UBE（4208）株式概要UBE株式会社は、子会社とともに、日本、アジア、ヨーロッパ、北米およびその他の地域において、素材および機械事業を展開しています。 詳細4208 ファンダメンタル分析スノーフレーク・スコア評価3/6将来の成長1/6過去の実績2/6財務の健全性3/6配当金3/6報酬株価収益率（ 12.8 x） JP市場（ 13.6 x）を下回っています。収益は年間6.83%増加すると予測されています 今年は黒字化を達成 同業他社や業界と比較して、良好な取引価格 リスク分析負債は営業キャッシュフローで十分にカバーされていない 3.5%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 JP市場と比較した過去 3 か月間の株価の変動すべてのリスクチェックを見る4208 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¥3.14k42.4% 割高 内在価値ディスカウントGrowth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture-7b730b2016201920222025202620282031Revenue JP¥457.3bEarnings JP¥23.6bAdvancedSet Fair ValueView all narrativesUBE Corporation 競合他社Shikoku Kasei HoldingsSymbol: TSE:4099Market cap: JP¥309.7bDaicelSymbol: TSE:4202Market cap: JP¥342.5bNippon SodaSymbol: TSE:4041Market cap: JP¥191.9bToagoseiSymbol: TSE:4045Market cap: JP¥188.9b価格と性能株価の高値、安値、推移の概要UBE過去の株価現在の株価JP¥3,143.0052週高値JP¥3,350.0052週安値JP¥2,185.50ベータ0.461ヶ月の変化6.45%3ヶ月変化29.29%1年変化38.95%3年間の変化23.96%5年間の変化38.28%IPOからの変化-38.25%最新ニュース分析記事 • Jun 25We Like The Quality Of UBE's (TSE:4208) EarningsUBE Corporation's ( TSE:4208 ) recent earnings report didn't offer any surprises, with the shares unchanged over the...Price Target Changed • Jun 17Price target increased by 12% to JP¥3,080Up from JP¥2,760, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,154. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥260 for next year compared to JP¥246 last year.Board Change • Jun 04High number of new directorsManaging Executive Officer, CHRO, CCO & Director Ryo Kawamura was the last director to join the board, commencing their role in 2025.お知らせ • May 13UBE Corporation, Annual General Meeting, Jun 25, 2026UBE Corporation, Annual General Meeting, Jun 25, 2026.お知らせ • Mar 26+ 3 more updatesUBE Corporation to Report Q1, 2027 Results on Aug 07, 2026UBE Corporation announced that they will report Q1, 2027 results on Aug 07, 2026お知らせ • Jan 16UBE Corporation Announces Restructuring of Domestic Production System in Cement-Related BusinessUBE Cement Corporation announced that, at the Board of Directors meeting, MUCC resolved to cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and to transform the district into a recycling promotion base specializing in various types of waste treatment, as described below. The business environment for the cement industry continues to face pressures from declining domestic demand and reduced profitability in export markets. Against this backdrop, MUCC is advancing initiatives to strengthen profitability and improve asset efficiency, aiming to achieve sustainable growth and enhance corporate value over the medium to long term. Meanwhile, as MUCC seeks to achieve carbon neutrality by 2050, a key effort is to improve its thermal energy substitution rate. In particular, MUCC considers it essential to expand the volume of waste treatment for thermal recycling at the Kyushu Plant, which has one of the leading cement production capacities in Japan, and to achieve a thermal energy substitution rate of 50% or more for MUCC as a whole. Under these circumstances, in order to establish an optimal operation system and strengthen the competitiveness of its cement business, MUCC will cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and consolidate operations at Kyushu Plant Kanda District 1, thereby improving the efficiency of production facilities across the entire Kyushu Plant. In addition, to maximize the use of its technologies and further improve the waste treatment substitution rate, MUCC will develop Kyushu Plant Kanda District 2 as a recycling promotion base, utilizing existing facilities for crushing and packing waste plastics and removing chlorine and foreign materials. MUCC will steadily execute these measures to further enhance corporate value and help build a sustainable society.最新情報をもっと見るRecent updates分析記事 • Jun 25We Like The Quality Of UBE's (TSE:4208) EarningsUBE Corporation's ( TSE:4208 ) recent earnings report didn't offer any surprises, with the shares unchanged over the...Price Target Changed • Jun 17Price target increased by 12% to JP¥3,080Up from JP¥2,760, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,154. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥260 for next year compared to JP¥246 last year.Board Change • Jun 04High number of new directorsManaging Executive Officer, CHRO, CCO & Director Ryo Kawamura was the last director to join the board, commencing their role in 2025.お知らせ • May 13UBE Corporation, Annual General Meeting, Jun 25, 2026UBE Corporation, Annual General Meeting, Jun 25, 2026.お知らせ • Mar 26+ 3 more updatesUBE Corporation to Report Q1, 2027 Results on Aug 07, 2026UBE Corporation announced that they will report Q1, 2027 results on Aug 07, 2026お知らせ • Jan 16UBE Corporation Announces Restructuring of Domestic Production System in Cement-Related BusinessUBE Cement Corporation announced that, at the Board of Directors meeting, MUCC resolved to cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and to transform the district into a recycling promotion base specializing in various types of waste treatment, as described below. The business environment for the cement industry continues to face pressures from declining domestic demand and reduced profitability in export markets. Against this backdrop, MUCC is advancing initiatives to strengthen profitability and improve asset efficiency, aiming to achieve sustainable growth and enhance corporate value over the medium to long term. Meanwhile, as MUCC seeks to achieve carbon neutrality by 2050, a key effort is to improve its thermal energy substitution rate. In particular, MUCC considers it essential to expand the volume of waste treatment for thermal recycling at the Kyushu Plant, which has one of the leading cement production capacities in Japan, and to achieve a thermal energy substitution rate of 50% or more for MUCC as a whole. Under these circumstances, in order to establish an optimal operation system and strengthen the competitiveness of its cement business, MUCC will cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and consolidate operations at Kyushu Plant Kanda District 1, thereby improving the efficiency of production facilities across the entire Kyushu Plant. In addition, to maximize the use of its technologies and further improve the waste treatment substitution rate, MUCC will develop Kyushu Plant Kanda District 2 as a recycling promotion base, utilizing existing facilities for crushing and packing waste plastics and removing chlorine and foreign materials. MUCC will steadily execute these measures to further enhance corporate value and help build a sustainable society.分析記事 • Dec 04UBE's (TSE:4208) Dividend Will Be ¥55.00UBE Corporation ( TSE:4208 ) has announced that it will pay a dividend of ¥55.00 per share on the 29th of June. Based...Declared Dividend • Dec 03First half dividend of JP¥55.00 announcedDividend of JP¥55.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not covered by earnings (186% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 8.2% 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 106% to bring the payout ratio under control. EPS is expected to grow by 63% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.分析記事 • Sep 05UBE (TSE:4208) Is Reinvesting At Lower Rates Of ReturnDid you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business...Reported Earnings • Aug 06First quarter 2026 earnings released: EPS: JP¥44.90 (vs JP¥49.49 in 1Q 2025)First quarter 2026 results: EPS: JP¥44.90 (down from JP¥49.49 in 1Q 2025). Revenue: JP¥100.5b (down 13% from 1Q 2025). Net income: JP¥4.36b (down 9.2% from 1Q 2025). Profit margin: 4.3% (in line with 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.分析記事 • Jul 24UBE (TSE:4208) Is Due To Pay A Dividend Of ¥55.00The board of UBE Corporation ( TSE:4208 ) has announced that it will pay a dividend of ¥55.00 per share on the 3rd of...分析記事 • Jul 10UBE (TSE:4208) Has Announced A Dividend Of ¥55.00UBE Corporation's ( TSE:4208 ) investors are due to receive a payment of ¥55.00 per share on 3rd of December. This...Declared Dividend • Jul 09Final dividend of JP¥55.00 announcedDividend of JP¥55.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.8%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 8.2% per year over the past 10 years. However, payments have been volatile during that time.Reported Earnings • Jun 25Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: JP¥49.60 loss per share (down from JP¥299 profit in FY 2024). Revenue: JP¥486.8b (up 4.0% from FY 2024). Net loss: JP¥4.82b (down 117% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 68%. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.New Risk • Jun 24New major risk - Revenue and earnings growthEarnings have declined by 21% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 21% per year over the past 5 years.Reported Earnings • May 13Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: JP¥49.60 loss per share (down from JP¥299 profit in FY 2024). Revenue: JP¥486.8b (up 4.0% from FY 2024). Net loss: JP¥4.82b (down 117% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 68%. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.お知らせ • May 12+ 2 more updatesUBE Corporation, Annual General Meeting, Jun 26, 2025UBE Corporation, Annual General Meeting, Jun 26, 2025.分析記事 • May 08Here's Why UBE (TSE:4208) Has A Meaningful Debt BurdenDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Board Change • Apr 28High number of new directorsThere are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Tatsuya Tanaka was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.お知らせ • Apr 02UBE Corporation (TSE:4208) completed the acquisition of Urethane Systems Business of LANXESS Aktiengesellschaft (XTRA:LXS) for approximately €500 million.UBE Corporation (TSE:4208) signed a contract to acquire Urethane Systems Business of LANXESS Aktiengesellschaft (XTRA:LXS) for an enterprise value of €460 million on October 3, 2024. For the last twelve months period ending September 30, 2024, Urethane Systems Business of LANXESS reported total revenue of €265 million and EBITDA of €50 million. The acquisition price is expected to be confirmed based on the price adjustment indicated in the stock purchase agreement. The acquisition will be financed through cash on hand and interest-bearing debt. The Urethane Systems business comprises 5 manufacturing sites globally as well as application laboratories in the USA, Europe and China. UBE Corporation will take over all operations from LANXESS with a total of around 400 employees. LANXESS will use the proceeds to reduce its net debt. The transaction is subject to the approval of the relevant authorities including regulatory approval. The transaction is expected to close in the first half of 2025. Nomura Holding America, Inc. acted as financial advisor to UBE Corporation. Matthias Töke, Katharina Spenner LL.M., Joachim Fröhlich LL.M., Katharina Weiner, Daniel Bork, Christoph Becker, Ariane Schaaf, Simone (Bach) Rieken LL.M., Johannes M. Baumann, LL.M., Christian Atzler, Christian Vocke, Richard Raoul Stefanink, Patrick H. Wilkening, Markus Hecht, Christian Reichel and Nicolas Kredel LL.M. of Baker & Mckenzie Partnerschaft Von Rechtsanwälten Wirtschaftsprüfern,Steuerberatern Und Solicitors acted as legal advisor to UBE Corporation. Masahiro Inaba, Byron Frost and Tetsuo Tsujimoto of Baker & McKenzie (Gaikokuho Joint Enterprise) acted as legal advisor to UBE Corporation. UBE Corporation (TSE:4208) completed the acquisition of Urethane Systems Business of LANXESS Aktiengesellschaft (XTRA:LXS) for approximately €500 million on April 1, 2025. All relevant antitrust authorities had granted the necessary approvals for the transactionお知らせ • Mar 28+ 2 more updatesUBE Corporation to Report Q3, 2026 Results on Feb 04, 2026UBE Corporation announced that they will report Q3, 2026 results on Feb 04, 2026お知らせ • Mar 01UBE Corporation to Report Fiscal Year 2025 Results on May 12, 2025UBE Corporation announced that they will report fiscal year 2025 results on May 12, 2025お知らせ • Feb 19+ 1 more updateUbe Corporation Announces CEO Changes, Effective from April 1, 2025UBE Corporation announced that its Board of Directors resolved on February 19, 2025, to make the following changes to directors. Masato Izumihara, Current Position: President and Representative Director CEO, New Position: Chairman of the Board of Directors. Yuki Nishida, Current Position: Representative Director Senior Managing Executive Officer, New Position: President and Representative Director CEO. Yuki Nishida: Date of Birth: January 16, 1962. Birthplace: Hiroshima Prefecture. Career Highlights: March 1987 Master's Degree of Applied Chemistry, Faculty of Engineering, Hiroshima University; April 1987 Joined Ube Industries Ltd. (currently UBE Corporation); June 1987 Fine Chemicals Manufacturing Department, Ube Chemical Factory; November 1990 Development Department, Chemicals Division; March 1996 Business Development Department, Fine & Industrial Chemicals Business Unit, Chemicals & Plastics Division; February 2000 Transferred to UBE Europe (Dusseldorf, Germany); April 2003 Transferred to UBE Chemicals Europe (Madrid, Spain); January 2005 Sales Group Leader, Fine Chemicals Business Unit, Specialty Chemicals & Products Division; December 2006; General Manager, Fine Chemicals Business Unit, Specialty Chemicals & Products Division; April 2015; General Manager, Battery Materials and Fine Chemicals Business Unit, Chemicals Company; April 2016: Executive Officer General Manager, Battery Materials and Fine Chemicals Business Unit, Chemicals Company; April 2017: Executive Officer General Manager, Battery Materials and Fine Chemicals Division, Chemicals Company; April 2019: Managing Executive Officer General Manager, Engineering Plastics & Fine Chemicals Division, Chemicals Company; April 2021: Managing Executive Officer General Manager, Engineering Plastics & Fine Chemicals Division; April 2022: Senior Managing Executive Officer Assistant to the President, General Manager, Production & Technology Division, and DX Promotion Office, with responsibility for Information Systems Department; July 2022: Senior Managing Executive Officer Assistant to the President, General Manager, Production & Technology Division, and DX Promotion Office, with responsibility for Information Systems Department and C1 Chemicals Project; April 2024: Senior Managing Executive Officer Assistant to the President, General Manager, DX Promotion Office, with responsibility for Information Systems Department and C1 Chemicals Project; June 2024: Representative Director and Senior Managing Executive Officer Assistant to the President, General Manager, DX Promotion Office, with responsibility for Information Systems Department and C1 Chemicals Project (current position); April 2025: President and Representative Director CEO, with responsibility for DX Promotion Office, Information Systems Department, and C1 Chemicals Project (pending approval).お知らせ • Jan 28+ 1 more updateUBE Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025UBE Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2025. For the year, the company expects net sales to be JPY 490.0 billion against previous guidance of JPY 510.0 billion. Operating profit to be JPY 16.0 billion against previous guidance of JPY 27.0 billion. Loss attributable to owners of parent to be JPY 17.5 billion against previous guidance of profit attributable to owners of parent of JPY 29.5 billion. Net loss per share to be JPY 180.24 against previous guidance of net income per share to be JPY 303.89. Reasons for the Revision: Net sales are expected to fall below the previous forecast mainly due to the transfer of management rights of UBE Steel Co. Ltd. in Machinery Segment, in November 2024. Operating profit is also projected to come in lower than the previous forecast as sales of caprolactam and nylon polymer in the Polymers & Chemicals Segment have been sluggish due to the impact of oversupply by Chinese companies. Ordinary profit is projected to be lower than the previous forecast due to a decrease in operating profit as mentioned above. Additionally, in the first half (interim period), the company dissolved an equity-method affiliate engaged in the elastomer business in Malaysia, recording share of loss of entities accounted for using the equity method. Profit attributable to owners of parent is expected to be lower than the previous forecast. Ordinary profit is expected to decline as described earlier. Additionally, as a result of the decision to implement structural reform in the basic businesses, the company plans to record approximately JPY 35 billion in impairment losses and other related expenses. For details on the structural reform of the basic businesses, please refer to UBE Announces Structural Reform of Basic Businesses to Achieve Vision for 2030 released on January 28, 2025.Declared Dividend • Dec 04First half dividend of JP¥55.00 announcedShareholders will receive a dividend of JP¥55.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (53% 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 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • Nov 09New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows.Reported Earnings • Nov 09Second quarter 2025 earnings released: JP¥46.20 loss per share (vs JP¥55.26 profit in 2Q 2024)Second quarter 2025 results: JP¥46.20 loss per share (down from JP¥55.26 profit in 2Q 2024). Revenue: JP¥127.7b (up 17% from 2Q 2024). Net loss: JP¥4.49b (down 184% from profit in 2Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.分析記事 • Nov 08Getting In Cheap On UBE Corporation (TSE:4208) Might Be DifficultThere wouldn't be many who think UBE Corporation's ( TSE:4208 ) price-to-sales (or "P/S") ratio of 0.5x is worth a...お知らせ • Oct 31UBE Corporation Revises Earnings Forecast for the First Half of Fiscal Year Ending March 31, 2025UBE Corporation revised earnings forecast for the First Half of fiscal year ending March 31, 2025. For the period,the company expected net sales of JPY 243,000 Million operating profit of JPY 6,000 Million and profit attributable to owners of parent of JPY 300 million or JPY 3.09 per basic share as compared to previous guidance of net sales of JPY 238,000 Million operating profit of JPY 7,500 Million and profit attributable to owners of parent of JPY 8,000 million or JPY 82.41 per basic share. Reasons for the Revision: Net sales are expected to exceed the previous forecast due to an increase in the selling price of elastomers as a result of rising raw material prices, despite sluggish sales of certain products in the Specialty Products Segment. Operating profit is projected to be lower than the previous forecast due to the impact of the lower of cost or market method on caprolactam, nylon polymers, and other products, in the Polymers & Chemicals Segment. Ordinary profit and profit attributable to owners of parent are expected to be significantly lower than previously forecast due to the posting of a share of loss of entities accounted for using equity method following the dissolution of LOTTE UBE SYNTHETIC RUBBER SDN. BHD., an equity method affiliate.分析記事 • Oct 17Investors Could Be Concerned With UBE's (TSE:4208) Returns On CapitalWhen researching a stock for investment, what can tell us that the company is in decline? A business that's potentially...お知らせ • Oct 04+ 1 more updateiSigma Capital Corporation agreed to acquire 84.25% stake in Ube Steel Co.,Ltd from UBE Corporation (TSE:4208).iSigma Capital Corporation agreed to acquire 84.25% stake in Ube Steel Co.,Ltd from UBE Corporation (TSE:4208) on October 3, 2024.Upcoming Dividend • Sep 20Upcoming dividend of JP¥55.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%).Reported Earnings • Aug 06First quarter 2025 earnings released: EPS: JP¥49.49 (vs JP¥37.67 in 1Q 2024)First quarter 2025 results: EPS: JP¥49.49 (up from JP¥37.67 in 1Q 2024). Revenue: JP¥115.4b (up 5.6% from 1Q 2024). Net income: JP¥4.80b (up 31% from 1Q 2024). Profit margin: 4.2% (up from 3.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to JP¥2,185, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,711 per share.Declared Dividend • Jul 11Final dividend of JP¥55.00 announcedShareholders will receive a dividend of JP¥55.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Jun 26Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2024 results: EPS: JP¥299 (up from JP¥72.25 loss in FY 2023). Revenue: JP¥468.2b (down 5.4% from FY 2023). Net income: JP¥29.0b (up JP¥36.0b from FY 2023). Profit margin: 6.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.Price Target Changed • Jun 15Price target increased by 9.8% to JP¥3,092Up from JP¥2,817, the current price target is an average from 6 analysts. New target price is 13% above last closing price of JP¥2,735. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥301 for next year compared to JP¥299 last year.Major Estimate Revision • Jun 15Consensus EPS estimates increase by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥499.9b to JP¥515.7b. EPS estimate increased from JP¥265 to JP¥301 per share. Net income forecast to grow 0.8% next year vs 10% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥2,817 to JP¥3,092. Share price was steady at JP¥2,735 over the past week.Reported Earnings • May 16Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2024 results: EPS: JP¥299 (up from JP¥72.25 loss in FY 2023). Revenue: JP¥468.2b (down 5.4% from FY 2023). Net income: JP¥29.0b (up JP¥36.0b from FY 2023). Profit margin: 6.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.お知らせ • May 15+ 2 more updatesUBE Corporation to Report First Half, 2025 Results on Nov 07, 2024UBE Corporation announced that they will report first half, 2025 results on Nov 07, 2024Buy Or Sell Opportunity • May 14Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 20% to JP¥3,014. The fair value is estimated to be JP¥2,489, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 54%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.分析記事 • May 01Is UBE (TSE:4208) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...お知らせ • Apr 26+ 1 more updateUBE Corporation, Annual General Meeting, Jun 26, 2024UBE Corporation, Annual General Meeting, Jun 26, 2024. Agenda: To approve the Change of Representative Director and Executive Personnel.分析記事 • Apr 13Estimating The Fair Value Of UBE Corporation (TSE:4208)Key Insights UBE's estimated fair value is JP¥2,482 based on 2 Stage Free Cash Flow to Equity With JP¥2,830 share...Price Target Changed • Mar 27Price target increased by 8.3% to JP¥2,817Up from JP¥2,600, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,750. Stock is up 33% over the past year. The company is forecast to post earnings per share of JP¥230 next year compared to a net loss per share of JP¥72.25 last year.Upcoming Dividend • Mar 21Upcoming dividend of JP¥50.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%).分析記事 • Mar 19Market Participants Recognise UBE Corporation's (TSE:4208) EarningsWith a price-to-earnings (or "P/E") ratio of 18.2x UBE Corporation ( TSE:4208 ) may be sending bearish signals at the...お知らせ • Mar 02UBE Corporation to Report Fiscal Year 2024 Results on May 13, 2024UBE Corporation announced that they will report fiscal year 2024 results on May 13, 2024お知らせ • Feb 08UBE Corporation Announces Appointment of Hideo Tamada as Director, Effective April 1, 2024UBE Corporation announced Hideo Tamada as Director from Representative Director Senior Managing Executive Officer, Effective from April 1, 2024.Reported Earnings • Feb 07Third quarter 2024 earnings released: EPS: JP¥113 (vs JP¥8.39 loss in 3Q 2023)Third quarter 2024 results: EPS: JP¥113 (up from JP¥8.39 loss in 3Q 2023). Revenue: JP¥114.9b (down 7.1% from 3Q 2023). Net income: JP¥10.9b (up JP¥11.7b from 3Q 2023). Profit margin: 9.5% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.Reported Earnings • Nov 07Second quarter 2024 earnings released: EPS: JP¥55.26 (vs JP¥62.67 loss in 2Q 2023)Second quarter 2024 results: EPS: JP¥55.26 (up from JP¥62.67 loss in 2Q 2023). Revenue: JP¥108.9b (down 15% from 2Q 2023). Net income: JP¥5.36b (up JP¥11.4b from 2Q 2023). Profit margin: 4.9% (up from net loss in 2Q 2023). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.Upcoming Dividend • Sep 21Upcoming dividend of JP¥50.00 per share at 3.7% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. 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 (3.3%). Higher than average of industry peers (2.5%).Buying Opportunity • Sep 20Now 21% undervaluedOver the last 90 days, the stock is up 9.7%. The fair value is estimated to be JP¥3,363, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.6% over the last 3 years. Meanwhile, the company became loss making.Reported Earnings • Aug 08First quarter 2024 earnings released: EPS: JP¥37.67 (vs JP¥59.25 in 1Q 2023)First quarter 2024 results: EPS: JP¥37.67 (down from JP¥59.25 in 1Q 2023). Revenue: JP¥109.2b (down 6.0% from 1Q 2023). Net income: JP¥3.66b (down 36% from 1Q 2023). Profit margin: 3.3% (down from 4.9% in 1Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.Price Target Changed • Jul 01Price target increased by 13% to JP¥2,537Up from JP¥2,245, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,471. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥260 next year compared to a net loss per share of JP¥72.25 last year.お知らせ • May 17+ 3 more updatesUBE Corporation Announces Dividend for the Year Ended March 31, 2023UBE Corporation announced dividend for the year ended March 31, 2023 of JPY 45.00 per share compared to JPY 50.00 per share paid a year ago.Reported Earnings • May 16Full year 2023 earnings released: JP¥72.25 loss per share (vs JP¥249 profit in FY 2022)Full year 2023 results: JP¥72.25 loss per share (down from JP¥249 profit in FY 2022). Revenue: JP¥494.7b (down 25% from FY 2022). Net loss: JP¥7.01b (down 129% from profit in FY 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.Major Estimate Revision • Apr 08Consensus EPS estimates fall by 27%The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -JP¥40.20 to -JP¥51.14 per share. Revenue forecast unchanged at JP¥506.1b. Chemicals industry in Japan expected to see average net income growth of 0.7% next year. Consensus price target broadly unchanged at JP¥2,137. Share price was steady at JP¥2,088 over the past week.Upcoming Dividend • Mar 23Upcoming dividend of JP¥45.00 per share at 4.7% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%).Major Estimate Revision • Mar 15Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -JP¥26.80 to -JP¥30.93 per share. Revenue forecast unchanged at JP¥505.5b. Chemicals industry in Japan expected to see average net income growth of 1.3% next year. Consensus price target of JP¥2,103 unchanged from last update. Share price fell 4.4% to JP¥2,001 over the past week.Major Estimate Revision • Feb 21Consensus EPS estimates fall by 161%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥516.5b to JP¥508.5b. Losses expected to increase from JP¥10.26 per share to JP¥26.80. Chemicals industry in Japan expected to see average net income growth of 6.6% next year. Consensus price target down from JP¥2,187 to JP¥2,103. Share price rose 3.8% to JP¥2,069 over the past week.Price Target Changed • Feb 20Price target decreased by 7.3% to JP¥2,103Down from JP¥2,270, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,069. Stock is down 5.0% over the past year. The company is forecast to post a net loss per share of JP¥26.80 compared to earnings per share of JP¥249 last year.お知らせ • Feb 11+ 1 more updateUBE Corporation Announces Organizational and Personnel ChangesUBE Corporation has announced that the company's Board of Directors resolved on February 10, 2023, on the following changes to its internal organization, executive officers and their assignments. Newly appointed Executive Officer (as of April 1, 2023): Hirofumi Nonaka, currently Executive Trustee, Deputy, General Manager of Performance, Polymers & Chemicals Div., new position is Executive Officer, Deputy General Manager of Performance Polymers & Chemicals Div. Hirotaka Ishikawa, currently General Manager, Accounting & Finance Dept., new position is Executive Officer, CFO, General Manager of Accounting & Finance Dept. with responsibility for Group Management Dept. and Corporate Planning Dept. Kazunori Yukimoto, currently General Manager of Sakai Factory, Production & Technology Div. and General Manager of Production & Technology Supervisory Dept., Specialty Products Div., new position is Executive Officer, Deputy General Manager of Production & Technology Div. and General Manager of Ube Chemical Factory. Ryo Kawamura, currently General Manager, Legal Dept., new position is Executive Officer, General Manager of Legal Dept., with responsibility for Risk Management Dept., Human Resources Dept. and General Affairs Dept. Shinya Takahashi, currently General Manager, Corporate Planning Dept., new position is Executive Officer, Deputy General Manager of Specialty Products Div. Newly promoted Executive Officers (as of April 1, 2023). Keiichi Nagata, currently Managing Executive Officer, General Manager, Specialty Products Div., new position is Senior Managing Executive Officer, General Manager, Specialty Products Div. Yoichi Funayama, currently Senior Executive Officer, General Manager, Pharmaceutical Div., new position is Managing Executive Officer, General Manager, Pharmaceutical Div. Futoshi Takase, currently Executive Officer, Deputy General Manager of Production & Technology Div. and General Manager of Ube Chemical Factory, new position is Senior Executive Officer, with responsibility for Environment & Safety Dept., Quality Assurance Dept., Purchasing & Logistics Dept. and Ube Corporate Service Dept. Changes to assignments (as of April 1, 2023): Hideo Tamada, currently Senior Managing Executive Officer, CRO, CCO, with responsibility for Risk Management Dept., Human Resources Dept., General Affairs Dept. and Legal Dept., new position is Senior Managing Executive Officer, CRO, CCO, in charge of Risk Management Dept., Human Resources Dept., General Affairs Dept. and Legal Dept. Stepping down as Executive Officer (as of March 31, 2023): Masayuki Fujii, Managing Executive Officer, with responsibility for Group Management Dept., Corporate Planning Dept., Accounting & Finance Dept. and Back Office Optimization Project (Exclusive duty for Director after April 1) Hidetsune Miura, Senior Executive Officer, with responsibility for Environment & Safety Dept., Quality Assurance Dept., Purchasing & Logistics Dept. and Ube Corporate Service Dept. (to be appointed as the President and Representative Director of UBE LOGISTIC SERVICE, LTD. as of April 1) Masarou Suehiro, Executive Officer, with responsibility for Auditing Dept. (to be appointed as a Director, Senior Managing Executive Officer of UBE EXSYMO CO., LTD. as of April 1).Reported Earnings • Feb 04Third quarter 2023 earnings released: JP¥8.39 loss per share (vs JP¥88.13 profit in 3Q 2022)Third quarter 2023 results: JP¥8.39 loss per share (down from JP¥88.13 profit in 3Q 2022). Revenue: JP¥123.6b (down 27% from 3Q 2022). Net loss: JP¥814.0m (down 110% from profit in 3Q 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year.お知らせ • Feb 03+ 2 more updatesUBE Corporation to Report Q4, 2023 Results on May 12, 2023UBE Corporation announced that they will report Q4, 2023 results at 3:00 PM, Tokyo Standard Time on May 12, 2023Price Target Changed • Jan 17Price target decreased to JP¥2,187Down from JP¥2,417, the current price target is an average from 6 analysts. New target price is 13% above last closing price of JP¥1,936. Stock is down 7.2% over the past year. The company is forecast to post earnings per share of JP¥13.50 for next year compared to JP¥249 last year.Board Change • Jan 11Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Takefumi Fukumizu was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Major Estimate Revision • Dec 30Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥42.53 to JP¥13.50 per share. Revenue forecast steady at JP¥522.5b. Net income forecast to shrink 23% next year vs 0.6% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥2,270 unchanged from last update. Share price was steady at JP¥1,938 over the past week.Buying Opportunity • Dec 21Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 5.1%. The fair value is estimated to be JP¥2,418, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings is also forecast to grow by 33% per annum over the same time period.Major Estimate Revision • Nov 26Consensus EPS estimates fall by 51%The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥547.3b to JP¥539.9b. EPS estimate also fell from JP¥95.59 per share to JP¥46.39 per share. Net income forecast to shrink 14% next year vs 1.6% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥2,417 to JP¥2,320. Share price rose 3.0% to JP¥2,039 over the past week.Reported Earnings • Nov 16Second quarter 2023 earnings released: JP¥62.67 loss per share (vs JP¥48.60 profit in 2Q 2022)Second quarter 2023 results: JP¥62.67 loss per share (down from JP¥48.60 profit in 2Q 2022). Revenue: JP¥128.6b (down 20% from 2Q 2022). Net loss: JP¥6.08b (down 227% 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 Chemicals 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 fallen by 5% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 06Second quarter 2023 earnings released: JP¥62.67 loss per share (vs JP¥48.60 profit in 2Q 2022)Second quarter 2023 results: JP¥62.67 loss per share (down from JP¥48.60 profit in 2Q 2022). Revenue: JP¥128.6b (down 20% from 2Q 2022). Net loss: JP¥6.08b (down 227% from profit in 2Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals 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 fallen by 7% per year, which means it is significantly lagging earnings.Upcoming Dividend • Sep 22Upcoming dividend of JP¥50.00 per shareEligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.9%).Major Estimate Revision • Aug 26Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥495.2b to JP¥513.2b. EPS estimate fell from JP¥202 to JP¥158 per share. Net income forecast to shrink 29% next year vs 3.3% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥2,650 to JP¥2,590. Share price was steady at JP¥2,073 over the past week.Reported Earnings • Aug 05First quarter 2023 earnings released: EPS: JP¥59.25 (vs JP¥47.31 in 1Q 2022)First quarter 2023 results: EPS: JP¥59.25 (up from JP¥47.31 in 1Q 2022). Revenue: JP¥116.2b (down 21% from 1Q 2022). Net income: JP¥5.74b (up 21% from 1Q 2022). Profit margin: 4.9% (up from 3.3% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 21% compared to a 9.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat.Reported Earnings • May 16Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: JP¥249 (up from JP¥227 in FY 2021). Revenue: JP¥655.3b (up 6.7% from FY 2021). Net income: JP¥24.5b (up 6.8% from FY 2021). Profit margin: 3.7% (in line with FY 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Over the next year, revenue is expected to shrink by 29% compared to a 7.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year.Major Estimate Revision • May 15Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥253 to JP¥214. Revenue forecast unchanged from JP¥467.1b at last update. Net income forecast to shrink 26% next year vs 2.3% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥2,592 unchanged from last update. Share price fell 3.8% to JP¥1,993 over the past week.Board Change • May 08Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Outside Director Tadahiko Fukuhara was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.お知らせ • Apr 26UBE Corporation to Report Q3, 2023 Results on Feb 03, 2023UBE Corporation announced that they will report Q3, 2023 results on Feb 03, 2023Reported Earnings • Feb 03Third quarter 2022 earnings: EPS and revenues exceed analyst expectationsThird quarter 2022 results: EPS: JP¥88.13 (up from JP¥86.03 in 3Q 2021). Revenue: JP¥169.9b (up 6.9% from 3Q 2021). Net income: JP¥8.55b (down 1.7% from 3Q 2021). Profit margin: 5.0% (down from 5.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Over the next year, revenue is expected to shrink by 28% compared to a 7.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year.株主還元4208JP ChemicalsJP 市場7D-2.5%-2.2%-2.2%1Y38.9%48.1%39.6%株主還元を見る業界別リターン: 4208過去 1 年間で48.1 % の収益を上げたJP Chemicals業界を下回りました。リターン対市場: 4208は、過去 1 年間で39.6 % のリターンをもたらしたJPマーケットと一致しました。価格変動Is 4208's price volatile compared to industry and market?4208 volatility4208 Average Weekly Movement7.3%Chemicals Industry Average Movement5.3%Market Average Movement4.4%10% most volatile stocks in JP Market9.3%10% least volatile stocks in JP Market2.2%安定した株価: 4208の株価は、 JP市場と比較して過去 3 か月間で変動しています。時間の経過による変動: 4208の weekly volatility ( 7% ) は過去 1 年間安定していますが、依然としてJPの株式の 75% よりも高くなっています。会社概要設立従業員CEO（最高経営責任者ウェブサイト18977,968Yuki Nishidawww.ube.comUBE株式会社は、子会社とともに、日本、アジア、ヨーロッパ、北米およびその他の地域において、素材および機械事業を展開しています。同社の事業は、「機能性製品」、「高機能ウレタン」、「医薬品」、「樹脂・化学製品」、「機械」、「その他」の各セグメントで構成されています。 「機能性製品」セグメントでは、ポリイミド、分離膜、セラミックス、セパレーターを提供している。「高性能ウレタン」セグメントでは、ウレタン樹脂中間体、エラストマー、コーティング製品を提供している。「医薬品」セグメントでは、創薬および医薬品原料・中間体の受託製造・販売を行っている。 「樹脂・化学製品」セグメントは、複合材料、ナイロンポリマー、カプロラクタム、硫酸アンモニウム、工業用化学品、およびエラストマーを提供している。 機械部門では、ダイカスト機、押出プレス、射出成形機、セラミックス機械、化学装置、破砕機、搬送機械、集塵機のほか、橋梁、鉄骨構造物などを提供している。 「その他」セグメントは、電力供給、不動産販売、リース、管理などを手掛けている。同社は、以前は宇部興産株式会社として知られていた。UBE Corporationは1897年に設立され、本社は日本の港区にある。もっと見るUBE Corporation 基礎のまとめUBE の収益と売上を時価総額と比較するとどうか。4208 基礎統計学時価総額JP¥305.23b収益（TTM）JP¥23.87b売上高(TTM)JP¥462.34b12.8xPER（株価収益率0.7xP/Sレシオ4208 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4208 損益計算書（TTM）収益JP¥462.34b売上原価JP¥358.89b売上総利益JP¥103.46bその他の費用JP¥79.59b収益JP¥23.87b直近の収益報告Mar 31, 2026次回決算日Aug 07, 2026一株当たり利益（EPS）245.74グロス・マージン22.38%純利益率5.16%有利子負債／自己資本比率77.6%4208 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3.5%現在の配当利回り45%配当性向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2026/06/29 07:46終値2026/06/29 00:00収益2026/03/31年間収益2026/03/31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この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、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。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UBE Corporation 5 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。18 アナリスト機関Mikiya YamadaBarclaysTakayuki KuniiBofA Global ResearchAtsushi IkedaCitigroup Inc15 その他のアナリストを表示
分析記事 • Jun 25We Like The Quality Of UBE's (TSE:4208) EarningsUBE Corporation's ( TSE:4208 ) recent earnings report didn't offer any surprises, with the shares unchanged over the...
Price Target Changed • Jun 17Price target increased by 12% to JP¥3,080Up from JP¥2,760, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,154. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥260 for next year compared to JP¥246 last year.
Board Change • Jun 04High number of new directorsManaging Executive Officer, CHRO, CCO & Director Ryo Kawamura was the last director to join the board, commencing their role in 2025.
お知らせ • May 13UBE Corporation, Annual General Meeting, Jun 25, 2026UBE Corporation, Annual General Meeting, Jun 25, 2026.
お知らせ • Mar 26+ 3 more updatesUBE Corporation to Report Q1, 2027 Results on Aug 07, 2026UBE Corporation announced that they will report Q1, 2027 results on Aug 07, 2026
お知らせ • Jan 16UBE Corporation Announces Restructuring of Domestic Production System in Cement-Related BusinessUBE Cement Corporation announced that, at the Board of Directors meeting, MUCC resolved to cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and to transform the district into a recycling promotion base specializing in various types of waste treatment, as described below. The business environment for the cement industry continues to face pressures from declining domestic demand and reduced profitability in export markets. Against this backdrop, MUCC is advancing initiatives to strengthen profitability and improve asset efficiency, aiming to achieve sustainable growth and enhance corporate value over the medium to long term. Meanwhile, as MUCC seeks to achieve carbon neutrality by 2050, a key effort is to improve its thermal energy substitution rate. In particular, MUCC considers it essential to expand the volume of waste treatment for thermal recycling at the Kyushu Plant, which has one of the leading cement production capacities in Japan, and to achieve a thermal energy substitution rate of 50% or more for MUCC as a whole. Under these circumstances, in order to establish an optimal operation system and strengthen the competitiveness of its cement business, MUCC will cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and consolidate operations at Kyushu Plant Kanda District 1, thereby improving the efficiency of production facilities across the entire Kyushu Plant. In addition, to maximize the use of its technologies and further improve the waste treatment substitution rate, MUCC will develop Kyushu Plant Kanda District 2 as a recycling promotion base, utilizing existing facilities for crushing and packing waste plastics and removing chlorine and foreign materials. MUCC will steadily execute these measures to further enhance corporate value and help build a sustainable society.
分析記事 • Jun 25We Like The Quality Of UBE's (TSE:4208) EarningsUBE Corporation's ( TSE:4208 ) recent earnings report didn't offer any surprises, with the shares unchanged over the...
Price Target Changed • Jun 17Price target increased by 12% to JP¥3,080Up from JP¥2,760, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,154. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥260 for next year compared to JP¥246 last year.
Board Change • Jun 04High number of new directorsManaging Executive Officer, CHRO, CCO & Director Ryo Kawamura was the last director to join the board, commencing their role in 2025.
お知らせ • May 13UBE Corporation, Annual General Meeting, Jun 25, 2026UBE Corporation, Annual General Meeting, Jun 25, 2026.
お知らせ • Mar 26+ 3 more updatesUBE Corporation to Report Q1, 2027 Results on Aug 07, 2026UBE Corporation announced that they will report Q1, 2027 results on Aug 07, 2026
お知らせ • Jan 16UBE Corporation Announces Restructuring of Domestic Production System in Cement-Related BusinessUBE Cement Corporation announced that, at the Board of Directors meeting, MUCC resolved to cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and to transform the district into a recycling promotion base specializing in various types of waste treatment, as described below. The business environment for the cement industry continues to face pressures from declining domestic demand and reduced profitability in export markets. Against this backdrop, MUCC is advancing initiatives to strengthen profitability and improve asset efficiency, aiming to achieve sustainable growth and enhance corporate value over the medium to long term. Meanwhile, as MUCC seeks to achieve carbon neutrality by 2050, a key effort is to improve its thermal energy substitution rate. In particular, MUCC considers it essential to expand the volume of waste treatment for thermal recycling at the Kyushu Plant, which has one of the leading cement production capacities in Japan, and to achieve a thermal energy substitution rate of 50% or more for MUCC as a whole. Under these circumstances, in order to establish an optimal operation system and strengthen the competitiveness of its cement business, MUCC will cease cement production at Kyushu Plant Kanda District 2 by around the end of March 2027 and consolidate operations at Kyushu Plant Kanda District 1, thereby improving the efficiency of production facilities across the entire Kyushu Plant. In addition, to maximize the use of its technologies and further improve the waste treatment substitution rate, MUCC will develop Kyushu Plant Kanda District 2 as a recycling promotion base, utilizing existing facilities for crushing and packing waste plastics and removing chlorine and foreign materials. MUCC will steadily execute these measures to further enhance corporate value and help build a sustainable society.
分析記事 • Dec 04UBE's (TSE:4208) Dividend Will Be ¥55.00UBE Corporation ( TSE:4208 ) has announced that it will pay a dividend of ¥55.00 per share on the 29th of June. Based...
Declared Dividend • Dec 03First half dividend of JP¥55.00 announcedDividend of JP¥55.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not covered by earnings (186% earnings payout ratio) nor is it covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 8.2% 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 106% to bring the payout ratio under control. EPS is expected to grow by 63% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio.
分析記事 • Sep 05UBE (TSE:4208) Is Reinvesting At Lower Rates Of ReturnDid you know there are some financial metrics that can provide clues of a potential multi-bagger? Ideally, a business...
Reported Earnings • Aug 06First quarter 2026 earnings released: EPS: JP¥44.90 (vs JP¥49.49 in 1Q 2025)First quarter 2026 results: EPS: JP¥44.90 (down from JP¥49.49 in 1Q 2025). Revenue: JP¥100.5b (down 13% from 1Q 2025). Net income: JP¥4.36b (down 9.2% from 1Q 2025). Profit margin: 4.3% (in line with 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.
分析記事 • Jul 24UBE (TSE:4208) Is Due To Pay A Dividend Of ¥55.00The board of UBE Corporation ( TSE:4208 ) has announced that it will pay a dividend of ¥55.00 per share on the 3rd of...
分析記事 • Jul 10UBE (TSE:4208) Has Announced A Dividend Of ¥55.00UBE Corporation's ( TSE:4208 ) investors are due to receive a payment of ¥55.00 per share on 3rd of December. This...
Declared Dividend • Jul 09Final dividend of JP¥55.00 announcedDividend of JP¥55.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.8%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 8.2% per year over the past 10 years. However, payments have been volatile during that time.
Reported Earnings • Jun 25Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: JP¥49.60 loss per share (down from JP¥299 profit in FY 2024). Revenue: JP¥486.8b (up 4.0% from FY 2024). Net loss: JP¥4.82b (down 117% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 68%. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.
New Risk • Jun 24New major risk - Revenue and earnings growthEarnings have declined by 21% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 21% per year over the past 5 years.
Reported Earnings • May 13Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: JP¥49.60 loss per share (down from JP¥299 profit in FY 2024). Revenue: JP¥486.8b (up 4.0% from FY 2024). Net loss: JP¥4.82b (down 117% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 68%. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
お知らせ • May 12+ 2 more updatesUBE Corporation, Annual General Meeting, Jun 26, 2025UBE Corporation, Annual General Meeting, Jun 26, 2025.
分析記事 • May 08Here's Why UBE (TSE:4208) Has A Meaningful Debt BurdenDavid Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Board Change • Apr 28High number of new directorsThere are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Tatsuya Tanaka was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Apr 02UBE Corporation (TSE:4208) completed the acquisition of Urethane Systems Business of LANXESS Aktiengesellschaft (XTRA:LXS) for approximately €500 million.UBE Corporation (TSE:4208) signed a contract to acquire Urethane Systems Business of LANXESS Aktiengesellschaft (XTRA:LXS) for an enterprise value of €460 million on October 3, 2024. For the last twelve months period ending September 30, 2024, Urethane Systems Business of LANXESS reported total revenue of €265 million and EBITDA of €50 million. The acquisition price is expected to be confirmed based on the price adjustment indicated in the stock purchase agreement. The acquisition will be financed through cash on hand and interest-bearing debt. The Urethane Systems business comprises 5 manufacturing sites globally as well as application laboratories in the USA, Europe and China. UBE Corporation will take over all operations from LANXESS with a total of around 400 employees. LANXESS will use the proceeds to reduce its net debt. The transaction is subject to the approval of the relevant authorities including regulatory approval. The transaction is expected to close in the first half of 2025. Nomura Holding America, Inc. acted as financial advisor to UBE Corporation. Matthias Töke, Katharina Spenner LL.M., Joachim Fröhlich LL.M., Katharina Weiner, Daniel Bork, Christoph Becker, Ariane Schaaf, Simone (Bach) Rieken LL.M., Johannes M. Baumann, LL.M., Christian Atzler, Christian Vocke, Richard Raoul Stefanink, Patrick H. Wilkening, Markus Hecht, Christian Reichel and Nicolas Kredel LL.M. of Baker & Mckenzie Partnerschaft Von Rechtsanwälten Wirtschaftsprüfern,Steuerberatern Und Solicitors acted as legal advisor to UBE Corporation. Masahiro Inaba, Byron Frost and Tetsuo Tsujimoto of Baker & McKenzie (Gaikokuho Joint Enterprise) acted as legal advisor to UBE Corporation. UBE Corporation (TSE:4208) completed the acquisition of Urethane Systems Business of LANXESS Aktiengesellschaft (XTRA:LXS) for approximately €500 million on April 1, 2025. All relevant antitrust authorities had granted the necessary approvals for the transaction
お知らせ • Mar 28+ 2 more updatesUBE Corporation to Report Q3, 2026 Results on Feb 04, 2026UBE Corporation announced that they will report Q3, 2026 results on Feb 04, 2026
お知らせ • Mar 01UBE Corporation to Report Fiscal Year 2025 Results on May 12, 2025UBE Corporation announced that they will report fiscal year 2025 results on May 12, 2025
お知らせ • Feb 19+ 1 more updateUbe Corporation Announces CEO Changes, Effective from April 1, 2025UBE Corporation announced that its Board of Directors resolved on February 19, 2025, to make the following changes to directors. Masato Izumihara, Current Position: President and Representative Director CEO, New Position: Chairman of the Board of Directors. Yuki Nishida, Current Position: Representative Director Senior Managing Executive Officer, New Position: President and Representative Director CEO. Yuki Nishida: Date of Birth: January 16, 1962. Birthplace: Hiroshima Prefecture. Career Highlights: March 1987 Master's Degree of Applied Chemistry, Faculty of Engineering, Hiroshima University; April 1987 Joined Ube Industries Ltd. (currently UBE Corporation); June 1987 Fine Chemicals Manufacturing Department, Ube Chemical Factory; November 1990 Development Department, Chemicals Division; March 1996 Business Development Department, Fine & Industrial Chemicals Business Unit, Chemicals & Plastics Division; February 2000 Transferred to UBE Europe (Dusseldorf, Germany); April 2003 Transferred to UBE Chemicals Europe (Madrid, Spain); January 2005 Sales Group Leader, Fine Chemicals Business Unit, Specialty Chemicals & Products Division; December 2006; General Manager, Fine Chemicals Business Unit, Specialty Chemicals & Products Division; April 2015; General Manager, Battery Materials and Fine Chemicals Business Unit, Chemicals Company; April 2016: Executive Officer General Manager, Battery Materials and Fine Chemicals Business Unit, Chemicals Company; April 2017: Executive Officer General Manager, Battery Materials and Fine Chemicals Division, Chemicals Company; April 2019: Managing Executive Officer General Manager, Engineering Plastics & Fine Chemicals Division, Chemicals Company; April 2021: Managing Executive Officer General Manager, Engineering Plastics & Fine Chemicals Division; April 2022: Senior Managing Executive Officer Assistant to the President, General Manager, Production & Technology Division, and DX Promotion Office, with responsibility for Information Systems Department; July 2022: Senior Managing Executive Officer Assistant to the President, General Manager, Production & Technology Division, and DX Promotion Office, with responsibility for Information Systems Department and C1 Chemicals Project; April 2024: Senior Managing Executive Officer Assistant to the President, General Manager, DX Promotion Office, with responsibility for Information Systems Department and C1 Chemicals Project; June 2024: Representative Director and Senior Managing Executive Officer Assistant to the President, General Manager, DX Promotion Office, with responsibility for Information Systems Department and C1 Chemicals Project (current position); April 2025: President and Representative Director CEO, with responsibility for DX Promotion Office, Information Systems Department, and C1 Chemicals Project (pending approval).
お知らせ • Jan 28+ 1 more updateUBE Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025UBE Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2025. For the year, the company expects net sales to be JPY 490.0 billion against previous guidance of JPY 510.0 billion. Operating profit to be JPY 16.0 billion against previous guidance of JPY 27.0 billion. Loss attributable to owners of parent to be JPY 17.5 billion against previous guidance of profit attributable to owners of parent of JPY 29.5 billion. Net loss per share to be JPY 180.24 against previous guidance of net income per share to be JPY 303.89. Reasons for the Revision: Net sales are expected to fall below the previous forecast mainly due to the transfer of management rights of UBE Steel Co. Ltd. in Machinery Segment, in November 2024. Operating profit is also projected to come in lower than the previous forecast as sales of caprolactam and nylon polymer in the Polymers & Chemicals Segment have been sluggish due to the impact of oversupply by Chinese companies. Ordinary profit is projected to be lower than the previous forecast due to a decrease in operating profit as mentioned above. Additionally, in the first half (interim period), the company dissolved an equity-method affiliate engaged in the elastomer business in Malaysia, recording share of loss of entities accounted for using the equity method. Profit attributable to owners of parent is expected to be lower than the previous forecast. Ordinary profit is expected to decline as described earlier. Additionally, as a result of the decision to implement structural reform in the basic businesses, the company plans to record approximately JPY 35 billion in impairment losses and other related expenses. For details on the structural reform of the basic businesses, please refer to UBE Announces Structural Reform of Basic Businesses to Achieve Vision for 2030 released on January 28, 2025.
Declared Dividend • Dec 04First half dividend of JP¥55.00 announcedShareholders will receive a dividend of JP¥55.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (53% 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 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • Nov 09New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows.
Reported Earnings • Nov 09Second quarter 2025 earnings released: JP¥46.20 loss per share (vs JP¥55.26 profit in 2Q 2024)Second quarter 2025 results: JP¥46.20 loss per share (down from JP¥55.26 profit in 2Q 2024). Revenue: JP¥127.7b (up 17% from 2Q 2024). Net loss: JP¥4.49b (down 184% from profit in 2Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
分析記事 • Nov 08Getting In Cheap On UBE Corporation (TSE:4208) Might Be DifficultThere wouldn't be many who think UBE Corporation's ( TSE:4208 ) price-to-sales (or "P/S") ratio of 0.5x is worth a...
お知らせ • Oct 31UBE Corporation Revises Earnings Forecast for the First Half of Fiscal Year Ending March 31, 2025UBE Corporation revised earnings forecast for the First Half of fiscal year ending March 31, 2025. For the period,the company expected net sales of JPY 243,000 Million operating profit of JPY 6,000 Million and profit attributable to owners of parent of JPY 300 million or JPY 3.09 per basic share as compared to previous guidance of net sales of JPY 238,000 Million operating profit of JPY 7,500 Million and profit attributable to owners of parent of JPY 8,000 million or JPY 82.41 per basic share. Reasons for the Revision: Net sales are expected to exceed the previous forecast due to an increase in the selling price of elastomers as a result of rising raw material prices, despite sluggish sales of certain products in the Specialty Products Segment. Operating profit is projected to be lower than the previous forecast due to the impact of the lower of cost or market method on caprolactam, nylon polymers, and other products, in the Polymers & Chemicals Segment. Ordinary profit and profit attributable to owners of parent are expected to be significantly lower than previously forecast due to the posting of a share of loss of entities accounted for using equity method following the dissolution of LOTTE UBE SYNTHETIC RUBBER SDN. BHD., an equity method affiliate.
分析記事 • Oct 17Investors Could Be Concerned With UBE's (TSE:4208) Returns On CapitalWhen researching a stock for investment, what can tell us that the company is in decline? A business that's potentially...
お知らせ • Oct 04+ 1 more updateiSigma Capital Corporation agreed to acquire 84.25% stake in Ube Steel Co.,Ltd from UBE Corporation (TSE:4208).iSigma Capital Corporation agreed to acquire 84.25% stake in Ube Steel Co.,Ltd from UBE Corporation (TSE:4208) on October 3, 2024.
Upcoming Dividend • Sep 20Upcoming dividend of JP¥55.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%).
Reported Earnings • Aug 06First quarter 2025 earnings released: EPS: JP¥49.49 (vs JP¥37.67 in 1Q 2024)First quarter 2025 results: EPS: JP¥49.49 (up from JP¥37.67 in 1Q 2024). Revenue: JP¥115.4b (up 5.6% from 1Q 2024). Net income: JP¥4.80b (up 31% from 1Q 2024). Profit margin: 4.2% (up from 3.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to JP¥2,185, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,711 per share.
Declared Dividend • Jul 11Final dividend of JP¥55.00 announcedShareholders will receive a dividend of JP¥55.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Jun 26Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2024 results: EPS: JP¥299 (up from JP¥72.25 loss in FY 2023). Revenue: JP¥468.2b (down 5.4% from FY 2023). Net income: JP¥29.0b (up JP¥36.0b from FY 2023). Profit margin: 6.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Price Target Changed • Jun 15Price target increased by 9.8% to JP¥3,092Up from JP¥2,817, the current price target is an average from 6 analysts. New target price is 13% above last closing price of JP¥2,735. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥301 for next year compared to JP¥299 last year.
Major Estimate Revision • Jun 15Consensus EPS estimates increase by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥499.9b to JP¥515.7b. EPS estimate increased from JP¥265 to JP¥301 per share. Net income forecast to grow 0.8% next year vs 10% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥2,817 to JP¥3,092. Share price was steady at JP¥2,735 over the past week.
Reported Earnings • May 16Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2024 results: EPS: JP¥299 (up from JP¥72.25 loss in FY 2023). Revenue: JP¥468.2b (down 5.4% from FY 2023). Net income: JP¥29.0b (up JP¥36.0b from FY 2023). Profit margin: 6.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
お知らせ • May 15+ 2 more updatesUBE Corporation to Report First Half, 2025 Results on Nov 07, 2024UBE Corporation announced that they will report first half, 2025 results on Nov 07, 2024
Buy Or Sell Opportunity • May 14Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 20% to JP¥3,014. The fair value is estimated to be JP¥2,489, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 54%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 19% per annum over the same time period.
分析記事 • May 01Is UBE (TSE:4208) A Risky Investment?Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to...
お知らせ • Apr 26+ 1 more updateUBE Corporation, Annual General Meeting, Jun 26, 2024UBE Corporation, Annual General Meeting, Jun 26, 2024. Agenda: To approve the Change of Representative Director and Executive Personnel.
分析記事 • Apr 13Estimating The Fair Value Of UBE Corporation (TSE:4208)Key Insights UBE's estimated fair value is JP¥2,482 based on 2 Stage Free Cash Flow to Equity With JP¥2,830 share...
Price Target Changed • Mar 27Price target increased by 8.3% to JP¥2,817Up from JP¥2,600, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,750. Stock is up 33% over the past year. The company is forecast to post earnings per share of JP¥230 next year compared to a net loss per share of JP¥72.25 last year.
Upcoming Dividend • Mar 21Upcoming dividend of JP¥50.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%).
分析記事 • Mar 19Market Participants Recognise UBE Corporation's (TSE:4208) EarningsWith a price-to-earnings (or "P/E") ratio of 18.2x UBE Corporation ( TSE:4208 ) may be sending bearish signals at the...
お知らせ • Mar 02UBE Corporation to Report Fiscal Year 2024 Results on May 13, 2024UBE Corporation announced that they will report fiscal year 2024 results on May 13, 2024
お知らせ • Feb 08UBE Corporation Announces Appointment of Hideo Tamada as Director, Effective April 1, 2024UBE Corporation announced Hideo Tamada as Director from Representative Director Senior Managing Executive Officer, Effective from April 1, 2024.
Reported Earnings • Feb 07Third quarter 2024 earnings released: EPS: JP¥113 (vs JP¥8.39 loss in 3Q 2023)Third quarter 2024 results: EPS: JP¥113 (up from JP¥8.39 loss in 3Q 2023). Revenue: JP¥114.9b (down 7.1% from 3Q 2023). Net income: JP¥10.9b (up JP¥11.7b from 3Q 2023). Profit margin: 9.5% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings.
Reported Earnings • Nov 07Second quarter 2024 earnings released: EPS: JP¥55.26 (vs JP¥62.67 loss in 2Q 2023)Second quarter 2024 results: EPS: JP¥55.26 (up from JP¥62.67 loss in 2Q 2023). Revenue: JP¥108.9b (down 15% from 2Q 2023). Net income: JP¥5.36b (up JP¥11.4b from 2Q 2023). Profit margin: 4.9% (up from net loss in 2Q 2023). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
Upcoming Dividend • Sep 21Upcoming dividend of JP¥50.00 per share at 3.7% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. 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 (3.3%). Higher than average of industry peers (2.5%).
Buying Opportunity • Sep 20Now 21% undervaluedOver the last 90 days, the stock is up 9.7%. The fair value is estimated to be JP¥3,363, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.6% over the last 3 years. Meanwhile, the company became loss making.
Reported Earnings • Aug 08First quarter 2024 earnings released: EPS: JP¥37.67 (vs JP¥59.25 in 1Q 2023)First quarter 2024 results: EPS: JP¥37.67 (down from JP¥59.25 in 1Q 2023). Revenue: JP¥109.2b (down 6.0% from 1Q 2023). Net income: JP¥3.66b (down 36% from 1Q 2023). Profit margin: 3.3% (down from 4.9% in 1Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
Price Target Changed • Jul 01Price target increased by 13% to JP¥2,537Up from JP¥2,245, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,471. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥260 next year compared to a net loss per share of JP¥72.25 last year.
お知らせ • May 17+ 3 more updatesUBE Corporation Announces Dividend for the Year Ended March 31, 2023UBE Corporation announced dividend for the year ended March 31, 2023 of JPY 45.00 per share compared to JPY 50.00 per share paid a year ago.
Reported Earnings • May 16Full year 2023 earnings released: JP¥72.25 loss per share (vs JP¥249 profit in FY 2022)Full year 2023 results: JP¥72.25 loss per share (down from JP¥249 profit in FY 2022). Revenue: JP¥494.7b (down 25% from FY 2022). Net loss: JP¥7.01b (down 129% from profit in FY 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
Major Estimate Revision • Apr 08Consensus EPS estimates fall by 27%The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -JP¥40.20 to -JP¥51.14 per share. Revenue forecast unchanged at JP¥506.1b. Chemicals industry in Japan expected to see average net income growth of 0.7% next year. Consensus price target broadly unchanged at JP¥2,137. Share price was steady at JP¥2,088 over the past week.
Upcoming Dividend • Mar 23Upcoming dividend of JP¥45.00 per share at 4.7% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%).
Major Estimate Revision • Mar 15Consensus EPS estimates fall by 15%The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -JP¥26.80 to -JP¥30.93 per share. Revenue forecast unchanged at JP¥505.5b. Chemicals industry in Japan expected to see average net income growth of 1.3% next year. Consensus price target of JP¥2,103 unchanged from last update. Share price fell 4.4% to JP¥2,001 over the past week.
Major Estimate Revision • Feb 21Consensus EPS estimates fall by 161%The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥516.5b to JP¥508.5b. Losses expected to increase from JP¥10.26 per share to JP¥26.80. Chemicals industry in Japan expected to see average net income growth of 6.6% next year. Consensus price target down from JP¥2,187 to JP¥2,103. Share price rose 3.8% to JP¥2,069 over the past week.
Price Target Changed • Feb 20Price target decreased by 7.3% to JP¥2,103Down from JP¥2,270, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,069. Stock is down 5.0% over the past year. The company is forecast to post a net loss per share of JP¥26.80 compared to earnings per share of JP¥249 last year.
お知らせ • Feb 11+ 1 more updateUBE Corporation Announces Organizational and Personnel ChangesUBE Corporation has announced that the company's Board of Directors resolved on February 10, 2023, on the following changes to its internal organization, executive officers and their assignments. Newly appointed Executive Officer (as of April 1, 2023): Hirofumi Nonaka, currently Executive Trustee, Deputy, General Manager of Performance, Polymers & Chemicals Div., new position is Executive Officer, Deputy General Manager of Performance Polymers & Chemicals Div. Hirotaka Ishikawa, currently General Manager, Accounting & Finance Dept., new position is Executive Officer, CFO, General Manager of Accounting & Finance Dept. with responsibility for Group Management Dept. and Corporate Planning Dept. Kazunori Yukimoto, currently General Manager of Sakai Factory, Production & Technology Div. and General Manager of Production & Technology Supervisory Dept., Specialty Products Div., new position is Executive Officer, Deputy General Manager of Production & Technology Div. and General Manager of Ube Chemical Factory. Ryo Kawamura, currently General Manager, Legal Dept., new position is Executive Officer, General Manager of Legal Dept., with responsibility for Risk Management Dept., Human Resources Dept. and General Affairs Dept. Shinya Takahashi, currently General Manager, Corporate Planning Dept., new position is Executive Officer, Deputy General Manager of Specialty Products Div. Newly promoted Executive Officers (as of April 1, 2023). Keiichi Nagata, currently Managing Executive Officer, General Manager, Specialty Products Div., new position is Senior Managing Executive Officer, General Manager, Specialty Products Div. Yoichi Funayama, currently Senior Executive Officer, General Manager, Pharmaceutical Div., new position is Managing Executive Officer, General Manager, Pharmaceutical Div. Futoshi Takase, currently Executive Officer, Deputy General Manager of Production & Technology Div. and General Manager of Ube Chemical Factory, new position is Senior Executive Officer, with responsibility for Environment & Safety Dept., Quality Assurance Dept., Purchasing & Logistics Dept. and Ube Corporate Service Dept. Changes to assignments (as of April 1, 2023): Hideo Tamada, currently Senior Managing Executive Officer, CRO, CCO, with responsibility for Risk Management Dept., Human Resources Dept., General Affairs Dept. and Legal Dept., new position is Senior Managing Executive Officer, CRO, CCO, in charge of Risk Management Dept., Human Resources Dept., General Affairs Dept. and Legal Dept. Stepping down as Executive Officer (as of March 31, 2023): Masayuki Fujii, Managing Executive Officer, with responsibility for Group Management Dept., Corporate Planning Dept., Accounting & Finance Dept. and Back Office Optimization Project (Exclusive duty for Director after April 1) Hidetsune Miura, Senior Executive Officer, with responsibility for Environment & Safety Dept., Quality Assurance Dept., Purchasing & Logistics Dept. and Ube Corporate Service Dept. (to be appointed as the President and Representative Director of UBE LOGISTIC SERVICE, LTD. as of April 1) Masarou Suehiro, Executive Officer, with responsibility for Auditing Dept. (to be appointed as a Director, Senior Managing Executive Officer of UBE EXSYMO CO., LTD. as of April 1).
Reported Earnings • Feb 04Third quarter 2023 earnings released: JP¥8.39 loss per share (vs JP¥88.13 profit in 3Q 2022)Third quarter 2023 results: JP¥8.39 loss per share (down from JP¥88.13 profit in 3Q 2022). Revenue: JP¥123.6b (down 27% from 3Q 2022). Net loss: JP¥814.0m (down 110% from profit in 3Q 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year.
お知らせ • Feb 03+ 2 more updatesUBE Corporation to Report Q4, 2023 Results on May 12, 2023UBE Corporation announced that they will report Q4, 2023 results at 3:00 PM, Tokyo Standard Time on May 12, 2023
Price Target Changed • Jan 17Price target decreased to JP¥2,187Down from JP¥2,417, the current price target is an average from 6 analysts. New target price is 13% above last closing price of JP¥1,936. Stock is down 7.2% over the past year. The company is forecast to post earnings per share of JP¥13.50 for next year compared to JP¥249 last year.
Board Change • Jan 11Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Takefumi Fukumizu was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Major Estimate Revision • Dec 30Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥42.53 to JP¥13.50 per share. Revenue forecast steady at JP¥522.5b. Net income forecast to shrink 23% next year vs 0.6% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥2,270 unchanged from last update. Share price was steady at JP¥1,938 over the past week.
Buying Opportunity • Dec 21Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 5.1%. The fair value is estimated to be JP¥2,418, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings is also forecast to grow by 33% per annum over the same time period.
Major Estimate Revision • Nov 26Consensus EPS estimates fall by 51%The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥547.3b to JP¥539.9b. EPS estimate also fell from JP¥95.59 per share to JP¥46.39 per share. Net income forecast to shrink 14% next year vs 1.6% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥2,417 to JP¥2,320. Share price rose 3.0% to JP¥2,039 over the past week.
Reported Earnings • Nov 16Second quarter 2023 earnings released: JP¥62.67 loss per share (vs JP¥48.60 profit in 2Q 2022)Second quarter 2023 results: JP¥62.67 loss per share (down from JP¥48.60 profit in 2Q 2022). Revenue: JP¥128.6b (down 20% from 2Q 2022). Net loss: JP¥6.08b (down 227% 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 Chemicals 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 fallen by 5% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 06Second quarter 2023 earnings released: JP¥62.67 loss per share (vs JP¥48.60 profit in 2Q 2022)Second quarter 2023 results: JP¥62.67 loss per share (down from JP¥48.60 profit in 2Q 2022). Revenue: JP¥128.6b (down 20% from 2Q 2022). Net loss: JP¥6.08b (down 227% from profit in 2Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals 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 fallen by 7% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Sep 22Upcoming dividend of JP¥50.00 per shareEligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.9%).
Major Estimate Revision • Aug 26Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥495.2b to JP¥513.2b. EPS estimate fell from JP¥202 to JP¥158 per share. Net income forecast to shrink 29% next year vs 3.3% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥2,650 to JP¥2,590. Share price was steady at JP¥2,073 over the past week.
Reported Earnings • Aug 05First quarter 2023 earnings released: EPS: JP¥59.25 (vs JP¥47.31 in 1Q 2022)First quarter 2023 results: EPS: JP¥59.25 (up from JP¥47.31 in 1Q 2022). Revenue: JP¥116.2b (down 21% from 1Q 2022). Net income: JP¥5.74b (up 21% from 1Q 2022). Profit margin: 4.9% (up from 3.3% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 21% compared to a 9.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat.
Reported Earnings • May 16Full year 2022 earnings: EPS and revenues exceed analyst expectationsFull year 2022 results: EPS: JP¥249 (up from JP¥227 in FY 2021). Revenue: JP¥655.3b (up 6.7% from FY 2021). Net income: JP¥24.5b (up 6.8% from FY 2021). Profit margin: 3.7% (in line with FY 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Over the next year, revenue is expected to shrink by 29% compared to a 7.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year.
Major Estimate Revision • May 15Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥253 to JP¥214. Revenue forecast unchanged from JP¥467.1b at last update. Net income forecast to shrink 26% next year vs 2.3% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥2,592 unchanged from last update. Share price fell 3.8% to JP¥1,993 over the past week.
Board Change • May 08Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Outside Director Tadahiko Fukuhara was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
お知らせ • Apr 26UBE Corporation to Report Q3, 2023 Results on Feb 03, 2023UBE Corporation announced that they will report Q3, 2023 results on Feb 03, 2023
Reported Earnings • Feb 03Third quarter 2022 earnings: EPS and revenues exceed analyst expectationsThird quarter 2022 results: EPS: JP¥88.13 (up from JP¥86.03 in 3Q 2021). Revenue: JP¥169.9b (up 6.9% from 3Q 2021). Net income: JP¥8.55b (down 1.7% from 3Q 2021). Profit margin: 5.0% (down from 5.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Over the next year, revenue is expected to shrink by 28% compared to a 7.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year.
