Hosiden

DB:HOD

Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

HOD

¥64B

Market Cap

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Last updated 2019/04/25 20:50

Company description

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Hosiden has significant price volatility in the past 3 months.

HOD Share Price and Events

7 Day Returns

5.5%

DB:HOD

1.6%

DE Electronic

0.8%

DE Market

1 Year Returns

-14.6%

DB:HOD

2.7%

DE Electronic

-4.5%

DE Market

HOD Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Hosiden (HOD)	5.5%	14.7%	36.4%	-14.6%	51.9%	163.1%
DE Electronic	1.6%	10.5%	19.9%	2.7%	97.7%	106%
DE Market	0.8%	6.9%	8.1%	-4.5%	10.4%	13.9%

1 Year Return vs Industry and Market

HOD underperformed the Electronic industry which returned 2.7% over the past year.
HOD underperformed the Market in Germany which returned -4.5% over the past year.

Price Volatility

HOD

Industry

5yr Volatility vs Market

Related Companies

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

Value

Is Hosiden 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 Hosiden 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 Hosiden.

DB:HOD Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 3 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	7%
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:HOD
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)) = 1.068 (1 + (1- 30.86%) (19.89%))	1.144
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.14
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (1.144 * 5.96%)	7.05%

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

The calculations below outline how an intrinsic value for Hosiden 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:HOD DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (JPY, Millions)	Source	Present Value Discounted (@ 7.05%)
2019	13,160.00	Analyst x2	12,293.59
2020	7,592.00	Analyst x2	6,625.24
2021	4,116.00	Analyst x1	3,355.39
2022	2,623.48	Est @ -36.26%	1,997.87
2023	1,959.35	Est @ -25.31%	1,393.88
2024	1,613.49	Est @ -17.65%	1,072.27
2025	1,415.23	Est @ -12.29%	878.59
2026	1,294.46	Est @ -8.53%	750.71
2027	1,218.03	Est @ -5.9%	659.87
2028	1,168.52	Est @ -4.06%	591.37
Present value of next 10 years cash flows			¥29,618.78

DB:HOD DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = ¥1,168.52 × (1 + 0.23%) ÷ (7.05% – 0.23%)	¥17,173.50
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = ¥17,173.50 ÷ (1 + 7.05%)¹⁰	¥8,691.32

DB:HOD Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = ¥29,618.78 + ¥8,691.32	¥38,310.11
Equity Value per Share (JPY)	= Total value / Shares Outstanding = ¥38,310.11 / 59.46	¥644.32

DB:HOD Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in DB:HOD represents 0.0078x of TSE:6804 (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.0078x
Value per Share (Listing Adjusted, EUR)	= Value per Share (JPY) x Listing Adjustment Factor = ¥ 644.32 x 0.0078	€5.02
Value per share (EUR)	From above.	€5.02
Current discount	Discount to share price of €8.44 = -1 x (€8.44 - €5.02) / €5.02	-68.1%

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

The current share price of Hosiden 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 Hosiden's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Hosiden's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

DB:HOD PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in JPY	¥148.74
TSE:6804 Share Price **	TSE (2019-04-25) in JPY	¥1083
Germany Electronic Industry PE Ratio	Median Figure of 13 Publicly-Listed Electronic Companies	23.82x
Germany Market PE Ratio	Median Figure of 424 Publicly-Listed Companies	20.1x

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

** Primary Listing of Hosiden.

DB:HOD PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSE:6804 Share Price ÷ EPS (both in JPY) = 1083 ÷ 148.74	7.28x

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

Hosiden is good value based on earnings compared to the DE Electronic industry average.
Hosiden is good value based on earnings compared to the Germany market.

Price based on expected Growth

Does Hosiden's expected growth come at a high price?

Raw Data

DB:HOD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	7.28x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts	-14.2%per year
Germany Electronic Industry PEG Ratio	Median Figure of 12 Publicly-Listed Electronic Companies	2.18x
Germany Market PEG Ratio	Median Figure of 268 Publicly-Listed Companies	1.57x

*Line of best fit is calculated by linear regression .

DB:HOD PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 7.28x ÷ -14.2%	-0.51x

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

Hosiden 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 Hosiden's assets?

Raw Data

DB:HOD PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in JPY	¥1,559.72
TSE:6804 Share Price *	TSE (2019-04-25) in JPY	¥1083
Germany Electronic Industry PB Ratio	Median Figure of 19 Publicly-Listed Electronic Companies	2.57x
Germany Market PB Ratio	Median Figure of 574 Publicly-Listed Companies	1.87x

DB:HOD PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSE:6804 Share Price ÷ Book Value per Share (both in JPY) = 1083 ÷ 1,559.72	0.69x

* Primary Listing of Hosiden.

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

Hosiden is good value based on assets compared to the DE Electronic industry average.

Show me more potentially undervalued companies in the Electronic industry

Value checks

We assess Hosiden's value by looking at:

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. )
Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)

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

Future Performance

How is Hosiden expected to perform in the next 1 to 3 years based on estimates from 3 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!

-14.2%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Hosiden expected to grow at an attractive rate?

Hosiden'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

Hosiden's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
Hosiden's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.

Annual Growth Rates Comparison

Raw Data

DB:HOD Future Growth Rates Data Sources
Data Point	Source	Value (per year)
DB:HOD Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts	-14.2%
DB:HOD Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts	-7.9%
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	11.8%
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:HOD Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 3 Analyst Estimates (S&P Global)	See Below

All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

DB:HOD Future Estimates Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2021-03-31	209,833	6,000	7,333	3
2020-03-31	221,400	10,815	8,300	3
2019-03-31	240,533	13,093	10,300	3

DB:HOD Past Financials Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	264,262	22,373	8,844
2018-09-30	294,530	1,860	11,415
2018-06-30	305,061	11,927	11,817
2018-03-31	299,440	3,757	10,233
2017-12-31	290,515	-9,910	10,266
2017-09-30	233,526	-7,897	11,450
2017-06-30	178,041	-5,243	6,671
2017-03-31	150,082	-1,572	2,053
2016-12-31	118,311	5,944	-2,616
2016-09-30	119,942	6,955	-9,575
2016-06-30	132,646	4,898	-12,975
2016-03-31	139,949	4,156	-10,698

*GAAP earnings excluding extraordinary items.

High Growth Checks

Hosiden's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
Hosiden's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

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:HOD 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 3 Analyst Estimates (S&P Global)	See Below

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

DB:HOD Future Estimates Data
Date (Data in JPY Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-03-31	95.50	123.20	59.90	3.00
2020-03-31	108.27	118.00	94.60	3.00
2019-03-31	150.03	155.70	140.40	3.00

DB:HOD Past Financials Data
Date (Data in JPY Millions)	EPS *
2018-12-31	148.74
2018-09-30	191.98
2018-06-30	198.74
2018-03-31	172.10
2017-12-31	172.17
2017-09-30	190.43
2017-06-30	110.03
2017-03-31	33.59
2016-12-31	-42.56
2016-09-30	-155.79
2016-06-30	-211.11
2016-03-31	-173.64

*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.

Hosiden is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Future performance checks

We assess Hosiden's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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.
Hosiden 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 Hosiden 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 Hosiden'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.

Hosiden has delivered over 20% year on year earnings growth in the past 5 years.
Hosiden's 1-year earnings growth is negative, it can't be compared to the 5-year average.
Hosiden's 1-year earnings growth is negative, it can't be compared to the DE Electronic industry average.

Earnings and Revenue History

Hosiden'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 Hosiden Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HOD Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions)	Revenue	Net Income *	G+A Expenses
2018-12-31	264,262.00	8,844.00	10,867.00
2018-09-30	294,530.00	11,415.00	11,212.00
2018-06-30	305,061.00	11,817.00	11,292.00
2018-03-31	299,440.00	10,233.00	11,223.00
2017-12-31	290,515.00	10,266.00	11,229.00
2017-09-30	233,526.00	11,450.00	10,824.00
2017-06-30	178,041.00	6,671.00	10,518.00
2017-03-31	150,082.00	2,053.00	10,405.00
2016-12-31	118,311.00	-2,616.00	10,446.00
2016-09-30	119,942.00	-9,575.00	10,639.00
2016-06-30	132,646.00	-12,975.00	10,945.00
2016-03-31	139,949.00	-10,698.00	11,071.00
2015-12-31	152,643.00	-6,847.00	11,334.00
2015-09-30	168,873.00	-3,152.00	11,312.00
2015-06-30	157,027.00	1,932.00	11,365.00
2015-03-31	148,237.00	122.00	11,436.00
2014-12-31	147,958.00	-3,582.00	11,257.00
2014-09-30	169,182.00	-5,222.00	11,175.00
2014-06-30	198,749.00	-6,306.00	10,999.00
2014-03-31	205,148.00	-3,361.00	10,876.00
2013-12-31	220,957.00	2,118.00	10,616.00
2013-09-30	257,896.00	5,857.00	10,535.00
2013-06-30	236,973.00	4,224.00	10,180.00
2013-03-31	230,883.00	2,141.00	9,900.00
2012-12-31	211,366.00	-2,467.00	9,670.00
2012-09-30	161,946.00	-6,183.00	9,785.00
2012-06-30	167,911.00	-5,560.00	10,006.00

*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.

Hosiden has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Hosiden used its assets less efficiently than the DE Electronic industry average last year based on Return on Assets.
Hosiden has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).

Past performance checks

We assess Hosiden's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
Hosiden 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.

Health

How is Hosiden'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 Hosiden's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Hosiden is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Hosiden's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of Hosiden'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 9.1x 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 Hosiden Company Filings, last reported 3 months ago.

DB:HOD Past Debt and Equity Data
Date (Data in JPY Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	92,738.00	12,807.00	57,907.00
2018-09-30	92,598.00	13,828.00	40,985.00
2018-06-30	88,928.00	14,970.00	56,404.00
2018-03-31	86,992.00	15,201.00	53,187.00
2017-12-31	86,882.00	15,679.00	43,325.00
2017-09-30	82,339.00	15,771.00	45,780.00
2017-06-30	78,398.00	5,504.00	41,001.00
2017-03-31	76,660.00	5,769.00	45,775.00
2016-12-31	77,403.00	5,618.00	50,966.00
2016-09-30	71,918.00	5,527.00	50,821.00
2016-06-30	72,371.00	6,333.00	53,440.00
2016-03-31	76,162.00	6,865.00	54,330.00
2015-12-31	81,084.00	8,594.00	52,018.00
2015-09-30	82,640.00	8,618.00	51,177.00
2015-06-30	87,734.00	8,701.00	54,336.00
2015-03-31	89,917.00	8,275.00	56,141.00
2014-12-31	89,830.00	7,996.00	45,972.00
2014-09-30	89,709.00	7,142.00	55,600.00
2014-06-30	88,941.00	6,950.00	56,903.00
2014-03-31	91,560.00	7,293.00	54,728.00
2013-12-31	95,562.00	7,688.00	39,296.00
2013-09-30	95,065.00	8,403.00	46,909.00
2013-06-30	94,562.00	7,537.00	54,887.00
2013-03-31	93,242.00	5,737.00	50,504.00
2012-12-31	91,323.00	5,347.00	36,588.00
2012-09-30	86,748.00	5,467.00	51,736.00
2012-06-30	88,329.00	5,735.00	56,040.00

Hosiden's level of debt (13.8%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has increased over the past 5 years (8% vs 13.8% today).
Debt is well covered by operating cash flow (174.7%, greater than 20% of total debt).
Hosiden earns more interest than it pays, coverage of interest payments is not a concern.

Show me more healthy companies in the Electronic industry

Financial health checks

We assess Hosiden's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
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 Hosiden'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

2.31%

Current annual income from Hosiden dividends. Estimated to be 2.17% next year.

If you bought €2,000 of Hosiden shares you are expected to receive €46 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?

Hosiden's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
Hosiden's dividend is below the markets top 25% of dividend payers in Germany (3.67%).

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:HOD 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 3 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 326 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:HOD Future Dividends Estimate Data
Date (Data in ¥)	Dividend per Share (annual)	Avg. No. Analysts
2021-03-31	22.00	3.00
2020-03-31	25.00	3.00
2019-03-31	25.00	3.00

DB:HOD Past Annualized Dividends Data
Date (Data in ¥)	Dividend per share (annual)	Avg. Yield (%)
2019-02-13	25.000	2.656
2019-02-08	25.000	3.020
2018-11-13	20.000	2.543
2018-11-02	20.000	2.103
2018-06-28	20.000	1.994
2018-05-11	20.000	1.892
2018-02-02	20.000	1.433
2017-06-29	10.000	0.606
2017-05-12	10.000	0.813
2017-02-13	8.000	0.735
2017-02-03	8.000	0.813
2016-11-14	6.000	0.652
2016-11-04	6.000	0.723
2016-06-29	6.000	0.836
2016-05-12	6.000	0.878
2016-02-12	10.000	1.474
2016-02-05	10.000	1.782
2015-11-12	10.000	1.599
2015-11-06	10.000	1.432
2015-06-26	10.000	1.424
2015-05-08	10.000	1.147
2015-02-12	10.000	1.449
2015-02-06	10.000	1.586
2014-11-13	10.000	1.481
2014-11-07	10.000	1.530
2014-06-27	10.000	1.696
2014-05-09	10.000	1.765
2014-02-14	10.000	2.058
2014-02-07	10.000	2.024
2013-11-13	10.000	1.843
2013-11-08	10.000	1.947
2013-06-27	10.000	1.837
2013-05-10	10.000	1.782
2013-02-13	10.000	1.796
2013-02-08	10.000	1.898
2012-11-09	10.000	1.973
2012-08-03	10.000	2.291
2012-06-28	10.000	2.122
2012-05-11	10.000	2.058
2012-02-10	20.000	3.411
2012-02-03	20.000	3.511
2011-11-14	20.000	3.768
2011-11-04	20.000	3.991
2011-08-05	20.000	3.586
2011-06-29	20.000	2.890
2011-05-13	20.000	2.785
2011-02-10	30.000	3.664
2011-02-04	30.000	3.339
2010-11-10	30.000	3.299
2010-11-05	30.000	3.770
2010-06-29	30.000	3.515
2010-05-11	30.000	2.975
2010-02-10	30.000	2.608
2010-02-05	30.000	2.885
2009-11-10	30.000	2.986
2009-11-06	30.000	2.883
2009-05-08	30.000	2.410

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 fallen over the past 10 years.

Current Payout to shareholders

What portion of Hosiden's earnings are paid to the shareholders as a dividend.

Dividends paid are thoroughly covered by earnings (7.4x 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.

Income/ dividend checks

We assess Hosiden's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Hosiden afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

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

Management

What is the CEO of Hosiden'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

Kenji Furuhashi

COMPENSATION	¥109,000,000
AGE	63
TENURE AS CEO	28 years

CEO Bio

Mr. Kenji Furuhashi has been the President at Hosiden Corp since April 1991 and served as its Chief Executive Officer. Mr. Furuhashi has been the President of Hong Kong Hosiden Limited, Korea Hosiden Co., Ltd., and Hosiden Singapore Pte. Ltd. since April 1991. He has been the President of Hosiden America K.K. and Hosiden Europe Y.K. since March 1999. Mr. Furuhashi joined Hosiden Corp., in April 1978 and served as its Manager of Production Business since April 1986, Manager of Overseas Business since April 1987, General Manager of Production Business since April 1990 and Senior Managing Director since June 1990. He has been the Chairman of Hosiden Seiko K.K. since May 1991. Mr. Furuhashi has been the Chairman of Hosiden Mareshia Shijin Y.K. since April 1997. He has been the Chairman of Hosiden FD Corporation since May 1999. He has been the Chairman of Hosiden Kyushu K.K. since May 2002. He has been a Representative Director of Hosiden Corp since March 1991 and previuosly served in the same role since June 1987. He has been a Director of Hong Kong Hosiden Limited, Korea Hosiden Co., Ltd., and Hosiden Singapore Pte. Ltd. since April 1991. He has been a Director of Hosiden America K.K. and Hosiden Europe Y.K. since March 1999.

CEO Compensation

Kenji's compensation has been consistent with company performance over the past year.
Kenji's remuneration is lower than average for companies of similar size in Germany.

Management Team Tenure

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

15.5

Average Tenure

67.5

Average Age

The average tenure for the Hosiden management team is over 5 years, this suggests they are a seasoned and experienced team.

Management Team

Kenji Furuhashi

81

TENURE

22 yrs

Board of Directors Tenure

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

8.8

Average Tenure

Average Age

The tenure for the Hosiden board of directors is about average.

Board of Directors

Kenji Furuhashi

TITLE

President & Representative Director

COMPENSATION

¥109M

AGE

63

TENURE

TITLE

Outside Audit & Supervisory Board Member

AGE

63

TENURE

3.8 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 (€)

Management checks

We assess Hosiden's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

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

Hosiden Corporation manufactures and sells electronics, electrical appliances, auto parts, information telecommunications equipment, office machines, and medical equipment and related parts in Japan and internationally. It offers miniature circular, DIN, multi-pole circular and rectangular, slim rectangular, display port, HDMI, USB, IC card, optical, AC inlets/power supply, waterproof, PV, and PV junction box connectors; and plugs and jacks, such as miniature, pin, and DC power jacks. The company also provides slide and tactile push switches, multi-function switches, shuttle switches, circuit protectors, switches units, and touch panels, as well as DC switches for solar PV generation system; and acoustic components comprising micro speakers, receiver units, headphones, earphone-mics, microphones and microphone units, and Bluetooth modules. In addition, it offers wireless modules consisting of Bluetooth, Bluetooth low energy, wireless audio, and ANT modules; and other products, such as chargers, wireless power transfer systems, touch panels, and DC solenoids, as well as electro-magnetic components, LCD devices, and assembled products. The company’s products are used in mobile phones, audio and visual products, PCs and PC peripherals, PV generation systems, and car electronics. Hosiden Corporation was founded in 1947 and is headquartered in Yao, Japan.

Details

Name:	Hosiden Corporation
Ticker:	HOD
Exchange:	DB
Founded:	1947
Market Cap:	¥518,541,640
Shares outstanding:	59,458,164
Website:	http://www.hosiden.co.jp
Address:	Hosiden Corporation 4-33, Kitakyuhoji 1-Chome, Yao, Osaka, 581-0071, Japan

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
TSE	6804	Common Shares	The Tokyo Stock Exchange	JP	JPY	06. Jan 1992
OTCPK	HOIE.F	Common Shares	Pink Sheets LLC	US	USD	06. Jan 1992
DB	HOD	Common Shares	Deutsche Boerse AG	DE	EUR	06. Jan 1992

Number of employees

Current staff

8,805

Hosiden employees.

Industry

Industry:	Electronic Components
Sector:	Tech

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/04/25 20:50
End of day share price update:	2019/04/25 00:00
Last estimates confirmation:	2019/04/17
Last earnings filing:	2019/02/13
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.

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