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Advantest

DB:VANA
Snowflake Description

Flawless balance sheet with outstanding track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VANA
DB
¥515B
Market Cap
  1. Home
  2. DE
  3. Semiconductors
Company description

Advantest Corporation manufactures and sells semiconductor and component test system products and mechatronics-related products. The last earnings update was 51 days ago. More info.


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  • Advantest has significant price volatility in the past 3 months.
VANA Share Price and Events
7 Day Returns
-6.3%
DB:VANA
-2.6%
DE Semiconductor
-3.6%
DE Market
1 Year Returns
18.1%
DB:VANA
-39.1%
DE Semiconductor
-11.8%
DE Market
VANA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Advantest (VANA) -6.3% -8.7% 13% 18.1% 127.5% 130.4%
DE Semiconductor -2.6% -18.1% -21.3% -39.1% 18.5% 35.1%
DE Market -3.6% -2.1% -0.8% -11.8% 12% 5.8%
1 Year Return vs Industry and Market
  • VANA outperformed the Semiconductor industry which returned -39.1% over the past year.
  • VANA outperformed the Market in Germany which returned -11.8% over the past year.
Price Volatility
VANA
Industry
5yr Volatility vs Market

Value

 Is Advantest 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 Advantest 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 Advantest.

DB:VANA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
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:VANA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Semiconductor Unlevered Beta Simply Wall St/ S&P Global 1.23
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.227 (1 + (1- 30.86%) (0%))
1.152
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.15
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.152 * 5.96%)
7.09%

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

The calculations below outline how an intrinsic value for Advantest 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:VANA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 7.09%)
2019 38,296.75 Analyst x8 35,760.38
2020 40,232.60 Analyst x5 35,079.91
2021 35,905.29 Analyst x7 29,233.37
2022 41,161.60 Analyst x5 31,293.42
2023 41,573.98 Est @ 1% 29,513.62
2024 41,893.97 Est @ 0.77% 27,771.07
2025 42,148.35 Est @ 0.61% 26,089.27
2026 42,356.32 Est @ 0.49% 24,481.60
2027 42,531.60 Est @ 0.41% 22,954.79
2028 42,683.88 Est @ 0.36% 21,511.26
Present value of next 10 years cash flows ¥283,688.68
DB:VANA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥42,683.88 × (1 + 0.23%) ÷ (7.09% – 0.23%)
¥623,206.87
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥623,206.87 ÷ (1 + 7.09%)10
¥314,075.50
DB:VANA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥283,688.68 + ¥314,075.50
¥597,764.18
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥597,764.18 / 197.83
¥3021.54
DB:VANA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:VANA represents 0.00806x of TSE:6857
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00806x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 3,021.54 x 0.00806
€24.36
Value per share (EUR) From above. €24.36
Current discount Discount to share price of €21.00
= -1 x (€21.00 - €24.36) / €24.36
13.8%

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

Current Discount
Amount off the current price Advantest is available for.
Intrinsic value
14%
Share price is €21 vs Future cash flow value of €24.36
Current Discount Checks
For Advantest to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Advantest's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Advantest's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Advantest's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Advantest's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:VANA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥302.35
TSE:6857 Share Price ** TSE (2019-06-14) in JPY ¥2605
Germany Semiconductor Industry PE Ratio Median Figure of 10 Publicly-Listed Semiconductor Companies 22.64x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.7x

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

** Primary Listing of Advantest.

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

= TSE:6857 Share Price ÷ EPS (both in JPY)

= 2605 ÷ 302.35

8.62x

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

  • Advantest is good value based on earnings compared to the DE Semiconductor industry average.
  • Advantest is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Advantest's expected growth come at a high price?
Raw Data
DB:VANA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-6.3%per year
Germany Semiconductor Industry PEG Ratio Median Figure of 8 Publicly-Listed Semiconductor Companies 1.44x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.62x ÷ -6.3%

-1.36x

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

  • Advantest earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Advantest's assets?
Raw Data
DB:VANA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥1,004.53
TSE:6857 Share Price * TSE (2019-06-14) in JPY ¥2605
Germany Semiconductor Industry PB Ratio Median Figure of 12 Publicly-Listed Semiconductor Companies 1.89x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.76x
DB:VANA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:6857 Share Price ÷ Book Value per Share (both in JPY)

= 2605 ÷ 1,004.53

2.59x

* Primary Listing of Advantest.

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

  • Advantest is overvalued based on assets compared to the DE Semiconductor industry average.
X
Value checks
We assess Advantest'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 Semiconductor 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 Semiconductor industry average (and greater than 0)? (1 check)
  5. Advantest has a total score of 2/6, 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 Advantest expected to perform in the next 1 to 3 years based on estimates from 13 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
-6.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Advantest expected to grow at an attractive rate?
  • Advantest's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Advantest's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Advantest's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:VANA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:VANA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -6.3%
DB:VANA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 0.3%
Germany Semiconductor Industry Earnings Growth Rate Market Cap Weighted Average 11.3%
Germany Semiconductor Industry Revenue Growth Rate Market Cap Weighted Average 5.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.7%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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:VANA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:VANA Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 279,930 49,385 46,776 9
2021-03-31 258,909 41,955 39,569 13
2020-03-31 227,852 38,118 27,993 13
DB:VANA Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 282,456 44,792 56,993
2018-12-31 286,432 51,010 58,681
2018-09-30 262,388 36,423 43,326
2018-06-30 237,457 31,660 31,004
2018-03-31 207,223 28,254 18,103
2017-12-31 187,633 16,905 14,301
2017-09-30 168,133 8,618 11,866
2017-06-30 155,944 11,164 10,217
2017-03-31 155,916 15,833 14,201
2016-12-31 153,450 21,894 11,396
2016-09-30 151,959 24,493 10,978
2016-06-30 162,614 11,267 9,914

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Advantest's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Advantest's revenue is expected to grow by 0.3% 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:VANA 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 13 Analyst Estimates (S&P Global) See Below

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

DB:VANA Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 238.08 304.80 182.00 9.00
2021-03-31 202.84 268.32 147.03 13.00
2020-03-31 143.37 176.92 108.76 13.00
DB:VANA Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 302.35
2018-12-31 318.59
2018-09-30 240.50
2018-06-30 173.75
2018-03-31 101.94
2017-12-31 80.77
2017-09-30 67.25
2017-06-30 58.12
2017-03-31 81.07
2016-12-31 65.20
2016-09-30 62.86
2016-06-30 56.79

*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.
  • Advantest is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Advantest'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.
Advantest has a total score of 0/6, 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 Advantest 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 Advantest's growth in the last year to its industry (Semiconductor).
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.
  • Advantest has delivered over 20% year on year earnings growth in the past 5 years.
  • Advantest's 1-year earnings growth exceeds its 5-year average (214.8% vs 58%)
  • Advantest's earnings growth has exceeded the DE Semiconductor industry average in the past year (214.8% vs 28.1%).
Earnings and Revenue History
Advantest'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 Advantest Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:VANA Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 282,456.00 56,993.00 93,100.00
2018-12-31 286,432.00 58,681.00 92,750.00
2018-09-30 262,388.00 43,326.00 88,453.00
2018-06-30 237,457.00 31,004.00 86,680.00
2018-03-31 207,223.00 18,103.00 82,645.00
2017-12-31 187,633.00 14,301.00 79,635.00
2017-09-30 168,133.00 11,866.00 76,634.00
2017-06-30 155,944.00 10,217.00 74,992.00
2017-03-31 155,916.00 14,201.00 76,174.00
2016-12-31 153,450.00 11,396.00 76,320.00
2016-09-30 151,959.00 10,978.00 77,521.00
2016-06-30 162,614.00 9,914.00 79,040.00
2016-03-31 162,111.00 6,694.00 79,109.00
2015-12-31 160,133.00 10,183.00 99,215.00 -22,814.00
2015-09-30 171,207.00 15,145.00 92,759.00 -15,022.00
2015-06-30 167,140.00 17,169.00 84,073.00 -7,381.00
2015-03-31 163,803.00 16,753.00 74,875.00
2014-12-31 152,529.00 7,849.00 44,308.00 30,190.00
2014-09-30 131,183.00 -21,616.00 42,365.00 30,284.00
2014-06-30 118,617.00 -30,560.00 40,544.00 31,331.00
2014-03-31 111,878.00 -35,540.00 39,964.00 32,670.00
2013-12-31 114,968.00 -36,052.00 39,045.00 34,156.00
2013-09-30 119,983.00 -14,679.00 37,192.00 33,796.00
2013-06-30 129,638.00 -7,885.00 36,918.00 33,728.00
2013-03-31 132,903.00 -3,821.00 35,778.00 33,062.00
2012-12-31 143,079.00 3,620.00 33,719.00 32,005.00
2012-09-30 149,146.00 3,863.00 34,371.00 32,167.00
2012-06-30 147,555.00 -2,118.00 36,860.00 31,585.00

*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.
  • Advantest has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Advantest used its assets more efficiently than the DE Semiconductor industry average last year based on Return on Assets.
  • Advantest has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Advantest'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 Semiconductor 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.
Advantest has a total score of 6/6, 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 Advantest'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 Advantest's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Advantest is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Advantest's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Advantest'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.
  • Advantest has no debt, it does not need to be covered by short term assets.
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 Advantest Company Filings, last reported 2 months ago.

DB:VANA Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 198,731.00 0.00 119,943.00
2018-12-31 188,140.00 5,888.00 124,778.00
2018-09-30 180,035.00 5,906.00 120,988.00
2018-06-30 142,536.00 24,701.00 106,444.00
2018-03-31 124,610.00 29,872.00 103,973.00
2017-12-31 117,218.00 29,840.00 92,073.00
2017-09-30 113,895.00 29,808.00 91,747.00
2017-06-30 109,317.00 29,777.00 82,847.00
2017-03-31 109,517.00 44,745.00 95,324.00
2016-12-31 100,555.00 44,713.00 92,666.00
2016-09-30 89,784.00 44,681.00 95,090.00
2016-06-30 93,619.00 44,618.00 85,430.00
2016-03-31 93,619.00 44,618.00 85,430.00
2015-12-31 142,298.00 45,096.00 80,929.00
2015-09-30 143,719.00 45,104.00 86,506.00
2015-06-30 145,066.00 45,111.00 92,178.00
2015-03-31 101,810.00 54,492.00 97,574.00
2014-12-31 142,766.00 55,126.00 85,145.00
2014-09-30 126,791.00 55,134.00 83,503.00
2014-06-30 114,668.00 55,141.00 74,233.00
2014-03-31 116,252.00 55,149.00 68,997.00
2013-12-31 120,231.00 25,000.00 42,121.00
2013-09-30 136,885.00 25,000.00 45,772.00
2013-06-30 142,620.00 25,000.00 47,252.00
2013-03-31 141,241.00 25,000.00 45,668.00
2012-12-31 134,409.00 25,000.00 43,610.00
2012-09-30 125,826.00 25,000.00 51,000.00
2012-06-30 125,708.00 25,000.00 49,994.00
  • Advantest has no debt.
  • Advantest has no debt compared to 5 years ago when it was 47.4%.
  • Advantest has no debt, it does not need to be covered by operating cash flow.
  • Advantest has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Advantest'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. Advantest has a total score of 6/6, 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 Advantest'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
3.53%
Current annual income from Advantest dividends. Estimated to be 2.33% next year.
If you bought €2,000 of Advantest shares you are expected to receive €71 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?
  • Advantest's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Advantest's dividend is below the markets top 25% of dividend payers in Germany (3.91%).
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:VANA 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 13 Analyst Estimates (S&P Global) See Below
Germany Semiconductor Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 2.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
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 3.9%

Industry and Market average data is calculated daily.

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

DB:VANA Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 77.13 8.00
2021-03-31 64.83 12.00
2020-03-31 45.58 12.00
DB:VANA Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-04-25 92.000 3.314
2019-02-13 88.000 3.201
2019-01-30 88.000 3.520
2018-10-30 75.000 3.343
2018-05-22 32.000 1.335
2017-10-25 26.000 1.130
2017-06-28 25.000 1.236
2017-04-28 25.000 1.232
2017-02-13 23.000 1.147
2017-01-26 23.000 1.102
2016-11-15 22.000 1.267
2016-10-26 22.000 1.507
2016-07-08 20.000 1.467
2016-04-27 20.000 1.777
2016-02-12 20.000 1.911
2016-01-27 20.000 1.889
2015-06-25 20.000 1.945
2015-04-27 20.000 1.444
2015-02-13 15.000 0.976
2015-01-29 15.000 1.007
2014-11-14 10.000 0.698
2014-10-28 10.000 0.759
2014-06-26 10.000 0.804
2014-06-02 10.000 0.813
2014-05-28 10.000 0.867
2014-04-24 10.000 0.904
2014-02-14 20.000 1.827
2014-01-28 20.000 1.859
2013-11-14 20.000 1.592
2013-10-29 20.000 1.721
2013-06-27 20.000 1.544
2013-06-03 20.000 1.287
2013-04-25 20.000 1.244
2013-02-14 20.000 1.479
2013-01-30 20.000 1.647
2012-11-14 20.000 1.690
2012-10-25 20.000 2.056
2012-07-26 20.000 1.909
2012-04-26 20.000 1.714
2012-02-10 20.000 1.731
2012-01-27 20.000 2.282
2011-11-14 10.000 1.294
2011-10-27 10.000 1.150
2011-04-27 10.000 0.861
2011-02-04 10.000 0.643
2011-01-27 10.000 0.580
2010-11-09 10.000 0.557
2010-10-28 10.000 0.644
2010-06-25 10.000 0.569
2010-04-27 10.000 0.476
2010-02-05 10.000 0.442
2009-11-06 10.000 0.451
2009-06-26 10.000 0.470

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 Advantest's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x 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 Advantest'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 Advantest afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Advantest 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.

Management

 What is the CEO of Advantest'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
Yoshiaki Yoshida
AGE 60
TENURE AS CEO 2.4 years
CEO Bio

Mr. Yoshiaki Yoshida has been the Chief Executive Officer and President at Advantest Corporation since January 26, 2017. Mr. Yoshida served as the Managing Executive Officer of Corporate Planning & Corporate Communications and Executive Vice President of Corporate Relations Group at Advantest Corporation since June 2013 until January 26, 2017 and Assistant Director of Administration, CSR & Environmental Affairs Promotion Center since June 2012 until January 26, 2017. He served as its Managing Executive Officer since June 2009 and Executive Vice President of Corporate Planning Group since June 2008; Senior Vice President of New Concept Product Initiative since March 2009; Leader of Power Device Enabling Group since June 2012. Mr. Yoshida served as the Senior Vice President of Corporate Planning Group and Vice President of New Concept Product Initiative at Advantest Corp. since June 2008. He been a director of Advantest Corporation since April 2013. Mr. Yoshida served as Vice President of Corporate Planning Group at Advantest Corp. since 2007. Mr. Yoshida served as Chief Executive Officer and President of Advantest Finance Inc. since 2000. Mr. Yioshida served as a Director of Advantest Finance Inc. from 1999 to 2000. Mr. Yoshida joined Advantest in 1999.

CEO Compensation
  • Insufficient data for Yoshiaki to compare compensation growth.
  • Insufficient data for Yoshiaki to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

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

6
Average Tenure
58
Average Age
  • The average tenure for the Advantest management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Yoshiaki Yoshida

TITLE
CEO, President & Representative Director
AGE
60
TENURE
2.4 yrs

Yasuo Mihashi

TITLE
Senior VP of Sales Group & Executive Officer
AGE
53
TENURE
0.4 yrs

Atsushi Fujita

TITLE
CFO, Executive VP of Corporate Administration Group & Managing Executive Officer
TENURE
2 yrs

Sae Myung

TITLE
Executive VP of Sales Group
AGE
64
TENURE
6.8 yrs

Soichi Tsukakoshi

TITLE
Executive VP of Production Group
AGE
58
TENURE
11 yrs

Toshiyuki Okayasu

TITLE
Senior VP of New Concept Product Initiative & Executive Officer
AGE
56
TENURE
0.4 yrs

Hans-Juergen Wagner

TITLE
Managing Executive Officer & Director
AGE
58
TENURE
6 yrs

Ch Wu

TITLE
Executive Officer
AGE
57

Kazuhiro Yamashita

TITLE
Senior VP of Business Promotion Group & Executive Officer
AGE
57
TENURE
7 yrs

Satoru Nagumo

TITLE
Managing Executive Officer & Executive VP of Corporate Relations Group
AGE
59
TENURE
6 yrs
Board of Directors Tenure

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

5
Average Tenure
64
Average Age
  • The tenure for the Advantest board of directors is about average.
Board of Directors

Yoshiaki Yoshida

TITLE
CEO, President & Representative Director
AGE
60
TENURE
6 yrs

Sae Myung

TITLE
Executive VP of Sales Group
AGE
64
TENURE
8 yrs

Soichi Tsukakoshi

TITLE
Executive VP of Production Group
AGE
58
TENURE
2 yrs

Hans-Juergen Wagner

TITLE
Managing Executive Officer & Director
AGE
58
TENURE
2 yrs

Yuichi Kurita

TITLE
Director
AGE
69
TENURE
4 yrs

Shinichiro Kuroe

TITLE
Senior Executive Advisor
AGE
59
TENURE
6 yrs

Megumi Yamamuro

TITLE
Director
AGE
70
TENURE
4 yrs

Osamu Karatsu

TITLE
Director
AGE
71
TENURE
7 yrs

Seiichi Yoshikawa

TITLE
Director
AGE
72
TENURE
6 yrs

Tsuneko Murata

TITLE
Director
TENURE
1 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 Advantest'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. Advantest 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

Advantest Corporation manufactures and sells semiconductor and component test system products and mechatronics-related products. It operates through Semiconductor and Component Test System; Mechatronics System; and Services, Support and Others segments. The Semiconductor and Component Test System segment provides customers with test system products for the semiconductor industry and the electronic parts industry. This segment offers test systems for SoC semiconductors for use in non-memory semiconductor devices; and test systems for memory semiconductors for use in memory semiconductor devices. The Mechatronics System segment provides test handlers; mechatronic-applied products for handling semiconductor devices; and device interfaces, which serve as interfaces with the devices that are measured. This segment also engages in the operations related to nano-technology products. The Services, Support and Others segment provides customer solutions for the semiconductor and component test system and mechatronics system segments; and support services. This segment is also involved in the equipment lease business and others. In addition, the company engages in research and development activities measuring and testing technologies; and sale of used products. Advantest Corporation serves fabless semiconductor companies, foundries, and test houses, as well as industrial, design, and manufacturing companies in Japan, Korea, the People's Republic of China, Taiwan, Singapore, the Americas, and Europe. The company was founded in 1954 and is headquartered in Tokyo, Japan.

Details
Name: Advantest Corporation
VANA
Exchange: DB
Founded: 1954
¥4,237,273,690
197,834,255
Website: http://www.advantest.com
Address: Advantest Corporation
Shin Marunouchi Center Building,
1-6-2, Marunouchi,
Tokyo,
100-0005,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 6857 Ordinary Shares The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK ADTT.F Ordinary Shares Pink Sheets LLC US USD 06. Jan 1992
DB VAN Ordinary Shares Deutsche Boerse AG DE EUR 06. Jan 1992
OTCPK ATEY.Y SPON ADR NEW Pink Sheets LLC US USD 17. Sep 2001
DB VANA SPON ADR NEW Deutsche Boerse AG DE EUR 17. Sep 2001
Number of employees
Current staff
Staff numbers
0
Advantest employees.
Industry
Semiconductor Equipment
Semiconductors
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 21:58
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/14
Last earnings filing: 2019/04/25
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.