Announcement • May 28
Nidec Corporation, Annual General Meeting, Jun 18, 2026 Nidec Corporation, Annual General Meeting, Jun 18, 2026, at 10:00 Tokyo Standard Time. Announcement • May 14
Nidec Corporation Announces Directorate Retirements, Effective June 18, 2026 Nidec Corporation announced that Mr. Hiroyuki Ochiai, Mr. Shinichi Sato, Ms. Yayoi Komatsu, Ms. Takako Sakai, Ms. Aya Yamada, and Mr. Kunio Umeda will retire as directors upon the expiration of their respective terms of office on June 18, 2026. Ms. Hiroe Toyoshima will resign and retire as of the same date. Mr. Hiroshi Yoshii, an Outside Director who serves as a full-time Audit and Supervisory Committee Member, will remain in office. Announcement • Mar 03
Nidec Corporation Resolves Not to Pay Dividend for the Fiscal Year Ending March 2026 Nidec Corporation resolved not to pay a dividend from surplus with record date March 31, 2026 compared to the JPY 20 per share dividend paid for the fiscal year ended March 2025. Reason: As stated in the "Announcement Regarding the Disclosure of the Third-Party Committee's Investigation Report and their Company's Response" issued, the Company received a report from the Third-Patry Committee on February 27, 2026. The report summarizes certain findings as of this date (including an analysis of the causes and recommendations for preventive measures) concerning inappropriate accounting treatment that may have a material impact on the consolidated financial statements as a whole. Based on the findings of the investigation to date, a material impact on the Company's financial results for prior fiscal years is expected. In addition, given that the investigation remains ongoing, the Company has determined that it has no choice but to forgo the year-end dividend for the fiscal year ending March 2026. Accordingly, the Company has resolved not to pay a year-end dividend. Announcement • Feb 27
Nidec Corporation Announces Resignation of Shigenobu Nagamori as Chairman Emeritus Nidec Corporation announced that Mr. Shigenobu Nagamori, the Company's founder, has resigned as Chairman Emeritus based on his wish (February 26, 2026). Please see below for his message to everyone about his resignation. Announcement • Jan 28
Nidec Corporation Announces Appointment of Shinichi Kishida as Chief, Culture Transformation Lab, Effective February 1, 2026 Nidec Corporation announced that Shinichi Kishida has been appointed as Chief, Culture Transformation Lab, effective February 1, 2026. His previous title was Manager, Human Resources Department, Administration Division, Nidec Instruments Corporation. Announcement • Dec 20
Nidec Corporation Announces Executive Changes Nidec Corporation announced that Shigenobu Nagamori, Founder and Chairman of the Board of the Company, has voluntarily resigned from the office of Founder and Chairman of the Board as of December 19, 2025. As of the day of his resignation, Mr. Nagamori will assume the office of Chairman Emeritus. Following Mr. Nagamori’s resignation, Mitsuya Kishida, Representative Director, President and Chief Executive Officer of the Company, will succeed the office of the Chairman of the Board. Mr. Nagamori will remain committed to the further improvement of the Nidec Group’s enduring value by, among others, passing down his long-nurtured spirit as the Company’s founder to future generations. Announcement • Nov 27
Nidec Corporation Announces Executive Changes, Effective December 1, 2025 Effective December 1, 2025, Nidec Corporation announced that the Legal & Compliance Department will be separated into the Legal Department and Compliance Department, with Kazuya Murakami continuing as Vice President and Chief Legal Officer, now in charge of the Legal Department, Compliance Department, and serving as General Manager of the Compliance Department, Chairman of the Global Trade Administration Committee, and Chairman of the Security Trade Administration Committee; Takeshi Miyake promoted from Executive Consultant to Vice President, Chief Supply Chain Officer, and General Manager of the Global Centralized Purchasing Division; and Tetsuya Kobayashi appointed General Manager of the newly established Legal Department, transitioning from General Manager of the Legal & Compliance Department. Announcement • Nov 06
Nidec Corporation(TSE:6594) dropped from Nikkei 225 Index "Nidec Corporation has been dropped from the Nikkei 225 Index Announcement • Oct 26
Nidec Corporation Revises Consolidated Earnings Guidance for the Six Months of the Fiscal Year Ending September 30, 2025 and Fiscal Year Ending March 31, 2026 Nidec Corporation revised consolidated earnings guidance for the six months of the Fiscal Year Ending September 30, 2025 and Fiscal Year Ending March 31, 2026. For the six months, due to the ongoing investigations, the revised forecast figures are currently undetermined against previous guidance of Net sales of JPY 1,280,000 million, operating profit of JPY 120,000 million, profit attributable to owners of the parent of JPY 92,000 million and Earnings per share attributable to owners of the parent-basic of JPY 80.25.
For the year, due to the ongoing investigations, the revised forecast figures are currently undetermined against previous guidance of Net sales of JPY 2,600,000 million, operating profit of JPY 260,000 million, profit attributable to owners of the parent of JPY 200,000 million and Earnings per share attributable to owners of the parent-basic of JPY 174.47.
Reason for the Revision: As stated in the Annual Report submitted on September 26, 2025, investigations by the Third-Party Committee regarding suspected inappropriate accounting practices involving the Company and its group, as well as other internal investigations, are ongoing. As a result of these investigations, should it be discovered that there exists any material misstatement that requires amendment in the Financial Statements of any previous fiscal year, the Company intends to take appropriate measures, including amendments of previous or current securities reports. In addition to this situation, considering the current status of the Third-Party Committee's investigation, at the Board of Directors meeting held on October 23, 2025, the Company decided not to pay a surplus dividend (interim dividend) with September 30, 2025 as the record date. Furthermore, the year-end dividend forecast and the consolidated financial forecasts remain undetermined. Nidec will promptly announce the year-end dividend forecast and consolidated financial forecasts once it becomes possible to do so. Announcement • Oct 07
Nidec Corporation Announces Executive and Board Personnel Changes Effective October 1, 2025 Nidec Corporation has announced the personnel changes as detailed below, effective October 1, 2025. Hiroshi Kobe will continue as Member of the Board of Directors and Chairman, and will assume the role of Chairman of Nidec Global Service Corporation. Previously, Hiroshi Kobe served as Chairman of Nidec Techno Motor Corporation and Chairman of Nidec Global Service Corporation. Toru Takahashi will continue as Senior Vice President, Chief Performance Officer, Chief Marketing Officer, General Manager of Global Business Promotion & Marketing Division, and General Manager of Sales and Marketing Strategy Department. Toru Takahashi will also assume the roles of Chairman of Nidec Techno Motor Corporation, Chairman of Nidec (Shangahai) International Trading Co. Ltd., Chairman of Nidec (New Territories) Co. Ltd., Chairman of Nidec Taiwan Corporation, and Chairman of Nidec (H.K.) Co. Ltd. Previously, Toru Takahashi served as Chairman of Nidec (Shangahai) International Trading Co. Ltd., Chairman of Nidec (New Territories) Co. Ltd., Chairman of Nidec Taiwan Corporation, and Chairman of Nidec (H.K.) Co. Ltd. Announcement • Jul 03
Nidec Corporation to Report Q1, 2026 Results on Jul 24, 2025 Nidec Corporation announced that they will report Q1, 2026 results at 3:30 PM, Tokyo Standard Time on Jul 24, 2025 Announcement • Jun 22
Nidec Corporation Announces Executive Changes Nidec Corporation has announced the personnel changes as detailed below, effective June 4, 2025, June 20, 2025, and July 1, 2025. Kazuya Murakami's designation changed from Member of the Board of Directors to
Executive Consultant, effective June 20, 2025. Kazuya Murakami's designation changed from Executive Consultant to Vice President Chief Legal Officer, In charge of Legal & Compliance Department, Chairman of Global Trade Administration Committee, Chairman of Security Trade Administration Committee, Effective July 1, 2025. Announcement • Apr 24
Nidec Corporation, Annual General Meeting, Jun 20, 2025 Nidec Corporation, Annual General Meeting, Jun 20, 2025. Announcement • Mar 28
Nidec Corporation to Report Fiscal Year 2025 Results on Apr 24, 2025 Nidec Corporation announced that they will report fiscal year 2025 results on Apr 24, 2025 Announcement • Dec 13
Nidec Corporation to Report Q3, 2025 Results on Jan 23, 2025 Nidec Corporation announced that they will report Q3, 2025 results at 3:30 PM, Tokyo Standard Time on Jan 23, 2025 Buy Or Sell Opportunity • Nov 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to €18.03. The fair value is estimated to be €22.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Reported Earnings • Oct 24
Second quarter 2025 earnings released: EPS: JP¥16.98 (vs JP¥36.34 in 2Q 2024) Second quarter 2025 results: EPS: JP¥16.98 (down from JP¥36.34 in 2Q 2024). Revenue: JP¥645.6b (up 9.2% from 2Q 2024). Net income: JP¥19.5b (down 53% from 2Q 2024). Profit margin: 3.0% (down from 7.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Oct 02
Nidec Corporation (TSE:6594) acquired Linear Transfer Automation Inc/Linear Automation USA Inc/Presstrader Limited. Nidec Corporation (TSE:6594) acquired Linear Transfer Automation Inc/Linear Automation USA Inc/Presstrader Limited. on September 30, 2024.
The transaction is subject to approval of offer by acquirer board.
Nidec Corporation (TSE:6594) completed the acquisition of Linear Transfer Automation Inc/Linear Automation USA Inc/Presstrader Limited. on October 1,2024. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.7%). Announcement • Sep 13
Nidec Corporation to Report Q2, 2025 Results on Oct 23, 2024 Nidec Corporation announced that they will report Q2, 2025 results at 3:15 PM, Tokyo Standard Time on Oct 23, 2024 Buy Or Sell Opportunity • Aug 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €38.46. The fair value is estimated to be €49.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Reported Earnings • Jul 24
First quarter 2025 earnings released: EPS: JP¥97.73 (vs JP¥111 in 1Q 2024) First quarter 2025 results: EPS: JP¥97.73 (down from JP¥111 in 1Q 2024). Revenue: JP¥648.2b (up 14% from 1Q 2024). Net income: JP¥56.2b (down 12% from 1Q 2024). Profit margin: 8.7% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • Jul 23
Nidec Corporation Revises Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 and for the Year Ending March 31, 2025 Nidec Corporation revised consolidated earnings guidance for the six months ending September 30, 2024 and for the year ending March 31, 2025. For the six months, the company revised net sales of JPY 1,300,000 million, Operating profit of JPY 115,000 million, Profit attributable to owners of the parent of JPY 97,000 million or JPY 168.81 basic earnings per share against previous guidance of net sales of JPY 1,140,000 million, Operating profit of JPY 100,000 million, Profit attributable to owners of the parent of JPY 74,000 million or JPY 128.79 basic earnings per share.
For the full year, the company revised net sales of JPY 2,500,000 million, Operating profit of JPY 240,000 million, Profit attributable to owners of the parent of JPY 185,000 million or JPY 321.96 basic earnings per share against previous guidance of net sales of JPY 2,400,000 million, Operating profit of JPY 230,000 million, Profit attributable to owners of the parent of JPY 165,000 million or JPY 287.16 basic earnings per share. Declared Dividend • Jul 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 102%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President, CEO & Representative Director Mitsuya Kishida was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 24
Full year 2024 earnings released: EPS: JP¥218 (vs JP¥67.70 in FY 2023) Full year 2024 results: EPS: JP¥218 (up from JP¥67.70 in FY 2023). Revenue: JP¥2.35t (up 5.3% from FY 2023). Net income: JP¥125.2b (up 221% from FY 2023). Profit margin: 5.3% (up from 1.7% in FY 2023). 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 7.6% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • Jun 15
Nidec Corporation to Report Q1, 2025 Results on Jul 23, 2024 Nidec Corporation announced that they will report Q1, 2025 results at 3:15 PM, Tokyo Standard Time on Jul 23, 2024 Buy Or Sell Opportunity • May 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €42.49. The fair value is estimated to be €35.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Apr 24
Nidec Corporation, Annual General Meeting, Jun 18, 2024 Nidec Corporation, Annual General Meeting, Jun 18, 2024. Reported Earnings • Apr 24
Full year 2024 earnings released: EPS: JP¥218 (vs JP¥81.64 in FY 2023) Full year 2024 results: EPS: JP¥218 (up from JP¥81.64 in FY 2023). Revenue: JP¥2.35t (up 4.7% from FY 2023). Net income: JP¥125.4b (up 167% from FY 2023). Profit margin: 5.3% (up from 2.1% in FY 2023). 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 7.2% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €41.45. The fair value is estimated to be €34.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (1.9%). Announcement • Mar 19
Nidec Corporation to Report Fiscal Year 2024 Results on Apr 24, 2024 Nidec Corporation announced that they will report fiscal year 2024 results at 3:15 PM, Tokyo Standard Time on Apr 24, 2024 Reported Earnings • Jan 25
Third quarter 2024 earnings released: EPS: JP¥69.35 (vs JP¥30.40 in 3Q 2023) Third quarter 2024 results: EPS: JP¥69.35 (up from JP¥30.40 in 3Q 2023). Revenue: JP¥594.0b (up 4.4% from 3Q 2023). Net income: JP¥39.9b (up 128% from 3Q 2023). Profit margin: 6.7% (up from 3.1% in 3Q 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Announcement • Dec 15
Nidec Corporation to Report Q3, 2024 Results on Jan 24, 2024 Nidec Corporation announced that they will report Q3, 2024 results at 3:15 PM, Tokyo Standard Time on Jan 24, 2024 Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €34.74, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Electrical industry in Europe. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.60 per share. Reported Earnings • Oct 24
Second quarter 2024 earnings released: EPS: JP¥73.20 (vs JP¥78.89 in 2Q 2023) Second quarter 2024 results: EPS: JP¥73.20 (down from JP¥78.89 in 2Q 2023). Revenue: JP¥594.6b (flat on 2Q 2023). Net income: JP¥42.1b (down 7.3% from 2Q 2023). Profit margin: 7.1% (down from 7.7% in 2Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥35.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.1%). Announcement • Sep 16
Nidec Corporation to Report Q2, 2024 Results on Oct 23, 2023 Nidec Corporation announced that they will report Q2, 2024 results at 3:15 PM, Tokyo Standard Time on Oct 23, 2023 Reported Earnings • Aug 13
First quarter 2024 earnings released: EPS: JP¥111 (vs JP¥71.74 in 1Q 2023) First quarter 2024 results: EPS: JP¥111 (up from JP¥71.74 in 1Q 2023). Revenue: JP¥566.1b (up 4.8% from 1Q 2023). Net income: JP¥64.0b (up 54% from 1Q 2023). Profit margin: 11% (up from 7.7% in 1Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Aug 03
Nidec Corporation (TSE:6594) acquired Automatic Feed Co., Inc. Nidec Corporation (TSE:6594) acquired Automatic Feed Co., Inc. on August 1, 2023. As a result of the Transaction, Automatic Feed became a consolidated subsidiary of Nidec. Automatic Feed reported $37 million sales for December 31, 2022.
Nidec Corporation (TSE:6594) completed the acquisition of Automatic Feed Co., Inc. on August 1, 2023. Reported Earnings • Jun 25
Full year 2023 earnings released: EPS: JP¥81.64 (vs JP¥235 in FY 2022) Full year 2023 results: EPS: JP¥81.64 (down from JP¥235 in FY 2022). Revenue: JP¥2.24t (up 17% from FY 2022). Net income: JP¥47.0b (down 66% from FY 2022). Profit margin: 2.1% (down from 7.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Electrical 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 6% per year, which means it is significantly lagging earnings. Announcement • Jun 20
Nidec Corporation to Report Q1, 2024 Results on Jul 20, 2023 Nidec Corporation announced that they will report Q1, 2024 results at 3:15 PM, Tokyo Standard Time on Jul 20, 2023 Announcement • May 27
Nidec Corporation Announces Annual Dividend for the Year Ended March 31, 2023 Nidec Corporation announced that the Company resolved at a meeting of its Board of Directors held on May 26, 2023 to distribute retained earnings (date of record: March 31, 2023) in the form of an annual dividend of JPY 35 per share for the year ended March 31, 2023, Record date: March 31, 2023. Total dividend amount JPY 20,133 million. Effective date June 1, 2023. Reported Earnings • Apr 26
Full year 2023 earnings released: EPS: JP¥81.64 (vs JP¥235 in FY 2022) Full year 2023 results: EPS: JP¥81.64 (down from JP¥235 in FY 2022). Revenue: JP¥2.24t (up 17% from FY 2022). Net income: JP¥47.0b (down 66% from FY 2022). Profit margin: 2.1% (down from 7.2% in FY 2022). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Electrical 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 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (1.1%). Announcement • Feb 02
Nidec Corporation (TSE:6594) completed the acquisition of Pama SpA. Nidec Corporation (TSE:6594) agreed to acquire Pama SpA on November 29, 2022. The deal is estimated to be worth JPY 15 billion. Nidec plans to purchase all shares and retain the management team. Pama has annual sales of about $140 million.
Nidec Corporation (TSE:6594) completed the acquisition of Pama SpA on February 1, 2023. Reported Earnings • Jan 25
Third quarter 2023 earnings released: EPS: JP¥30.39 (vs JP¥56.05 in 3Q 2022) Third quarter 2023 results: EPS: JP¥30.39 (down from JP¥56.05 in 3Q 2022). Revenue: JP¥569.0b (up 15% from 3Q 2022). Net income: JP¥17.5b (down 47% from 3Q 2022). Profit margin: 3.1% (down from 6.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Dec 14
Nidec Corporation to Report Q3, 2023 Results on Jan 24, 2023 Nidec Corporation announced that they will report Q3, 2023 results at 3:15 PM, Tokyo Standard Time on Jan 24, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥78.88 (vs JP¥58.81 in 2Q 2022) Second quarter 2023 results: EPS: JP¥78.88 (up from JP¥58.81 in 2Q 2022). Revenue: JP¥590.4b (up 28% from 2Q 2022). Net income: JP¥45.4b (up 32% from 2Q 2022). Profit margin: 7.7% (up from 7.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 8 new directors. No experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). Founder, Chairman of the Board & CEO Shigenobu Nagamori is the most experienced director on the board, commencing their role in 1973. Independent Outside Director Junko Watanabe was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 25
Second quarter 2023 earnings released: EPS: JP¥78.89 (vs JP¥58.81 in 2Q 2022) Second quarter 2023 results: EPS: JP¥78.89 (up from JP¥58.81 in 2Q 2022). Revenue: JP¥590.4b (up 28% from 2Q 2022). Net income: JP¥45.4b (up 32% from 2Q 2022). Profit margin: 7.7% (up from 7.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (1.3%). Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥71.74 (vs JP¥57.20 in 1Q 2022) First quarter 2023 results: EPS: JP¥71.74 (up from JP¥57.20 in 1Q 2022). Revenue: JP¥540.4b (up 21% from 1Q 2022). Net income: JP¥41.5b (up 24% from 1Q 2022). Profit margin: 7.7% (up from 7.5% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 14% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 23
Full year 2022 earnings released: EPS: JP¥235 (vs JP¥209 in FY 2021) Full year 2022 results: EPS: JP¥235 (up from JP¥209 in FY 2021). Revenue: JP¥1.92t (up 19% from FY 2021). Net income: JP¥137.2b (up 12% from FY 2021). Profit margin: 7.2% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11%, compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: JP¥234 (vs JP¥209 in FY 2021) Full year 2022 results: EPS: JP¥234 (up from JP¥209 in FY 2021). Revenue: JP¥1.92t (up 19% from FY 2021). Net income: JP¥136.9b (up 12% from FY 2021). Profit margin: 7.1% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.2%, compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Member of the Board of Directors Kazuya Murakami was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
Full year 2022 earnings released: EPS: JP¥234 (vs JP¥209 in FY 2021) Full year 2022 results: EPS: JP¥234 (up from JP¥209 in FY 2021). Revenue: JP¥1.92t (up 19% from FY 2021). Net income: JP¥136.9b (up 12% from FY 2021). Profit margin: 7.1% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.8%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 01 June 2022. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (0.9%). Reported Earnings • Jan 29
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥56.04 (down from JP¥59.56 in 3Q 2021). Revenue: JP¥496.5b (up 15% from 3Q 2021). Net income: JP¥32.8b (down 6.1% from 3Q 2021). Profit margin: 6.6% (down from 8.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 7.5%, compared to a 14% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Reported Earnings • Oct 27
Second quarter 2022 earnings released: EPS JP¥58.54 (vs JP¥49.08 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥463.2b (up 12% from 2Q 2021). Net income: JP¥34.3b (up 19% from 2Q 2021). Profit margin: 7.4% (up from 6.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (1.8%). Reported Earnings • Jul 22
First quarter 2022 earnings released: EPS JP¥57.20 (vs JP¥34.37 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥447.5b (up 33% from 1Q 2021). Net income: JP¥33.5b (up 66% from 1Q 2021). Profit margin: 7.5% (up from 6.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥209 (vs JP¥126 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.62t (up 5.4% from FY 2020). Net income: JP¥122.2b (up 65% from FY 2020). Profit margin: 7.6% (up from 4.8% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Apr 24
Full year 2021 earnings released: EPS JP¥209 (vs JP¥129 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥1.62t (up 5.4% from FY 2020). Net income: JP¥122.2b (up 61% from FY 2020). Profit margin: 7.6% (up from 4.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 24
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 01 June 2021. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (2.0%). Is New 90 Day High Low • Mar 10
New 90-day low: €93.06 The company is down 4.0% from its price of €97.24 on 10 December 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.85 per share. Reported Earnings • Feb 17
Third quarter 2021 earnings released: EPS JP¥59.56 (vs JP¥37.71 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥433.2b (up 6.1% from 3Q 2020). Net income: JP¥34.9b (up 57% from 3Q 2020). Profit margin: 8.1% (up from 5.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue beats expectations Revenue exceeded analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 10%, compared to a 17% growth forecast for the Electrical industry in Germany. Analyst Estimate Surprise Post Earnings • Jan 27
Revenue beats expectations Revenue exceeded analyst estimates by 5.0%. Over the next year, revenue is forecast to grow 9.7%, compared to a 15% growth forecast for the Electrical industry in Germany. Is New 90 Day High Low • Jan 26
New 90-day high: €117 The company is up 30% from its price of €89.36 on 28 October 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 54% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.46 per share. Is New 90 Day High Low • Jan 08
New 90-day high: €111 The company is up 38% from its price of €80.46 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Electrical industry, which is also up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.67 per share. Reported Earnings • Nov 15
Second quarter 2021 earnings released: EPS JP¥49.08 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥414.9b (up 6.3% from 2Q 2020). Net income: JP¥28.8b (up 19% from 2Q 2020). Profit margin: 6.9% (up from 6.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue beats expectations Revenue exceeded analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 6.7%, compared to a 15% growth forecast for the Electrical industry in Germany. Is New 90 Day High Low • Nov 06
New 90-day high: €91.84 The company is up 35% from its price of €68.26 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.04 per share. Reported Earnings • Oct 26
First half earnings released Over the last 12 months the company has reported total profits of JP¥77.4b, up 4.0% from the prior year. Total revenue was JP¥1.54t over the last 12 months, up 4.3% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 26
Semi-annual earnings released: Revenue beats expectations Semi-annual revenue exceeded analyst estimates by 5.4% at JP¥751.8b. Revenue is forecast to grow 6.0% over the next year, compared to a 16% growth forecast for the Electrical industry in Germany. Is New 90 Day High Low • Oct 15
New 90-day high: €83.42 The company is up 37% from its price of €61.06 on 17 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.78 per share. Is New 90 Day High Low • Sep 29
New 90-day high: €80.60 The company is up 39% from its price of €58.16 on 01 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 Electrical industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.27 per share.