DB:6DX

Stock Analysis Report

Executive Summary

Dexerials Corporation manufactures and sells electronic components, bonding materials, optics materials, and other products in Japan.


Snowflake Analysis

Excellent balance sheet and good value.

Share Price & News

How has Dexerials's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: 6DX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.0%

6DX

2.6%

DE Electronic

2.0%

DE Market


1 Year Return

22.6%

6DX

13.4%

DE Electronic

15.1%

DE Market

Return vs Industry: 6DX exceeded the German Electronic industry which returned 13.9% over the past year.

Return vs Market: 6DX exceeded the German Market which returned 15% over the past year.


Shareholder returns

6DXIndustryMarket
7 Day2.0%2.6%2.0%
30 Day-11.6%9.1%1.0%
90 Day-14.6%8.0%3.8%
1 Year27.7%22.6%15.9%13.4%18.6%15.1%
3 Year-19.3%-28.1%54.4%49.2%16.8%6.6%
5 Yearn/a121.9%105.8%23.7%6.7%

Price Volatility Vs. Market

How volatile is Dexerials's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Dexerials undervalued compared to its fair value and its price relative to the market?

32.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: 6DX (€7.6) is trading below our estimate of fair value (€11.32)

Significantly Below Fair Value: 6DX is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 6DX is good value based on its PE Ratio (22x) compared to the Electronic industry average (33.7x).

PE vs Market: 6DX is poor value based on its PE Ratio (22x) compared to the German market (21.1x).


Price to Earnings Growth Ratio

PEG Ratio: 6DX is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: 6DX is good value based on its PB Ratio (1.1x) compared to the DE Electronic industry average (1.8x).


Next Steps

Future Growth

How is Dexerials forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

20.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 6DX's forecast earnings growth (20.5% per year) is above the savings rate (-0.4%).

Earnings vs Market: 6DX's earnings (20.5% per year) are forecast to grow faster than the German market (13.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 6DX's revenue (2.2% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: 6DX's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 6DX's Return on Equity is forecast to be low in 3 years time (7%).


Next Steps

Past Performance

How has Dexerials performed over the past 5 years?

-27.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: 6DX has high quality earnings.

Growing Profit Margin: 6DX's current net profit margins (4.4%) are higher than last year (2.7%).


Past Earnings Growth Analysis

Earnings Trend: 6DX's earnings have declined by -27.4% per year over the past 5 years.

Accelerating Growth: 6DX's earnings growth over the past year (52.8%) exceeds its 5-year average (-27.4% per year).

Earnings vs Industry: 6DX earnings growth over the past year (52.8%) exceeded the Electronic industry -3.9%.


Return on Equity

High ROE: 6DX's Return on Equity (5.1%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Dexerials's financial position?


Financial Position Analysis

Short Term Liabilities: 6DX's short term assets (¥32.6B) exceed its short term liabilities (¥16.5B).

Long Term Liabilities: 6DX's short term assets (¥32.6B) exceed its long term liabilities (¥22.2B).


Debt to Equity History and Analysis

Debt Level: 6DX's debt to equity ratio (37.7%) is considered satisfactory.

Reducing Debt: 6DX's debt to equity ratio has increased from 35.9% to 37.7% over the past 5 years.

Debt Coverage: 6DX's debt is well covered by operating cash flow (59.6%).

Interest Coverage: 6DX's interest payments on its debt are well covered by EBIT (125.8x coverage).


Balance Sheet

Inventory Level: 6DX has a high level of physical assets or inventory.

Debt Coverage by Assets: 6DX's debt is covered by short term assets (assets are 1.7x debt).


Next Steps

Dividend

What is Dexerials's current dividend yield, its reliability and sustainability?

3.70%

Current Dividend Yield


Upcoming Dividend Payment

TodayFeb 18 2020Ex Dividend DateMar 30 2020Dividend Pay DateJun 24 202086 days from Ex DividendBuy in the next 41 days to receive upcoming dividend

Dividend Yield vs Market

company3.7%marketbottom25%1.3%markettop25%3.6%industryaverage1.2%forecastin3Years3.8%

Current dividend yield vs market & industry

Notable Dividend: 6DX's dividend (3.7%) is higher than the bottom 25% of dividend payers in the German market (1.31%).

High Dividend: 6DX's dividend (3.7%) is in the top 25% of dividend payers in the German market (3.59%)


Stability and Growth of Payments

Stable Dividend: 6DX has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 6DX has only been paying a dividend for 5 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (74.4%), 6DX's dividend payments are covered by earnings.


Future Payout to Shareholders

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


Next Steps

Management

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

2.8yrs

Average management tenure


CEO

Yoshihisa Shinya (50yo)

0.9yrs

Tenure

Mr. Yoshihisa Shinya serves as Automotive Solutions Business Unit Head, President and Executive Officer at Dexerials Corporation since January 2019. Mr. Shinya served as Product Development Division Head,  ...


Leadership Team

NamePositionTenureCompensationOwnership
Yoshihisa Shinya
President0.9yrsno data0.034% ¥158.9k
Naoyuki Sanada
Head of Corporate Planning & Control Div.1.1yrsno datano data
Satoshi Ishiguro
Head of Legal & Intellectual Property0yrsno datano data
Yuji Kakiuchi
Head of Global Sales & Marketing Division and Executive Officer0yrsno datano data
Hisashi Ando
Managing Executive Officer0yrsno data0.082% ¥385.6k
Yukio Yamada
Senior Executive Officer3.8yrsno datano data
Soichiro Kishimoto
Head of Business Innovation Division & Senior Executive Officer3.8yrsno datano data
Toshiya Satake
Senior Managing Executive Officer Officer in Charge of Internal Audit & Representative Director0.7yrsno datano data
Hisaya Tamura
Electronic Components & Environment Solutions Business Unit Head and Executive Officer2.8yrsno datano data
Takashi Yoshida
Optical Solutions Business Unit Head & Executive Officer2.8yrsno datano data

2.8yrs

Average Tenure

Experienced Management: 6DX's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yoshihisa Shinya
President0.9yrsno data0.034% ¥158.9k
Hisashi Ando
Managing Executive Officer0yrsno data0.082% ¥385.6k
Toshiya Satake
Senior Managing Executive Officer Officer in Charge of Internal Audit & Representative Director0.7yrsno datano data
Masao Hirano
Outside Director4.8yrsno datano data
Masahiro Kuwayama
Standing Audit & Supervisory Board Member0.7yrsno data0.037% ¥171.2k
Takashi Yokokura
Outside Director4.8yrsno datano data
Toshifumi Takada
Outside Audit & Supervisory Board Member4.8yrsno datano data
Rika Sato
Outside Director0.7yrsno datano data
Takao Tsuji
Outside Director0.7yrsno data0.0049% ¥23.1k
John C. Roebuck
Outside Audit & Supervisory Board Member0.7yrsno datano data

0.7yrs

Average Tenure

61yo

Average Age

Experienced Board: 6DX's board of directors are not considered experienced ( 0.7 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

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


Ownership Breakdown

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


Top Shareholders

Company Information

Dexerials Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Dexerials Corporation
  • Ticker: 6DX
  • Exchange: DB
  • Founded: 1962
  • Industry: Electronic Components
  • Sector: Tech
  • Market Cap: JP¥55.772b
  • Listing Market Cap: JP¥468.560m
  • Shares outstanding: 60.75m
  • Website: https://www.dexerials.jp

Number of Employees


Location

  • Dexerials Corporation
  • East Tower
  • 8th Floor, Gate City Osaki
  • Tokyo
  • 141-0032
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
4980TSE (The Tokyo Stock Exchange)YesCommon StockJPJPYJul 2015
6DXDB (Deutsche Boerse AG)YesCommon StockDEEURJul 2015

Biography

Dexerials Corporation manufactures and sells electronic components, bonding materials, optics materials, and other products in Japan. The company offers anisotropic conductive films, industrial adhesives, double and single coated tapes, thermal conductive sheets, architectural window films, optical elasticity resins, inorganic wave plates, optical films, inorganic polarizers, and anti-reflection films, as well as UV curable resins for optical disks. It also provides surface mounted type fuses and water treatment agents for inorganic effluent; and solar cell conductive films for photovoltaic modules. The company was formerly known as Sony Chemical & Information Device Corporation and changed its name to Dexerials Corporation in September 2012. Dexerials Corporation was founded in 1962 and is headquartered in Tokyo, Japan. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 22:31
End of Day Share Price2020/02/17 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.