Keyence

DB:KEE

Snowflake Description

Flawless balance sheet with moderate growth potential.

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

KEE

¥8,731B

Market Cap

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Last updated 2019/04/17 20:41

Company description

Keyence Corporation, together with its subsidiaries, develops, manufactures, and sells factory automation solutions worldwide. The last earnings update was 72 days ago. More info.

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KEE Share Price and Events

7 Day Returns

-2.3%

DB:KEE

2.1%

DE Electronic

2.3%

DE Market

1 Year Returns

17.4%

DB:KEE

-2.2%

DE Electronic

-7.2%

DE Market

KEE Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Keyence (KEE)	-2.3%	8.7%	24.9%	17.4%	117.9%	303.9%
DE Electronic	2.1%	3.5%	22.1%	-2.2%	95%	88.8%
DE Market	2.3%	3.1%	8.8%	-7.2%	9.3%	12.3%

1 Year Return vs Industry and Market

KEE outperformed the Electronic industry which returned -2.2% over the past year.
KEE outperformed the Market in Germany which returned -7.2% over the past year.

Price Volatility

KEE

Industry

5yr Volatility vs Market

Related Companies

Value

Is Keyence 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 Keyence 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 Keyence.

DB:KEE Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 15 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6.5%
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:KEE
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%) (0%))	1.045
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.04
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (1.045 * 5.96%)	6.46%

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

The calculations below outline how an intrinsic value for Keyence 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:KEE DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (JPY, Millions)	Source	Present Value Discounted (@ 6.46%)
2019	205,949.29	Analyst x7	193,460.64
2020	232,052.33	Analyst x9	204,762.59
2021	260,807.22	Analyst x9	216,180.55
2022	270,963.50	Analyst x4	210,979.44
2023	298,776.50	Analyst x2	218,528.51
2024	315,550.83	Est @ 5.61%	216,802.02
2025	328,167.93	Est @ 4%	211,798.31
2026	337,577.52	Est @ 2.87%	204,659.63
2027	344,583.99	Est @ 2.08%	196,239.35
2028	349,826.01	Est @ 1.52%	187,143.79
Present value of next 10 years cash flows			¥2,060,554.82

DB:KEE DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = ¥349,826.01 × (1 + 0.23%) ÷ (6.46% – 0.23%)	¥5,630,343.69
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = ¥5,630,343.69 ÷ (1 + 6.46%)¹⁰	¥3,012,022.73

DB:KEE Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = ¥2,060,554.82 + ¥3,012,022.73	¥5,072,577.55
Equity Value per Share (JPY)	= Total value / Shares Outstanding = ¥5,072,577.55 / 121.26	¥41830.81

DB:KEE Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in DB:KEE represents 0.00776x of TSE:6861 (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.00776x
Value per Share (Listing Adjusted, EUR)	= Value per Share (JPY) x Listing Adjustment Factor = ¥ 41,830.81 x 0.00776	€324.65
Value per share (EUR)	From above.	€324.65
Current discount	Discount to share price of €558.80 = -1 x (€558.80 - €324.65) / €324.65	-72.1%

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

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

Price based on past earnings

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

Raw Data

DB:KEE PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-20) in JPY	¥1,879.94
TSE:6861 Share Price **	TSE (2019-04-17) in JPY	¥72000
Germany Electronic Industry PE Ratio	Median Figure of 14 Publicly-Listed Electronic Companies	20.96x
Germany Market PE Ratio	Median Figure of 422 Publicly-Listed Companies	19.43x

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

** Primary Listing of Keyence.

DB:KEE PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSE:6861 Share Price ÷ EPS (both in JPY) = 72000 ÷ 1,879.94	38.3x

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

Keyence is overvalued based on earnings compared to the DE Electronic industry average.
Keyence is overvalued based on earnings compared to the Germany market.

Price based on expected Growth

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

Raw Data

DB:KEE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	38.3x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts	11.7%per year
Germany Electronic Industry PEG Ratio	Median Figure of 12 Publicly-Listed Electronic Companies	2x
Germany Market PEG Ratio	Median Figure of 272 Publicly-Listed Companies	1.56x

*Line of best fit is calculated by linear regression .

DB:KEE PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 38.3x ÷ 11.7%	3.26x

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

Keyence is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Keyence's assets?

Raw Data

DB:KEE PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-20) in JPY	¥12,640.02
TSE:6861 Share Price *	TSE (2019-04-17) in JPY	¥72000
Germany Electronic Industry PB Ratio	Median Figure of 20 Publicly-Listed Electronic Companies	2.48x
Germany Market PB Ratio	Median Figure of 570 Publicly-Listed Companies	1.87x

DB:KEE PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSE:6861 Share Price ÷ Book Value per Share (both in JPY) = 72000 ÷ 12,640.02	5.7x

* Primary Listing of Keyence.

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

Keyence is overvalued based on assets compared to the DE Electronic industry average.

Value checks

We assess Keyence'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 Keyence expected to perform in the next 1 to 3 years based on estimates from 15 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!

11.7%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Keyence expected to grow at an attractive rate?

Keyence's earnings growth is expected to exceed the low risk savings rate of 0.2%.

Growth vs Market Checks

Keyence's earnings growth is expected to exceed the Germany market average.
Keyence's revenue growth is expected to exceed the Germany market average.

Annual Growth Rates Comparison

Raw Data

DB:KEE Future Growth Rates Data Sources
Data Point	Source	Value (per year)
DB:KEE Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts	11.7%
DB:KEE Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts	9.9%
Germany Electronic Industry Earnings Growth Rate	Market Cap Weighted Average	12.7%
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:KEE Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 15 Analyst Estimates (S&P Global)	See Below

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

DB:KEE Future Estimates Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2024-03-31	750,000			1
2023-03-31	933,073	356,353	378,002	4
2022-03-31	837,619	314,899	327,308	5
2021-03-31	733,097	275,645	290,346	14
2020-03-31	649,135	246,162	254,566	15
2019-03-31	597,825	209,803	233,149	14

DB:KEE Past Financials Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *
2018-12-20	585,836		227,969
2018-09-20	570,296	199,040	223,744
2018-06-20	550,461		218,779
2018-03-20	526,847	202,934	210,595
2017-03-20	421,796	162,213	160,907
2016-06-20	385,408	84,824	129,900
2016-03-20	379,282	106,483	137,166

*GAAP earnings excluding extraordinary items.

High Growth Checks

Keyence's earnings are expected to grow by 11.7% yearly, however this is not considered high growth (20% yearly).
Keyence's revenue is expected to grow by 9.9% 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:KEE 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 15 Analyst Estimates (S&P Global)	See Below

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

DB:KEE Future Estimates Data
Date (Data in JPY Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2024-03-31
2023-03-31	3,117.21	3,647.40	2,350.23	3.00
2022-03-31	2,699.06	3,087.50	2,201.80	5.00
2021-03-31	2,387.94	2,661.10	1,987.39	15.00
2020-03-31	2,100.95	2,301.60	1,871.94	16.00
2019-03-31	1,922.86	1,982.40	1,876.06	15.00

DB:KEE Past Financials Data
Date (Data in JPY Millions)	EPS *
2018-12-20	1,879.94
2018-09-20	1,845.09
2018-06-20	1,804.14
2018-03-20	1,736.65
2017-03-20	1,326.81
2016-06-20	1,071.11
2016-03-20	1,131.01

*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.

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

Show me more growth companies in the Electronic industry

Future performance checks

We assess Keyence'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.
Keyence has a total score of 3/6, 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 Keyence 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 Keyence'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.

Keyence has delivered over 20% year on year earnings growth in the past 5 years.
Keyence's 1-year earnings growth is less than its 5-year average (14.9% vs 20.4%)
Keyence's earnings growth has not exceeded the DE Electronic industry average in the past year (14.9% vs 18.1%).

Earnings and Revenue History

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

DB:KEE Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions)	Revenue	Net Income *	G+A Expenses	R&D Expenses
2018-12-20	585,836.00	227,969.00	147,640.00	13,208.00
2018-09-20	570,296.00	223,744.00	140,869.00	13,208.00
2018-06-20	550,461.00	218,779.00	133,409.00	13,208.00
2018-03-20	526,847.00	210,595.00	126,573.00	13,208.00
2017-03-20	421,795.89	160,906.63	103,339.97	11,485.33
2016-06-20	385,408.00	129,900.00	102,128.00	11,148.00
2016-03-20	379,282.00	137,166.00	97,031.00	8,295.00
2015-12-20	282,087.00	105,030.00	66,608.00	10,118.00
2015-09-20	363,478.00	132,214.00	88,767.00	10,118.00
2015-06-20	349,172.00	128,395.00	84,610.00	10,118.00
2015-03-20	334,034.00	121,063.00	80,582.00	10,118.00
2014-12-20	314,773.00	109,727.00	76,116.00	9,913.00
2014-09-20	294,702.00	99,655.00	71,805.00	9,913.00
2014-06-20	279,374.00	91,957.00	68,374.00	9,913.00
2014-03-20	265,010.00	85,904.00	65,325.00	9,913.00
2013-12-20	302,967.00	97,815.00	81,982.00	7,057.00
2013-09-20	238,163.00	77,511.00	61,838.00	7,057.00
2013-06-20	224,361.00	70,179.00	59,688.00	7,057.00
2013-03-20	217,829.00	67,578.00	58,243.00	7,057.00
2012-12-20	160,509.00	48,819.00	37,510.00	10,281.00
2012-09-20	208,240.00	61,654.00	53,838.00	10,281.00
2012-06-20	202,932.00	59,584.00	52,178.00	10,281.00

*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.

Keyence has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Keyence used its assets more efficiently than the DE Electronic industry average last year based on Return on Assets.
Keyence has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess Keyence'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.
Keyence has a total score of 3/6, 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 Keyence'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 Keyence's finances.

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

Net Worth

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

Balance sheet

This treemap shows a more detailed breakdown of Keyence'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.

Low level of unsold assets.
Keyence 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 Keyence Company Filings, last reported 3 months ago.

DB:KEE Past Debt and Equity Data
Date (Data in JPY Millions)	Total Equity	Cash & Short Term Investments
2018-12-20	1,532,781.00	855,920.00
2018-09-20	1,488,618.00	949,532.00
2018-06-20	1,430,376.00	857,840.00
2018-03-20	1,381,056.00	807,730.00
2017-03-20	1,184,551.00	677,203.00
2016-06-20	1,065,958.00	710,860.00
2016-03-20	1,043,042.00	611,284.00
2015-12-20	1,012,699.00	533,144.00
2015-09-20	978,964.00	542,538.00
2015-06-20	950,514.00	684,706.00
2015-03-20	923,375.00	639,956.00
2014-12-20	890,061.00	589,521.00
2014-09-20	859,433.00	522,996.00
2014-06-20	827,549.00	484,407.00
2014-03-20	804,203.00	481,683.00
2013-12-20	782,146.00	454,156.00
2013-09-20	760,503.00	462,575.00
2013-06-20	736,158.00	436,333.00
2013-03-20	718,256.00	422,738.00
2012-12-20	692,634.00	412,219.00
2012-09-20	674,372.00	395,725.00
2012-06-20	658,366.00	380,527.00

Keyence has no debt.
Keyence has not taken on any debt in the past 5 years.
Keyence has no debt, it does not need to be covered by operating cash flow.
Keyence has no debt, therefore coverage of interest payments is not a concern.

Show me more healthy companies in the Electronic industry

Financial health checks

We assess Keyence'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 Keyence'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

0.28%

Current annual income from Keyence dividends. Estimated to be 0.32% next year.

If you bought €2,000 of Keyence shares you are expected to receive €6 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?

Keyence's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
Keyence's dividend is below the markets top 25% of dividend payers in Germany (3.71%).

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:KEE 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 15 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 325 Stocks	3.1%
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:KEE Future Dividends Estimate Data
Date (Data in ¥)	Dividend per Share (annual)	Avg. No. Analysts
2024-03-31
2023-03-31	250.00	2.00
2022-03-31	240.00	4.00
2021-03-31	241.43	14.00
2020-03-31	211.00	15.00
2019-03-31	190.00	15.00

DB:KEE Past Annualized Dividends Data
Date (Data in ¥)	Dividend per share (annual)	Avg. Yield (%)
2019-02-04	200.000	0.300
2019-02-01	200.000	0.341
2018-11-02	200.000	0.348
2018-11-01	200.000	0.352
2018-06-14	100.000	0.165
2018-04-26	100.000	0.149
2018-02-02	100.000	0.156
2018-02-01	100.000	0.147
2017-11-02	100.000	0.151
2017-10-30	100.000	0.159
2017-07-27	100.000	0.175
2017-06-12	100.000	0.200
2017-04-27	100.000	0.206
2016-10-31	100.000	0.240
2016-09-12	100.000	0.267
2016-06-13	75.000	0.210
2016-04-27	100.000	0.295
2015-10-27	75.000	0.245
2015-07-31	100.000	0.353
2015-06-15	100.000	0.301
2015-05-07	100.000	0.303
2015-02-03	100.000	0.319
2015-02-02	100.000	0.353
2014-10-31	100.000	0.369
2014-10-29	100.000	0.399
2014-06-13	30.000	0.134
2014-05-08	30.000	0.150
2014-02-03	30.000	0.146
2014-01-31	30.000	0.145
2013-08-02	30.000	0.158
2013-06-14	30.000	0.184
2013-05-08	30.000	0.189
2012-08-03	30.000	0.256
2012-06-14	27.273	0.285
2012-05-09	27.273	0.305
2012-02-02	27.273	0.293
2012-01-30	27.273	0.317
2011-11-02	27.273	0.313
2011-07-29	27.273	0.293
2011-05-09	27.273	0.278
2011-02-02	27.273	0.283
2011-01-31	27.273	0.273
2010-11-02	27.273	0.270
2010-10-29	27.273	0.306
2010-06-18	27.273	0.309
2010-05-07	27.273	0.286
2010-02-02	27.273	0.286
2010-01-29	27.273	0.291
2009-11-02	27.273	0.318
2009-10-30	27.273	0.324
2009-06-19	24.793	0.295
2009-05-08	24.793	0.280
2009-04-20	24.793	0.312

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

Keyence is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
Keyence is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.

Current Payout to shareholders

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

No need to calculate the sustainability of Keyence's dividends as it is not paying a notable one for Germany.

Future Payout to shareholders

No need to calculate the sustainability of Keyence's dividends in 3 years as they are not expected to pay a notable one for Germany.

Income/ dividend checks

We assess Keyence'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 Keyence 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 Keyence'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

Akinori Yamamoto

AGE	53
TENURE AS CEO	8.3 years

CEO Bio

Mr. Akinori Yamamoto, CPA, has been the President of Keyence Corporation since December 2010. Mr. Yamamoto serves as Executive Director of Japan at GCA Savvian Corporation and served as its Vice President and Senior Consultant. Mr. Yamamoto joined GCA Co., Ltd. in April 2007. He was an Associate at Mezzanine Corporation, which he joined in May 2008. Mr. Yamamoto was a Senior Consultant at Mezzanine Corporation. He joined Deloitte Touche Tohmatsu in 2005 and was engaged in statutory audit for global financial institutions. He has been a Representative Director of Keyence Corporation since December 2010. Mr. Yamamoto is a Japanese Junior C.P.A. He received a B.A. in Economics from The University of Tokyo.

CEO Compensation

Insufficient data for Akinori to compare compensation growth.
Insufficient data for Akinori to establish whether their remuneration is reasonable compared to companies of similar size in Germany.

Management Team Tenure

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

6.6

Average Tenure

51.5

Average Age

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

4.8 yrs

Board of Directors Tenure

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

4.8

Average Tenure

Average Age

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

2.8 yrs

Akiji Yamaguchi

TITLE

Director

Kouichi Ogawa

TITLE

Outside Auditor

AGE

67

TENURE

11.6 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 Keyence'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

Keyence Corporation, together with its subsidiaries, develops, manufactures, and sells factory automation solutions worldwide. The company offers photoelectric, fiber optic, laser, positioning, vision, and inductive proximity sensors, as well as network communication units used for presence/absence and part differentiation applications. It also provides measurement sensors, such as laser displacement and profilometer, optical/digital micrometer, 3D interference measurement, scanning confocal laser, spectral interference displacement, and contact displacement/LVDT sensors; and image and 3D measurement systems. In addition, the company offers safety products comprising safety light curtains and laser scanners, and e-stop controllers to protect operators from machine hazards; and pressure, flow, level, and temperature sensors for monitoring equipment processes. Further, it provides static eliminators/ionizers and electrostatic sensors which protect workers, machinery, and products from the damaging effects of electrostatic charge; vision systems and sensors, and barcode scanners to perform automatic inspection and part identification; and PLC and other controls that are used for machine control applications. Additionally, the company offers laser marking systems/laser markers, as well as industrial inkjet printers; digital, 3D laser scanning, and fluorescence microscopes, as well as wide-area 3D measuring systems for industrial and life science applications; and handheld mobile computers. It serves customers in automotive/chassis assembly, metals/machining, FPD/glass, semiconductor/ICS, plastic/molding, food/pharmaceutical, steel, and other industries. Keyence Corporation was founded in 1972 and is headquartered in Osaka, Japan.

Details

Name:	Keyence Corporation
Ticker:	KEE
Exchange:	DB
Founded:	1972
Market Cap:	¥68,992,076,119
Shares outstanding:	121,264,136
Website:	http://www.keyence.com
Address:	Keyence Corporation 1-3-14, Higashi-Nakajima, Higashi-Yodogawa-ku, Osaka, 533-8555, Japan

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
TSE	6861	Common Stock	The Tokyo Stock Exchange	JP	JPY	06. Jan 1992
OTCPK	KYCC.F	Common Stock	Pink Sheets LLC	US	USD	06. Jan 1992
DB	KEE	Common Stock	Deutsche Boerse AG	DE	EUR	06. Jan 1992
BMV	KEY N	Common Stock	Bolsa Mexicana de Valores	MX	MXN	06. Jan 1992

Number of employees

Current staff

6,602

Keyence employees.

Industry

Industry:	Electronic Equipment and Instruments
Sector:	Tech

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/04/17 20:41
End of day share price update:	2019/04/17 00:00
Last estimates confirmation:	2019/04/16
Last earnings filing:	2019/02/04
Last earnings reported:	2018/12/20
Last annual earnings reported:	2018/03/20

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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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

Keyence

KEE Share Price and Events

7 Day Returns

1 Year Returns

KEE Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

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Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

Dividends

Annual Dividend Income

Dividend Amount

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Akinori Yamamoto

President & Representative Director

53

8.3 yrs

Akira Kanzawa

Manager of Development Promotion Department & Director

61

9.8 yrs

Tomohide Ideno

Manager of Automatic Recognition Business Department & Director

50

3.3 yrs

Keiichi Kimura

Mngr of Mgmt Information Office

50

4.8 yrs

Board of Directors Tenure

Board of Directors

Takemitsu Takizaki

Honorary Chairman

73

4.1 yrs

Akinori Yamamoto

President & Representative Director

53

8.3 yrs

Akira Kanzawa