Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Etsu Harima was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • May 09
NTN Corporation to Report Fiscal Year 2026 Results on May 14, 2026 NTN Corporation announced that they will report fiscal year 2026 results on May 14, 2026 Aankondiging • Nov 29
NTN Corporation to Report Q3, 2026 Results on Feb 03, 2026 NTN Corporation announced that they will report Q3, 2026 results on Feb 03, 2026 Aankondiging • Sep 01
NTN Corporation to Report Q2, 2026 Results on Oct 31, 2025 NTN Corporation announced that they will report Q2, 2026 results on Oct 31, 2025 Aankondiging • Jun 27
NTN Corporation to Report Q1, 2026 Results on Aug 04, 2025 NTN Corporation announced that they will report Q1, 2026 results on Aug 04, 2025 Aankondiging • May 15
NTN Corporation, Annual General Meeting, Jun 25, 2025 NTN Corporation, Annual General Meeting, Jun 25, 2025. Aankondiging • Mar 01
NTN Corporation to Report Fiscal Year 2025 Results on May 14, 2025 NTN Corporation announced that they will report fiscal year 2025 results on May 14, 2025 Aankondiging • Nov 06
NTN Corporation to Report Q3, 2025 Results on Feb 04, 2025 NTN Corporation announced that they will report Q3, 2025 results on Feb 04, 2025 Reported Earnings • Nov 01
Second quarter 2025 earnings released: JP¥4.33 loss per share (vs JP¥4.68 profit in 2Q 2024) Second quarter 2025 results: JP¥4.33 loss per share (down from JP¥4.68 profit in 2Q 2024). Revenue: JP¥203.1b (down 2.7% from 2Q 2024). Net loss: JP¥2.30b (down 192% from profit in 2Q 2024). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.4% 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 8% per year, which means it is significantly lagging earnings. Aankondiging • Sep 27
NTN Corporation to Report Q2, 2025 Results on Oct 31, 2024 NTN Corporation announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥5.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.5%). New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: JP¥0.32 (vs JP¥3.09 in 1Q 2024) First quarter 2025 results: EPS: JP¥0.32 (down from JP¥3.09 in 1Q 2024). Revenue: JP¥210.8b (up 5.0% from 1Q 2024). Net income: JP¥170.0m (down 90% from 1Q 2024). Profit margin: 0.1% (down from 0.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 11
Final dividend of JP¥5.50 announced Shareholders will receive a dividend of JP¥5.50. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 307%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (15% 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 92% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥19.90 (vs JP¥19.53 in FY 2023) Full year 2024 results: EPS: JP¥19.90 (up from JP¥19.53 in FY 2023). Revenue: JP¥836.3b (up 8.1% from FY 2023). Net income: JP¥10.6b (up 1.9% from FY 2023). Profit margin: 1.3% (in line with FY 2023). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Aankondiging • May 16
NTN Corporation, Annual General Meeting, Jun 25, 2024 NTN Corporation, Annual General Meeting, Jun 25, 2024. Buy Or Sell Opportunity • Apr 26
Now 21% undervalued Over the last 90 days, the stock has risen 15% to €1.86. The fair value is estimated to be €2.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 6.8% in 2 years. Earnings are forecast to grow by 2.6% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.9%). In line with average of industry peers (3.2%). Aankondiging • Mar 02
NTN Corporation to Report Fiscal Year 2024 Results on May 14, 2024 NTN Corporation announced that they will report fiscal year 2024 results on May 14, 2024 Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥6.70 (vs JP¥1.66 in 3Q 2023) Third quarter 2024 results: EPS: JP¥6.70 (up from JP¥1.66 in 3Q 2023). Revenue: JP¥210.9b (up 6.7% from 3Q 2023). Net income: JP¥3.56b (up 305% from 3Q 2023). Profit margin: 1.7% (up from 0.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Aankondiging • Nov 27
NTN Corporation to Report Q3, 2024 Results on Feb 02, 2024 NTN Corporation announced that they will report Q3, 2024 results on Feb 02, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥4.68 (vs JP¥1.61 in 2Q 2023) Second quarter 2024 results: EPS: JP¥4.68 (up from JP¥1.61 in 2Q 2023). Revenue: JP¥208.9b (up 4.9% from 2Q 2023). Net income: JP¥2.48b (up 191% from 2Q 2023). Profit margin: 1.2% (up from 0.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% 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 134% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Aankondiging • Nov 01
NTN Corporation Announces Dividend for the Second Quarter and Provides Dividend Guidance for the Year End of Fiscal Year Ending March 31, 2024 NTN Corporation announced dividend for the second quarter and provided dividend guidance for the year end of fiscal year ending March 31, 2024. For the second quarter, company announced dividend of JPY 5.00 per share against JPY 2.50 per share a year ago. Payment date is December 1, 2023. For the year end. the company expects dividend of JPY 5.00 per share against JPY 2.50 per share a year ago. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥5.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Aankondiging • Aug 27
NTN Corporation to Report Q2, 2024 Results on Oct 31, 2023 NTN Corporation announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: JP¥3.09 (vs JP¥4.69 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥3.09 (up from JP¥4.69 loss in 1Q 2023). Revenue: JP¥200.8b (up 16% from 1Q 2023). Net income: JP¥1.64b (up JP¥4.13b from 1Q 2023). Profit margin: 0.8% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Aankondiging • May 31
NTN Corporation to Report Q1, 2024 Results on Aug 02, 2023 NTN Corporation announced that they will report Q1, 2024 results on Aug 02, 2023 Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥19.53 (vs JP¥13.83 in FY 2022) Full year 2023 results: EPS: JP¥19.53 (up from JP¥13.83 in FY 2022). Revenue: JP¥774.0b (up 21% from FY 2022). Net income: JP¥10.4b (up 41% from FY 2022). Profit margin: 1.3% (up from 1.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.93, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Machinery industry in Germany. Total returns to shareholders of 9.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.36 per share. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.16, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Machinery industry in Germany. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.64 per share. Reported Earnings • Feb 03
Third quarter 2023 earnings released: EPS: JP¥1.66 (vs JP¥0.87 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥1.66 (up from JP¥0.87 loss in 3Q 2022). Revenue: JP¥197.7b (up 22% from 3Q 2022). Net income: JP¥879.0m (up JP¥1.34b from 3Q 2022). Profit margin: 0.4% (up from net loss in 3Q 2022). Revenue is forecast to grow 4.2% 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 101% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Aankondiging • Nov 27
NTN Corporation to Report Q3, 2023 Results on Feb 02, 2023 NTN Corporation announced that they will report Q3, 2023 results on Feb 02, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director, Exe. Officer and In charge of European & African, ESG, Legal, Trade, IC & General Affairs Masaaki Yamamoto was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 15% share price gain to €2.06, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Machinery industry in Germany. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.81 per share. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥1.61 (vs JP¥4.20 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥1.61 (up from JP¥4.20 loss in 2Q 2022). Revenue: JP¥199.1b (up 34% from 2Q 2022). Net income: JP¥854.0m (up JP¥3.09b from 2Q 2022). Profit margin: 0.4% (up from net loss in 2Q 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Aankondiging • Aug 04
NTN Corporation to Report Q2, 2023 Results on Oct 31, 2022 NTN Corporation announced that they will report Q2, 2023 results on Oct 31, 2022 Reported Earnings • Aug 03
First quarter 2023 earnings released: JP¥4.69 loss per share (vs JP¥2.23 profit in 1Q 2022) First quarter 2023 results: JP¥4.69 loss per share (down from JP¥2.23 profit in 1Q 2022). Revenue: JP¥172.6b (up 10% from 1Q 2022). Net loss: JP¥2.49b (down 310% from profit in 1Q 2022). Over the next year, revenue is forecast to grow 9.8%, compared to a 9.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Aankondiging • Aug 03
NTN Corporation Provides Consolidated Earnings Guidance for the First Half and Full Year for the Year Ending March 31, 2023 NTN Corporation provided consolidated earnings guidance for the first half and full year for the year ending March 31, 2023. For the first half, company expects net sales to be JPY 350,000 million, operating income to be JPY 1,000 million, loss attributable to owners of parent to be JPY 3,500 million and net loss per share to be JPY 6.59.For the full year, company expects net sales to be JPY 720,000 million, operating income to be JPY 23,000 million, profit attributable to owners of parent to be JPY 10,000 million and net income per share to be JPY 18.84. Reported Earnings • Jun 26
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥642.0b (up 14% from FY 2021). Net income: JP¥7.34b (up JP¥19.0b from FY 2021). Profit margin: 1.1% (up from net loss in FY 2021). Over the next year, revenue is forecast to grow 11%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • May 29
NTN Corporation to Report Q1, 2023 Results on Jul 29, 2022 NTN Corporation announced that they will report Q1, 2023 results on Jul 29, 2022 Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 19% share price gain to €1.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Machinery industry in Germany. Total loss to shareholders of 18% over the past three years. Reported Earnings • May 15
Full year 2022 earnings released: EPS: JP¥13.83 (vs JP¥21.92 loss in FY 2021) Full year 2022 results: EPS: JP¥13.83 (up from JP¥21.92 loss in FY 2021). Revenue: JP¥642.0b (up 14% from FY 2021). Net income: JP¥7.34b (up JP¥19.0b from FY 2021). Profit margin: 1.1% (up from net loss in FY 2021). Over the next year, revenue is forecast to grow 7.9%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Tomonori Nishimura was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Apr 08
NTN Corporation to Report Fiscal Year 2022 Results on May 13, 2022 NTN Corporation announced that they will report fiscal year 2022 results on May 13, 2022 Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: JP¥0.87 loss per share (down from JP¥2.13 profit in 3Q 2021). Revenue: JP¥162.3b (up 1.2% from 3Q 2021). Net loss: JP¥460.0m (down 141% from profit in 3Q 2021). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 8.3%, compared to a 10.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 30
Second quarter 2022 earnings released: JP¥4.20 loss per share (vs JP¥4.31 loss in 2Q 2021) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2022 results: Revenue: JP¥149.2b (up 1.3% from 2Q 2021). Net loss: JP¥2.23b (loss narrowed 2.4% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 02
First quarter 2022 earnings released: EPS JP¥2.23 (vs JP¥22.83 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥156.6b (up 70% from 1Q 2021). Net income: JP¥1.18b (up JP¥13.3b from 1Q 2021). Profit margin: 0.8% (up from net loss in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
Full year 2021 earnings released: JP¥21.92 loss per share (vs JP¥82.83 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: JP¥562.8b (down 14% from FY 2020). Net loss: JP¥11.6b (loss narrowed 74% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 04
NTN Corporation to Report Fiscal Year 2021 Results on May 14, 2021 NTN Corporation announced that they will report fiscal year 2021 results on May 14, 2021 Is New 90 Day High Low • Feb 18
New 90-day high: €2.52 The company is up 40% from its price of €1.80 on 19 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €11.17 per share. Reported Earnings • Jan 30
Third quarter 2021 earnings released: EPS JP¥2.13 (vs JP¥4.26 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: JP¥160.3b (flat on 3Q 2020). Net income: JP¥1.13b (up JP¥3.39b from 3Q 2020). Profit margin: 0.7% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Jan 30
Revenue beats expectations Revenue exceeded analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 10%, compared to a 4.9% growth forecast for the Machinery industry in Germany. Is New 90 Day High Low • Jan 21
New 90-day high: €2.18 The company is up 27% from its price of €1.71 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.28 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €1.92 The company is up 19% from its price of €1.61 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also 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 €5.41 per share. Aankondiging • Nov 29
NTN Corporation to Report Q3, 2021 Results on Jan 28, 2021 NTN Corporation announced that they will report Q3, 2021 results on Jan 28, 2021 Is New 90 Day High Low • Nov 16
New 90-day high: €1.86 The company is up 16% from its price of €1.61 on 18 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also 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 €4.47 per share. Reported Earnings • Nov 07
Second quarter 2021 earnings released: JP¥4.31 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥147.3b (down 9.5% from 2Q 2020). Net loss: JP¥2.29b (loss widened 81% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 112% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 28%. Over the next year, revenue is forecast to grow 4.5% while the growth in Machinery industry in Germany is expected to stay flat. Reported Earnings • Nov 01
First half earnings released Over the last 12 months the company has reported total losses of JP¥59.5b, with losses widening by 325% from the prior year. Total revenue was JP¥556.2b over the last 12 months, down 20% from the prior year. Analyst Estimate Surprise Post Earnings • Nov 01
Semi-annual earnings released: Revenue misses expectations Semi-annual revenue missed analyst estimates by 28% at JP¥239.2b. Revenue is forecast to grow 4.1% over the next year, while the growth in Machinery industry in Germany is expected to stay flat. Aankondiging • Aug 30
NTN Corporation to Report Q2, 2021 Results on Oct 30, 2020 NTN Corporation announced that they will report Q2, 2021 results on Oct 30, 2020 
