Announcement • May 12
Kobe Steel, Ltd. (TSE:5406) entered into a share exchange agreement to acquire remaining 56.52% stake in Kobelco Wire Company, Ltd. (TSE:5660) from Nippon Life Insurance Company, Mizuho Trust & Banking Co., Ltd., Shinsho Corporation (TSE:8075), Mizuho Bank, Ltd., Mitsui & Co. Steel Ltd. and Michio Maruyama for ¥6.1 billion. Kobe Steel, Ltd. (TSE:5406) entered into a share exchange agreement to acquire remaining 56.52% stake in Kobelco Wire Company, Ltd. (TSE:5660) from Nippon Life Insurance Company, Mizuho Trust & Banking Co., Ltd., Shinsho Corporation (TSE:8075), Mizuho Bank, Ltd., Mitsui & Co. Steel Ltd. and Michio Maruyama for ¥6.1 billion on May 11, 2026. The consideration consists of 3.14 million common equity of Kobe Steel, Ltd. at an exchange ratio of 0.94 to be issued for common equity of Kobelco Wire Company, Ltd. As part of consideration, ¥6.08 billion is paid towards common equity of Kobelco Wire Company, Ltd. Upon completion, Kobe Steel, Ltd. will own 100% stake in Kobelco Wire Company, Ltd.
The transaction is subject to approval of offer by target shareholders. The expected completion of the transaction is September 1, 2026.
Nomura Securities Co., Ltd. acted as financial advisor for Kobe Steel, Ltd. Industrial Growth Platform, Inc. acted as financial advisor for Kobelco Wire Company, Ltd. Nishimura & Asahi acted as legal advisor for Kobe Steel, Ltd. TMI Associates acted as legal advisor for Kobelco Wire Company, Ltd. Announcement • May 11
Kobe Steel, Ltd., Annual General Meeting, Jun 23, 2026 Kobe Steel, Ltd., Annual General Meeting, Jun 23, 2026. Announcement • May 09
Kobe Steel, Ltd. to Report Fiscal Year 2026 Results on May 11, 2026 Kobe Steel, Ltd. announced that they will report fiscal year 2026 results at 1:00 PM, Tokyo Standard Time on May 11, 2026 Announcement • Feb 02
Kobe Steel, Ltd. (TSE:5406) completed the acquisition of remaining 48.31% stake in Nippon Koshuha Steel Co.,Ltd. (TSE:5476) from a group of shareholders. Kobe Steel, Ltd. (TSE:5406) agreed to acquire remaining 48.31% stake in Nippon Koshuha Steel Co.,Ltd. (TSE:5476) from a group of shareholders for ¥3 billion on May 12, 2025. As part of the consideration Kobe Steel, Ltd. will allot and deliver 0.26 shares of its stock for each share of Nippon Koshuha Steel Co.,Ltd. The consideration is subject to change upon mutual discussion. Upon completion, Kobe Steel, Ltd. will own 100% stake in Nippon Koshuha Steel Co.,Ltd. The transaction is subject to approval by regulatory board / committee, approval of offer by target board, approval of offer by target shareholders and consummation of due diligence investigation. The Board of Directors of Nippon Koshuha Steel Co.,Ltd. formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is February 2, 2026.
Nomura Securities Co., Ltd. acted as financial advisor for Kobe Steel, Ltd. Nishimura & Asahi acted as legal advisor for Kobe Steel, Ltd. YAMADA Business Consulting Co.,Ltd. acted as financial advisor for Nippon Koshuha Steel Co.,Ltd. Anderson Mori & Tomotsune acted as legal advisor for Nippon Koshuha Steel Co.,Ltd. Stand by C Co., Ltd. acted as financial advisor for Nippon Koshuha Steel Co.,Ltd. Nomura Securities Co., Ltd. acted as fairness opinion provider for Kobe Steel, Ltd. YAMADA Business Consulting Co.,Ltd. acted as fairness opinion provider for Nippon Koshuha Steel Co.,Ltd.
Kobe Steel, Ltd. (TSE:5406) completed the acquisition of remaining 48.31% stake in Nippon Koshuha Steel Co.,Ltd. (TSE:5476) from a group of shareholders on February 2, 2026. Kobe Steel has transferred all its common shares in Nippon Koshuha Steel to Daido Steel Co., Ltd. Announcement • Jan 06
Kobe Steel, Ltd. to Report Q3, 2026 Results on Feb 06, 2026 Kobe Steel, Ltd. announced that they will report Q3, 2026 results at 12:00 PM, Tokyo Standard Time on Feb 06, 2026 Announcement • Oct 09
Kobe Steel, Ltd. to Report Q2, 2026 Results on Nov 10, 2025 Kobe Steel, Ltd. announced that they will report Q2, 2026 results at 12:00 PM, Tokyo Standard Time on Nov 10, 2025 Announcement • Jul 03
Kobe Steel, Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Kobe Steel, Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Announcement • May 13
Kobe Steel, Ltd. (TSE:5406) announces an Equity Buyback for 1,900,000 shares, representing 0.48% for ¥3,900 million. Kobe Steel, Ltd. (TSE:5406) announces a share repurchase program. Under the program, the company will repurchase up to 1,900,000 shares, representing 0.48% of its issued share capital, for ¥3,900 million. The purpose of the buyback is to issue shares to shareholders of Nippon Koshuha Steel Co., Ltd. when it becomes a wholly owned subsidiary through a share exchange. The program will expire on June 9, 2025. As of March 31, 2025, the company had 396,064,263 shares in issue (excluding treasury stock) and 281,700 shares in treasury. Announcement • Apr 25
Court Dismisses the Appeal Against Kobe Steel and Kobelco Power Kobe No. 2, Inc Kobe Steel, Ltd. announced that the Osaka High Court handed down a judgement dismissing the appeal by the appellants against the Kobe District Court's judgement that dismissed the plaintiffs' claims raised against the Company and its wholly owned subsidiary Kobelco Power Kobe No. 2 Inc. on March 20, 2023, as announced in the press release "Legal appeal filed against Kobe Steel and a Group company" as of June 29, 2023. The Companies undertook environmental impact assessment procedures for the plan to build the Kobe Power Plant's No. 3 and No. 4 units (hereinafter, the new power plant), which are currently in operation at 2, Nadahama Higashicho, Nada-ku, Kobe, Hyogo Prefecture (the procedures completed on June 25, 2018, with the end of the public inspection period for the environmental impact assessment report), as well as made efforts to provide information and explanations in order to gain the understanding of the parties involved, including the residents of the immediate area. Despite such efforts, a lawsuit demanding injunctions on the construction of the new power plant was filed from those who claimed that by living in the vicinity of the new power plant site, they could suffer from the operation. The lawsuit was dismissed by the Kobe District Court as the court of first instance, but the appellants were dissatisfied with the judgement of the first instance and thereby filed the appeal. 34 people who claim to be living in the vicinity of the new power plant. The appellants sought a judgment to rescind the judgment of the first instance and to order the Companies and one other company to stop the operation of the new plant. This judgement has no impact on the Companies' business performance. If the appellants appeal to the Supreme Court, we will continue to respond appropriately. Announcement • Apr 01
Kobe Steel, Ltd. to Report Fiscal Year 2025 Results on May 12, 2025 Kobe Steel, Ltd. announced that they will report fiscal year 2025 results on May 12, 2025 Announcement • Feb 08
Kobe Steel, Ltd. Provides Consolidated Earning Guidance for the Full Year Ending March 31, 2025 Kobe Steel, Ltd. provided Consolidated earning guidance for the full year ending March 31, 2025. For the year company expects net sales to be JPY 2,580,000 million; Operating profit JPY 150,00 million; Profit attributable to owners of parent JPY 130,000 million; and Basic earnings per share JPY 329.52. Announcement • Feb 07
Kobe Steel, Ltd. Revises Dividend Guidance for the Fiscal Year Ending March 31, 2025 Kobe Steel, Ltd. revised dividend guidance for the fiscal year ending March 31, 2025. For the quarter, the company now expects to pay a dividend of JPY 55.00 per share against previous guidance of JPY 45.00 per share. Reason for revision: Kobe Steel considers the return of profits to shareholders to be one of its top management priorities and strives to enhance the corporate value of the entire Group by promoting business development from a medium- to long-term perspective. The Company determines dividends taking its financial condition, business performance, future capital needs and other factors into overall consideration with the aim of paying dividends on a continuous and steady basis in principle. The target dividend payout ratio is set at approximately 30% of profit attributable to owners of parent. In accordance with this policy, the Company has decided to revise its dividend forecast to increase the year-end dividend to JPY 55 per share (annual dividend: JPY 100), a JPY 10 increase from the previous forecast, based on the profit attributable to owners of parent projected for fiscal 2024. Announcement • Jan 14
Kobe Steel, Ltd. to Report Q3, 2025 Results on Feb 07, 2025 Kobe Steel, Ltd. announced that they will report Q3, 2025 results at 1:00 PM, Tokyo Standard Time on Feb 07, 2025 Declared Dividend • Dec 30
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 28th March 2025 Payment date: 2nd June 2025 Dividend yield will be 487%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 3.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 26
JEOL Ltd. (TSE:6951) agreed to acquire an additional majority stake in Japan Superconductor Technology, Inc. from Kobe Steel, Ltd. (TSE:5406). JEOL Ltd. (TSE:6951) agreed to acquire an additional majority stake in Japan Superconductor Technology, Inc. from Kobe Steel, Ltd. (TSE:5406) on November 22, 2024. Post the closing of the transaction, Kobe Steel will not hold any stake in Japan Superconductor Technology.
For the period ending March 31, 2024, Japan Superconductor Technology, Inc. reported total revenue of ¥4.14 billion.
The expected completion of the transaction is January 6, 2025. New Risk • Nov 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Nov 10
First half 2025 earnings released: EPS: JP¥143 (vs JP¥203 in 1H 2024) First half 2025 results: EPS: JP¥143 (down from JP¥203 in 1H 2024). Revenue: JP¥1.25t (flat on 1H 2024). Net income: JP¥56.6b (down 30% from 1H 2024). Profit margin: 4.5% (down from 6.4% in 1H 2024). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 07
Kobe Steel, Ltd. to Report Q2, 2025 Results on Nov 07, 2024 Kobe Steel, Ltd. announced that they will report Q2, 2025 results at 3:30 PM, Tokyo Standard Time on Nov 07, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.3%). New Risk • Sep 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. Minor Risks High level of debt (54% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €9.20, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 110% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.99 per share. Buy Or Sell Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.7% to €10.20. The fair value is estimated to be €13.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 0.02% per annum over the same time period. New Risk • Jul 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. Minor Risks High level of debt (48% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jul 13
Kobe Steel, Ltd. to Report Q1, 2025 Results on Aug 07, 2024 Kobe Steel, Ltd. announced that they will report Q1, 2025 results on Aug 07, 2024 Declared Dividend • Jul 11
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 411%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.0% over the next 3 years. However, it would need to fall by 64% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 24
Full year 2024 earnings released: EPS: JP¥277 (vs JP¥184 in FY 2023) Full year 2024 results: EPS: JP¥277 (up from JP¥184 in FY 2023). Revenue: JP¥2.54t (up 2.9% from FY 2023). Net income: JP¥109.6b (up 51% from FY 2023). Profit margin: 4.3% (up from 2.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 27% per year. Announcement • May 11
Kobe Steel, Ltd., Annual General Meeting, Jun 19, 2024 Kobe Steel, Ltd., Annual General Meeting, Jun 19, 2024. Reported Earnings • May 10
Full year 2024 earnings released: EPS: JP¥277 (vs JP¥184 in FY 2023) Full year 2024 results: EPS: JP¥277 (up from JP¥184 in FY 2023). Revenue: JP¥2.54t (up 2.9% from FY 2023). Net income: JP¥109.6b (up 51% from FY 2023). Profit margin: 4.3% (up from 2.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 26% per year. Announcement • Apr 12
Kobe Steel, Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 Kobe Steel, Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.9%). In line with average of industry peers (4.3%). Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥74.39 (vs JP¥49.39 in 3Q 2023) Third quarter 2024 results: EPS: JP¥74.39 (up from JP¥49.39 in 3Q 2023). Revenue: JP¥619.9b (flat on 3Q 2023). Net income: JP¥29.4b (up 51% from 3Q 2023). Profit margin: 4.7% (up from 3.2% in 3Q 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Dec 21
Kobe Steel, Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Kobe Steel, Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥139 (vs JP¥17.65 in 2Q 2023) Second quarter 2024 results: EPS: JP¥139 (up from JP¥17.65 in 2Q 2023). Revenue: JP¥655.1b (up 4.5% from 2Q 2023). Net income: JP¥54.9b (up JP¥47.9b from 2Q 2023). Profit margin: 8.4% (up from 1.1% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥45.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 21% and the cash payout ratio is 86%. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.5%). Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €13.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 325% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.04 per share. Announcement • Sep 05
Kobe Steel, Ltd. to Report Q2, 2024 Results on Nov 09, 2023 Kobe Steel, Ltd. announced that they will report Q2, 2024 results on Nov 09, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥64.45 (vs JP¥53.32 in 1Q 2023) First quarter 2024 results: EPS: JP¥64.45 (up from JP¥53.32 in 1Q 2023). Revenue: JP¥598.7b (up 10% from 1Q 2023). Net income: JP¥25.5b (up 21% from 1Q 2023). Profit margin: 4.3% (up from 3.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 25
Full year 2023 earnings released: EPS: JP¥184 (vs JP¥160 in FY 2022) Full year 2023 results: EPS: JP¥184 (up from JP¥160 in FY 2022). Revenue: JP¥2.47t (up 19% from FY 2022). Net income: JP¥72.6b (up 21% from FY 2022). Profit margin: 2.9% (in line with FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.0% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €8.70, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.89 per share. Announcement • May 28
Kobe Steel, Ltd. to Report Q1, 2024 Results on Aug 08, 2023 Kobe Steel, Ltd. announced that they will report Q1, 2024 results on Aug 08, 2023 Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥184 (vs JP¥160 in FY 2022) Full year 2023 results: EPS: JP¥184 (up from JP¥160 in FY 2022). Revenue: JP¥2.47t (up 19% from FY 2022). Net income: JP¥72.6b (up 21% from FY 2022). Profit margin: 2.9% (in line with FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Kobe Steel, Ltd., Annual General Meeting, Jun 21, 2023 Kobe Steel, Ltd., Annual General Meeting, Jun 21, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (8.6%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.62, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 218% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.61 per share. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.80, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.04 per share. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥49.39 (vs JP¥51.28 in 3Q 2022) Third quarter 2023 results: EPS: JP¥49.39 (down from JP¥51.28 in 3Q 2022). Revenue: JP¥615.0b (up 20% from 3Q 2022). Net income: JP¥19.5b (flat on 3Q 2022). Profit margin: 3.2% (down from 3.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 1.9% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Dec 13
Kobe Steel, Ltd. to Report Q3, 2023 Results on Feb 09, 2023 Kobe Steel, Ltd. announced that they will report Q3, 2023 results on Feb 09, 2023 Announcement • Nov 16
Kobe Steel Limited agreed to acquire additional 25% minority stake in Kobelco Millcon Steel Co., Ltd from Millcon Steel Public Company Limited. for approximately THB 580 million. Kobe Steel Limited agreed to acquire additional 25% minority stake in Kobelco Millcon Steel Co., Ltd from Millcon Steel Public Company Limited. for approximately THB 580 million on November 15, 2022. Under the terms, Kobe Steel will acquire 7,075,000 shares of Kobelco Millcon. Post acquisition, Kobe Steel Limited will hold 75% stake and Millcon Steel will hold 25% stake in Kobelco Millcon. Kobe Steel to use the funds received from the transaction for working capital and/or debt repayment and/or business expansion. Reported Earnings • Nov 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: JP¥626.9b (up 23% from 2Q 2022). Net income: JP¥6.97b (down 55% from 2Q 2022). Profit margin: 1.1% (down from 3.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of German dividend payers (5.1%). Lower than average of industry peers (10%). Announcement • Sep 15
Kobe Steel, Ltd. to Report Q2, 2023 Results on Nov 09, 2022 Kobe Steel, Ltd. announced that they will report Q2, 2023 results on Nov 09, 2022 Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥53.32 (vs JP¥52.16 in 1Q 2022) First quarter 2023 results: EPS: JP¥53.32 (up from JP¥52.16 in 1Q 2022). Revenue: JP¥542.8b (up 17% from 1Q 2022). Net income: JP¥21.0b (up 11% from 1Q 2022). Profit margin: 3.9% (down from 4.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 9.8%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 26
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥2.08t (up 22% from FY 2021). Net income: JP¥60.1b (up 159% from FY 2021). Profit margin: 2.9% (up from 1.4% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 34% growth forecast for the mining industry in Germany. Announcement • Jun 21
Kobe Steel, Ltd. to Report Q1, 2023 Results on Aug 09, 2022 Kobe Steel, Ltd. announced that they will report Q1, 2023 results on Aug 09, 2022 Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥160 (vs JP¥64.06 in FY 2021) Full year 2022 results: EPS: JP¥160 (up from JP¥64.06 in FY 2021). Revenue: JP¥2.08t (up 22% from FY 2021). Net income: JP¥60.1b (up 159% from FY 2021). Profit margin: 2.9% (up from 1.4% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.4%, compared to a 39% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • May 13
Kobe Steel, Ltd., Annual General Meeting, Jun 22, 2022 Kobe Steel, Ltd., Annual General Meeting, Jun 22, 2022. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 10.0% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (8.1%). Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: JP¥51.28 (down from JP¥52.45 in 3Q 2021). Revenue: JP¥512.6b (up 18% from 3Q 2021). Net income: JP¥19.6b (up 2.9% from 3Q 2021). Profit margin: 3.8% (down from 4.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 5.8%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 06
Second quarter 2022 earnings released: EPS JP¥43.01 (vs JP¥5.63 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥508.9b (up 27% from 2Q 2021). Net income: JP¥15.6b (up JP¥17.6b from 2Q 2021). Profit margin: 3.1% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
First quarter 2022 earnings released: EPS JP¥52.16 (vs JP¥36.30 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥463.2b (up 24% from 1Q 2021). Net income: JP¥18.9b (up JP¥32.1b from 1Q 2021). Profit margin: 4.1% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 28
Full year 2021 earnings released: EPS JP¥64.06 (vs JP¥188 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥1.71t (down 8.8% from FY 2020). Net income: JP¥23.2b (up JP¥91.2b from FY 2020). Profit margin: 1.4% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥5.65, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.72 per share. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥64.06 (vs JP¥188 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥1.71t (down 8.8% from FY 2020). Net income: JP¥23.2b (up JP¥91.2b from FY 2020). Profit margin: 1.4% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
Miura Co., Ltd. (TSE:6005) entered into a basic agreement to acquire 49% stake in KOBELCO COMPRESSORS CORPORATION from Kobe Steel, Ltd. (TSE:5406). Miura Co., Ltd. (TSE:6005) entered into a basic agreement to acquire 49% stake in KOBELCO COMPRESSORS CORPORATION from Kobe Steel, Ltd. (TSE:5406) on March 5, 2021. Upon completion, Kobe Steel, Ltd. will own 51% stake in KOBELCO COMPRESSORS CORPORATION. As of December 31, 2020, KOBELCO COMPRESSORS CORPORATION reported total assets of ¥12.4 billion and total common equity of ¥2.4 billion. The transaction was resolved by the Board of Kobe Steel, Ltd. and Miura Co., Ltd. The transaction is expected to close in October 2021. Is New 90 Day High Low • Feb 26
New 90-day high: €5.20 The company is up 24% from its price of €4.20 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 58% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.74 per share. Is New 90 Day High Low • Feb 10
New 90-day high: €4.90 The company is up 23% from its price of €3.98 on 11 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 56% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.78 per share. Reported Earnings • Feb 08
Third quarter 2021 earnings released: EPS JP¥52.45 (vs JP¥37.22 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥434.7b (down 2.2% from 3Q 2020). Net income: JP¥19.0b (up 41% from 3Q 2020). Profit margin: 4.4% (up from 3.0% in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 08
Revenue beats expectations Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 4.7%, compared to a 16% growth forecast for the Metals and Mining industry in Germany. Announcement • Jan 31
An unknown buyer agreed to acquire 8.97% stake in OSAKA Titanium technologies Co.,Ltd. (TSE:5726) from Kobe Steel, Ltd. (TSE:5406). An unknown buyer agreed to acquire 8.97% stake in OSAKA Titanium technologies Co.,Ltd. (TSE:5726) from Kobe Steel, Ltd. (TSE:5406) on January 29, 2021. As reported, 3.3 million shares in OSAKA Titanium technologies Co. will be transferred, following which Kobe Steel will own 5.5 million shares, representing 14.95% stake in OSAKA Titanium technologies Co.,Ltd. Announcement • Jan 15
Kobe Steel, Ltd. to Report Q3, 2021 Results on Feb 05, 2021 Kobe Steel, Ltd. announced that they will report Q3, 2021 results on Feb 05, 2021 Is New 90 Day High Low • Jan 14
New 90-day high: €4.48 The company is up 33% from its price of €3.36 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 57% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.04 per share. Is New 90 Day High Low • Dec 22
New 90-day high: €4.46 The company is up 34% from its price of €3.34 on 23 September 2020. The German market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 36% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.08 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €4.22 The company is up 27% from its price of €3.32 on 04 September 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.11 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 0.4%. Over the next year, revenue is forecast to grow 1.4%, compared to a 8.8% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Nov 07
New 90-day high: €3.74 The company is up 27% from its price of €2.94 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 Metals and Mining industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.18 per share. Reported Earnings • Nov 07
Second quarter 2021 earnings released: JP¥5.63 loss per share The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: JP¥402.3b (down 16% from 2Q 2020). Net loss: JP¥2.04b (loss narrowed 60% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 102% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Nov 06
Kobe Steel, Ltd. Revises Consolidated and Non-Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2021 Kobe Steel, Ltd. revised consolidated and non-consolidated earnings guidance for the fiscal year ending March 31, 2021. For the year, on consolidated basis, the company expects net sales of JPY 1,650,000 million compared to previous forecast of JPY 1,640,000 million a year ago, operating loss of JPY 15,000 million compared to previous forecast of JPY 35,000 million a year ago and net loss attributable to owners of the parent of JPY 15,000 million or JPY 41.35 per share compared to previous forecast of JPY 35,000 million or JPY 96.49 per share a year ago.
For the period, on non-consolidated basis, the company expects net sales of JPY 900,000 million compared to previous forecast of JPY 880,000 million a year ago, and net loss of JPY 15,000 million or JPY 41.28 per share compared to previous forecast of JPY 30,000 million or JPY 82.56 per share a year ago. Announcement • Jul 19
Kobe Steel, Ltd. to Report Q1, 2021 Results on Aug 06, 2020 Kobe Steel, Ltd. announced that they will report Q1, 2021 results on Aug 06, 2020