Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €17.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Machinery industry in Germany. Total returns to shareholders of 206% over the past three years. Reported Earnings • May 21
First quarter 2026 earnings released: EPS: JP¥48.36 (vs JP¥34.17 in 1Q 2025) First quarter 2026 results: EPS: JP¥48.36 (up from JP¥34.17 in 1Q 2025). Revenue: JP¥55.4b (up 15% from 1Q 2025). Net income: JP¥3.16b (up 39% from 1Q 2025). Profit margin: 5.7% (up from 4.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Junko Yamaguchi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 26
Nikkiso Co., Ltd. to Report Q2, 2026 Results on Aug 14, 2026 Nikkiso Co., Ltd. announced that they will report Q2, 2026 results on Aug 14, 2026 Aankondiging • Feb 13
Nikkiso Co., Ltd., Annual General Meeting, Mar 27, 2026 Nikkiso Co., Ltd., Annual General Meeting, Mar 27, 2026. Aankondiging • May 29
Nikkiso Co., Ltd. Announces an Appeal to the Tokyo High Court Against Tax Reassessment Under the Controlled Foreign Company Tax Regime Nikkiso Co., Ltd. received a notice of reassessment for the 2018 business income of Nikkiso International Co., Ltd., which is the parent company of three (3) foreign subsidiaries under the Clean Energy & Industrial Gas Group (the "CE&IE Group"), a consolidated subsidiary group of the Company. The reassessment was based on the grounds that these foreign subsidiaries did not satisfy the exemption requirements under the CFC tax regime. As the Company did not agree with the decision, it filed a lawsuit with the Tokyo District Court seeking revocation of the tax reassessment. However, the court dismissed the Company's claims in the ruling dated May 16, 2025. Accordingly, the Company hereby announces that, in response to the court's ruling, it has decided to file an appeal with the Tokyo High Court on May 29, 2025. Future Outlook: The Company finds it deeply regrettable that its claims were not accepted and is unable to accept the ruling. Accordingly, the Company will file an appeal with the Tokyo High Court to reassert its legitimacy. Associated with this matter, the Company recorded corporate income tax of approximately JPY 1.7 billion in the fiscal year ended December 31, 2021, and the tax payment has already been completed. Should any material developments requiring disclosure arise, the Company will disclose them in a timely manner. Aankondiging • Mar 06
Nikkiso Co., Ltd. to Report Q1, 2025 Results on May 15, 2025 Nikkiso Co., Ltd. announced that they will report Q1, 2025 results on May 15, 2025 Aankondiging • Feb 14
Nikkiso Co., Ltd., Annual General Meeting, Mar 28, 2025 Nikkiso Co., Ltd., Annual General Meeting, Mar 28, 2025. New Risk • Sep 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.4% net profit margin). Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: JP¥47.21 (vs JP¥56.05 in 2Q 2023) Second quarter 2024 results: EPS: JP¥47.21 (down from JP¥56.05 in 2Q 2023). Revenue: JP¥54.4b (up 17% from 2Q 2023). Net income: JP¥3.13b (down 16% from 2Q 2023). Profit margin: 5.7% (down from 8.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €5.90, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 15x in the Machinery industry in Germany. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 12 September 2024. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.6%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: JP¥42.70 (vs JP¥2.46 in 1Q 2023) First quarter 2024 results: EPS: JP¥42.70 (up from JP¥2.46 in 1Q 2023). Revenue: JP¥48.3b (up 18% from 1Q 2023). Net income: JP¥2.83b (up JP¥2.66b from 1Q 2023). Profit margin: 5.9% (up from 0.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • Mar 09
Nikkiso Co., Ltd. to Report Q1, 2024 Results on May 15, 2024 Nikkiso Co., Ltd. announced that they will report Q1, 2024 results on May 15, 2024 Aankondiging • Feb 16
Nikkiso Co., Ltd., Annual General Meeting, Mar 28, 2024 Nikkiso Co., Ltd., Annual General Meeting, Mar 28, 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: JP¥137 (vs JP¥195 in FY 2022) Full year 2023 results: EPS: JP¥137 (down from JP¥195 in FY 2022). Revenue: JP¥192.6b (up 8.8% from FY 2022). Net income: JP¥9.07b (down 34% from FY 2022). Profit margin: 4.7% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Jan 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (155% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Shareholders have been diluted in the past year (8.4% increase in shares outstanding). Upcoming Dividend • Dec 21
Upcoming dividend of JP¥12.50 per share at 2.6% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 13 March 2024. Payout ratio is a comfortable 17% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (2.7%). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: JP¥36.19 (vs JP¥185 in 3Q 2022) Third quarter 2023 results: EPS: JP¥36.19 (down from JP¥185 in 3Q 2022). Revenue: JP¥46.3b (up 6.0% from 3Q 2022). Net income: JP¥2.40b (down 82% from 3Q 2022). Profit margin: 5.2% (down from 30% in 3Q 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: JP¥56.06 (vs JP¥18.05 in 2Q 2022) Second quarter 2023 results: EPS: JP¥56.06 (up from JP¥18.05 in 2Q 2022). Revenue: JP¥46.4b (down 1.0% from 2Q 2022). Net income: JP¥3.71b (up 189% from 2Q 2022). Profit margin: 8.0% (up from 2.7% in 2Q 2022). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Jul 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 35% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 35% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥12.50 per share at 2.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 13 September 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (2.8%). Reported Earnings • May 19
First quarter 2023 earnings released: EPS: JP¥2.46 (vs JP¥8.76 in 1Q 2022) First quarter 2023 results: EPS: JP¥2.46 (down from JP¥8.76 in 1Q 2022). Revenue: JP¥40.9b (flat on 1Q 2022). Net income: JP¥163.0m (down 74% from 1Q 2022). Profit margin: 0.4% (down from 1.5% in 1Q 2022). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Aankondiging • Feb 16
Nikkiso Co., Ltd., Annual General Meeting, Mar 30, 2023 Nikkiso Co., Ltd., Annual General Meeting, Mar 30, 2023. Reported Earnings • Feb 15
Full year 2022 earnings released: EPS: JP¥195 (vs JP¥3.10 in FY 2021) Full year 2022 results: EPS: JP¥195 (up from JP¥3.10 in FY 2021). Revenue: JP¥177.1b (up 5.6% from FY 2021). Net income: JP¥13.6b (up JP¥13.4b from FY 2021). Profit margin: 7.7% (up from 0.1% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 4.4% p.a. on average during the next 2 years, while revenues in the Machinery industry in Germany are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥12.50 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 March 2023. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (2.8%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Outside Director Mitsuaki Nakakubo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: JP¥18.06 (vs JP¥20.66 loss in 2Q 2021) Second quarter 2022 results: EPS: JP¥18.06 (up from JP¥20.66 loss in 2Q 2021). Revenue: JP¥46.8b (up 19% from 2Q 2021). Net income: JP¥1.29b (up JP¥2.76b from 2Q 2021). Profit margin: 2.7% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is expected to shrink by 13% compared to a 9.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Aankondiging • Aug 16
Nikkiso Co., Ltd. (TSE:6376) announces an Equity Buyback for 8,350,000 shares, representing 11.72% for ¥5,000 million. Nikkiso Co., Ltd. (TSE:6376) announces a share repurchase program. Under the program, the company will repurchase 8,350,000 shares, representing 11.24% of the outstanding shares, for ¥5,000 million. The purpose of the program is to return profits to shareholders based on comprehensive consideration of factors such as performance and the business environment. The program will run until December 31, 2022. As of June 30, 2022, the company had 71,272,693 shares outstanding (excluding treasury stock) and 3,013,771 shares in treasury. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥12.50 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 12 September 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (2.7%). Reported Earnings • May 22
First quarter 2022 earnings released: EPS: JP¥8.76 (vs JP¥31.24 in 1Q 2021) First quarter 2022 results: EPS: JP¥8.76 (down from JP¥31.24 in 1Q 2021). Revenue: JP¥40.7b (up 6.5% from 1Q 2021). Net income: JP¥624.0m (down 72% from 1Q 2021). Profit margin: 1.5% (down from 5.8% in 1Q 2021). Over the next year, revenue is expected to shrink by 12% compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Outside Director Mitsuaki Nakakubo was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 16
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: JP¥3.10 (down from JP¥92.08 in FY 2020). Revenue: JP¥167.8b (up 5.8% from FY 2020). Net income: JP¥221.0m (down 97% from FY 2020). Profit margin: 0.1% (down from 4.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.3%. Over the next year, revenue is expected to shrink by 2.0% compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 16
Nikkiso Co., Ltd., Annual General Meeting, Mar 30, 2022 Nikkiso Co., Ltd., Annual General Meeting, Mar 30, 2022. Upcoming Dividend • Dec 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 March 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.2%). Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS JP¥3.21 (vs JP¥19.77 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥41.2b (up 12% from 3Q 2020). Net income: JP¥229.0m (down 84% from 3Q 2020). Profit margin: 0.6% (down from 3.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 18% share price decline to JP¥6.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 20x in the Machinery industry in Germany. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.61 per share. Reported Earnings • Aug 13
Second quarter 2021 earnings released: JP¥20.66 loss per share (vs JP¥29.63 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: JP¥39.3b (up 2.5% from 2Q 2020). Net loss: JP¥1.47b (down 170% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 14 September 2021. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.1%). Reported Earnings • May 19
First quarter 2021 earnings released: EPS JP¥31.24 (vs JP¥10.29 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥38.3b (up 4.9% from 1Q 2020). Net income: JP¥2.23b (up 204% from 1Q 2020). Profit margin: 5.8% (up from 2.0% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Apr 06
Full year 2020 earnings released: EPS JP¥92.08 (vs JP¥95.67 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: JP¥158.5b (down 4.4% from FY 2019). Net income: JP¥6.56b (down 3.7% from FY 2019). Profit margin: 4.1% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Mar 02
New 90-day high: €8.70 The company is up 7.0% from its price of €8.10 on 01 December 2020. The German market is also up 7.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Machinery industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.88 per share. Aankondiging • Feb 16
Nikkiso Co., Ltd., Annual General Meeting, Mar 30, 2021 Nikkiso Co., Ltd., Annual General Meeting, Mar 30, 2021. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥92.08 (vs JP¥95.67 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: JP¥158.5b (down 4.4% from FY 2019). Net income: JP¥6.56b (down 3.7% from FY 2019). Profit margin: 4.1% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue beats expectations Revenue exceeded analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 16%, compared to a 5.0% growth forecast for the Machinery industry in Germany. Is New 90 Day High Low • Feb 10
New 90-day high: €8.50 The company is up 2.0% from its price of €8.35 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.93 per share. Is New 90 Day High Low • Dec 28
New 90-day low: €7.75 The company is down 15% from its price of €9.10 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.68 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥10.00 Per Share Will be paid on the 10th of March to those who are registered shareholders by the 29th of December. The trailing yield of 2.0% is below the top quartile of German dividend payers (3.5%), but is in line with industry peers (1.8%). Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS JP¥19.78 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: JP¥36.9b (down 13% from 3Q 2019). Net income: JP¥1.41b (down 48% from 3Q 2019). Profit margin: 3.8% (down from 6.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue misses expectations Revenue missed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 5.3%, compared to a 2.6% growth forecast for the Machinery industry in Germany. 
