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Resona Holdings

DB:DW1
Snowflake Description

Undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DW1
DB
¥1,076B
Market Cap
  1. Home
  2. DE
  3. Banks
Company description

Resona Holdings, Inc., through its subsidiaries, provides banking products and services in Japan, Asia, the United States, and internationally. The last earnings update was 11 days ago. More info.


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DW1 Share Price and Events
7 Day Returns
0.3%
DB:DW1
-0.4%
DE Banks
0.3%
DE Market
1 Year Returns
-22.8%
DB:DW1
-25.7%
DE Banks
-11.6%
DE Market
DW1 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Resona Holdings (DW1) 0.3% 1.6% -7.2% -22.8% 9.2% -0.9%
DE Banks -0.4% -7.4% 6% -25.7% -5.3% -26.9%
DE Market 0.3% -3.8% 2.5% -11.6% 10.1% 7.9%
1 Year Return vs Industry and Market
  • DW1 outperformed the Banks industry which returned -25.7% over the past year.
  • DW1 underperformed the Market in Germany which returned -11.6% over the past year.
Price Volatility
DW1
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Resona Holdings's competitors could be found in our database.

Value

 Is Resona Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Resona Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Resona Holdings.

DB:DW1 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 11 analysts.
= Stable Book Value * Return on Equity
= ¥1,003.28 * 7.3%
¥73.52
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. ¥1,003.28
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:DW1
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.586 (1 + (1- 30.86%) (176.53%))
1.202
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.202 * 5.96%)
7.39%

Discounted Cash Flow Calculation for DB:DW1 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Resona Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:DW1 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.3% – 7.39%) * ¥1,003.28)
¥-0.62
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ¥-0.62 / (7.39% - 0.23%)
¥-8.65
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ¥1,003.28 + ¥-8.65
¥994.63
DB:DW1 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:DW1 represents 0.00802x of TSE:8308
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00802x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 994.63 x 0.00802
€7.97
Value per share (EUR) From above. €7.97
Current discount Discount to share price of €3.72
= -1 x (€3.72 - €7.97) / €7.97
53.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Resona Holdings is available for.
Intrinsic value
>50%
Share price is €3.72 vs Future cash flow value of €7.97
Current Discount Checks
For Resona Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Resona Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Resona Holdings's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Resona Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Resona Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:DW1 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥75.64
TSE:8308 Share Price ** TSE (2019-05-21) in JPY ¥464.3
Germany Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 15.85x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Resona Holdings.

DB:DW1 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8308 Share Price ÷ EPS (both in JPY)

= 464.3 ÷ 75.64

6.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Resona Holdings is good value based on earnings compared to the DE Banks industry average.
  • Resona Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Resona Holdings's expected growth come at a high price?
Raw Data
DB:DW1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-1.9%per year
Europe Banks Industry PEG Ratio Median Figure of 114 Publicly-Listed Banks Companies 0.79x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

DB:DW1 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.14x ÷ -1.9%

-3.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Resona Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Resona Holdings's assets?
Raw Data
DB:DW1 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥911.31
TSE:8308 Share Price * TSE (2019-05-21) in JPY ¥464.3
Germany Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 0.92x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.79x
DB:DW1 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8308 Share Price ÷ Book Value per Share (both in JPY)

= 464.3 ÷ 911.31

0.51x

* Primary Listing of Resona Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Resona Holdings is good value based on assets compared to the DE Banks industry average.
X
Value checks
We assess Resona Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Resona Holdings has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Resona Holdings expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Resona Holdings expected to grow at an attractive rate?
  • Resona Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Resona Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Resona Holdings's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:DW1 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:DW1 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -1.9%
DB:DW1 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts -9.2%
Germany Banks Industry Earnings Growth Rate Market Cap Weighted Average 13.4%
Europe Banks Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:DW1 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:DW1 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 707,286 201,968 1
2021-03-31 657,610 162,286 11
2020-03-31 649,780 162,545 6
DB:DW1 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 811,575 -712,041 175,162
2018-12-31 747,084 172,940
2018-09-30 734,996 790,812 262,619
2018-06-30 698,556 265,442
2018-03-31 678,756 -1,241,175 232,738
2017-12-31 673,930 230,757
2017-09-30 688,907 -1,133,299 154,283
2017-06-30 700,637 144,694
2017-03-31 712,546 -2,825,120 155,248
2016-12-31 733,588 175,420
2016-09-30 718,620 85,519 187,666
2016-06-30 688,451 169,707

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Resona Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Resona Holdings's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:DW1 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Resona Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DW1 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 87.21 87.21 87.21 1.00
2021-03-31 70.22 82.71 58.70 14.00
2020-03-31 70.32 76.20 64.80 10.00
DB:DW1 Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 75.64
2018-12-31 74.69
2018-09-30 113.45
2018-06-30 114.69
2018-03-31 100.51
2017-12-31 99.59
2017-09-30 66.53
2017-06-30 62.35
2017-03-31 66.90
2016-12-31 75.60
2016-09-30 80.90
2016-06-30 73.17

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Resona Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Resona Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Resona Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Resona Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Resona Holdings's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Resona Holdings's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Resona Holdings's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Resona Holdings's 1-year earnings growth is negative, it can't be compared to the DE Banks industry average.
Earnings and Revenue History
Resona Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Resona Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DW1 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 811,575.00 175,162.00 439,479.00
2018-12-31 747,084.00 172,940.00 419,661.00
2018-09-30 734,996.00 262,619.00 401,175.00
2018-06-30 698,556.00 265,442.00 382,413.00
2018-03-31 678,756.00 232,738.00 360,674.00
2017-12-31 673,930.00 230,757.00 362,040.00
2017-09-30 688,907.00 154,283.00 361,594.00
2017-06-30 700,637.00 144,694.00 362,075.00
2017-03-31 712,546.00 155,248.00 362,497.00
2016-12-31 733,588.00 175,420.00 359,473.00
2016-09-30 718,620.00 187,666.00 354,949.00
2016-06-30 688,451.00 169,707.00 350,794.00
2016-03-31 692,965.00 175,618.00 347,513.00
2015-12-31 685,582.00 134,114.00 347,550.00
2015-09-30 727,862.00 148,221.00 353,768.00
2015-06-30 798,967.00 200,065.00 358,412.00
2015-03-31 797,895.00 199,752.00 357,767.00
2014-12-31 783,039.00 224,177.00 356,837.00
2014-09-30 766,995.00 217,229.00 350,401.00
2014-06-30 732,758.00 197,808.00 348,404.00
2014-03-31 750,262.00 206,594.00 348,498.00
2013-12-31 779,013.00 202,684.00 359,179.00
2013-09-30 770,177.00 204,604.00 361,532.00
2013-06-30 746,211.00 277,118.00 360,944.00
2013-03-31 728,826.00 258,223.00 361,645.00
2012-12-31 721,228.00 308,253.00 354,925.00
2012-09-30 666,592.00 284,120.00 355,270.00
2012-06-30 718,116.00 216,625.00 359,945.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Resona Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Resona Holdings used its assets less efficiently than the DE Banks industry average last year based on Return on Assets.
  • Unable to establish if Resona Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Resona Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Resona Holdings has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Resona Holdings's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Resona Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Resona Holdings Company Filings, last reported 1 month ago.

DB:DW1 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,356,176.00 1,898,957.00 15,035,482.00
2018-12-31 2,318,621.00 3,897,652.00 15,174,900.00
2018-09-30 2,397,872.00 5,088,121.00 15,462,500.00
2018-06-30 2,351,339.00 3,290,818.00 14,813,730.00
2018-03-31 2,102,935.00 2,902,853.00 13,689,642.00
2017-12-31 2,210,588.00 2,868,779.00 13,459,071.00
2017-09-30 2,047,638.00 3,000,420.00 13,220,646.00
2017-06-30 1,976,523.00 3,685,100.00 13,642,550.00
2017-03-31 1,946,778.00 3,314,520.00 12,990,586.00
2016-12-31 1,879,113.00 3,875,998.00 12,850,867.00
2016-09-30 1,895,052.00 3,568,032.00 12,247,744.00
2016-06-30 1,841,621.00 3,162,701.00 11,930,217.00
2016-03-31 1,833,470.00 5,899,541.00 13,989,898.00
2015-12-31 1,852,636.00 3,921,998.00 11,260,034.00
2015-09-30 1,791,343.00 3,662,544.00 10,708,928.00
2015-06-30 2,043,758.00 3,910,988.00 11,049,055.00
2015-03-31 2,143,378.00 3,629,014.00 10,262,681.00
2014-12-31 1,970,596.00 3,259,467.00 10,299,631.00
2014-09-30 1,848,924.00 3,183,230.00 7,703,908.00
2014-06-30 1,971,444.00 3,605,564.00 8,758,198.00
2014-03-31 1,956,411.00 3,255,641.00 7,088,470.00
2013-12-31 2,288,557.00 3,045,951.00 6,532,289.00
2013-09-30 2,193,882.00 2,832,808.00 4,533,691.00
2013-06-30 2,189,446.00 3,010,774.00 4,852,714.00
2013-03-31 2,189,303.00 2,126,685.00 4,173,285.00
2012-12-31 2,038,735.00 3,143,870.00 3,742,563.00
2012-09-30 1,949,030.00 3,186,358.00 3,352,092.00
2012-06-30 1,820,592.00 2,796,007.00 2,812,960.00
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Resona Holdings has an acceptable proportion of non-loan assets held.
  • Resona Holdings's liabilities are made up of primarily low risk sources of funding.
  • Loans at Resona Holdings are broadly funded by customer deposits.
  • Resona Holdings's level of assets compared to its equity is very high (i.e. bank has borrowed heavily to fund lending).
  • Resona Holdings has a low allowance for bad loans.
  • Resona Holdings has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Resona Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Resona Holdings has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Resona Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.52%
Current annual income from Resona Holdings dividends. Estimated to be 4.65% next year.
If you bought €2,000 of Resona Holdings shares you are expected to receive €90 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Resona Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Resona Holdings's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:DW1 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Germany Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:DW1 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 22.00 1.00
2021-03-31 21.69 13.00
2020-03-31 21.42 13.00
DB:DW1 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-05-10 21.000 4.568
2019-02-08 21.000 4.304
2019-01-31 21.000 3.977
2018-11-22 21.000 3.785
2018-11-09 21.000 3.567
2018-07-31 21.000 3.404
2018-06-26 21.000 3.465
2018-05-11 21.000 3.358
2018-02-08 20.000 3.368
2018-01-31 20.000 3.079
2017-11-24 20.000 3.035
2017-11-10 20.000 3.387
2017-06-27 20.000 3.478
2017-05-12 20.000 3.445
2017-02-08 19.000 3.112
2017-01-31 19.000 3.204
2016-11-25 19.000 3.140
2016-11-11 19.000 3.598
2016-06-28 19.000 4.442
2016-05-12 19.000 4.736
2016-02-08 17.000 4.224
2016-01-29 17.000 3.537
2015-11-26 17.000 2.933
2015-11-11 17.000 2.713
2015-06-26 17.000 2.654
2015-05-12 17.000 2.471
2014-06-25 15.000 2.469
2014-05-13 15.000 2.776
2014-01-31 15.000 2.904
2013-11-12 15.000 2.832
2013-07-31 15.000 2.990
2013-06-28 12.000 2.380
2012-07-31 12.000 3.059
2012-06-27 12.000 3.743
2012-05-11 12.000 3.992
2012-01-31 12.000 3.255
2011-11-14 12.000 3.515
2011-07-29 12.000 3.440
2011-06-28 12.000 3.081
2011-05-13 12.000 3.337
2011-02-07 10.000 2.474
2010-11-12 10.000 2.052
2010-07-30 10.000 1.353
2010-06-22 10.000 0.972
2010-05-14 10.000 0.906
2010-01-29 10.000 0.888

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Resona Holdings has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Resona Holdings only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Resona Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Resona Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Resona Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Resona Holdings has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Resona Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kazuhiro Higashi
AGE 61
TENURE AS CEO 6.1 years
CEO Bio

Mr. Kazuhiro Higashi has been the President at Resona Holdings, Inc. since April 1, 2013, Representative Executive Officer, in charge of Corporate Governance Office since April 2018 and has been its Director since June 2009. Mr. Higashi has been the Chairman of the Board of Resona Bank, Ltd. since April 2017, President since April 2013, Executive Officer, in charge of Corporate Governance Office since April 2018 and Representative Director since April 2012. He has wealth of business experience at finance divisions, corporate administration divisions and others as well as managerial experience. In April 1982, he joined Resona Holdings and was Executive Officer, General Manager of Financial Accounting Division of Resona Holdings and Executive Officer, in charge of Planning Division (financial accounting) of Resona Bank, Ltd. since October 2003. He was Outside Director of Resona Trust & Banking Co., Ltd. since June 2005 and Managing Executive Officer, in charge of Corporate Administration Office of Resona Bank, Ltd. since June 2007. Since June 2009, he was Deputy President and Executive Officer of Resona Holdings and its Representative Executive Officer since April 2011. Since April 2012, he was Deputy President and Executive Officer of Resona Bank, Ltd.

CEO Compensation
  • Insufficient data for Kazuhiro to compare compensation growth.
  • Insufficient data for Kazuhiro to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Resona Holdings management team in years:

1.1
Average Tenure
58
Average Age
  • The average tenure for the Resona Holdings management team is less than 2 years, this suggests a new team.
Management Team

Kazuhiro Higashi

TITLE
President
AGE
61
TENURE
6.1 yrs

Jozi Morikagi

TITLE
Chief Manager of International Division

Shoichi Iwanaga

TITLE
Representative Executive Officer & Director
AGE
53
TENURE
1.1 yrs

Satoshi Fukuoka

TITLE
Representative Executive Officer & Director
AGE
53
TENURE
1.1 yrs

Gen Nakahara

TITLE
Executive Officer
TENURE
0.3 yrs

Ikeda Kazuyoshi

TITLE
Executive Officer
AGE
61
TENURE
15.3 yrs

Makoto Nomura

TITLE
Executive Officer and Director of Saitama Resona Bank
AGE
57

Hiroyuki Ikeda

TITLE
Executive Officer
AGE
58

Kenichiro Masuda

TITLE
Executive Officer and Executive Officer of Resona Bank Limited
AGE
58

Yasunori Uno

TITLE
Executive Officer and Executive Officer of Resona Bank Limited
Board of Directors Tenure

Average tenure and age of the Resona Holdings board of directors in years:

5.4
Average Tenure
65.5
Average Age
  • The tenure for the Resona Holdings board of directors is about average.
Board of Directors

Shoichi Iwanaga

TITLE
Representative Executive Officer & Director
AGE
53
TENURE
0.9 yrs

Satoshi Fukuoka

TITLE
Representative Executive Officer & Director
AGE
53
TENURE
0.9 yrs

Makoto Nomura

TITLE
Executive Officer and Director of Saitama Resona Bank
AGE
57
TENURE
3.9 yrs

Yoko Sanuki

TITLE
Outside Independent Director
AGE
69
TENURE
6.9 yrs

Kazuhiro Higashi

TITLE
President
AGE
61
TENURE
9.9 yrs

Mitsudo Urano

TITLE
Outside Independent Director
AGE
70
TENURE
5.9 yrs

Tadamitsu Matsui

TITLE
Outside Independent Director
AGE
69
TENURE
4.9 yrs

Kaoru Isono

TITLE
Director
AGE
62
TENURE
9.9 yrs

Toshio Arima

TITLE
Outside Independent Director
AGE
76
TENURE
7.9 yrs

Hidehiko Sato

TITLE
Outside Independent Director
AGE
73
TENURE
3.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Resona Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Resona Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Resona Holdings, Inc., through its subsidiaries, provides banking products and services in Japan, Asia, the United States, and internationally. The company offers banking and trust banking, credit guarantee, collection of bills and receivables, factoring, and credit card administration and guarantee facilities. It is also involved in the private equity and financing businesses; and provision of business consulting and investment management, business process outsourcing and placement, general leasing, and system development services. The company offers its products and services to individuals and corporate customers. As of April 1, 2018, it operated 840 branches in Japan, as well as various branches in Asia and the United States. The company was founded in 1918 and is headquartered in Tokyo, Japan.

Details
Name: Resona Holdings, Inc.
DW1
Exchange: DB
Founded: 1918
¥8,708,072,481
2,316,821,477
Website: http://www.resona-gr.co.jp
Address: Resona Holdings, Inc.
Fukagawa Gatharia W2 Building,
1-5-65 Kiba,
Tokyo,
135-8582,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8308 Common Stock The Tokyo Stock Exchange JP JPY 11. Dec 2001
OTCPK RSNH.F Common Stock Pink Sheets LLC US USD 11. Dec 2001
DB DW1 Common Stock Deutsche Boerse AG DE EUR 11. Dec 2001
Number of employees
Current staff
Staff numbers
21,974
Resona Holdings employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 21:52
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.