 to JP¥177 per share. Net income forecast to grow 138% next year vs 6.4% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,900. Share price was steady at JP¥2,352 over the past week.Price Target Changed • Mar 09Price target increased by 15% to JP¥1,900Up from JP¥1,650, the current price target is provided by 1 analyst. New target price is 17% below last closing price of JP¥2,297. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥73.49 last year.分析記事 • Feb 13Noritz Corporation's (TSE:5943) 25% Price Boost Is Out Of Tune With EarningsDespite an already strong run, Noritz Corporation ( TSE:5943 ) shares have been powering on, with a gain of 25% in the...Buy Or Sell Opportunity • Feb 12Now 38% overvalued after recent price riseOver the last 90 days, the stock has risen 35% to JP¥2,526. The fair value is estimated to be JP¥1,830, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. Revenue is forecast to grow by 1.2% in 2 years. Earnings are forecast to decline by 7.7% in the next 2 years.New Risk • Feb 11New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 4.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (120% payout ratio).Reported Earnings • Feb 11Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: JP¥73.49 (down from JP¥94.89 in FY 2024). Revenue: JP¥202.0b (flat on FY 2024). Net income: JP¥3.36b (down 23% from FY 2024). Profit margin: 1.7% (down from 2.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to stay flat during the next 2 years compared to a 2.0% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings.お知らせ • Feb 10+ 1 more updateNoritz Corporation, Annual General Meeting, Mar 27, 2026Noritz Corporation, Annual General Meeting, Mar 27, 2026.お知らせ • Jan 31Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others.Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others on January 30, 2026. For the period ending March 31, 2025, Toclas Corporation reported total revenue of ¥25.94 billion and EBIT of ¥461 million. As of March 31, 2025, Toclas Corporation reported total assets of ¥13.87 billion. The expected completion of the transaction is February 27, 2026.お知らせ • Dec 27Noritz Corporation to Report Fiscal Year 2025 Results on Feb 10, 2026Noritz Corporation announced that they will report fiscal year 2025 results on Feb 10, 2026Upcoming Dividend • Dec 22Upcoming dividend of JP¥36.00 per shareEligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 March 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%).Major Estimate Revision • Nov 28Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥205.1b to JP¥202.4b. EPS estimate also fell from JP¥63.36 per share to JP¥54.60 per share. Net income forecast to grow 3.4% next year vs 8.6% growth forecast for Consumer Durables industry in Japan. Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,918 over the past week.Reported Earnings • Nov 13Third quarter 2025 earnings released: JP¥11.77 loss per share (vs JP¥58.47 profit in 3Q 2024)Third quarter 2025 results: JP¥11.77 loss per share (down from JP¥58.47 profit in 3Q 2024). Revenue: JP¥44.1b (down 2.4% from 3Q 2024). Net loss: JP¥533.0m (down 120% from profit in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Oct 16Noritz Corporation (TSE:5943) agreed to acquire an additional 18.49% stake in Ogihara Seisakusho, K.K. for approximately ¥360 million.Noritz Corporation (TSE:5943) agreed to acquire an additional 18.49% stake in Ogihara Seisakusho, K.K. for approximately ¥360 million on October 15, 2025. Upon completion, Noritz Corporation will own 50.99% stake in Ogihara Seisakusho, K.K. Our company will allocate and deliver 11.85 of our common shares for each share of Ogihara Seisakusho, K.K. common stock. Noritz Corporation will allocate 177,477 of its treasury shares to the share delivery as part of the Ogihara Seisakusho, K.K. share allotment through this share delivery, and no new shares will be issued. The minimum number of Ogihara Seisakusho, K.K. common shares to be acquired by our company will be 14,977 shares. For the period ending October 31, 2024, Ogihara Seisakusho, K.K. reported total revenue of ¥3.32 billion and operating loss of ¥60.26 million. As of October 31, 2024, Ogihara Seisakusho, K.K. reported total assets of ¥4.65 billion and total common equity of ¥1.8 billion. The Board of Directors of Ogihara Seisakusho, K.K. has appointed a special committee FAS Co., Ltd. for the transaction. The expected completion of the transaction is November 28, 2025.お知らせ • Sep 02Noritz Corporation to Report Q3, 2025 Results on Nov 11, 2025Noritz Corporation announced that they will report Q3, 2025 results on Nov 11, 2025Major Estimate Revision • Aug 30Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥56.87 to JP¥63.36. Revenue forecast steady at JP¥205.1b. Net income forecast to shrink 49% next year vs 7.6% growth forecast for Consumer Durables industry in Japan . Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,950 over the past week.Reported Earnings • Aug 08Second quarter 2025 earnings released: JP¥4.98 loss per share (vs JP¥13.88 loss in 2Q 2024)Second quarter 2025 results: JP¥4.98 loss per share (improved from JP¥13.88 loss in 2Q 2024). Revenue: JP¥45.7b (flat on 2Q 2024). Net loss: JP¥228.0m (loss narrowed 64% from 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year.Upcoming Dividend • Jun 20Upcoming dividend of JP¥35.00 per shareEligible shareholders must have bought the stock before 27 June 2025. Payment date: 16 September 2025. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.9%).お知らせ • May 31Noritz Corporation to Report Q2, 2025 Results on Aug 07, 2025Noritz Corporation announced that they will report Q2, 2025 results on Aug 07, 2025Reported Earnings • May 15First quarter 2025 earnings released: EPS: JP¥30.98 (vs JP¥6.22 in 1Q 2024)First quarter 2025 results: EPS: JP¥30.98 (up from JP¥6.22 in 1Q 2024). Revenue: JP¥52.9b (up 4.6% from 1Q 2024). Net income: JP¥1.43b (up 399% from 1Q 2024). Profit margin: 2.7% (up from 0.6% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year.分析記事 • May 14Noritz Corporation's (TSE:5943) Shareholders Might Be Looking For ExitNoritz Corporation's ( TSE:5943 ) price-to-earnings (or "P/E") ratio of 20.3x might make it look like a strong sell...分析記事 • Apr 07Noritz (TSE:5943) Takes On Some Risk With Its Use Of DebtSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...お知らせ • Mar 01Noritz Corporation to Report Q1, 2025 Results on May 13, 2025Noritz Corporation announced that they will report Q1, 2025 results on May 13, 2025分析記事 • Feb 20Noritz (TSE:5943) Strong Profits May Be Masking Some Underlying IssuesThe recent earnings posted by Noritz Corporation ( TSE:5943 ) were solid, but the stock didn't move as much as we...Major Estimate Revision • Feb 20Consensus EPS estimates fall by 19%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥209.3b to JP¥206.2b. EPS estimate also fell from JP¥65.04 per share to JP¥52.54 per share. Net income forecast to shrink 45% next year vs 11% growth forecast for Building industry in Japan . Consensus price target of JP¥1,550 unchanged from last update. Share price fell 3.3% to JP¥1,674 over the past week.Reported Earnings • Feb 15Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: JP¥94.89 (up from JP¥18.82 in FY 2023). Revenue: JP¥202.2b (flat on FY 2023). Net income: JP¥4.38b (up 405% from FY 2023). Profit margin: 2.2% (up from 0.4% in FY 2023). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.お知らせ • Feb 13+ 1 more updateNoritz Corporation, Annual General Meeting, Mar 27, 2025Noritz Corporation, Annual General Meeting, Mar 27, 2025.Upcoming Dividend • Dec 20Upcoming dividend of JP¥34.00 per shareEligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%).お知らせ • Dec 03Noritz Corporation to Report Fiscal Year 2024 Results on Feb 13, 2025Noritz Corporation announced that they will report fiscal year 2024 results on Feb 13, 2025Major Estimate Revision • Nov 26Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥204.9b to JP¥200.0b. EPS estimate also fell from JP¥102 per share to JP¥88.88 per share. Net income forecast to grow 24% next year vs 13% growth forecast for Building industry in Japan. Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,703 over the past week.Reported Earnings • Nov 15Third quarter 2024 earnings released: EPS: JP¥58.47 (vs JP¥10.58 loss in 3Q 2023)Third quarter 2024 results: EPS: JP¥58.47 (up from JP¥10.58 loss in 3Q 2023). Revenue: JP¥45.2b (flat on 3Q 2023). Net income: JP¥2.70b (up JP¥3.19b from 3Q 2023). Profit margin: 6.0% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.お知らせ • Aug 27Noritz Corporation to Report Q3, 2024 Results on Nov 12, 2024Noritz Corporation announced that they will report Q3, 2024 results on Nov 12, 2024分析記事 • Aug 05Noritz (TSE:5943) Has A Somewhat Strained Balance SheetHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Upcoming Dividend • Jun 20Upcoming dividend of JP¥33.00 per shareEligible shareholders must have bought the stock before 27 June 2024. Payment date: 17 September 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.2%).お知らせ • Jun 02Noritz Corporation to Report Q2, 2024 Results on Aug 08, 2024Noritz Corporation announced that they will report Q2, 2024 results on Aug 08, 2024Reported Earnings • May 18First quarter 2024 earnings released: EPS: JP¥6.22 (vs JP¥27.57 in 1Q 2023)First quarter 2024 results: EPS: JP¥6.22 (down from JP¥27.57 in 1Q 2023). Revenue: JP¥50.6b (down 6.9% from 1Q 2023). Net income: JP¥287.0m (down 77% from 1Q 2023). Profit margin: 0.6% (down from 2.3% in 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Major Estimate Revision • Mar 12Consensus EPS estimates fall by 19%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥216.0b to JP¥218.2b. EPS estimate fell from JP¥107 to JP¥86.72 per share. Net income forecast to grow 361% next year vs 7.4% growth forecast for Building industry in Japan. Consensus price target up from JP¥1,450 to JP¥1,650. Share price was steady at JP¥1,689 over the past week.Price Target Changed • Mar 11Price target increased by 10% to JP¥1,650Up from JP¥1,500, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,682. Stock is down 1.8% over the past year. The company is forecast to post earnings per share of JP¥86.72 for next year compared to JP¥18.82 last year.お知らせ • Feb 24Noritz Corporation to Report Q1, 2024 Results on May 14, 2024Noritz Corporation announced that they will report Q1, 2024 results on May 14, 2024お知らせ • Feb 16Noritz Corporation, Annual General Meeting, Mar 28, 2024Noritz Corporation, Annual General Meeting, Mar 28, 2024.New Risk • Feb 16New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 2.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin).Reported Earnings • Feb 16Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: JP¥18.82 (down from JP¥105 in FY 2022). Revenue: JP¥201.9b (down 4.3% from FY 2022). Net income: JP¥868.0m (down 82% from FY 2022). Profit margin: 0.4% (down from 2.3% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 74%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings.Upcoming Dividend • Dec 21Upcoming dividend of JP¥21.00 per share at 4.0% yieldEligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.1%).お知らせ • Dec 05Noritz Corporation to Report Fiscal Year 2023 Results on Feb 14, 2024Noritz Corporation announced that they will report fiscal year 2023 results on Feb 14, 2024Reported Earnings • Nov 10Third quarter 2023 earnings released: JP¥10.58 loss per share (vs JP¥37.58 profit in 3Q 2022)Third quarter 2023 results: JP¥10.58 loss per share (down from JP¥37.58 profit in 3Q 2022). Revenue: JP¥45.1b (down 17% from 3Q 2022). Net loss: JP¥488.0m (down 128% from profit in 3Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Major Estimate Revision • Sep 01Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥221.5b to JP¥214.2b. EPS estimate also fell from JP¥117 per share to JP¥95.70 per share. Net income forecast to shrink 12% next year vs 8.2% growth forecast for Building industry in Japan . Consensus price target down from JP¥1,550 to JP¥1,500. Share price was steady at JP¥1,599 over the past week.お知らせ • Aug 30Noritz Corporation to Report Q3, 2023 Results on Nov 09, 2023Noritz Corporation announced that they will report Q3, 2023 results on Nov 09, 2023Reported Earnings • Aug 10Second quarter 2023 earnings released: JP¥4.53 loss per share (vs JP¥19.99 profit in 2Q 2022)Second quarter 2023 results: JP¥4.53 loss per share (down from JP¥19.99 profit in 2Q 2022). Revenue: JP¥45.4b (down 13% from 2Q 2022). Net loss: JP¥209.0m (down 123% from profit in 2Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Jun 22Upcoming dividend of JP¥32.00 per share at 2.9% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 19 September 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%).お知らせ • May 31Noritz Corporation to Report Q2, 2023 Results on Aug 09, 2023Noritz Corporation announced that they will report Q2, 2023 results on Aug 09, 2023Reported Earnings • May 17First quarter 2023 earnings released: EPS: JP¥27.57 (vs JP¥8.61 loss in 1Q 2022)First quarter 2023 results: EPS: JP¥27.57 (up from JP¥8.61 loss in 1Q 2022). Revenue: JP¥54.3b (up 25% from 1Q 2022). Net income: JP¥1.27b (up JP¥1.67b from 1Q 2022). Profit margin: 2.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Mar 16Now 20% undervaluedOver the last 90 days, the stock is up 10%. The fair value is estimated to be JP¥2,072, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period.Major Estimate Revision • Feb 28Consensus EPS estimates increase by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥209.9b to JP¥222.6b. EPS estimate increased from JP¥113 to JP¥128 per share. Net income forecast to grow 23% next year vs 3.4% decline forecast for Building industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,600. Share price rose 2.2% to JP¥1,646 over the past week.Reported Earnings • Feb 16Full year 2022 earnings: EPS misses analyst expectationsFull year 2022 results: EPS: JP¥105 (down from JP¥119 in FY 2021). Revenue: JP¥211.0b (up 18% from FY 2021). Net income: JP¥4.80b (down 12% from FY 2021). Profit margin: 2.3% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Feb 01Now 21% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,870, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 11% per annum over the same time period.Upcoming Dividend • Dec 22Upcoming dividend of JP¥28.00 per shareEligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.1%).Price Target Changed • Dec 07Price target decreased to JP¥1,550Down from JP¥1,700, the current price target is provided by 1 analyst. New target price is 5.7% above last closing price of JP¥1,466. Stock is down 17% over the past year. The company is forecast to post earnings per share of JP¥128 for next year compared to JP¥119 last year.お知らせ • Dec 06Noritz Corporation to Report Fiscal Year 2022 Results on Feb 14, 2023Noritz Corporation announced that they will report fiscal year 2022 results on Feb 14, 2023Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: JP¥37.58 (vs JP¥26.50 in 3Q 2021)Third quarter 2022 results: EPS: JP¥37.58 (up from JP¥26.50 in 3Q 2021). Revenue: JP¥54.5b (up 25% from 3Q 2021). Net income: JP¥1.73b (up 42% from 3Q 2021). Profit margin: 3.2% (up from 2.8% in 3Q 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Board Change • Nov 16Less than half of directors are independentFollowing 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 Hirokazu Onoe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 12Third quarter 2022 earnings released: EPS: JP¥37.57 (vs JP¥26.50 in 3Q 2021)Third quarter 2022 results: EPS: JP¥37.57 (up from JP¥26.50 in 3Q 2021). Revenue: JP¥54.5b (up 25% from 3Q 2021). Net income: JP¥1.73b (up 42% from 3Q 2021). Profit margin: 3.2% (up from 2.8% in 3Q 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Sep 01Consensus EPS estimates increase by 20%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥200.3b to JP¥213.8b. EPS estimate increased from JP¥114 to JP¥137 per share. Net income forecast to grow 521% next year vs 0.9% growth forecast for Building industry in Japan. Consensus price target up from JP¥1,650 to JP¥1,700. Share price was steady at JP¥1,542 over the past week.お知らせ • Aug 31Noritz Corporation to Report Q3, 2022 Results on Nov 10, 2022Noritz Corporation announced that they will report Q3, 2022 results on Nov 10, 2022Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: JP¥19.98 (vs JP¥21.70 in 2Q 2021)Second quarter 2022 results: EPS: JP¥19.98 (down from JP¥21.70 in 2Q 2021). Revenue: JP¥52.2b (up 16% from 2Q 2021). Net income: JP¥911.0m (down 8.7% from 2Q 2021). Profit margin: 1.7% (down from 2.2% in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 7.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • Jun 22Upcoming dividend of JP¥25.00 per shareEligible shareholders must have bought the stock before 29 June 2022. Payment date: 20 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%).お知らせ • Jun 01Noritz Corporation to Report Q2, 2022 Results on Aug 10, 2022Noritz Corporation announced that they will report Q2, 2022 results on Aug 10, 2022Reported Earnings • May 16First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: JP¥8.61 loss per share (down from JP¥87.64 profit in 1Q 2021). Revenue: JP¥43.5b (down 12% from 1Q 2021). Net loss: JP¥396.0m (down 110% from profit in 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 13%, compared to a 4.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Board Change • Apr 27Less than half of directors are independentFollowing 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 Hirokazu Onoe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.お知らせ • Feb 27Noritz Corporation to Report Q1, 2022 Results on May 13, 2022Noritz Corporation announced that they will report Q1, 2022 results on May 13, 2022お知らせ • Feb 16Noritz Corporation, Annual General Meeting, Mar 30, 2022Noritz Corporation, Annual General Meeting, Mar 30, 2022.お知らせ • Feb 15Noritz Corporation (TSE:5943) announces an Equity Buyback for 1,100,000 shares, representing 2.39% for ¥2,000 million.Noritz Corporation (TSE:5943) announces a share repurchase program. Under the program, the company will repurchase 1,100,000 shares, representing 2.39% of its share capital for ¥2,000 million. The company will repurchase its shares to avoid diluting the stock value due to the disposal of treasury stock, improve capital efficiency, and implement agile capital policies according to the business environment. The program is subject to the approval of the Company's Ordinary General Meeting of Shareholders regarding the disposal of the treasury stock. The repurchase program will expire on December 31, 2022. As of December 31, 2021, the company had 50,797,651 shares outstanding and 4,798,597 shares in treasury.Upcoming Dividend • Dec 22Upcoming dividend of JP¥51.00 per shareEligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%).Price Target Changed • Dec 17Price target decreased to JP¥1,700Down from JP¥2,075, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,740. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of JP¥122 next year compared to a net loss per share of JP¥64.78 last year.Major Estimate Revision • Dec 14Consensus EPS estimates fall by 33%The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from JP¥196.1b to JP¥179.5b. EPS estimate also fell from JP¥180 per share to JP¥122 per share. Net income forecast to shrink 37% next year vs 0.4% decline forecast for Building industry in Japan. Consensus price target down from JP¥2,075 to JP¥1,950. Share price fell 2.0% to JP¥1,750 over the past week.Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS JP¥26.50 (vs JP¥15.03 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: JP¥43.5b (flat on 3Q 2020). Net income: JP¥1.22b (up 75% from 3Q 2020). Profit margin: 2.8% (up from 1.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Upcoming Dividend • Jun 23Upcoming dividend of JP¥32.00 per shareEligible shareholders must have bought the stock before 29 June 2021. Payment date: 18 September 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.5%).お知らせ • Jun 17Noritz Corporation (TSE:5943) completed the acquisition of 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company.Noritz Corporation (TSE:5943) agreed to acquire 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company on February 13, 2020. The transaction is resolved by the Board of Directors of Noritz Corporation. The transaction is expected to close in July 2020. The impact of the acquisition on the company's consolidated business results for the fiscal year ending December 2020 is immaterial. GCA Advisory Corporation acted as financial advisor to Noritz Corporation in transaction. Noritz Corporation (TSE:5943) completed the acquisition of 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company on June 16, 2021. As of February 2021, Noritz Corporation established Kangaroo International Joint Venture Company and transferred the assets of Vietnam Australia Refrigeration Electrical Engineering Group Joint Stock Company and his Kangaroo Hi-tech Manufacturing and Assembling One Member Company Limited production subsidiary to Kangaroo. Therefore, Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company`s name as of February 13, 2020 and Kangaroo International Joint Venture Company`s name for this acquisition of shares have changed.Valuation Update With 7 Day Price Move • May 24Investor sentiment improved over the past weekAfter last week's 18% share price gain to JP¥2,013, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Building industry in Japan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,845 per share.Reported Earnings • May 19First quarter 2021 earnings released: EPS JP¥87.64 (vs JP¥138 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥49.2b (up 10.0% from 1Q 2020). Net income: JP¥4.03b (up JP¥10.5b from 1Q 2020). Profit margin: 8.2% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.Reported Earnings • Apr 04Full year 2020 earnings released: JP¥64.78 loss per share (vs JP¥31.75 profit in FY 2019)The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥183.9b (down 12% from FY 2019). Net loss: JP¥3.01b (down 299% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.Is New 90 Day High Low • Mar 11New 90-day high: JP¥1,755The company is up 7.0% from its price of JP¥1,642 on 11 December 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Building industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥911 per share.お知らせ • Feb 28Noritz Corporation to Report Q1, 2021 Results on May 17, 2021Noritz Corporation announced that they will report Q1, 2021 results on May 17, 2021Reported Earnings • Feb 14Full year 2020 earnings released: JP¥64.78 loss per share (vs JP¥31.75 profit in FY 2019)The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥183.9b (down 12% from FY 2019). Net loss: JP¥3.01b (down 299% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Is New 90 Day High Low • Jan 29New 90-day low: JP¥1,501The company is down 1.0% from its price of JP¥1,521 on 30 October 2020. The Japanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,041 per share.Price Target Changed • Dec 08Price target raised to JP¥1,750Up from JP¥1,625, the current price target is an average from 2 analysts. The new target price is close to the current share price of JP¥1,678. As of last close, the stock is up 8.3% over the past year.お知らせ • Dec 05Noritz Corporation to Report Fiscal Year 2020 Results on Feb 12, 2021Noritz Corporation announced that they will report fiscal year 2020 results on Feb 12, 2021お知らせ • Aug 30Noritz Corporation to Report Q3, 2020 Results on Nov 11, 2020Noritz Corporation announced that they will report Q3, 2020 results on Nov 11, 2020株主還元5943JP Consumer DurablesJP 市場7D-0.04%-2.2%-3.1%1Y27.5%12.6%38.2%株主還元を見る業界別リターン: 5943過去 1 年間で12.6 % の収益を上げたJP Consumer Durables業界を上回りました。リターン対市場: 5943は、過去 1 年間で38.2 % のリターンを上げたJP市場を下回りました。価格変動Is 5943's price volatile compared to industry and market?5943 volatility5943 Average Weekly Movement3.3%Consumer Durables Industry Average Movement3.9%Market Average Movement5.0%10% most volatile stocks in JP Market9.6%10% least volatile stocks in JP Market2.5%安定した株価: 5943 、 JP市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: 5943の 週次ボラティリティ ( 3% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト19515,934Masayuki Takenakawww.noritzglobal.comノーリツ株式会社は日本で家庭用電化製品・機器の製造・販売を行っている。ガス給湯器、石油給湯器、ハイブリッド給湯・暖房システム、太陽熱利用システム、燃料電池廃熱回収システム、床暖房システム、ガスファンヒーターなどの給湯器、暖房換気空調システム、浴室暖房乾燥換気システムなどを提供している。また、ビルトイン型、カウンタートップ型ガスコンロ、ガスオーブン、レンジフードなどの厨房機器も提供している。さらに、アフターセールスや製品の設置サービスも提供している。同社は1951年に設立され、神戸に本社を置く。もっと見るNoritz Corporation 基礎のまとめNoritz の収益と売上を時価総額と比較するとどうか。5943 基礎統計学時価総額JP¥109.45b収益（TTM）JP¥6.39b売上高(TTM)JP¥200.82b17.1xPER（株価収益率0.5xP/Sレシオ5943 は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計5943 損益計算書（TTM）収益JP¥200.82b売上原価JP¥138.32b売上総利益JP¥62.50bその他の費用JP¥56.11b収益JP¥6.39b直近の収益報告Mar 31, 2026次回決算日該当なし一株当たり利益（EPS）139.86グロス・マージン31.12%純利益率3.18%有利子負債／自己資本比率4.7%5943 の長期的なパフォーマンスは？過去の実績と比較を見る配当金3.9%現在の配当利回り53%配当性向5943 配当は確実ですか？5943 配当履歴とベンチマークを見る5943 、いつまでに購入すれば配当金を受け取れますか？Noritz 配当日配当落ち日Jun 29 2026配当支払日Sep 14 2026配当落ちまでの日数39 days配当支払日までの日数116 days5943 配当は確実ですか？5943 配当履歴とベンチマークを見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/20 04:35終値2026/05/20 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Noritz Corporation 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。6 アナリスト機関Maoki MatsunoDaiwa Securities Co. Ltd.Yoji OtaniDeutsche BankMark BrownHaitong International Research Limited3 その他のアナリストを表示
Reported Earnings • May 17First quarter 2026 earnings released: EPS: JP¥97.60 (vs JP¥30.98 in 1Q 2025)First quarter 2026 results: EPS: JP¥97.60 (up from JP¥30.98 in 1Q 2025). Revenue: JP¥51.6b (down 2.3% from 1Q 2025). Net income: JP¥4.46b (up 212% from 1Q 2025). Profit margin: 8.6% (up from 2.7% in 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year.
お知らせ • May 09Noritz Corporation to Report Q1, 2026 Results on May 14, 2026Noritz Corporation announced that they will report Q1, 2026 results on May 14, 2026
Buy Or Sell Opportunity • Apr 13Now 20% undervaluedOver the last 90 days, the stock has risen 18% to JP¥2,389. The fair value is estimated to be JP¥2,991, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 6.8% per annum over the same time period.
Declared Dividend • Apr 11Final dividend of JP¥47.00 announcedShareholders will receive a dividend of JP¥47.00. Ex-date: 29th June 2026 Payment date: 14th September 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS is expected to decline by 18% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
Major Estimate Revision • Mar 10Consensus EPS estimates increase by 176%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥203.3b to JP¥210.0b. EPS estimate increased from JP¥64.00 to JP¥177 per share. Net income forecast to grow 138% next year vs 6.4% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,900. Share price was steady at JP¥2,352 over the past week.
Price Target Changed • Mar 09Price target increased by 15% to JP¥1,900Up from JP¥1,650, the current price target is provided by 1 analyst. New target price is 17% below last closing price of JP¥2,297. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥73.49 last year.
Reported Earnings • May 17First quarter 2026 earnings released: EPS: JP¥97.60 (vs JP¥30.98 in 1Q 2025)First quarter 2026 results: EPS: JP¥97.60 (up from JP¥30.98 in 1Q 2025). Revenue: JP¥51.6b (down 2.3% from 1Q 2025). Net income: JP¥4.46b (up 212% from 1Q 2025). Profit margin: 8.6% (up from 2.7% in 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year.
お知らせ • May 09Noritz Corporation to Report Q1, 2026 Results on May 14, 2026Noritz Corporation announced that they will report Q1, 2026 results on May 14, 2026
Buy Or Sell Opportunity • Apr 13Now 20% undervaluedOver the last 90 days, the stock has risen 18% to JP¥2,389. The fair value is estimated to be JP¥2,991, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 6.8% per annum over the same time period.
Declared Dividend • Apr 11Final dividend of JP¥47.00 announcedShareholders will receive a dividend of JP¥47.00. Ex-date: 29th June 2026 Payment date: 14th September 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS is expected to decline by 18% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
Major Estimate Revision • Mar 10Consensus EPS estimates increase by 176%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥203.3b to JP¥210.0b. EPS estimate increased from JP¥64.00 to JP¥177 per share. Net income forecast to grow 138% next year vs 6.4% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,900. Share price was steady at JP¥2,352 over the past week.
Price Target Changed • Mar 09Price target increased by 15% to JP¥1,900Up from JP¥1,650, the current price target is provided by 1 analyst. New target price is 17% below last closing price of JP¥2,297. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥73.49 last year.
分析記事 • Feb 13Noritz Corporation's (TSE:5943) 25% Price Boost Is Out Of Tune With EarningsDespite an already strong run, Noritz Corporation ( TSE:5943 ) shares have been powering on, with a gain of 25% in the...
Buy Or Sell Opportunity • Feb 12Now 38% overvalued after recent price riseOver the last 90 days, the stock has risen 35% to JP¥2,526. The fair value is estimated to be JP¥1,830, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. Revenue is forecast to grow by 1.2% in 2 years. Earnings are forecast to decline by 7.7% in the next 2 years.
New Risk • Feb 11New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 4.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (120% payout ratio).
Reported Earnings • Feb 11Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: JP¥73.49 (down from JP¥94.89 in FY 2024). Revenue: JP¥202.0b (flat on FY 2024). Net income: JP¥3.36b (down 23% from FY 2024). Profit margin: 1.7% (down from 2.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to stay flat during the next 2 years compared to a 2.0% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings.
お知らせ • Feb 10+ 1 more updateNoritz Corporation, Annual General Meeting, Mar 27, 2026Noritz Corporation, Annual General Meeting, Mar 27, 2026.
お知らせ • Jan 31Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others.Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others on January 30, 2026. For the period ending March 31, 2025, Toclas Corporation reported total revenue of ¥25.94 billion and EBIT of ¥461 million. As of March 31, 2025, Toclas Corporation reported total assets of ¥13.87 billion. The expected completion of the transaction is February 27, 2026.
お知らせ • Dec 27Noritz Corporation to Report Fiscal Year 2025 Results on Feb 10, 2026Noritz Corporation announced that they will report fiscal year 2025 results on Feb 10, 2026
Upcoming Dividend • Dec 22Upcoming dividend of JP¥36.00 per shareEligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 March 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%).
Major Estimate Revision • Nov 28Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥205.1b to JP¥202.4b. EPS estimate also fell from JP¥63.36 per share to JP¥54.60 per share. Net income forecast to grow 3.4% next year vs 8.6% growth forecast for Consumer Durables industry in Japan. Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,918 over the past week.
Reported Earnings • Nov 13Third quarter 2025 earnings released: JP¥11.77 loss per share (vs JP¥58.47 profit in 3Q 2024)Third quarter 2025 results: JP¥11.77 loss per share (down from JP¥58.47 profit in 3Q 2024). Revenue: JP¥44.1b (down 2.4% from 3Q 2024). Net loss: JP¥533.0m (down 120% from profit in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Oct 16Noritz Corporation (TSE:5943) agreed to acquire an additional 18.49% stake in Ogihara Seisakusho, K.K. for approximately ¥360 million.Noritz Corporation (TSE:5943) agreed to acquire an additional 18.49% stake in Ogihara Seisakusho, K.K. for approximately ¥360 million on October 15, 2025. Upon completion, Noritz Corporation will own 50.99% stake in Ogihara Seisakusho, K.K. Our company will allocate and deliver 11.85 of our common shares for each share of Ogihara Seisakusho, K.K. common stock. Noritz Corporation will allocate 177,477 of its treasury shares to the share delivery as part of the Ogihara Seisakusho, K.K. share allotment through this share delivery, and no new shares will be issued. The minimum number of Ogihara Seisakusho, K.K. common shares to be acquired by our company will be 14,977 shares. For the period ending October 31, 2024, Ogihara Seisakusho, K.K. reported total revenue of ¥3.32 billion and operating loss of ¥60.26 million. As of October 31, 2024, Ogihara Seisakusho, K.K. reported total assets of ¥4.65 billion and total common equity of ¥1.8 billion. The Board of Directors of Ogihara Seisakusho, K.K. has appointed a special committee FAS Co., Ltd. for the transaction. The expected completion of the transaction is November 28, 2025.
お知らせ • Sep 02Noritz Corporation to Report Q3, 2025 Results on Nov 11, 2025Noritz Corporation announced that they will report Q3, 2025 results on Nov 11, 2025
Major Estimate Revision • Aug 30Consensus EPS estimates increase by 11%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥56.87 to JP¥63.36. Revenue forecast steady at JP¥205.1b. Net income forecast to shrink 49% next year vs 7.6% growth forecast for Consumer Durables industry in Japan . Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,950 over the past week.
Reported Earnings • Aug 08Second quarter 2025 earnings released: JP¥4.98 loss per share (vs JP¥13.88 loss in 2Q 2024)Second quarter 2025 results: JP¥4.98 loss per share (improved from JP¥13.88 loss in 2Q 2024). Revenue: JP¥45.7b (flat on 2Q 2024). Net loss: JP¥228.0m (loss narrowed 64% from 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year.
Upcoming Dividend • Jun 20Upcoming dividend of JP¥35.00 per shareEligible shareholders must have bought the stock before 27 June 2025. Payment date: 16 September 2025. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.9%).
お知らせ • May 31Noritz Corporation to Report Q2, 2025 Results on Aug 07, 2025Noritz Corporation announced that they will report Q2, 2025 results on Aug 07, 2025
Reported Earnings • May 15First quarter 2025 earnings released: EPS: JP¥30.98 (vs JP¥6.22 in 1Q 2024)First quarter 2025 results: EPS: JP¥30.98 (up from JP¥6.22 in 1Q 2024). Revenue: JP¥52.9b (up 4.6% from 1Q 2024). Net income: JP¥1.43b (up 399% from 1Q 2024). Profit margin: 2.7% (up from 0.6% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year.
分析記事 • May 14Noritz Corporation's (TSE:5943) Shareholders Might Be Looking For ExitNoritz Corporation's ( TSE:5943 ) price-to-earnings (or "P/E") ratio of 20.3x might make it look like a strong sell...
分析記事 • Apr 07Noritz (TSE:5943) Takes On Some Risk With Its Use Of DebtSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
お知らせ • Mar 01Noritz Corporation to Report Q1, 2025 Results on May 13, 2025Noritz Corporation announced that they will report Q1, 2025 results on May 13, 2025
分析記事 • Feb 20Noritz (TSE:5943) Strong Profits May Be Masking Some Underlying IssuesThe recent earnings posted by Noritz Corporation ( TSE:5943 ) were solid, but the stock didn't move as much as we...
Major Estimate Revision • Feb 20Consensus EPS estimates fall by 19%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥209.3b to JP¥206.2b. EPS estimate also fell from JP¥65.04 per share to JP¥52.54 per share. Net income forecast to shrink 45% next year vs 11% growth forecast for Building industry in Japan . Consensus price target of JP¥1,550 unchanged from last update. Share price fell 3.3% to JP¥1,674 over the past week.
Reported Earnings • Feb 15Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: JP¥94.89 (up from JP¥18.82 in FY 2023). Revenue: JP¥202.2b (flat on FY 2023). Net income: JP¥4.38b (up 405% from FY 2023). Profit margin: 2.2% (up from 0.4% in FY 2023). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
お知らせ • Feb 13+ 1 more updateNoritz Corporation, Annual General Meeting, Mar 27, 2025Noritz Corporation, Annual General Meeting, Mar 27, 2025.
Upcoming Dividend • Dec 20Upcoming dividend of JP¥34.00 per shareEligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%).
お知らせ • Dec 03Noritz Corporation to Report Fiscal Year 2024 Results on Feb 13, 2025Noritz Corporation announced that they will report fiscal year 2024 results on Feb 13, 2025
Major Estimate Revision • Nov 26Consensus EPS estimates fall by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥204.9b to JP¥200.0b. EPS estimate also fell from JP¥102 per share to JP¥88.88 per share. Net income forecast to grow 24% next year vs 13% growth forecast for Building industry in Japan. Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,703 over the past week.
Reported Earnings • Nov 15Third quarter 2024 earnings released: EPS: JP¥58.47 (vs JP¥10.58 loss in 3Q 2023)Third quarter 2024 results: EPS: JP¥58.47 (up from JP¥10.58 loss in 3Q 2023). Revenue: JP¥45.2b (flat on 3Q 2023). Net income: JP¥2.70b (up JP¥3.19b from 3Q 2023). Profit margin: 6.0% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
お知らせ • Aug 27Noritz Corporation to Report Q3, 2024 Results on Nov 12, 2024Noritz Corporation announced that they will report Q3, 2024 results on Nov 12, 2024
分析記事 • Aug 05Noritz (TSE:5943) Has A Somewhat Strained Balance SheetHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Upcoming Dividend • Jun 20Upcoming dividend of JP¥33.00 per shareEligible shareholders must have bought the stock before 27 June 2024. Payment date: 17 September 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.2%).
お知らせ • Jun 02Noritz Corporation to Report Q2, 2024 Results on Aug 08, 2024Noritz Corporation announced that they will report Q2, 2024 results on Aug 08, 2024
Reported Earnings • May 18First quarter 2024 earnings released: EPS: JP¥6.22 (vs JP¥27.57 in 1Q 2023)First quarter 2024 results: EPS: JP¥6.22 (down from JP¥27.57 in 1Q 2023). Revenue: JP¥50.6b (down 6.9% from 1Q 2023). Net income: JP¥287.0m (down 77% from 1Q 2023). Profit margin: 0.6% (down from 2.3% in 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • Mar 12Consensus EPS estimates fall by 19%, revenue upgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥216.0b to JP¥218.2b. EPS estimate fell from JP¥107 to JP¥86.72 per share. Net income forecast to grow 361% next year vs 7.4% growth forecast for Building industry in Japan. Consensus price target up from JP¥1,450 to JP¥1,650. Share price was steady at JP¥1,689 over the past week.
Price Target Changed • Mar 11Price target increased by 10% to JP¥1,650Up from JP¥1,500, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,682. Stock is down 1.8% over the past year. The company is forecast to post earnings per share of JP¥86.72 for next year compared to JP¥18.82 last year.
お知らせ • Feb 24Noritz Corporation to Report Q1, 2024 Results on May 14, 2024Noritz Corporation announced that they will report Q1, 2024 results on May 14, 2024
お知らせ • Feb 16Noritz Corporation, Annual General Meeting, Mar 28, 2024Noritz Corporation, Annual General Meeting, Mar 28, 2024.
New Risk • Feb 16New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 2.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin).
Reported Earnings • Feb 16Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: JP¥18.82 (down from JP¥105 in FY 2022). Revenue: JP¥201.9b (down 4.3% from FY 2022). Net income: JP¥868.0m (down 82% from FY 2022). Profit margin: 0.4% (down from 2.3% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 74%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
Upcoming Dividend • Dec 21Upcoming dividend of JP¥21.00 per share at 4.0% yieldEligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.1%).
お知らせ • Dec 05Noritz Corporation to Report Fiscal Year 2023 Results on Feb 14, 2024Noritz Corporation announced that they will report fiscal year 2023 results on Feb 14, 2024
Reported Earnings • Nov 10Third quarter 2023 earnings released: JP¥10.58 loss per share (vs JP¥37.58 profit in 3Q 2022)Third quarter 2023 results: JP¥10.58 loss per share (down from JP¥37.58 profit in 3Q 2022). Revenue: JP¥45.1b (down 17% from 3Q 2022). Net loss: JP¥488.0m (down 128% from profit in 3Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Sep 01Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥221.5b to JP¥214.2b. EPS estimate also fell from JP¥117 per share to JP¥95.70 per share. Net income forecast to shrink 12% next year vs 8.2% growth forecast for Building industry in Japan . Consensus price target down from JP¥1,550 to JP¥1,500. Share price was steady at JP¥1,599 over the past week.
お知らせ • Aug 30Noritz Corporation to Report Q3, 2023 Results on Nov 09, 2023Noritz Corporation announced that they will report Q3, 2023 results on Nov 09, 2023
Reported Earnings • Aug 10Second quarter 2023 earnings released: JP¥4.53 loss per share (vs JP¥19.99 profit in 2Q 2022)Second quarter 2023 results: JP¥4.53 loss per share (down from JP¥19.99 profit in 2Q 2022). Revenue: JP¥45.4b (down 13% from 2Q 2022). Net loss: JP¥209.0m (down 123% from profit in 2Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Jun 22Upcoming dividend of JP¥32.00 per share at 2.9% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 19 September 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%).
お知らせ • May 31Noritz Corporation to Report Q2, 2023 Results on Aug 09, 2023Noritz Corporation announced that they will report Q2, 2023 results on Aug 09, 2023
Reported Earnings • May 17First quarter 2023 earnings released: EPS: JP¥27.57 (vs JP¥8.61 loss in 1Q 2022)First quarter 2023 results: EPS: JP¥27.57 (up from JP¥8.61 loss in 1Q 2022). Revenue: JP¥54.3b (up 25% from 1Q 2022). Net income: JP¥1.27b (up JP¥1.67b from 1Q 2022). Profit margin: 2.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Mar 16Now 20% undervaluedOver the last 90 days, the stock is up 10%. The fair value is estimated to be JP¥2,072, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 54%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period.
Major Estimate Revision • Feb 28Consensus EPS estimates increase by 13%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥209.9b to JP¥222.6b. EPS estimate increased from JP¥113 to JP¥128 per share. Net income forecast to grow 23% next year vs 3.4% decline forecast for Building industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,600. Share price rose 2.2% to JP¥1,646 over the past week.
Reported Earnings • Feb 16Full year 2022 earnings: EPS misses analyst expectationsFull year 2022 results: EPS: JP¥105 (down from JP¥119 in FY 2021). Revenue: JP¥211.0b (up 18% from FY 2021). Net income: JP¥4.80b (down 12% from FY 2021). Profit margin: 2.3% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Feb 01Now 21% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,870, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 11% per annum over the same time period.
Upcoming Dividend • Dec 22Upcoming dividend of JP¥28.00 per shareEligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.1%).
Price Target Changed • Dec 07Price target decreased to JP¥1,550Down from JP¥1,700, the current price target is provided by 1 analyst. New target price is 5.7% above last closing price of JP¥1,466. Stock is down 17% over the past year. The company is forecast to post earnings per share of JP¥128 for next year compared to JP¥119 last year.
お知らせ • Dec 06Noritz Corporation to Report Fiscal Year 2022 Results on Feb 14, 2023Noritz Corporation announced that they will report fiscal year 2022 results on Feb 14, 2023
Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: JP¥37.58 (vs JP¥26.50 in 3Q 2021)Third quarter 2022 results: EPS: JP¥37.58 (up from JP¥26.50 in 3Q 2021). Revenue: JP¥54.5b (up 25% from 3Q 2021). Net income: JP¥1.73b (up 42% from 3Q 2021). Profit margin: 3.2% (up from 2.8% in 3Q 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Board Change • Nov 16Less than half of directors are independentFollowing 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 Hirokazu Onoe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 12Third quarter 2022 earnings released: EPS: JP¥37.57 (vs JP¥26.50 in 3Q 2021)Third quarter 2022 results: EPS: JP¥37.57 (up from JP¥26.50 in 3Q 2021). Revenue: JP¥54.5b (up 25% from 3Q 2021). Net income: JP¥1.73b (up 42% from 3Q 2021). Profit margin: 3.2% (up from 2.8% in 3Q 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Sep 01Consensus EPS estimates increase by 20%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥200.3b to JP¥213.8b. EPS estimate increased from JP¥114 to JP¥137 per share. Net income forecast to grow 521% next year vs 0.9% growth forecast for Building industry in Japan. Consensus price target up from JP¥1,650 to JP¥1,700. Share price was steady at JP¥1,542 over the past week.
お知らせ • Aug 31Noritz Corporation to Report Q3, 2022 Results on Nov 10, 2022Noritz Corporation announced that they will report Q3, 2022 results on Nov 10, 2022
Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: JP¥19.98 (vs JP¥21.70 in 2Q 2021)Second quarter 2022 results: EPS: JP¥19.98 (down from JP¥21.70 in 2Q 2021). Revenue: JP¥52.2b (up 16% from 2Q 2021). Net income: JP¥911.0m (down 8.7% from 2Q 2021). Profit margin: 1.7% (down from 2.2% in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 7.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • Jun 22Upcoming dividend of JP¥25.00 per shareEligible shareholders must have bought the stock before 29 June 2022. Payment date: 20 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%).
お知らせ • Jun 01Noritz Corporation to Report Q2, 2022 Results on Aug 10, 2022Noritz Corporation announced that they will report Q2, 2022 results on Aug 10, 2022
Reported Earnings • May 16First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: JP¥8.61 loss per share (down from JP¥87.64 profit in 1Q 2021). Revenue: JP¥43.5b (down 12% from 1Q 2021). Net loss: JP¥396.0m (down 110% from profit in 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 13%, compared to a 4.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Board Change • Apr 27Less than half of directors are independentFollowing 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 Hirokazu Onoe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
お知らせ • Feb 27Noritz Corporation to Report Q1, 2022 Results on May 13, 2022Noritz Corporation announced that they will report Q1, 2022 results on May 13, 2022
お知らせ • Feb 16Noritz Corporation, Annual General Meeting, Mar 30, 2022Noritz Corporation, Annual General Meeting, Mar 30, 2022.
お知らせ • Feb 15Noritz Corporation (TSE:5943) announces an Equity Buyback for 1,100,000 shares, representing 2.39% for ¥2,000 million.Noritz Corporation (TSE:5943) announces a share repurchase program. Under the program, the company will repurchase 1,100,000 shares, representing 2.39% of its share capital for ¥2,000 million. The company will repurchase its shares to avoid diluting the stock value due to the disposal of treasury stock, improve capital efficiency, and implement agile capital policies according to the business environment. The program is subject to the approval of the Company's Ordinary General Meeting of Shareholders regarding the disposal of the treasury stock. The repurchase program will expire on December 31, 2022. As of December 31, 2021, the company had 50,797,651 shares outstanding and 4,798,597 shares in treasury.
Upcoming Dividend • Dec 22Upcoming dividend of JP¥51.00 per shareEligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%).
Price Target Changed • Dec 17Price target decreased to JP¥1,700Down from JP¥2,075, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,740. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of JP¥122 next year compared to a net loss per share of JP¥64.78 last year.
Major Estimate Revision • Dec 14Consensus EPS estimates fall by 33%The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from JP¥196.1b to JP¥179.5b. EPS estimate also fell from JP¥180 per share to JP¥122 per share. Net income forecast to shrink 37% next year vs 0.4% decline forecast for Building industry in Japan. Consensus price target down from JP¥2,075 to JP¥1,950. Share price fell 2.0% to JP¥1,750 over the past week.
Reported Earnings • Nov 12Third quarter 2021 earnings released: EPS JP¥26.50 (vs JP¥15.03 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: JP¥43.5b (flat on 3Q 2020). Net income: JP¥1.22b (up 75% from 3Q 2020). Profit margin: 2.8% (up from 1.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Jun 23Upcoming dividend of JP¥32.00 per shareEligible shareholders must have bought the stock before 29 June 2021. Payment date: 18 September 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.5%).
お知らせ • Jun 17Noritz Corporation (TSE:5943) completed the acquisition of 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company.Noritz Corporation (TSE:5943) agreed to acquire 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company on February 13, 2020. The transaction is resolved by the Board of Directors of Noritz Corporation. The transaction is expected to close in July 2020. The impact of the acquisition on the company's consolidated business results for the fiscal year ending December 2020 is immaterial. GCA Advisory Corporation acted as financial advisor to Noritz Corporation in transaction. Noritz Corporation (TSE:5943) completed the acquisition of 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company on June 16, 2021. As of February 2021, Noritz Corporation established Kangaroo International Joint Venture Company and transferred the assets of Vietnam Australia Refrigeration Electrical Engineering Group Joint Stock Company and his Kangaroo Hi-tech Manufacturing and Assembling One Member Company Limited production subsidiary to Kangaroo. Therefore, Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company`s name as of February 13, 2020 and Kangaroo International Joint Venture Company`s name for this acquisition of shares have changed.
Valuation Update With 7 Day Price Move • May 24Investor sentiment improved over the past weekAfter last week's 18% share price gain to JP¥2,013, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Building industry in Japan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,845 per share.
Reported Earnings • May 19First quarter 2021 earnings released: EPS JP¥87.64 (vs JP¥138 loss in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥49.2b (up 10.0% from 1Q 2020). Net income: JP¥4.03b (up JP¥10.5b from 1Q 2020). Profit margin: 8.2% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
Reported Earnings • Apr 04Full year 2020 earnings released: JP¥64.78 loss per share (vs JP¥31.75 profit in FY 2019)The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥183.9b (down 12% from FY 2019). Net loss: JP¥3.01b (down 299% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance.
Is New 90 Day High Low • Mar 11New 90-day high: JP¥1,755The company is up 7.0% from its price of JP¥1,642 on 11 December 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Building industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥911 per share.
お知らせ • Feb 28Noritz Corporation to Report Q1, 2021 Results on May 17, 2021Noritz Corporation announced that they will report Q1, 2021 results on May 17, 2021
Reported Earnings • Feb 14Full year 2020 earnings released: JP¥64.78 loss per share (vs JP¥31.75 profit in FY 2019)The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥183.9b (down 12% from FY 2019). Net loss: JP¥3.01b (down 299% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Is New 90 Day High Low • Jan 29New 90-day low: JP¥1,501The company is down 1.0% from its price of JP¥1,521 on 30 October 2020. The Japanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,041 per share.
Price Target Changed • Dec 08Price target raised to JP¥1,750Up from JP¥1,625, the current price target is an average from 2 analysts. The new target price is close to the current share price of JP¥1,678. As of last close, the stock is up 8.3% over the past year.
お知らせ • Dec 05Noritz Corporation to Report Fiscal Year 2020 Results on Feb 12, 2021Noritz Corporation announced that they will report fiscal year 2020 results on Feb 12, 2021
お知らせ • Aug 30Noritz Corporation to Report Q3, 2020 Results on Nov 11, 2020Noritz Corporation announced that they will report Q3, 2020 results on Nov 11, 2020
