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Calbee

DB:9CB
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
9CB
DB
¥392B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Calbee, Inc. engages in the production and sale of snacks and other food products in Japan and internationally. The last earnings update was 41 days ago. More info.


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9CB Share Price and Events
7 Day Returns
-1.4%
DB:9CB
2.9%
DE Food
1.6%
DE Market
1 Year Returns
-25.5%
DB:9CB
-2.7%
DE Food
-7.4%
DE Market
9CB Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Calbee (9CB) -1.4% -9.6% -1.8% -25.5% -37.1% 18.9%
DE Food 2.9% 5.1% 2.4% -2.7% -7.7% 19.3%
DE Market 1.6% 1.5% 3% -7.4% 14.7% 9.4%
1 Year Return vs Industry and Market
  • 9CB underperformed the Food industry which returned -2.7% over the past year.
  • 9CB underperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
9CB
Industry
5yr Volatility vs Market

Value

 Is Calbee 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 Calbee 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 Calbee.

DB:9CB Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
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:9CB
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.546 (1 + (1- 30.86%) (0.32%))
0.697
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for DB:9CB using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Calbee is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:9CB DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 5%)
2019 16,223.60 Analyst x5 15,451.64
2020 15,711.40 Analyst x5 14,251.79
2021 15,317.17 Analyst x6 13,233.06
2022 15,745.25 Analyst x4 12,955.63
2023 14,659.00 Analyst x2 11,487.90
2024 15,209.00 Analyst x2 11,351.78
2025 15,120.89 Est @ -0.58% 10,749.00
2026 15,069.91 Est @ -0.34% 10,203.02
2027 15,044.66 Est @ -0.17% 9,701.25
2028 15,037.30 Est @ -0.05% 9,235.12
Present value of next 10 years cash flows ¥118,620.18
DB:9CB DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥15,037.30 × (1 + 0.23%) ÷ (5% – 0.23%)
¥316,098.70
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥316,098.70 ÷ (1 + 5%)10
¥194,131.12
DB:9CB Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥118,620.18 + ¥194,131.12
¥312,751.30
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥312,751.30 / 133.65
¥2340.01
DB:9CB Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:9CB represents 0.00802x of TSE:2229
(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
= ¥ 2,340.01 x 0.00802
€18.77
Value per share (EUR) From above. €18.77
Current discount Discount to share price of €23.55
= -1 x (€23.55 - €18.77) / €18.77
-25.5%

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

  • The current share price of Calbee is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Calbee's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Calbee's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:9CB PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥145.39
TSE:2229 Share Price ** TSE (2019-06-24) in JPY ¥2936
Germany Food Industry PE Ratio Median Figure of 5 Publicly-Listed Food Companies 20.71x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 20.07x

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

** Primary Listing of Calbee.

DB:9CB PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:2229 Share Price ÷ EPS (both in JPY)

= 2936 ÷ 145.39

20.19x

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

  • Calbee is good value based on earnings compared to the DE Food industry average.
  • Calbee is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Calbee's expected growth come at a high price?
Raw Data
DB:9CB PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
0.4%per year
Europe Food Industry PEG Ratio Median Figure of 67 Publicly-Listed Food Companies 1.67x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

DB:9CB PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.19x ÷ 0.4%

51.8x

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

  • Calbee is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Calbee's assets?
Raw Data
DB:9CB PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥1,151.71
TSE:2229 Share Price * TSE (2019-06-24) in JPY ¥2936
Germany Food Industry PB Ratio Median Figure of 7 Publicly-Listed Food Companies 2.15x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.8x
DB:9CB PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:2229 Share Price ÷ Book Value per Share (both in JPY)

= 2936 ÷ 1,151.71

2.55x

* Primary Listing of Calbee.

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

  • Calbee is overvalued based on assets compared to the DE Food industry average.
X
Value checks
We assess Calbee'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 Food 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 Food industry average (and greater than 0)? (1 check)
  5. Calbee has a total score of 1/6, 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 Calbee expected to perform in the next 1 to 3 years based on estimates from 9 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
0.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Calbee expected to grow at an attractive rate?
  • Calbee's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Calbee's earnings growth is positive but not above the Germany market average.
  • Calbee's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:9CB Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:9CB Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 0.4%
DB:9CB Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 1.7%
Germany Food Industry Earnings Growth Rate Market Cap Weighted Average 52.5%
Europe Food Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:9CB Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:9CB Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 265,750 27,109 19,150 2
2023-03-31 262,900 26,759 18,900 2
2022-03-31 269,377 27,280 19,744 7
2021-03-31 264,082 26,889 19,433 9
2020-03-31 257,006 26,226 18,364 9
DB:9CB Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 248,655 27,620 19,429
2018-12-31 251,906 27,504 19,282
2018-09-30 253,820 26,637 19,913
2018-06-30 256,287 14,807 19,256
2018-03-31 251,575 9,358 17,330
2017-12-31 250,167 19,032 17,265
2017-09-30 247,588 9,752 17,666
2017-06-30 247,183 19,399 17,060
2017-03-31 252,420 25,958 18,605
2016-12-31 249,907 19,077 17,814
2016-09-30 248,841 24,381 17,129
2016-06-30 248,054 27,449 17,149

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Calbee's earnings are expected to grow by 0.4% yearly, however this is not considered high growth (20% yearly).
  • Calbee's revenue is expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
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:9CB Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Calbee Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:9CB Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 143.30 147.40 139.20 2.00
2023-03-31 141.05 143.70 138.40 2.00
2022-03-31 150.28 162.41 138.40 6.00
2021-03-31 148.37 158.14 136.90 8.00
2020-03-31 139.32 147.94 131.70 8.00
DB:9CB Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 145.39
2018-12-31 144.31
2018-09-30 149.05
2018-06-30 144.14
2018-03-31 129.71
2017-12-31 129.21
2017-09-30 132.19
2017-06-30 127.66
2017-03-31 139.24
2016-12-31 133.38
2016-09-30 128.28
2016-06-30 128.46

*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.
  • Calbee is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Calbee'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.
Calbee has a total score of 1/6, 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 Calbee 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 Calbee's growth in the last year to its industry (Food).
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.
  • Calbee's year on year earnings growth rate has been positive over the past 5 years.
  • Calbee's 1-year earnings growth exceeds its 5-year average (12.1% vs 9%)
  • Calbee's earnings growth has exceeded the DE Food industry average in the past year (12.1% vs -3.2%).
Earnings and Revenue History
Calbee'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 Calbee Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:9CB Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 248,655.00 19,429.00 84,156.00
2018-12-31 251,906.00 19,282.00 84,319.00
2018-09-30 253,820.00 19,913.00 84,482.00
2018-06-30 256,287.00 19,256.00 83,293.00
2018-03-31 251,575.00 17,330.00 82,075.00
2017-12-31 250,167.00 17,265.00 82,040.00
2017-09-30 247,588.00 17,666.00 81,093.00
2017-06-30 247,183.00 17,060.00 82,468.00
2017-03-31 252,420.00 18,605.00 82,732.00
2016-12-31 249,907.00 17,814.00 82,135.00
2016-09-30 248,841.00 17,129.00 80,954.00
2016-06-30 248,054.00 17,149.00 79,879.00
2016-03-31 246,129.00 16,799.00 78,908.00
2015-12-31 242,677.00 15,718.00 78,088.00
2015-09-30 236,822.00 14,704.00 76,853.00
2015-06-30 229,712.00 14,218.00 75,160.00
2015-03-31 222,150.00 14,114.00 73,378.00
2014-12-31 215,656.00 13,538.00 69,233.00 2,158.00
2014-09-30 210,543.00 13,316.00 68,292.00 2,158.00
2014-06-30 204,659.00 12,251.00 66,258.00 2,158.00
2014-03-31 199,941.00 12,086.00 65,334.00 2,158.00
2013-12-31 194,576.00 12,392.00 66,163.00
2013-09-30 189,004.00 11,492.00 64,786.00
2013-06-30 183,667.00 10,580.00 64,018.00
2013-03-31 179,411.00 9,441.00 60,446.00 2,286.00
2012-12-31 177,014.00 10,155.00 61,346.00
2012-09-30 173,358.00 9,106.00 60,108.00
2012-06-30 170,873.00 8,603.00 58,789.00

*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.
  • Calbee has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Calbee used its assets more efficiently than the DE Food industry average last year based on Return on Assets.
  • Calbee's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Calbee'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 Food 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.
Calbee has a total score of 4/6, 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 Calbee's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Calbee's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Calbee is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Calbee's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Calbee'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 90.1x debt.
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 Calbee Company Filings, last reported 2 months ago.

DB:9CB Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 160,486.00 1,027.00 55,752.00
2018-12-31 155,568.00 3,823.00 44,246.00
2018-09-30 150,985.00 5,760.00 55,637.00
2018-06-30 145,409.00 1,366.00 45,505.00
2018-03-31 146,667.00 1,129.00 46,557.00
2017-12-31 143,298.00 5,211.00 35,254.00
2017-09-30 136,687.00 7,186.00 41,878.00
2017-06-30 131,761.00 1,208.00 45,764.00
2017-03-31 135,056.00 1,107.00 52,960.00
2016-12-31 141,651.00 6,133.00 44,379.00
2016-09-30 133,061.00 814.00 51,503.00
2016-06-30 128,781.00 578.00 49,051.00
2016-03-31 131,469.00 365.00 51,783.00
2015-12-31 129,967.00 363.00 36,437.00
2015-09-30 123,685.00 405.00 47,068.00
2015-06-30 119,609.00 410.00 45,423.00
2015-03-31 118,798.00 402.00 53,886.00
2014-12-31 116,911.00 281.00 42,641.00
2014-09-30 110,173.00 136.00 50,658.00
2014-06-30 105,376.00 126.00 46,357.00
2014-03-31 104,467.00 0.00 48,782.00
2013-12-31 103,515.00 0.00 33,303.00
2013-09-30 98,219.00 0.00 38,979.00
2013-06-30 94,544.00 0.00 30,701.00
2013-03-31 92,687.00 7.00 31,342.00
2012-12-31 89,190.00 4.00 21,437.00
2012-09-30 84,357.00 6.00 23,987.00
2012-06-30 81,035.00 6.00 20,928.00
  • Calbee's level of debt (0.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0.1% vs 0.8% today).
  • Debt is well covered by operating cash flow (2223.8%, greater than 20% of total debt).
  • Calbee earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Calbee'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. Calbee has a total score of 5/6, 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 Calbee'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
1.7%
Current annual income from Calbee dividends. Estimated to be 1.85% next year.
If you bought €2,000 of Calbee shares you are expected to receive €34 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?
  • Calbee's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Calbee's dividend is below the markets top 25% of dividend payers in Germany (3.87%).
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:9CB 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 9 Analyst Estimates (S&P Global) See Below
Germany Food Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 328 Stocks 3.1%
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:9CB Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 57.50 2.00
2023-03-31 56.00 2.00
2022-03-31 56.43 7.00
2021-03-31 54.78 9.00
2020-03-31 50.89 9.00
DB:9CB Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-05-14 50.000 1.623
2018-06-21 48.000 1.390
2018-05-11 48.000 1.219
2018-02-09 42.000 1.160
2018-02-01 42.000 1.168
2017-11-09 42.000 1.103
2017-10-30 42.000 1.078
2017-06-22 46.000 1.117
2017-05-12 46.000 1.041
2016-06-22 40.000 1.039
2016-05-13 40.000 0.987
2015-06-25 33.000 0.717
2015-05-12 33.000 0.672
2014-08-04 26.000 0.632
2014-07-24 26.000 0.841
2014-05-13 26.000 0.920
2014-01-30 18.000 0.736
2013-08-09 18.000 0.711
2013-05-10 15.500 0.641
2013-01-30 12.500 0.609
2012-11-01 12.500 0.742
2012-06-27 12.500 0.839
2012-05-08 12.500 1.090
2012-02-01 8.000 0.798
2011-10-28 8.000 0.890
2011-08-10 8.000 0.878
2011-08-03 8.000 1.054
2011-06-28 8.000 1.039
2011-05-10 8.000 1.227

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

  • Calbee has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Calbee only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Calbee's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x 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 Calbee'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 Calbee afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Calbee has a total score of 2/6, 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 Calbee'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
Shuji Ito
COMPENSATION ¥104,000,000
AGE 61
TENURE AS CEO 1 years
CEO Bio

Mr. Shuji Ito has been the President, Representative Director at CALBEE, Inc. since 2009 and serves as Chief Executive Officer since June 20, 2018. Mr. Ito joined CALBEE, Inc. in 1979. He served as Executive Officer and Chief Operating Officer of the East Japan Company at Calbee since 2001. He served as Chief Operating Officer of the Jagarico Company at Calbee since 2004. He served as Executive Managing Officer and Controller of the Marketing Group at Calbee since 2005. He served as a Director at Calbee since 2005.

CEO Compensation
  • Shuji's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Shuji's remuneration is lower than average for companies of similar size in Germany.
Management Team

Shuji Ito

TITLE
President
COMPENSATION
¥104M
AGE
61
TENURE
1 yrs

Koichi Kikuchi

TITLE
CFO, Managing Exec. Officer
TENURE
7.3 yrs

Masatoshi Aki

TITLE
Chief Technology Officer and Executive Managing Officer

Shoji Tobayama

TITLE
Senior Exec. Officer and Controller of HR Group

Makoto Ehara

TITLE
Executive VP & Controller of Marketing

Masakazu Fujii

TITLE
Senior Executive Officer and Controller of Regional Business Divisions & Sales Group

Yumiko Kamada

TITLE
Senior Executive Officer and General Manager of New Business Development Group
AGE
52

Kaoru Ishigaki

TITLE
Executive Officer and General Manager of Administration Division

Nobue Ishii

TITLE
Chief Healthcare Officer

Gene Jensen

TITLE
President of Calbee North America
Board of Directors Tenure

Average tenure and age of the Calbee board of directors in years:

4.4
Average Tenure
62
Average Age
  • The tenure for the Calbee board of directors is about average.
Board of Directors

Shuji Ito

TITLE
President
COMPENSATION
¥104M
AGE
61
TENURE
10.4 yrs

Akira Matsumoto

TITLE
Senior Chairman
COMPENSATION
¥104M
AGE
71
TENURE
1 yrs

Yuzaburo Mogi

TITLE
Independent Director
AGE
83
TENURE
10.4 yrs

Atsuko Fukushima

TITLE
Independent Director
AGE
56
TENURE
4.4 yrs

Takahisa Takahara

TITLE
Independent Director
AGE
57
TENURE
4.4 yrs

Weiwei Yao

TITLE
Outside Director
TENURE
2.4 yrs

Yoshihiko Miyauchi

TITLE
Outside Director
AGE
83
TENURE
2.4 yrs

Tadashi Ishida

TITLE
Independent Audit & Supervisory Board Member
AGE
74
TENURE
8.4 yrs

Isao Hirakawa

TITLE
Audit & Supervisory Board Member
AGE
62
TENURE
7.4 yrs

Nagako Oe

TITLE
Independent Audit & Supervisory Board Member
AGE
44
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Calbee'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. Calbee 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

Calbee, Inc. engages in the production and sale of snacks and other food products in Japan and internationally. It offers potato-based, flour-based, corn-and bean-based, and other snacks, as well as cereals. The company markets its products under the Potato Chips, Jagarico, Jagabee/Jaga Pokkuru, Kappa Ebisen, Mike Popcorn Butter Shoyu, Doritos, Cheetos, and Frugra brands. Calbee, Inc. was founded in 1949 and is headquartered in Tokyo, Japan.

Details
Name: Calbee, Inc.
9CB
Exchange: DB
Founded: 1949
¥3,208,618,199
133,654,053
Website: http://www.calbee.com
Address: Calbee, Inc.
Marunouchi Trust Tower Main,
22nd Floor,
Tokyo,
100-0005,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 2229 Common Shares The Tokyo Stock Exchange JP JPY 11. Mar 2011
OTCPK CBCF.F Common Shares Pink Sheets LLC US USD 11. Mar 2011
DB 9CB Common Shares Deutsche Boerse AG DE EUR 11. Mar 2011
OTCPK CLBE.Y UNSPONSORD ADR Pink Sheets LLC US USD 15. Sep 2017
Number of employees
Current staff
Staff numbers
3,798
Calbee employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 21:54
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/10
Last earnings filing: 2019/05/14
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.