BST:TZ6

Stock Analysis Report

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Executive Summary

T&D Holdings, Inc., through its subsidiaries, provides life insurance products and services primarily in Japan.


Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

How has T&D Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: TZ6's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-3.4%

TZ6

-1.7%

DE Insurance

-1.9%

DE Market


1 Year Return

-22.4%

TZ6

-4.4%

DE Insurance

8.1%

DE Market

Return vs Industry: TZ6 underperformed the German Insurance industry which returned -4.3% over the past year.

Return vs Market: TZ6 underperformed the German Market which returned 8.3% over the past year.


Shareholder returns

TZ6IndustryMarket
7 Day-3.4%-1.7%-1.9%
30 Day-5.3%-2.4%-0.2%
90 Day-5.9%10.0%12.8%
1 Year-18.9%-22.4%0.9%-4.4%10.5%8.1%
3 Yearn/a21.3%5.6%3.2%-5.0%
5 Yearn/a54.1%22.2%11.9%-3.2%

Price Volatility Vs. Market

How volatile is T&D Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is T&D Holdings undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: TZ6 (€7.2) is trading below our estimate of fair value (€18.89)

Significantly Below Fair Value: TZ6 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: TZ6 is good value based on its PE Ratio (8.2x) compared to the DE Insurance industry average (10.3x).

PE vs Market: TZ6 is good value based on its PE Ratio (8.2x) compared to the German market (20.9x).


Price to Earnings Growth Ratio

PEG Ratio: TZ6 is poor value based on its PEG Ratio (6x)


Price to Book Ratio

PB vs Industry: TZ6 is good value based on its PB Ratio (0.5x) compared to the DE Insurance industry average (0.9x).


Next Steps

Future Growth

How is T&D Holdings forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

1.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: TZ6's forecast earnings growth (1.4% per year) is above the savings rate (0.2%).

Earnings vs Market: TZ6's earnings (1.4% per year) are forecast to grow slower than the German market (23.2% per year).

High Growth Earnings: TZ6's earnings are forecast to grow, but not significantly.

Revenue vs Market: TZ6's revenue is expected to decline over the next 3 years (-2.4% per year).

High Growth Revenue: TZ6's revenue is forecast to decline over the next 3 years (-2.4% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: TZ6's Return on Equity is forecast to be low in 3 years time (6.6%).


Next Steps

Past Performance

How has T&D Holdings performed over the past 5 years?

-5.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: TZ6 has a large one-off loss of ¥70.6B impacting its March 31 2020 financial results.

Growing Profit Margin: TZ6's current net profit margins (3.1%) are lower than last year (3.4%).


Past Earnings Growth Analysis

Earnings Trend: TZ6's earnings have declined by 5.1% per year over the past 5 years.

Accelerating Growth: TZ6's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: TZ6 had negative earnings growth (-7.8%) over the past year, making it difficult to compare to the Insurance industry average (10%).


Return on Equity

High ROE: TZ6's Return on Equity (6%) is considered low.


Next Steps

Financial Health

How is T&D Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: TZ6's short term assets (¥1,980.7B) exceed its short term liabilities (¥170.0B).

Long Term Liabilities: TZ6's short term assets (¥1,980.7B) do not cover its long term liabilities (¥15,227.0B).


Debt to Equity History and Analysis

Debt Level: TZ6's debt to equity ratio (21.5%) is considered satisfactory.

Reducing Debt: TZ6's debt to equity ratio has increased from 7.5% to 21.5% over the past 5 years.

Debt Coverage: TZ6's debt is well covered by operating cash flow (244.3%).

Interest Coverage: TZ6's interest payments on its debt are well covered by EBIT (238.5x coverage).


Balance Sheet


Next Steps

Dividend

What is T&D Holdings's current dividend yield, its reliability and sustainability?

4.84%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: TZ6's dividend (4.84%) is higher than the bottom 25% of dividend payers in the German market (1.25%).

High Dividend: TZ6's dividend (4.84%) is in the top 25% of dividend payers in the German market (3.82%)


Stability and Growth of Payments

Stable Dividend: TZ6's dividends per share have been stable in the past 10 years.

Growing Dividend: TZ6's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (39.5%), TZ6's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.3yrs

Average management tenure


CEO

Hirohisa Uehara (58 yo)

2.33yrs

Tenure

Mr. Hirohisa Uehara has been the President and Chief Executive Officer of T&D Holdings, Inc. since April 1, 2018. Mr. Uehara has operational experience within T&D Group including investment and sales. In a ...


Leadership Team

NamePositionTenureCompensationOwnership
Hirohisa Uehara
President2.33yrsno data0.0071%
¥ 310.2k
Shigeharu Arai
Executive Officer and GM of Group Finance & Accounting Department0.33yrno datano data
Yoshihisa Tanaka
Managing Executive Officer & Director1.17yrsno data0.0011%
¥ 46.4k
Chikahiro Tsuboi
Senior Managing Executive Officer & Deputy Head of Business Promotion Departmentno datano datano data
Tomoyasu Isobe
Managing Executive Officer0.33yrno datano data
Mitsuhiro Nagata
Senior Managing Executive Officer & Director2.17yrsno data0.0035%
¥ 153.8k
Yasuro Tamura
Senior Managing Executive Officerno datano data0.00090%
¥ 39.4k
Takashi Ikawa
Managing Executive Officer0.33yrno datano data
Kanaya Morinaka
Executive VP of Corporate Planning Department & Representative Director0.33yrno data0.0038%
¥ 166.9k
Hiroshi Fujise
President and Representative Director of T&D Asset Mgmt Co. Ltd.no datano datano data
Masanori Nishida
President and Representative Director of Pet & Family Small-Amount Short-Term Insurance Company no datano datano data

0.3yrs

Average Tenure

58yo

Average Age

Experienced Management: TZ6's management team is not considered experienced ( 0.3 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Hirohisa Uehara
President2.33yrsno data0.0071%
¥ 310.2k
Yoshihisa Tanaka
Managing Executive Officer & Director1.17yrsno data0.0011%
¥ 46.4k
Mitsuhiro Nagata
Senior Managing Executive Officer & Director2.17yrsno data0.0035%
¥ 153.8k
Kanaya Morinaka
Executive VP of Corporate Planning Department & Representative Director0.33yrno data0.0038%
¥ 166.9k
Hiroshi Fujise
President and Representative Director of T&D Asset Mgmt Co. Ltd.no datano datano data
Masanori Nishida
President and Representative Director of Pet & Family Small-Amount Short-Term Insurance Company no datano datano data
Haruka Matsuyama
Independent Outside Director7.17yrsno datano data
Naoki Ohgo
Independent Outside Director3.17yrsno data0.00027%
¥ 11.8k
Yasuo Teraoka
Director0.17yrno data0.0035%
¥ 152.9k
Minoru Kudo
Director5.17yrsno data0.0082%
¥ 361.0k
Masafumi Itasaka
Director3.17yrsno data0.00090%
¥ 39.4k
Junichi Yanai
Director0.17yrno data0.0011%
¥ 47.3k

2.7yrs

Average Tenure

58yo

Average Age

Experienced Board: TZ6's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

T&D Holdings, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: T&D Holdings, Inc.
  • Ticker: TZ6
  • Exchange: BST
  • Founded: 2004
  • Industry: Life and Health Insurance
  • Sector: Insurance
  • Market Cap: JP¥546.045b
  • Listing Market Cap: JP¥4.381b
  • Shares outstanding: 600.71m
  • Website: https://www.td-holdings.co.jp

Number of Employees


Location

  • T&D Holdings, Inc.
  • 2-7-1, Nihonbashi
  • Chuo-ku
  • Tokyo
  • 103-6031
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TDHO.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDApr 2004
TZ6DB (Deutsche Boerse AG)YesCommon StockDEEURApr 2004
8795TSE (The Tokyo Stock Exchange)YesCommon StockJPJPYApr 2004
TZ6BST (Boerse-Stuttgart)YesCommon StockDEEURApr 2004
TDHO.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDOct 2008

Biography

T&D Holdings, Inc., through its subsidiaries, provides life insurance products and services primarily in Japan. It offers comprehensive coverage, including death benefit and medical/nursing care products t ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/04 23:29
End of Day Share Price2020/08/04 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.