Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥93.62 (vs JP¥53.73 in 1Q 2025) First quarter 2026 results: EPS: JP¥93.62 (up from JP¥53.73 in 1Q 2025). Revenue: JP¥303.8b (up 10% from 1Q 2025). Net income: JP¥14.7b (up 73% from 1Q 2025). Profit margin: 4.8% (up from 3.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. Announcement • May 16
The Yokohama Rubber Company, Limited to Report First Half, 2026 Results on Aug 10, 2026 The Yokohama Rubber Company, Limited announced that they will report first half, 2026 results on Aug 10, 2026 Announcement • Feb 20
The Yokohama Rubber Company, Limited to Report Q1, 2026 Results on May 15, 2026 The Yokohama Rubber Company, Limited announced that they will report Q1, 2026 results on May 15, 2026 Announcement • Feb 19
The Yokohama Rubber Company, Limited, Annual General Meeting, Mar 27, 2026 The Yokohama Rubber Company, Limited, Annual General Meeting, Mar 27, 2026. Announcement • Nov 22
The Yokohama Rubber Company, Limited to Report Fiscal Year 2025 Results on Feb 19, 2026 The Yokohama Rubber Company, Limited announced that they will report fiscal year 2025 results on Feb 19, 2026 Announcement • Sep 06
The Yokohama Rubber Company, Limited to Report Q3, 2025 Results on Nov 14, 2025 The Yokohama Rubber Company, Limited announced that they will report Q3, 2025 results on Nov 14, 2025 Announcement • May 30
The Yokohama Rubber Company, Limited to Report First Half, 2025 Results on Aug 12, 2025 The Yokohama Rubber Company, Limited announced that they will report first half, 2025 results on Aug 12, 2025 Announcement • Mar 06
The Yokohama Rubber Company, Limited to Report Q1, 2025 Results on May 15, 2025 The Yokohama Rubber Company, Limited announced that they will report Q1, 2025 results on May 15, 2025 Announcement • Feb 04
The Yokohama Rubber Company, Limited (TSE:5101) completed the acquisition of Nippon Giant Tire Co. Ltd. and Goodyear Earthmover Pty Limited and certain other assets from The Goodyear Tire & Rubber Company. The Yokohama Rubber Company, Limited (TSE:5101) agreed to acquire Nippon Giant Tire Co. Ltd. and Goodyear Earthmover Pty Limited and certain other assets from The Goodyear Tire & Rubber Company for approximately $910 million on July 22, 2024. A cash consideration of $905 million will be paid by The Yokohama Rubber Company, Limited. The transaction follows a previously announced strategic review of the OTR tire business in connection with the Goodyear Forward transformation plan. Goodyear will retain its business providing OTR tires for U.S. military and defense applications. Pursuant to a Product Supply Agreement to be entered into with Yokohama in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction. If Closing has not occurred on or prior to July 22, 2025, the Buyer will also be required to pay or cause to be paid to the Company a fee of $47.5 million if the Agreement is validly terminated by either the Buyer or the Company due to a failure to receive certain antitrust approvals on or prior to the Outside Date. The transaction is subject to regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, other customary closing conditions and consultations and is expected to close by early 2025. Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan. The business reported total revenue of $674 million, EBITDA of $130 million, total assets of $494 million and net assets of $344 million in December 2023. As of January 31, 2025 The Yokohama Rubber Company, Limited (TSE:5101) has obtained loan of $907.573 million and the scheduled borrowing date is February 3, 2025.
Evercore is acting as exclusive financial advisor and Sullivan & Cromwell LLP is acting as legal advisor to Goodyear. Freshfields Bruckhaus Deringer in Japan and Freshfields Bruckhaus Deringer US LLP led by Paul Tiger, Sebastian Fain, Takeshi Nakao and Noah Carr acted as legal advisor to Yokohama. Houlihan Lokey acted as the financial advisor to The Yokohama Rubber Company.
The Yokohama Rubber Company, Limited (TSE:5101) completed the acquisition of Nippon Giant Tire Co. Ltd. and Goodyear Earthmover Pty Limited and certain other assets from The Goodyear Tire & Rubber Company on February 3, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: JP¥88.94 (vs JP¥105 in 3Q 2023) Third quarter 2024 results: EPS: JP¥88.94 (down from JP¥105 in 3Q 2023). Revenue: JP¥257.6b (up 3.3% from 3Q 2023). Net income: JP¥14.3b (down 16% from 3Q 2023). Profit margin: 5.5% (down from 6.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Aug 23
The Yokohama Rubber Company, Limited to Report Q3, 2024 Results on Nov 14, 2024 The Yokohama Rubber Company, Limited announced that they will report Q3, 2024 results on Nov 14, 2024 Declared Dividend • Aug 12
First half dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 275%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: JP¥167 (vs JP¥112 in 2Q 2023) Second quarter 2024 results: EPS: JP¥167 (up from JP¥112 in 2Q 2023). Revenue: JP¥272.9b (up 14% from 2Q 2023). Net income: JP¥26.8b (up 49% from 2Q 2023). Profit margin: 9.8% (up from 7.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. 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 €17.10, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Auto Components industry in Germany. Total returns to shareholders of 19% over the past three years. Announcement • Jul 31
The Yokohama Rubber Company, Limited Revises the Consolidated Earnings Forecast for the First Half of the Fiscal Year Ending December 2024 The Yokohama Rubber Company, Limited revised the consolidated earnings forecast for the first half of the fiscal year ending December 2024. The company now expects sales revenue of ¥525,000 million against previous guidance of ¥500,000 million and operating profit of ¥56,000 million against a previous guidance of ¥43,000 million. Profit attributable to owners of the parent of ¥46,500 million previous guidance of ¥25,500 million; Basic earnings per share are now expected to be ¥290.01 against previous guidance of ¥158.63. Announcement • Jul 23
The Yokohama Rubber Company, Limited (TSE:5101) agreed to acquire Nippon Giant Tire Co. Ltd. and Goodyear Earthmover Pty Limited and certain other assets from The Goodyear Tire & Rubber Company for approximately $910 million. The Yokohama Rubber Company, Limited (TSE:5101) agreed to acquire Nippon Giant Tire Co. Ltd. and Goodyear Earthmover Pty Limited and certain other assets from The Goodyear Tire & Rubber Company for approximately $910 million on July 22, 2024. A cash consideration of $905 million will be paid by The Yokohama Rubber Company, Limited. The transaction follows a previously announced strategic review of the OTR tire business in connection with the Goodyear Forward transformation plan. Goodyear will retain its business providing OTR tires for U.S. military and defense applications. Pursuant to a Product Supply Agreement to be entered into with Yokohama in connection with the closing of the transaction, Goodyear will manufacture certain OTR tires for Yokohama at some of its manufacturing locations for an initial period of up to five years after the closing of the transaction. If Closing has not occurred on or prior to July 22, 2025, the Buyer will also be required to pay or cause to be paid to the Company a fee of $47.5 million if the Agreement is validly terminated by either the Buyer or the Company due to a failure to receive certain antitrust approvals on or prior to the Outside Date. The transaction is subject to regulatory approvals, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, other customary closing conditions and consultations and is expected to close by early 2025. Goodyear intends to use transaction proceeds to reduce leverage and fund initiatives in connection with the Goodyear Forward transformation plan. The business reported total revenue of $674 million, EBITDA of $130 million, total assets of $494 million and net assets of $344 million in December 2023.
Evercore is acting as exclusive financial advisor and Sullivan & Cromwell LLP is acting as legal advisor to Goodyear. Announcement • Jul 11
Yokohama Rubber Reportedly in Talks to Buy Goodyear's Off-Road Tyre Business for at Least $1 Billion The Yokohama Rubber Company, Limited (TSE:5101) is in advanced talks to buy The Goodyear Tire & Rubber Company (NasdaqGS:GT)’s Off-the-Road tire business for at least $1 billion, according to people familiar with the matter. The Japanese company has emerged as the likeliest buyer for Goodyear’s OTR business after other suitors dropped out, the people said, asking not to be identified discussing confidential information. A transaction could value the assets at $1 billion to $1.5 billion, the people said. Announcement • Jun 08
The Yokohama Rubber Company, Limited to Report Q2, 2024 Results on Aug 09, 2024 The Yokohama Rubber Company, Limited announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 15
First quarter 2024 earnings released: EPS: JP¥123 (vs JP¥60.53 in 1Q 2023) First quarter 2024 results: EPS: JP¥123 (up from JP¥60.53 in 1Q 2023). Revenue: JP¥252.4b (up 24% from 1Q 2023). Net income: JP¥19.8b (up 104% from 1Q 2023). Profit margin: 7.8% (up from 4.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 175%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 29
The Yokohama Rubber Company, Limited to Report Q1, 2024 Results on May 14, 2024 The Yokohama Rubber Company, Limited announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Feb 19
Full year 2023 earnings released: EPS: JP¥419 (vs JP¥286 in FY 2022) Full year 2023 results: EPS: JP¥419 (up from JP¥286 in FY 2022). Revenue: JP¥985.3b (up 14% from FY 2022). Net income: JP¥67.2b (up 46% from FY 2022). Profit margin: 6.8% (up from 5.3% in FY 2022). The increase in margin was driven by higher revenue. 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 Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 18
The Yokohama Rubber Company, Limited, Annual General Meeting, Mar 28, 2024 The Yokohama Rubber Company, Limited, Annual General Meeting, Mar 28, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥34.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (2.3%). Announcement • Dec 08
The Yokohama Rubber Company, Limited to Report Fiscal Year 2023 Results on Feb 16, 2024 The Yokohama Rubber Company, Limited announced that they will report fiscal year 2023 results on Feb 16, 2024 Announcement • Nov 15
the Yokohama Rubber Co., Ltd. Provides Revenue Guidance for the Full Fiscal Year of December 31, 2023 The Yokohama Rubber Co. Ltd. provided revenue guidance for the full fiscal year of December 31, 2023. For the period, the company expects sales revenues of JPY 1,000,000 Million, Operating profit of JPY 92,500 Million, Profit attributable to owners of parent of JPY 62,500 Million and Basic earnings per share JPY 388.81. Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: JP¥105 (vs JP¥62.22 in 3Q 2022) Third quarter 2023 results: EPS: JP¥105 (up from JP¥62.22 in 3Q 2022). Revenue: JP¥249.3b (up 11% from 3Q 2022). Net income: JP¥16.9b (up 69% from 3Q 2022). Profit margin: 6.8% (up from 4.4% in 3Q 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 5.0% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Announcement • Aug 22
The Yokohama Rubber Co., Ltd. to Report Q3, 2023 Results on Nov 10, 2023 The Yokohama Rubber Co., Ltd. announced that they will report Q3, 2023 results on Nov 10, 2023 New Risk • Aug 14
New major risk - Financial position The 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: JP¥112 (vs JP¥82.01 in 2Q 2022) Second quarter 2023 results: EPS: JP¥112 (up from JP¥82.01 in 2Q 2022). Revenue: JP¥238.9b (up 16% from 2Q 2022). Net income: JP¥18.0b (up 37% from 2Q 2022). Profit margin: 7.5% (up from 6.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥33.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 31 August 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.5%). Announcement • May 19
The Yokohama Rubber Co., Ltd. to Report First Half, 2023 Results on Aug 10, 2023 The Yokohama Rubber Co., Ltd. announced that they will report first half, 2023 results on Aug 10, 2023 Reported Earnings • May 17
First quarter 2023 earnings released: EPS: JP¥60.53 (vs JP¥63.34 in 1Q 2022) First quarter 2023 results: EPS: JP¥60.53 (down from JP¥63.34 in 1Q 2022). Revenue: JP¥204.3b (up 10% from 1Q 2022). Net income: JP¥9.71b (down 4.4% from 1Q 2022). Profit margin: 4.8% (down from 5.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Announcement • May 04
The Yokohama Rubber Co., Ltd. (TSE:5101) completed the acquisition of Trelleborg Wheel Systems Holding AB from Trelleborg AB (publ) (OM:TREL B). The Yokohama Rubber Co., Ltd. (TSE:5101) agreed to acquire Trelleborg Wheel Systems Holding AB from Trelleborg AB (publ) (OM:TREL B) for SEK 22 billion on March 25, 2022. Consideration of SEK 22 billion is on a cash and debt free basis, which represents 13x the business area’s 2021 operational EBITDA, or 17.5x 2021 EBIT. Less than 3% of the purchase price is subject to the performance of Trelleborg Wheel Systems in 2022. Trelleborg Wheel Systems Holding AB had net sales of SEK 10 billion in 2021. The transaction will result in an estimated capital gain of SEK 6 billion. The takeover, which is subject to review by competition regulators. Closing of the transaction is subject to approvals from relevant authorities and is expected to be completed in the latter part of 2022. The net proceeds will be used for share buyback by Trelleborg AB. On December 27, 2022, Trelleborg said that transaction is expected to take place during the first half of 2023. As of January 30, 2023, The CMA announced the launch of its merger inquiry by notice to the Parties on January 31, 2023 and has a deadline of March 28, 2023 to announce its decision on whether to refer this transaction for an in-depth Phase 2 review and in this process Invitation to comment closes on February 14, 2023. As of March 24, 2023, the transaction is unconditionally approved by European Commission.
Takeshi Nakao, Jochen Ellrott, Tomoko Nakajima, Helen Buchanan, Daniel French, Kaori Yamada, Judit Gajdics, Frank Schaer, Sascha Arnold and Alexandra Buchanan of Freshfields Bruckhaus Deringer LLP acted as legal advisors to The Yokohama Rubber. Barclays Capital Inc. acted as financial advisor to Trelleborg AB (publ) (OM:TREL B). BDK Advokati and PRK Partners s.r.o. advokátní kanceláø acted as legal advisors to The Yokohama Rubber Co., Ltd.
The Yokohama Rubber Co., Ltd. (TSE:5101) completed the acquisition of Trelleborg Wheel Systems Holding AB from Trelleborg AB (publ) (OM:TREL B) on May 2, 2023. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €17.40, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Auto Components industry in Germany. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.43 per share. Reported Earnings • Feb 20
Full year 2022 earnings released: EPS: JP¥286 (vs JP¥366 in FY 2021) Full year 2022 results: EPS: JP¥286 (down from JP¥366 in FY 2021). Revenue: JP¥860.5b (up 28% from FY 2021). Net income: JP¥45.9b (down 22% from FY 2021). Profit margin: 5.3% (down from 8.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Auto Components 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 2% per year, which means it is significantly lagging earnings. Announcement • Feb 19
The Yokohama Rubber Co., Ltd., Annual General Meeting, Mar 30, 2023 The Yokohama Rubber Co., Ltd., Annual General Meeting, Mar 30, 2023. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 0.3% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (3.3%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥62.22 (vs JP¥40.95 in 3Q 2021) Third quarter 2022 results: EPS: JP¥62.22 (up from JP¥40.95 in 3Q 2021). Revenue: JP¥224.3b (up 43% from 3Q 2021). Net income: JP¥9.98b (up 52% from 3Q 2021). Profit margin: 4.4% (up from 4.2% in 3Q 2021). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 5 independent directors (6 non-independent directors). Independent Outside Director Nobuo Takenaka was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 13
The Yokohama Rubber Co., Ltd. to Report Fiscal Year 2022 Results on Feb 17, 2023 The Yokohama Rubber Co., Ltd. announced that they will report fiscal year 2022 results on Feb 17, 2023 Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: JP¥62.23 (vs JP¥40.95 in 3Q 2021) Third quarter 2022 results: EPS: JP¥62.23 (up from JP¥40.95 in 3Q 2021). Revenue: JP¥224.3b (up 43% from 3Q 2021). Net income: JP¥9.98b (up 52% from 3Q 2021). Profit margin: 4.4% (up from 4.2% in 3Q 2021). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 04
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €19.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 5.2% per annum over the same time period. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥82.03 (vs JP¥56.48 in 2Q 2021) Second quarter 2022 results: EPS: JP¥82.03 (up from JP¥56.48 in 2Q 2021). Revenue: JP¥205.9b (up 29% from 2Q 2021). Net income: JP¥13.2b (up 45% from 2Q 2021). Profit margin: 6.4% (up from 5.7% in 2Q 2021). Over the next year, revenue is forecast to grow 4.6%, compared to a 9.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Aug 11
The Yokohama Rubber Co., Ltd. to Report Q3, 2022 Results on Nov 11, 2022 The Yokohama Rubber Co., Ltd. announced that they will report Q3, 2022 results on Nov 11, 2022 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 31 August 2022. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.4%). In line with average of industry peers (3.4%). Announcement • Jun 09
The Yokohama Rubber Co., Ltd. to Report Q2, 2022 Results on Aug 10, 2022 The Yokohama Rubber Co., Ltd. announced that they will report Q2, 2022 results on Aug 10, 2022 Reported Earnings • May 16
First quarter 2022 earnings released: EPS: JP¥63.34 (vs JP¥172 in 1Q 2021) First quarter 2022 results: EPS: JP¥63.34 (down from JP¥172 in 1Q 2021). Revenue: JP¥185.6b (up 28% from 1Q 2021). Net income: JP¥10.2b (down 63% from 1Q 2021). Profit margin: 5.5% (down from 19% in 1Q 2021). Over the next year, revenue is forecast to grow 3.6%, compared to a 9.7% 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 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be €14.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings is forecast to decline by 3.1% per annum over the same time period. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 5 independent directors (6 non-independent directors). Independent Outside Director Nobuo Takenaka was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 08
The Yokohama Rubber Co., Ltd. to Report Q1, 2022 Results on May 13, 2022 The Yokohama Rubber Co., Ltd. announced that they will report Q1, 2022 results on May 13, 2022 Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 17% share price gain to €12.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Auto Components industry in Germany. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.10 per share. Reported Earnings • Feb 21
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: JP¥366 (up from JP¥164 in FY 2020). Revenue: JP¥670.8b (up 18% from FY 2020). Net income: JP¥58.7b (up 123% from FY 2020). Profit margin: 8.8% (up from 4.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 5.6% compared to a 2.9% decline forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Feb 18
The Yokohama Rubber Co., Ltd., Annual General Meeting, Mar 30, 2022 The Yokohama Rubber Co., Ltd., Annual General Meeting, Mar 30, 2022. Upcoming Dividend • Dec 23
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS JP¥40.95 (vs JP¥19.16 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥156.6b (up 9.3% from 3Q 2020). Net income: JP¥6.57b (up 114% from 3Q 2020). Profit margin: 4.2% (up from 2.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 23
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 31 August 2021. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.9%). Reported Earnings • May 18
First quarter 2021 earnings released: EPS JP¥174 (vs JP¥1.61 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥149.6b (up 16% from 1Q 2020). Net income: JP¥27.8b (up JP¥28.1b from 1Q 2020). Profit margin: 19% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Announcement • Apr 30
Sika AG (SWX:SIKA), Sika (Thailand) Limited, Sika (China) Ltd. and Sika Ltd. agreed to acquire Tokyo Hamatite Co.,Ltd. from The Yokohama Rubber Company, Limited (TSE:5101). Sika AG (SWX:SIKA), Sika (Thailand) Limited, Sika (China) Ltd. and Sika Ltd. agreed to acquire Tokyo Hamatite Co.,Ltd. from The Yokohama Rubber Company, Limited (TSE:5101) on April 28, 2021. The transfer involves the Hamatite businesses operated by Yokohama Rubber, its wholly owned consolidated domestic subsidiary Yokohama Industrial Products Japan Co., Ltd., and overseas Yokohama Group companies Yokohama Industries Americas Inc. (YIA), Yokohama Industrial Products – Hangzhou Co., Ltd. (YIPHZ), and Yokohama Rubber (Thailand) Co., Ltd. (YRTC). 100% of the common stock of Hamatite business of Yokohama Rubber Company will be transferred to Sika Ltd.; Yokohama Industries Americas will transfer the assets and liabilities of its Hamatite business to a special purpose vehicle to be established by Sika Corporation; Yokohama Industrial Products – Hangzhou will transfer the assets and liabilities of its Hamatite business to Sika (China) Ltd. and Yokohama Rubber (Thailand) will transfer the assets and liabilities of its Hamatite business to Sika Thailand. Hamatite business reported annual sales of CHF 160 million. The transaction is subject to clearance by anti-trust authorities. The transfers are scheduled to be completed on November 1, 2021. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS JP¥164 (vs JP¥262 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥570.6b (down 12% from FY 2019). Net income: JP¥26.3b (down 37% from FY 2019). Profit margin: 4.6% (down from 6.5% 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 16% 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. Announcement • Mar 06
The Yokohama Rubber Company, Limited to Report Q1, 2021 Results on May 14, 2021 The Yokohama Rubber Company, Limited announced that they will report Q1, 2021 results on May 14, 2021 Is New 90 Day High Low • Feb 22
New 90-day high: €14.80 The company is up 16% from its price of €12.80 on 24 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 Auto Components 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 €8.14 per share. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS JP¥164 (vs JP¥262 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥570.6b (down 12% from FY 2019). Net income: JP¥26.3b (down 37% from FY 2019). Profit margin: 4.6% (down from 6.5% 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 16% per year whereas the company’s share price has fallen by 11% per year. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 9.1%, compared to a 9.7% growth forecast for the Auto Components industry in Germany. Announcement • Feb 21
The Yokohama Rubber Company, Limited, Annual General Meeting, Mar 30, 2021 The Yokohama Rubber Company, Limited, Annual General Meeting, Mar 30, 2021. Is New 90 Day High Low • Jan 23
New 90-day high: €13.40 The company is up 6.0% from its price of €12.60 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €9.81 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥32.00 Per Share Will be paid on the 30th of March to those who are registered shareholders by the 29th of December. The trailing yield of 4.1% is in the top quartile of German dividend payers (3.5%), and it is higher than industry peers (2.4%). Announcement • Dec 10
The Yokohama Rubber Company, Limited to Report Fiscal Year 2020 Results on Feb 19, 2021 The Yokohama Rubber Company, Limited announced that they will report fiscal year 2020 results on Feb 19, 2021 Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS JP¥19.16 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: JP¥143.2b (down 7.4% from 3Q 2019). Net income: JP¥3.07b (down 74% from 3Q 2019). Profit margin: 2.1% (down from 7.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 12% per year. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue beats expectations Revenue exceeded analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 3.4%, compared to a 8.0% growth forecast for the Auto Components industry in Germany. Announcement • Sep 12
The Yokohama Rubber Company, Limited to Report Q3, 2020 Results on Nov 13, 2020 The Yokohama Rubber Company, Limited announced that they will report Q3, 2020 results on Nov 13, 2020 Announcement • Jun 17
The Yokohama Rubber Company, Limited to Report Q2, 2020 Results on Aug 07, 2020 The Yokohama Rubber Company, Limited announced that they will report Q2, 2020 results on Aug 07, 2020 
