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Avex

DB:AX8
Snowflake Description

Mediocre balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AX8
DB
¥60B
Market Cap
  1. Home
  2. DE
  3. Media
Company description

Avex Inc., an entertainment company, engages in the music, video, management/live, and other businesses in Japan. The last earnings update was 75 days ago. More info.


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AX8 Share Price and Events
7 Day Returns
-2.5%
DB:AX8
-0.1%
DE Entertainment
1%
DE Market
1 Year Returns
-3.4%
DB:AX8
12.1%
DE Entertainment
-5.6%
DE Market
AX8 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Avex (AX8) -2.5% -3.6% -4.7% -3.4% -0.9% -17.6%
DE Entertainment -0.1% 6.5% 12.7% 12.1% 35.3% 74.8%
DE Market 1% 6.1% 8.4% -5.6% 10.9% 13.8%
1 Year Return vs Industry and Market
  • AX8 underperformed the Entertainment industry which returned 12.1% over the past year.
  • AX8 outperformed the Market in Germany which returned -5.6% over the past year.
Price Volatility
AX8
Industry
5yr Volatility vs Market
Related Companies

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

AX8 Value

 Is Avex 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 Avex 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 Avex.

DB:AX8 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.2%
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:AX8
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.96
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.963 (1 + (1- 30.86%) (44.14%))
1.172
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.17
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.172 * 5.96%)
7.21%

Discounted Cash Flow Calculation for DB:AX8 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Avex 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:AX8 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 7.21%)
2019 355.16 Est @ -80.1% 331.26
2020 156.26 Est @ -56% 135.94
2021 95.11 Est @ -39.13% 77.18
2022 69.12 Est @ -27.32% 52.31
2023 55.95 Est @ -19.06% 39.49
2024 48.52 Est @ -13.27% 31.95
2025 44.05 Est @ -9.22% 27.05
2026 41.23 Est @ -6.39% 23.62
2027 39.42 Est @ -4.4% 21.06
2028 38.23 Est @ -3.01% 19.05
Present value of next 10 years cash flows ¥758.91
DB:AX8 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥38.23 × (1 + 0.23%) ÷ (7.21% – 0.23%)
¥548.49
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥548.49 ÷ (1 + 7.21%)10
¥273.31
DB:AX8 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥758.91 + ¥273.31
¥1,032.22
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥1,032.22 / 43.19
¥23.9
DB:AX8 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:AX8 represents 0.00781x of TSE:7860
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00781x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 23.90 x 0.00781
€0.19
Value per share (EUR) From above. €0.19
Current discount Discount to share price of €10.84
= -1 x (€10.84 - €0.19) / €0.19
-5707.7%

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

  • The current share price of Avex 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 Avex's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Avex's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:AX8 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in JPY ¥67.36
TSE:7860 Share Price ** TSE (2019-04-24) in JPY ¥1388
Germany Entertainment Industry PE Ratio Median Figure of 10 Publicly-Listed Entertainment Companies 19.65x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.72x

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

** Primary Listing of Avex.

DB:AX8 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:7860 Share Price ÷ EPS (both in JPY)

= 1388 ÷ 67.36

20.6x

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

  • Avex is overvalued based on earnings compared to the DE Entertainment industry average.
  • Avex is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Avex's expected growth come at a high price?
Raw Data
DB:AX8 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
6.9%per year
Europe Entertainment Industry PEG Ratio Median Figure of 30 Publicly-Listed Entertainment Companies 1.71x
Germany Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Avex, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Avex's assets?
Raw Data
DB:AX8 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in JPY ¥1,134.61
TSE:7860 Share Price * TSE (2019-04-24) in JPY ¥1388
Germany Entertainment Industry PB Ratio Median Figure of 14 Publicly-Listed Entertainment Companies 1.56x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:AX8 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:7860 Share Price ÷ Book Value per Share (both in JPY)

= 1388 ÷ 1,134.61

1.22x

* Primary Listing of Avex.

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

  • Avex is good value based on assets compared to the DE Entertainment industry average.
X
Value checks
We assess Avex'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 Entertainment 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 Entertainment industry average (and greater than 0)? (1 check)
  5. Avex 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.

AX8 Future Performance

 How is Avex expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Avex, future earnings growth has been estimated based on fundamentals.
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
6.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Avex expected to grow at an attractive rate?
  • Avex's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Avex's earnings growth is positive but not above the Germany market average.
  • Unable to compare Avex's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:AX8 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:AX8 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 6.9%
Germany Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 23%
Germany Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:AX8 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:AX8 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
DB:AX8 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2018-12-31 164,921 2,906
2018-09-30 177,982 13,922 4,818
2018-06-30 163,202 2,134
2018-03-31 163,375 13,429 2,601
2017-12-31 159,624 2,213
2017-09-30 154,349 7,492 -1,187
2017-06-30 158,319 -38
2017-03-31 161,592 8,219 118
2016-12-31 167,920 3,759
2016-09-30 161,164 17,433 5,272
2016-06-30 158,381 5,281
2016-03-31 154,122 8,169 4,292

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Avex's earnings are expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Avex is high growth as no revenue estimate data is available.
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:AX8 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Avex Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AX8 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
DB:AX8 Past Financials Data
Date (Data in JPY Millions) EPS *
2018-12-31 67.36
2018-09-30 111.82
2018-06-30 49.55
2018-03-31 60.39
2017-12-31 51.37
2017-09-30 -27.55
2017-06-30 -0.88
2017-03-31 2.74
2016-12-31 87.47
2016-09-30 122.80
2016-06-30 123.11
2016-03-31 99.86

*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.
  • Unable to establish if Avex will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Avex'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 Germany 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.
Avex 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.

AX8 Past Performance

  How has Avex 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 Avex's growth in the last year to its industry (Entertainment).
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.
  • Avex's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Avex's 1-year earnings growth exceeds its 5-year average (31.3% vs -24.9%)
  • Avex's earnings growth has exceeded the DE Entertainment industry average in the past year (31.3% vs -6%).
Earnings and Revenue History
Avex'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 Avex Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:AX8 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 164,921.00 2,906.00 37,701.00
2018-09-30 177,982.00 4,818.00 39,773.00
2018-06-30 163,202.00 2,134.00 39,092.00
2018-03-31 163,375.00 2,601.00 39,135.00
2017-12-31 159,624.00 2,213.00 39,832.00
2017-09-30 154,349.00 -1,187.00 38,367.00
2017-06-30 158,319.00 -38.00 37,911.00
2017-03-31 161,592.00 118.00 38,222.00
2016-12-31 167,920.00 3,759.00 37,864.00
2016-09-30 161,164.00 5,272.00 36,931.00
2016-06-30 158,381.00 5,281.00 36,621.00
2016-03-31 154,122.00 4,292.00 37,250.00
2015-12-31 158,186.00 2,972.00 35,478.00
2015-09-30 159,133.00 5,191.00 36,714.00
2015-06-30 158,986.00 5,263.00 37,834.00
2015-03-31 169,256.00 5,975.00 38,209.00
2014-12-31 158,378.00 3,738.00 39,654.00
2014-09-30 157,806.00 1,942.00 39,329.00
2014-06-30 159,252.00 6,090.00 38,843.00
2014-03-31 156,935.00 6,791.00 37,961.00
2013-12-31 154,727.00 9,187.00 39,838.00
2013-09-30 150,323.00 9,448.00 39,171.00
2013-06-30 147,504.00 7,362.00 37,730.00
2013-03-31 138,764.00 7,322.00 36,828.00
2012-12-31 141,419.00 6,408.00 35,147.00
2012-09-30 134,530.00 5,351.00 34,005.00
2012-06-30 127,718.00 4,652.00 34,126.00

*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.
  • Avex has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Avex used its assets less efficiently than the DE Entertainment industry average last year based on Return on Assets.
  • Avex's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Avex'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 Entertainment 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.
Avex has a total score of 2/6, 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.

AX8 Health

 How is Avex'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 Avex's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Avex's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Avex's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Avex'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 2.3x 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 Avex Company Filings, last reported 3 months ago.

DB:AX8 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 52,017.00 26,462.00 23,580.00
2018-09-30 52,312.00 22,291.00 23,892.00
2018-06-30 50,679.00 26,593.00 21,685.00
2018-03-31 52,459.00 25,250.00 28,184.00
2017-12-31 51,630.00 26,039.00 15,544.00
2017-09-30 49,985.00 26,854.00 24,711.00
2017-06-30 50,668.00 22,400.00 23,308.00
2017-03-31 51,848.00 18,500.00 24,298.00
2016-12-31 51,166.00 14,100.00 29,321.00
2016-09-30 52,441.00 9,040.00 22,358.00
2016-06-30 51,716.00 9,040.00 20,102.00
2016-03-31 52,391.00 9,220.00 22,110.00
2015-12-31 48,906.00 9,220.00 13,803.00
2015-09-30 48,904.00 9,400.00 14,414.00
2015-06-30 48,648.00 9,400.00 14,055.00
2015-03-31 53,394.00 10,205.00 25,699.00
2014-12-31 50,555.00 10,267.00 16,153.00
2014-09-30 48,102.00 10,510.00 16,945.00
2014-06-30 48,153.00 10,826.00 16,771.00
2014-03-31 53,347.00 11,319.00 18,757.00
2013-12-31 51,116.00 11,660.00 18,375.00
2013-09-30 49,861.00 11,820.00 20,696.00
2013-06-30 49,638.00 12,096.00 12,372.00
2013-03-31 48,878.00 15,846.00 17,974.00
2012-12-31 41,422.00 24,247.00 21,286.00
2012-09-30 40,000.00 19,172.00 16,680.00
2012-06-30 37,206.00 21,982.00 14,396.00
  • Avex's level of debt (50.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (22.8% vs 50.9% today).
  • Debt is well covered by operating cash flow (52.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 235.4x coverage).
X
Financial health checks
We assess Avex'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. Avex has a total score of 3/6, 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.

AX8 Dividends

 What is Avex'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
3.6%
Current annual income from Avex dividends.
If you bought €2,000 of Avex shares you are expected to receive €72 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?
  • Avex's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Avex's dividend is below the markets top 25% of dividend payers in Germany (3.7%).
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:AX8 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 0 Analyst Estimates (S&P Global) See Below
Germany Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:AX8 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
DB:AX8 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-02-08 50.000 3.485
2018-11-09 50.000 3.342
2018-11-08 50.000 3.258
2018-06-25 50.000 3.313
2018-05-10 50.000 3.270
2018-02-09 50.000 3.236
2017-11-10 50.000 3.162
2017-11-09 50.000 3.355
2017-06-26 50.000 3.340
2017-05-11 50.000 3.416
2017-02-10 50.000 3.076
2017-02-09 50.000 3.082
2016-11-11 50.000 3.025
2016-11-10 50.000 3.606
2016-06-27 50.000 3.826
2016-05-11 50.000 3.874
2016-02-12 50.000 3.624
2016-02-10 50.000 4.112
2015-11-06 50.000 3.673
2015-11-05 50.000 3.477
2015-06-22 50.000 2.951
2015-05-14 50.000 2.197
2015-02-06 50.000 2.597
2015-02-05 50.000 2.601
2014-11-07 50.000 2.758
2014-11-06 50.000 3.089
2014-06-25 50.000 2.974
2014-05-08 50.000 2.862
2014-02-14 60.000 3.249
2014-02-13 60.000 2.915
2013-11-07 60.000 2.603
2013-08-08 60.000 2.207
2013-05-09 50.000 1.588
2013-02-12 40.000 1.529
2013-02-07 40.000 1.626
2012-11-09 40.000 2.125
2012-11-08 40.000 2.496
2012-08-09 40.000 2.706
2012-06-25 40.000 3.332
2012-05-10 40.000 3.717
2012-02-09 40.000 4.158
2011-11-09 40.000 4.354
2011-11-02 40.000 4.444
2011-08-04 40.000 4.137
2011-05-12 40.000 3.792
2011-02-14 40.000 3.767
2011-02-10 40.000 3.329
2010-11-08 40.000 3.354
2010-11-04 40.000 3.371
2010-06-28 40.000 3.545
2010-05-13 40.000 3.607
2010-02-12 40.000 4.869
2010-02-10 40.000 5.282
2009-11-12 40.000 5.326
2009-11-06 40.000 4.950
2009-06-29 40.000 4.766
2009-05-15 40.000 4.547

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Avex's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x 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 Avex'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 Avex afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Avex has a total score of 3/6, see the detailed checks below.


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

AX8 Management

 What is the CEO of Avex'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
Masato Matsuura
COMPENSATION ¥262,000,000
AGE 54
TENURE AS CEO 9 years
CEO Bio

Mr. Masato Matsuura has been the Chief Executive Officer of Avex Inc. since April 2010 and has been its Chairman since June 2018. He is President of Avex Digital Inc since September 2004. Mr. Matsuura has been the President of Avex Management Inc since January 2009. He has been the President of Avex & East, Inc. since March 2006. He has been the President of Avex network Inc since October 2005. He has been the President of Avex Entertainment Inc since April 2005. Mr. Matsuura served as a Co-Chief Executive Officer of Avex Group Holdings Inc. Previoulsy, he served as a Senior Managing Director of Avex Group Holdings Inc. from March 1991 to August 2004 and its General Manager of Production and Advertising Business Division since August 2002 and General Manager of Merchandise Business Division since March 1996. He has been the Chairman at Avex Broadcasting & Communications Inc. since April 2009. He served as the Chairman of the Board at UULA Co., Ltd. until June 24, 2016. Mr. Matsuura has been a Representative Director of Avex Management Inc since January 2009. He has been a Representative Director of Avex & East, Inc. since March 2006. Mr. Matsuura has been a Representative Director of Avex network Inc since October 2005. He serves as a Director of Avex Planning & Development Inc. He has been a Representative Director of Avex Entertainment Inc since April 2005 and Avex Inc. since September 2004.

CEO Compensation
  • Masato's compensation has been consistent with company performance over the past year.
  • Masato's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Avex management team in years:

9
Average Tenure
54
Average Age
  • The average tenure for the Avex management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Masato Matsuura

TITLE
Chairman & CEO
COMPENSATION
¥262M
AGE
54
TENURE
9 yrs

Shinji Hayashi

TITLE
CFO & Representative Director
COMPENSATION
¥121M
AGE
54
TENURE
0.8 yrs

Ryuhei Chiba

TITLE
Chief Strategic Officer & Advisor
COMPENSATION
¥69M
AGE
54

Katsumi Kuroiwa

TITLE
President
TENURE
0.8 yrs

Hajime Shibata

TITLE
Group Corporate Executive of Accounting & Legal Affairs

Seiichi Hatamoto

TITLE
Group Corporate Executive of Business Administration

Yasuhiro Yamamoto

TITLE
Group Corporate Executive of HR & General Affairs
TENURE
2.8 yrs

Masahiro Anan

TITLE
Executive
TENURE
9 yrs

Yoshiya Takahashi

TITLE
General Manager of Internal Affairs
TENURE
9 yrs

Hideki Endo

TITLE
General Manager of Office of the Chief Executive Officer
TENURE
9 yrs
Board of Directors Tenure

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

4.3
Average Tenure
54
Average Age
  • The tenure for the Avex board of directors is about average.
Board of Directors

Masato Matsuura

TITLE
Chairman & CEO
COMPENSATION
¥262M
AGE
54
TENURE
0.8 yrs

Shinji Hayashi

TITLE
CFO & Representative Director
COMPENSATION
¥121M
AGE
54
TENURE
26 yrs

Katsumi Kuroiwa

TITLE
President
TENURE
0.8 yrs

Hiroyuki Ando

TITLE
Outside Director
AGE
54
TENURE
2.8 yrs

Toru Kenjo

TITLE
Part-Time Director
AGE
68
TENURE
8.8 yrs

Keiichi Okubo

TITLE
Outside Director
TENURE
1.8 yrs

Shinkichi Iwata

TITLE
Audit & Supervisory Board Member
AGE
71
TENURE
13.8 yrs

Akihiro Tamaki

TITLE
Outside Auditor & Supervisory Board Member
AGE
52
TENURE
10.8 yrs

Nobuyuki Kobayashi

TITLE
Audit & Supervisory Board Member
AGE
62
TENURE
5.8 yrs

Teruo Yamamoto

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

AX8 News

Simply Wall St News

AX8 Company Info

Description

Avex Inc., an entertainment company, engages in the music, video, management/live, and other businesses in Japan. The company’s music business activities comprise the planning, producing, and selling music content, as well as music publishing and distribution. Its video business plans, produces, sells, and distributes video content, and distributes films; and sells DVD and other video packages. The company’s management business provides artists management, athletes and other talent management, and advertising agency services. Its live business engages in planning, producing, and managing live entertainment events of managed and non-managed artists. The company’s digital business activities comprise the management of online video distribution services, such as dTV, d-VIDEO. Its dance/school business discovers and trains artists and operates entertainment schools. The company’s merchandising/fan club business plans, produces, and sells artists’ merchandise; operates the mu-mu shop, as well as fan clubs; and manages Tree Village, a retail store selling merchandize that plans and produces for the five national TV networks. Its other entertainment business operates restaurants and cafes. The company was formerly known as Avex Group Holdings Inc. and changed its name to Avex Inc. in November 2017. Avex Inc. was founded in 1988 and is headquartered in Tokyo, Japan.

Details
Name: Avex Inc.
AX8
Exchange: DB
Founded: 1988
¥479,104,323
43,190,464
Website: http://avex.com/jp/ja
Address: Avex Inc.
Izumi Garden Tower,
1-6-1 Roppongi,
Tokyo,
106-6036,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 7860 Common Stock The Tokyo Stock Exchange JP JPY 05. Oct 1998
DB AX8 Common Stock Deutsche Boerse AG DE EUR 05. Oct 1998
Number of employees
Current staff
Staff numbers
1,459
Avex employees.
Industry
Movies and Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 22:02
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2018/05/10
Last earnings filing: 2019/02/08
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


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.