Declared Dividend • May 20
Dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 240%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (34% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €8.35, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Chemicals industry in Germany. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.57 per share. Aankondiging • May 18
Tokai Carbon Co., Ltd. to Report Q2, 2026 Results on Aug 05, 2026 Tokai Carbon Co., Ltd. announced that they will report Q2, 2026 results on Aug 05, 2026 Aankondiging • May 15
Tokai Carbon Co., Ltd. (TSE:5301) announces an Equity Buyback for 11,210,700 shares, for ¥14,999.92 million. Tokai Carbon Co., Ltd. (TSE:5301) announces a share repurchase program. Under the program, the company will repurchase up to 11,210,700 shares, representing 5.25% of its issued share capital, for ¥14,999.92 million. The shares will be repurchased at a price of ¥1,338 per share. The purpose of the program is to improve capital efficiency and implement flexible capital policies as well as enhance shareholder returns. The program is valid till May 15, 2026. As of April 30, 2026, the company had 213,546,633 outstanding shares (excluding treasury stock) and 11,396,471 treasury shares. Aankondiging • Mar 23
Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD) Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD) Aankondiging • Feb 13
Tokai Carbon Co., Ltd. to Report Q1, 2026 Results on May 13, 2026 Tokai Carbon Co., Ltd. announced that they will report Q1, 2026 results on May 13, 2026 Aankondiging • Feb 12
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026. Aankondiging • Nov 10
Tokai Carbon Co., Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2025 results on Feb 12, 2026 Aankondiging • Jul 07
Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd. Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd on July 7, 2025. A cash consideration will be paid by Tokai Carbon Co., Ltd. and Thai Tokai Carbon Product Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of Bridgestone Carbon Black (Thailand) Co.,Ltd. Upon completion of the transaction, Tokai Carbon Co., Ltd. will own 1% and Thai Tokai Carbon Product Co., Ltd. will own 99% of the shares. Bridgestone Carbon Black (Thailand) Co.,Ltd. is expected to become consolidated subsidiary of Tokai Carbon Co., Ltd.
For the period ending December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total revenue of THB 2.35 billion, EBIT of THB 54 million and net income of THB 42 million. As of December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total assets of THB 2.35 billion and total common equity of THB 2.07 billion.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is September 30, 2025. Aankondiging • Jul 02
Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301). Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH.
For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025.
Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on June 30, 2025. As a result of this share transfer, TEG will no longer be included in the scope of consolidation, effective from the second quarter of the fiscal year ending December 2025. Ronald Meißner, LL.M., Dr. Florian Anselm, Dr. Attila Bangha-Szabo, Mark Leonard, Werner Geißelmeier, Dr. Fabian Klein, Dr. Michael Reich, Julia Stubert and Dr. Joël Hofmann of Pinsent Masons Germany LLP. Takanari Sekiguchi of Hibiya-Nakata acted jointly with Pinsent Masons Germany LLP. Sven Schweneke, Laurenz Kiefer, Dr. Philip Cavaillès, Dr. Adrian Birnbach, Dr. Stefan Horn, Dr. Michael Brüggemann, Julia Siedhoff and Julian C. Ludwig of Taylor Wessing acted as legal advisor to Lenbach Equity Opportunities III. Aankondiging • May 20
Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH.
For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025. Aankondiging • Feb 12
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: JP¥9.01 (vs JP¥25.66 in 3Q 2023) Third quarter 2024 results: EPS: JP¥9.01 (down from JP¥25.66 in 3Q 2023). Revenue: JP¥87.7b (down 1.7% from 3Q 2023). Net income: JP¥1.92b (down 65% from 3Q 2023). Profit margin: 2.2% (down from 6.1% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Germany. 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 17% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 11
Dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 282%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.80, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Chemicals industry in Germany. Total loss to shareholders of 52% over the past three years. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: JP¥7.63 (vs JP¥37.36 in 1Q 2023) First quarter 2024 results: EPS: JP¥7.63 (down from JP¥37.36 in 1Q 2023). Revenue: JP¥82.2b (down 5.0% from 1Q 2023). Net income: JP¥1.63b (down 80% from 1Q 2023). Profit margin: 2.0% (down from 9.2% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Germany. 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 24% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 233%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (2% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Apr 09
Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion. Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion on April 9, 2024. The transaction is expected to close on April 23, 2024. Aankondiging • Mar 23
Tokai Carbon Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Tokai Carbon Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: JP¥119 (vs JP¥105 in FY 2022) Full year 2023 results: EPS: JP¥119 (up from JP¥105 in FY 2022). Revenue: JP¥363.9b (up 6.9% from FY 2022). Net income: JP¥25.5b (up 14% from FY 2022). Profit margin: 7.0% (up from 6.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥18.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 2.3% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.7%). Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: JP¥25.66 (vs JP¥32.22 in 3Q 2022) Third quarter 2023 results: EPS: JP¥25.66 (down from JP¥32.22 in 3Q 2022). Revenue: JP¥89.2b (flat on 3Q 2022). Net income: JP¥5.47b (down 20% from 3Q 2022). Profit margin: 6.1% (down from 7.7% in 3Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Aankondiging • Aug 19
Tokai Carbon Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: JP¥37.24 (vs JP¥24.43 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.24 (up from JP¥24.43 in 2Q 2022). Revenue: JP¥91.9b (up 5.0% from 2Q 2022). Net income: JP¥7.94b (up 52% from 2Q 2022). Profit margin: 8.6% (up from 5.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Aankondiging • Aug 09
Tokai Carbon Co., Ltd. Announces Management Changes, Effective as of September 1, 2023 Tokai Carbon Co., Ltd. decided on the following personnel change effective as of September 1, 2023: Masafumi Tsuji, Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department as Member of the Board Managing Executive Officer Responsible for Human Resources General Manager, Graphite Electrode Division; Hiroshi Takahashi, Executive Officer Responsible for General Administration Department for Group Companies as Executive Officer Advisor, Tokai Material Co., Ltd.; Akira Yamada, Executive Officer General Manager, General Affairs and Legal Affairs Department as Executive Officer Responsible for General Affairs and Legal Affairs Department General Manager, General Affairs and Legal Affairs Department; Keiichiro Machihara, Executive Officer Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department as Executive Officer, Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department Engineering Advisor, CB Business Rebuilding Project. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥18.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: JP¥37.36 (vs JP¥18.97 in 1Q 2022) First quarter 2023 results: EPS: JP¥37.36 (up from JP¥18.97 in 1Q 2022). Revenue: JP¥86.5b (up 25% from 1Q 2022). Net income: JP¥7.96b (up 97% from 1Q 2022). Profit margin: 9.2% (up from 5.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €8.67, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Chemicals industry in Germany. Total returns to shareholders of 14% over the past three years. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: JP¥105 (vs JP¥75.55 in FY 2021) Full year 2022 results: EPS: JP¥105 (up from JP¥75.55 in FY 2021). Revenue: JP¥340.4b (up 32% from FY 2021). Net income: JP¥22.4b (up 39% from FY 2021). Profit margin: 6.6% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Aankondiging • Feb 11
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 30, 2023 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 30, 2023. Aankondiging • Feb 10
Tokai Carbon Co., Ltd. Announces Notice on Changes in the Management Tokai Carbon decided on the following personnel change effective as of March 30, 2023. (1) New Member of the Board. New Position: Member of the BoardExecutive Officer (Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.), Name: Tatsuhiko Yamazaki. Current Position: Business Director(Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.). (2) Retirement from Member of the Board. Current Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Yuji Serizawa. Post-Retirement: (Audit & Supervisory Board Member). (3) New Audit & Supervisory Board Member. New Position: Audit & Supervisory Board Member, Name: Yuji Serizawa. Current Position: Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department. . New Position: Audit & Supervisory Board Member (External), Name: Yoshinori Matsushima. (4) Retirement from Audit & Supervisory Board Member. Current Position: Audit & Supervisory Board Member, Name: Masanao Hosoya. Post-Retirement: -. Current Position: Audit & Supervisory Board Member (External), Name: Motokazu Hiura. Post-Retirement: -. (5) New Substitute Audit & Supervisory Board Member. New Position: Substitute Audit & Supervisory Board Member (External), Name: Toshiya Onuma. Current Position:-. (6) New Executive Officer. New Position: Executive Officer Responsible for Strategic Planning Department, Name: Tsunayuki Sato. Current Position: Business Director General Manager, Strategic Investment Department. (7) Changes in Member of the Board and Executive Officer. New Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Masafumi Tsuji. Current Position: Member of the BoardExecutive Officer Responsible for Corporate Planning, General Administration for Group Companies, Strategic Investment, Sales Research & Planning and Business Incubation Department General Manager, Corporate Planning Department. New Position: Member of the Board Executive Officer General Manager,Technology & Engineering Division, Name: Syunji Yamamoto. Current Position: Member of the Board Executive Officer (Director, TCCB Genpar LLC). New Position: Executive Officer Responsible for General Administration Department for Group Companies Name: Hiroshi Takahashi. Current Position: Executive OfficerGeneral Manager, General Administration Department for Group Companies. (8) Other Changes. New Position: (Retirement), Name: Nobuyuki Murofushi. Current Position: Executive Fellow Executive Officer to the President. Aankondiging • Feb 09
Tokai Carbon Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2022 Tokai Carbon Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2022. The company expects net sales to be JPY 340,000 million as compared to previous JPY 305,000 million, Operating income to be JPY 40,588 million as compared to previous JPY 35,000 million, net income attributable to owners of parent to be JPY 22,418 million as compared to previous JPY 20,000 million. EPS to be JPY 105.16 as compared to previous JPY 93.82 per basic share. Net sales, operating income, ordinary income and net income attributable to owners of the parent company increased compared to the previous guidance due to increased shipments of materials andproducts in the background of the gradual recovery of the global economy. Net sales improved from the previous forecast mainly due to an improvement in the selling price ofcarbon black. Aankondiging • Jan 27
Tokai Carbon Co., Ltd. Announces Executive Changes Tokai Carbon Co., Ltd. announced following personnel change effective as of February 1, 2023. Keiichiro Machihara, Executive Officer General Manager, Technology & Engineering Division as Executive Officer General Manager, Technology & Engineering Division General Manager, Engineering Department. Aankondiging • Dec 28
Tokai Carbon Co., Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.7%). Board Change • Nov 16
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 External Director Toshiro Miyazaki 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. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: JP¥32.21 (vs JP¥18.06 in 3Q 2021) Third quarter 2022 results: EPS: JP¥32.21 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: JP¥24.43 (vs JP¥17.54 in 2Q 2021) Second quarter 2022 results: EPS: JP¥24.43 (up from JP¥17.54 in 2Q 2021). Revenue: JP¥87.6b (up 38% from 2Q 2021). Net income: JP¥5.21b (up 39% from 2Q 2021). Profit margin: 5.9% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 3.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 57% 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. Aankondiging • Aug 08
Tokai Carbon Co., Ltd. Announces Management Changes Tokai Carbon Co., Ltd. announced that changes of Masafumi Tsuji as Member of the Board Executive Officer Responsible for Corporate Planning, General Administration for Group Companies, Strategic Investment, Sales Research & Planning and Business Incubation Department General Manager, Corporate Planning Department from Member of the Board Executive Officer Responsible for Corporate Planning, Strategic Investment, and Sales Research & Planning Department General Manager, Corporate Planning Department. Hiroshi Takahashi as Executive Officer General Manager, General Administration Department for Group Companies from Executive Officer (Chairman, Tokai Carbon Korea Co., Ltd.). Kazuhito Kataoka as Executive Officer General Manager, Business Incubation Department from Executive Officer General Manager, Japan Operations of Graphite Electordes. Kazuyoshi Haino as Executive Officer General Manager, Japan Operations of Graphite Electordes and Hofu Laboratory from Executive Officer General Manager, Production & Technology Department, Graphite Electrode Division. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (5.4%). Reported Earnings • May 13
First quarter 2022 earnings released: EPS: JP¥18.97 (vs JP¥9.23 in 1Q 2021) First quarter 2022 results: EPS: JP¥18.97 (up from JP¥9.23 in 1Q 2021). Revenue: JP¥69.5b (up 29% from 1Q 2021). Net income: JP¥4.04b (up 106% from 1Q 2021). Profit margin: 5.8% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 6.4% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
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 External Director Toshiro Miyazaki 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. Reported Earnings • Feb 09
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: JP¥75.55 (up from JP¥4.78 in FY 2020). Revenue: JP¥258.9b (up 28% from FY 2020). Net income: JP¥16.1b (up JP¥15.1b from FY 2020). Profit margin: 6.2% (up from 0.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 10%, compared to a 6.0% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 08
Tokai Carbon Co., Ltd. Announces Executive Changes Tokai Carbon announces the following changes in the management scheduled on March 30, 2022. Toshiro Miyazaki is appointed as Member of the Board (External). Hirofumi Masuda announced Retirement from member of the Board as a Member of the Board, Executive Officer, General Manager and Friction Materials Division. Junichi Tanahashi resigns as Member of the Board (External). The above retirement is scheduled when the FY2021 Annual Meeting of Shareholders closes on March 30, 2022. Kazuyoshi Haino appointed as Executive Officer, General Manager, Production & Technology Department, Graphite Electrode Division. Keiichiro Machihara appointed as Executive Officer, General Manager, Technology & Engineering Division, General Manager, Engineering Department. The above position is scheduled on March 30, 2022. Aankondiging • Jan 28
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 30, 2022 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 30, 2022. Agenda: To consider Partial Amendment to the Articles of Incorporation. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €9.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Chemicals industry in Germany. Total loss to shareholders of 15% over the past three years. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS JP¥18.06 (vs JP¥5.35 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥67.7b (up 33% from 3Q 2020). Net income: JP¥3.85b (up JP¥4.99b from 3Q 2020). Profit margin: 5.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 16% share price gain to €12.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Chemicals industry in Germany. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥10.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Chemicals industry in Germany. Total loss to shareholders of 25% over the past three years. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS JP¥17.54 (vs JP¥11.38 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥63.4b (up 55% from 2Q 2020). Net income: JP¥3.74b (up JP¥6.17b from 2Q 2020). Profit margin: 5.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (3.7%). Reported Earnings • May 12
First quarter 2021 earnings released: EPS JP¥9.23 (vs JP¥21.50 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: JP¥54.0b (up 2.2% from 1Q 2020). Net income: JP¥1.97b (down 57% from 1Q 2020). Profit margin: 3.6% (down from 8.7% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS JP¥4.78 (vs JP¥150 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥201.5b (down 23% from FY 2019). Net income: JP¥1.02b (down 97% from FY 2019). Profit margin: 0.5% (down from 12% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Executive Departure • Apr 01
Executive Officer & President of Oriental Industry Co. Ltd Yuji Yamake has left the company On the 30th of March, Yuji Yamake's tenure in the role of Executive Officer & President of Oriental Industry Co. Ltd ended. We don't have any record of a personal shareholding under Yuji's name. A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Mar 16
New 90-day high: €13.47 The company is up 41% from a price of €9.55 on 16 December 2020. Outperformed the German market which is up 9.0% over the last 90 days. Exceeded the Chemicals industry, which is up 6.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at €12.28 per share. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS JP¥4.78 (vs JP¥150 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥201.5b (down 23% from FY 2019). Net income: JP¥1.02b (down 97% from FY 2019). Profit margin: 0.5% (down from 12% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue misses expectations Revenue missed analyst estimates by 0.5%. Over the next year, revenue is forecast to grow 10%, compared to a 5.1% growth forecast for the Chemicals industry in Germany. Is New 90 Day High Low • Feb 03
New 90-day high: €12.78 The company is up 34% from its price of €9.53 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.57 per share. Aankondiging • Jan 29
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 30, 2021 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 30, 2021. Agenda: To consider the Partial Amendment to the Articles of Incorporation. Is New 90 Day High Low • Jan 13
New 90-day high: €10.48 The company is up 10.0% from its price of €9.51 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.46 per share. Aankondiging • Jan 07
Tokai Carbon Co., Ltd. to Report Fiscal Year 2020 Results on Feb 09, 2021 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2020 results on Feb 09, 2021 Is New 90 Day High Low • Dec 29
New 90-day high: €10.33 The company is up 17% from its price of €8.85 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €13.01 per share. Analyst Estimate Surprise Post Earnings • Nov 19
Revenue beats expectations Revenue exceeded analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 5.0%, compared to a 3.6% growth forecast for the Chemicals industry in Germany. Reported Earnings • Nov 19
Third quarter 2020 earnings released: JP¥5.35 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: JP¥50.9b (down 14% from 3Q 2019). Net loss: JP¥1.14b (down 123% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 5.1%, compared to a 2.9% growth forecast for the Chemicals industry in Germany. Reported Earnings • Nov 07
Third quarter 2020 earnings released: JP¥5.35 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: JP¥50.9b (down 14% from 3Q 2019). Net loss: JP¥1.14b (down 123% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Aankondiging • Nov 05
Tokai Carbon Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2020 Tokai Carbon Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2020. For the period, the company expects net sales to be of JPY 190,000 Million compared to previous forecast of JPY 190,000 Million. Operating income expected to be of JPY 6,100 Million compared to previous forecast of JPY 6,100 Million. Net income attributable to owners of the parent company expected to be of JPY 500 Million compared to previous forecast of JPY 1,000 Million. Net income per share expected to be of JPY 2.35 compared to previous forecast of JPY 4.69. Is New 90 Day High Low • Oct 27
New 90-day high: €10.31 The company is up 38% from its price of €7.50 on 29 July 2020. The German market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.17 per share. Is New 90 Day High Low • Oct 07
New 90-day high: €9.31 The company is up 18% from its price of €7.91 on 09 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.68 per share. 
