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Citizen Watch

DB:CTZ
Snowflake Description

Flawless balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CTZ
DB
¥197B
Market Cap
  1. Home
  2. DE
  3. Tech
Company description

Citizen Watch Co., Ltd. manufactures and sells watches and their components worldwide. The last earnings update was 63 days ago. More info.


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CTZ Share Price and Events
7 Day Returns
-0.7%
DB:CTZ
3.4%
DE Electronic
2.5%
DE Market
1 Year Returns
-20.7%
DB:CTZ
-1.9%
DE Electronic
-6.7%
DE Market
CTZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Citizen Watch (CTZ) -0.7% -0.7% 10% -20.7% -10.4% -9.5%
DE Electronic 3.4% 4.8% 23% -1.9% 95% 89.5%
DE Market 2.5% 3.3% 9.2% -6.7% 9% 13.5%
1 Year Return vs Industry and Market
  • CTZ underperformed the Electronic industry which returned -1.9% over the past year.
  • CTZ underperformed the Market in Germany which returned -6.7% over the past year.
Price Volatility
CTZ
Industry
5yr Volatility vs Market

Value

 Is Citizen Watch 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 Citizen Watch 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 Citizen Watch.

DB:CTZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
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:CTZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.067 (1 + (1- 30.86%) (27.06%))
1.179
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.18
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.179 * 5.96%)
7.25%

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

The calculations below outline how an intrinsic value for Citizen Watch 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:CTZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 7.25%)
2019 3,800.00 Analyst x3 3,543.04
2020 16,482.17 Analyst x6 14,328.46
2021 15,712.00 Analyst x6 12,735.30
2022 23,439.50 Analyst x2 17,714.09
2023 18,580.50 Analyst x2 13,092.44
2024 15,583.22 Est @ -16.13% 10,237.95
2025 13,834.24 Est @ -11.22% 8,474.30
2026 12,756.82 Est @ -7.79% 7,285.90
2027 12,070.09 Est @ -5.38% 6,427.53
2028 11,623.51 Est @ -3.7% 5,771.17
Present value of next 10 years cash flows ¥99,610.18
DB:CTZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥11,623.51 × (1 + 0.23%) ÷ (7.25% – 0.23%)
¥165,848.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥165,848.55 ÷ (1 + 7.25%)10
¥82,345.12
DB:CTZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥99,610.18 + ¥82,345.12
¥181,955.29
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥181,955.29 / 318.28
¥571.68
DB:CTZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CTZ represents 0.00775x of TSE:7762
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00775x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 571.68 x 0.00775
€4.43
Value per share (EUR) From above. €4.43
Current discount Discount to share price of €4.81
= -1 x (€4.81 - €4.43) / €4.43
-8.5%

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

  • The current share price of Citizen Watch 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 Citizen Watch's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Citizen Watch's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CTZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in JPY ¥55.70
TSE:7762 Share Price ** TSE (2019-04-18) in JPY ¥620
Germany Electronic Industry PE Ratio Median Figure of 14 Publicly-Listed Electronic Companies 21.3x
Germany Market PE Ratio Median Figure of 421 Publicly-Listed Companies 19.69x

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

** Primary Listing of Citizen Watch.

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

= TSE:7762 Share Price ÷ EPS (both in JPY)

= 620 ÷ 55.70

11.13x

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

  • Citizen Watch is good value based on earnings compared to the DE Electronic industry average.
  • Citizen Watch is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Citizen Watch's expected growth come at a high price?
Raw Data
DB:CTZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
5.3%per year
Germany Electronic Industry PEG Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.1x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.13x ÷ 5.3%

2.11x

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

  • Citizen Watch is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Citizen Watch's assets?
Raw Data
DB:CTZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in JPY ¥811.51
TSE:7762 Share Price * TSE (2019-04-18) in JPY ¥620
Germany Electronic Industry PB Ratio Median Figure of 20 Publicly-Listed Electronic Companies 2.49x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.87x
DB:CTZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:7762 Share Price ÷ Book Value per Share (both in JPY)

= 620 ÷ 811.51

0.76x

* Primary Listing of Citizen Watch.

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

  • Citizen Watch is good value based on assets compared to the DE Electronic industry average.
X
Value checks
We assess Citizen Watch'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 Electronic 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 Electronic industry average (and greater than 0)? (1 check)
  5. Citizen Watch has a total score of 3/6, 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 Citizen Watch expected to perform in the next 1 to 3 years based on estimates from 9 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
5.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Citizen Watch expected to grow at an attractive rate?
  • Citizen Watch's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Citizen Watch's earnings growth is positive but not above the Germany market average.
  • Citizen Watch's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CTZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CTZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 5.3%
DB:CTZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 1.5%
Germany Electronic Industry Earnings Growth Rate Market Cap Weighted Average 12.9%
Germany Electronic Industry Revenue Growth Rate Market Cap Weighted Average 7.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.7%
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:CTZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CTZ Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-03-31 350,150 37,411 21,650 2
2022-03-31 341,050 40,050 19,100 2
2021-03-31 327,928 34,606 16,572 9
2020-03-31 323,666 34,452 15,782 9
2019-03-31 325,187 28,955 16,222 9
DB:CTZ Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2018-12-31 323,574 17,730
2018-09-30 321,074 24,701 19,458
2018-06-30 321,886 20,575
2018-03-31 320,047 32,539 19,303
2017-12-31 318,448 20,763
2017-09-30 311,106 31,002 19,521
2017-06-30 308,566 16,913
2017-03-31 312,559 32,781 16,573
2016-12-31 317,875 6,744
2016-09-30 328,821 33,700 8,247
2016-06-30 341,236 10,334
2016-03-31 348,267 29,980 13,201

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Citizen Watch's earnings are expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
  • Citizen Watch's revenue is expected to grow by 1.5% 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:CTZ 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 9 Analyst Estimates (S&P Global) See Below

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

DB:CTZ Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-03-31 68.00 73.50 62.50 2.00
2022-03-31 60.00 60.30 59.70 2.00
2021-03-31 51.57 58.40 43.67 10.00
2020-03-31 49.30 57.20 40.80 10.00
2019-03-31 50.97 55.92 47.13 9.00
DB:CTZ Past Financials Data
Date (Data in JPY Millions) EPS *
2018-12-31 55.70
2018-09-30 61.13
2018-06-30 64.64
2018-03-31 60.65
2017-12-31 65.23
2017-09-30 61.33
2017-06-30 53.14
2017-03-31 52.07
2016-12-31 21.19
2016-09-30 25.91
2016-06-30 32.47
2016-03-31 41.32

*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.
  • Citizen Watch is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Citizen Watch'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.
Citizen Watch 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.

Past Performance

  How has Citizen Watch 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 Citizen Watch's growth in the last year to its industry (Electronic).
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.
  • Citizen Watch's year on year earnings growth rate has been positive over the past 5 years.
  • Citizen Watch's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Citizen Watch's 1-year earnings growth is negative, it can't be compared to the DE Electronic industry average.
Earnings and Revenue History
Citizen Watch'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 Citizen Watch Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CTZ Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 323,574.00 17,730.00 90,188.00 7,161.00
2018-09-30 321,074.00 19,458.00 88,847.00 7,161.00
2018-06-30 321,886.00 20,575.00 88,593.00 7,161.00
2018-03-31 320,047.00 19,303.00 88,053.00 7,161.00
2017-12-31 318,448.00 20,763.00 88,777.00 7,113.00
2017-09-30 311,106.00 19,521.00 87,830.00 7,113.00
2017-06-30 308,566.00 16,913.00 87,599.00 7,113.00
2017-03-31 312,559.00 16,573.00 87,871.00 7,113.00
2016-12-31 317,875.00 6,744.00 88,257.00 7,500.00
2016-09-30 328,821.00 8,247.00 89,592.00 7,500.00
2016-06-30 341,236.00 10,334.00 91,156.00 7,500.00
2016-03-31 348,267.00 13,201.00 92,347.00 7,500.00
2015-12-31 350,571.00 18,161.00 91,882.00 8,169.00
2015-09-30 346,769.00 17,941.00 91,741.00 8,169.00
2015-06-30 336,232.00 19,167.00 91,020.00 8,169.00
2015-03-31 328,456.00 17,572.00 89,546.00 8,169.00
2014-12-31 323,113.00 21,843.00 88,578.00 7,440.00
2014-09-30 319,251.00 20,674.00 87,231.00 7,440.00
2014-06-30 315,930.00 18,385.00 85,917.00 7,440.00
2014-03-31 309,994.00 17,434.00 84,273.00 7,440.00
2013-12-31 298,706.00 -3,734.00 81,068.00 7,595.00
2013-09-30 283,000.00 -6,693.00 77,035.00 7,595.00
2013-06-30 276,730.00 -8,232.00 74,687.00 7,595.00
2013-03-31 272,050.00 -8,855.00 72,558.00 7,595.00
2012-12-31 274,376.00 9,048.00 72,515.00 8,012.00
2012-09-30 279,785.00 7,725.00 72,074.00 8,012.00
2012-06-30 281,433.00 7,324.00 71,522.00 8,012.00

*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.
  • Citizen Watch has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Citizen Watch used its assets less efficiently than the DE Electronic industry average last year based on Return on Assets.
  • Citizen Watch's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Citizen Watch'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 Electronic 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.
Citizen Watch has a total score of 1/6, 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 Citizen Watch'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 Citizen Watch's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Citizen Watch is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Citizen Watch's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Citizen Watch'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 4.9x 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 Citizen Watch Company Filings, last reported 3 months ago.

DB:CTZ Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 268,335.00 53,398.00 80,114.00
2018-09-30 274,353.00 63,304.00 97,103.00
2018-06-30 264,069.00 52,586.00 91,877.00
2018-03-31 263,712.00 49,973.00 92,079.00
2017-12-31 268,203.00 52,777.00 89,132.00
2017-09-30 260,820.00 55,277.00 86,247.00
2017-06-30 252,385.00 55,820.00 89,670.00
2017-03-31 249,215.00 54,798.00 80,746.00
2016-12-31 248,388.00 65,373.00 80,268.00
2016-09-30 227,312.00 56,603.00 70,552.00
2016-06-30 224,337.00 58,639.00 90,885.00
2016-03-31 237,468.00 68,705.00 99,371.00
2015-12-31 251,906.00 69,664.00 96,006.00
2015-09-30 245,679.00 70,172.00 100,043.00
2015-06-30 250,341.00 69,751.00 105,291.00
2015-03-31 247,971.00 69,637.00 110,716.00
2014-12-31 249,134.00 79,147.00 105,895.00
2014-09-30 229,702.00 79,023.00 102,353.00
2014-06-30 215,697.00 78,222.00 101,332.00
2014-03-31 217,411.00 78,523.00 96,202.00
2013-12-31 218,842.00 98,839.00 104,483.00
2013-09-30 203,976.00 91,231.00 90,667.00
2013-06-30 198,751.00 85,137.00 89,048.00
2013-03-31 192,408.00 75,209.00 71,105.00
2012-12-31 201,385.00 77,610.00 69,857.00
2012-09-30 188,563.00 73,692.00 65,104.00
2012-06-30 186,642.00 73,050.00 69,620.00
  • Citizen Watch's level of debt (19.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (45.1% vs 19.9% today).
  • Debt is well covered by operating cash flow (46.3%, greater than 20% of total debt).
  • Citizen Watch earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Citizen Watch'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. Citizen Watch 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 Citizen Watch'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
3.23%
Current annual income from Citizen Watch dividends. Estimated to be 3.8% next year.
If you bought €2,000 of Citizen Watch shares you are expected to receive €65 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?
  • Citizen Watch's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
  • Citizen Watch's dividend is below the markets top 25% of dividend payers in Germany (3.74%).
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:CTZ 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 9 Analyst Estimates (S&P Global) See Below
Germany Electronic Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 1.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
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:CTZ Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2023-03-31 27.50 2.00
2022-03-31 26.50 2.00
2021-03-31 23.56 9.00
2020-03-31 22.11 9.00
2019-03-31 20.00 9.00
DB:CTZ Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-02-14 20.000 3.183
2019-02-13 20.000 3.247
2018-11-12 20.000 3.476
2018-11-09 20.000 3.058
2018-06-28 20.000 2.808
2018-05-11 20.000 2.661
2018-02-14 17.000 2.141
2018-02-09 17.000 2.146
2017-11-14 17.000 2.039
2017-11-10 17.000 2.040
2017-06-29 17.000 2.137
2017-05-12 17.000 2.263
2017-02-13 17.000 2.331
2017-02-10 17.000 2.409
2016-11-14 17.000 2.408
2016-11-11 17.000 2.746
2016-06-29 17.000 3.110
2016-05-13 17.000 2.962
2016-02-12 17.000 2.682
2015-11-13 17.000 2.074
2015-11-10 17.000 1.842
2015-06-26 17.000 1.973
2015-05-15 17.000 1.897
2015-02-13 16.000 1.757
2015-02-12 16.000 1.740
2014-11-13 16.000 1.721
2014-11-10 16.000 1.947
2014-08-08 16.000 2.228
2014-06-27 16.000 2.001
2014-05-14 16.000 2.034
2014-02-12 13.000 1.631
2013-11-08 10.000 1.234
2013-08-09 10.000 1.497
2013-06-28 8.000 1.384
2013-05-13 10.000 1.716
2013-02-13 6.000 1.143
2013-02-12 6.000 1.221
2012-11-13 10.000 2.281
2012-11-07 10.000 2.739
2012-08-10 10.000 2.441
2012-05-11 10.000 2.235
2012-02-13 8.000 1.603
2012-02-09 8.000 1.811
2011-11-11 8.000 1.791
2011-11-08 8.000 1.909
2011-08-10 8.000 2.046
2011-05-11 7.000 1.543
2011-02-14 7.000 1.429
2011-02-09 7.000 1.258
2010-11-12 7.000 1.275
2010-11-08 7.000 1.385
2010-08-11 7.000 1.475
2010-06-29 7.000 1.321
2010-05-11 7.000 1.260
2010-02-10 7.000 1.121
2009-11-06 7.000 1.313
2009-08-12 7.000 1.334
2009-05-12 7.000 1.451
2009-04-20 15.000 3.303

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 Citizen Watch's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (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 Citizen Watch's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - 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 Citizen Watch afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Citizen Watch 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 Citizen Watch'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
Toshio Tokura
AGE 69
TENURE AS CEO 7 years
CEO Bio

Mr. Toshio Tokura has been President and Chief Executive Officer of Citizen Holdings Co., Ltd. since April 2012 and serves as its Director. Mr. Tokura has been President and Chief Executive Officer of Citizen Watch Co., Ltd., since April 2012 and has been its Director since March 2014. He served as General Manager of Corporate Planning Division at Citizen Holdings Co., Ltd., since June 2010 and served as its Managing Director since 2010 and Operating Officer since October 2004. He served as Senior Managing Director of Citizen Watch Co., Ltd., since April 2009 and served as its Managing Director since April 2007. He has been Chairman of Japan Clock & Watch Association (JCWA) since May 2015. He served as a Director at Citizen Trading Co., Ltd. since June 2002.

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

Average tenure and age of the Citizen Watch management team in years:

3
Average Tenure
60
Average Age
  • The tenure for the Citizen Watch management team is about average.
Management Team

Toshio Tokura

TITLE
CEO, President & Director
AGE
69
TENURE
7 yrs

Carl Mielke

TITLE
Senior Vice President of Sales - US
AGE
62
TENURE
9.5 yrs

Toshio Furukawa

TITLE
Senior Managing Director

Toshihiko Sato

TITLE
Senior MD & Senior GM of Watch Business Division
AGE
63
TENURE
1.8 yrs

Norio Takeuchi

TITLE
MD & Senior GM of Watch Business Division
AGE
60
TENURE
2 yrs

Toshiyuki Furukawa

TITLE
GM of Corporate Planning Division & Director
AGE
55
TENURE
2.8 yrs

Shinji Shirai

TITLE
Senior GM of Product Division
AGE
58
TENURE
3 yrs

Yoshitaka Oji

TITLE
Deputy Senior GM of Watch Business Division
AGE
55
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Citizen Watch board of directors in years:

2.3
Average Tenure
59
Average Age
  • The average tenure for the Citizen Watch board of directors is less than 3 years, this suggests a new board.
Board of Directors

Toshiyuki Furukawa

TITLE
GM of Corporate Planning Division & Director
AGE
55
TENURE
2.8 yrs

Shinji Shirai

TITLE
Senior GM of Product Division
AGE
58
TENURE
1.8 yrs

Yoshitaka Oji

TITLE
Deputy Senior GM of Watch Business Division
AGE
55
TENURE
1.8 yrs

Keiichi Nakajima

TITLE
Director
AGE
60
TENURE
5.8 yrs

Toshio Tokura

TITLE
CEO, President & Director
AGE
69
TENURE
5.1 yrs

Masaaki Komatsu

TITLE
Outside Director
AGE
71
TENURE
3.8 yrs

Fumiaki Terasaka

TITLE
Outside Director
AGE
69
TENURE
1.8 yrs

Yoshitaka Ohji

TITLE
Director
TENURE
0.8 yrs

Yoshiaki Miyamoto

TITLE
Director
TENURE
0.8 yrs

Toshiko Kuboki

TITLE
Outside Audit & Supervisory Board Member
AGE
58
TENURE
2.8 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 Citizen Watch'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. Citizen Watch 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

Citizen Watch Co., Ltd. manufactures and sells watches and their components worldwide. It operates through five segments: Watches, Machine Tools, Devices and Components, Electronic Products, and Other Products. The company offers watches; machine tools, such as small size CNC automatic lathes and turning machines; devices and components, including LED lighting products, tactile switches, and ultra-thin backlight units, as well as quartz crystals, ferroelectric micro LCDs, automotive components, and others; electronic products comprising printers, calculators, and health care products; and jewelry products. It also offers leisure services. The company was formerly known as Citizen Holdings Co., Ltd., and changed its name to Citizen Watch Co., Ltd. in October 2016. Citizen Watch Co., Ltd. was founded in 1918 and is headquartered in Nishi-Tokyo, Japan.

Details
Name: Citizen Watch Co., Ltd.
CTZ
Exchange: DB
Founded: 1918
¥1,568,529,110
318,283,277
Website: http://www.citizen.co.jp
Address: Citizen Watch Co., Ltd.
6-1-12, Tanashi-cho,
Nishi-Tokyo,
Tokyo, 188-8511,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 7762 Common Shares The Tokyo Stock Exchange JP JPY 06. Jan 1992
DB CTZ Common Shares Deutsche Boerse AG DE EUR 06. Jan 1992
OTCPK CHCL.Y ADR Pink Sheets LLC US USD 23. Oct 2008
Number of employees
Current staff
Staff numbers
16,015
Citizen Watch employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 21:39
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/14
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.