Taiyo Yuden

DB:TYC1

Snowflake Description

Flawless balance sheet and good value.

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

TYC1

¥337B

Market Cap

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Last updated 2019/04/24 21:57

Company description

Taiyo Yuden Co., Ltd. develops, manufactures, and sells electronic components worldwide. The last earnings update was 69 days ago. More info.

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Taiyo Yuden has significant price volatility in the past 3 months.

TYC1 Share Price and Events

7 Day Returns

1.8%

DB:TYC1

1.3%

DE Electronic

DE Market

1 Year Returns

48.2%

DB:TYC1

-2%

DE Electronic

-5.6%

DE Market

TYC1 Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Taiyo Yuden (TYC1)	1.8%	28.6%	61.9%	48.2%	141.6%	138.6%
DE Electronic	1.3%	8.7%	21%	-2%	99.1%	103.6%
DE Market	1%	6.1%	8.4%	-5.6%	10.9%	13.8%

1 Year Return vs Industry and Market

TYC1 outperformed the Electronic industry which returned -2% over the past year.
TYC1 outperformed the Market in Germany which returned -5.6% over the past year.

Price Volatility

TYC1

Industry

5yr Volatility vs Market

Related Companies

Value

Is Taiyo Yuden 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 Taiyo Yuden 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 Taiyo Yuden.

DB:TYC1 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	6.9%
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:TYC1
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%) (16.41%))	1.127
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.13
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (1.127 * 5.96%)	6.95%

Discounted Cash Flow Calculation for DB:TYC1 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Taiyo Yuden 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:TYC1 DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (JPY, Millions)	Source	Present Value Discounted (@ 6.95%)
2019	-4,991.50	Analyst x4	-4,667.35
2020	6,422.50	Analyst x4	5,615.43
2021	12,831.00	Analyst x6	10,490.08
2022	14,630.08	Est @ 14.02%	11,184.19
2023	16,076.02	Est @ 9.88%	11,491.48
2024	17,199.21	Est @ 6.99%	11,495.96
2025	18,052.14	Est @ 4.96%	11,282.49
2026	18,691.15	Est @ 3.54%	10,923.25
2027	19,167.07	Est @ 2.55%	10,473.96
2028	19,521.81	Est @ 1.85%	9,975.04
Present value of next 10 years cash flows			¥88,264.54

DB:TYC1 DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = ¥19,521.81 × (1 + 0.23%) ÷ (6.95% – 0.23%)	¥291,295.04
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = ¥291,295.04 ÷ (1 + 6.95%)¹⁰	¥148,842.80

DB:TYC1 Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = ¥88,264.54 + ¥148,842.80	¥237,107.33
Equity Value per Share (JPY)	= Total value / Shares Outstanding = ¥237,107.33 / 126.36	¥1876.49

DB:TYC1 Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in DB:TYC1 represents 0.00789x of TSE:6976 (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.00789x
Value per Share (Listing Adjusted, EUR)	= Value per Share (JPY) x Listing Adjustment Factor = ¥ 1,876.49 x 0.00789	€14.81
Value per share (EUR)	From above.	€14.81
Current discount	Discount to share price of €21.05 = -1 x (€21.05 - €14.81) / €14.81	-42.1%

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

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

Price based on past earnings

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

Raw Data

DB:TYC1 PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in JPY	¥194.08
TSE:6976 Share Price **	TSE (2019-04-24) in JPY	¥2667
Germany Electronic Industry PE Ratio	Median Figure of 13 Publicly-Listed Electronic Companies	23.43x
Germany Market PE Ratio	Median Figure of 424 Publicly-Listed Companies	19.72x

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

** Primary Listing of Taiyo Yuden.

DB:TYC1 PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSE:6976 Share Price ÷ EPS (both in JPY) = 2667 ÷ 194.08	13.74x

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

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

Price based on expected Growth

Does Taiyo Yuden's expected growth come at a high price?

Raw Data

DB:TYC1 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	13.74x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts	14.1%per year
Germany Electronic Industry PEG Ratio	Median Figure of 12 Publicly-Listed Electronic Companies	2.13x
Germany Market PEG Ratio	Median Figure of 269 Publicly-Listed Companies	1.58x

*Line of best fit is calculated by linear regression .

DB:TYC1 PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 13.74x ÷ 14.1%	0.98x

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

Taiyo Yuden is good value based on expected growth next year.

Price based on value of assets

What value do investors place on Taiyo Yuden's assets?

Raw Data

DB:TYC1 PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in JPY	¥1,616.25
TSE:6976 Share Price *	TSE (2019-04-24) in JPY	¥2667
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:TYC1 PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSE:6976 Share Price ÷ Book Value per Share (both in JPY) = 2667 ÷ 1,616.25	1.65x

* Primary Listing of Taiyo Yuden.

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

Taiyo Yuden 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 Taiyo Yuden'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 Taiyo Yuden 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!

14.1%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Taiyo Yuden expected to grow at an attractive rate?

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

Growth vs Market Checks

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

Annual Growth Rates Comparison

Raw Data

DB:TYC1 Future Growth Rates Data Sources
Data Point	Source	Value (per year)
DB:TYC1 Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts	14.1%
DB:TYC1 Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts	7.4%
Germany Electronic Industry Earnings Growth Rate	Market Cap Weighted Average	13%
Germany Electronic Industry Revenue Growth Rate	Market Cap Weighted Average	7.9%
Germany Market Earnings Growth Rate	Market Cap Weighted Average	11.6%
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:TYC1 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:TYC1 Future Estimates Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2023-03-31	381,000			1
2022-03-31	345,500		41,800	2
2021-03-31	313,800	61,073	30,117	13
2020-03-31	295,791	52,794	27,091	15
2019-03-31	272,624	40,443	22,773	15

DB:TYC1 Past Financials Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	267,412		23,724
2018-09-30	259,502	40,893	19,957
2018-06-30	249,621		18,887
2018-03-31	244,117	33,944	16,355
2017-12-31	241,732		13,134
2017-09-30	235,864	27,897	11,899
2017-06-30	231,317		8,317
2017-03-31	230,716	29,692	5,428
2016-12-31	227,525		5,343
2016-09-30	231,308	29,942	7,710
2016-06-30	237,338		11,917
2016-03-31	240,385	38,278	14,751

*GAAP earnings excluding extraordinary items.

High Growth Checks

Taiyo Yuden's earnings are expected to grow by 14.1% yearly, however this is not considered high growth (20% yearly).
Taiyo Yuden's revenue is expected to grow by 7.4% 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:TYC1 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 Taiyo Yuden Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TYC1 Future Estimates Data
Date (Data in JPY Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2023-03-31
2022-03-31
2021-03-31	248.36	336.70	176.60	13.00
2020-03-31	216.19	265.90	146.76	16.00
2019-03-31	183.63	215.18	167.70	16.00

DB:TYC1 Past Financials Data
Date (Data in JPY Millions)	EPS *
2018-12-31	194.08
2018-09-30	166.40
2018-06-30	160.28
2018-03-31	138.80
2017-12-31	111.46
2017-09-30	100.98
2017-06-30	70.59
2017-03-31	46.07
2016-12-31	45.35
2016-09-30	65.45
2016-06-30	101.19
2016-03-31	125.27

*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.

Taiyo Yuden 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 Taiyo Yuden'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.
Taiyo Yuden 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 Taiyo Yuden 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 Taiyo Yuden'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.

Taiyo Yuden has delivered over 20% year on year earnings growth in the past 5 years.
Taiyo Yuden's 1-year earnings growth exceeds its 5-year average (80.6% vs 20.3%)
Taiyo Yuden's earnings growth has exceeded the DE Electronic industry average in the past year (80.6% vs 18.1%).

Earnings and Revenue History

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

DB:TYC1 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	267,412.00	23,724.00	34,655.00	10,574.00
2018-09-30	259,502.00	19,957.00	32,960.00	10,574.00
2018-06-30	249,621.00	18,887.00	31,147.00	10,574.00
2018-03-31	244,117.00	16,355.00	30,374.00	10,574.00
2017-12-31	241,732.00	13,134.00	30,116.00	10,008.00
2017-09-30	235,864.00	11,899.00	29,567.00	10,008.00
2017-06-30	231,317.00	8,317.00	28,842.00	10,008.00
2017-03-31	230,716.00	5,428.00	28,288.00	10,008.00
2016-12-31	227,525.00	5,343.00	28,763.00	9,024.00
2016-09-30	231,308.00	7,710.00	29,101.00	9,024.00
2016-06-30	237,338.00	11,917.00	29,837.00	9,024.00
2016-03-31	240,385.00	14,751.00	30,395.00	9,024.00
2015-12-31	245,943.00	19,347.00	31,396.00	8,237.00
2015-09-30	244,020.00	18,141.00	31,366.00	8,237.00
2015-06-30	235,506.00	15,077.00	31,040.00	8,237.00
2015-03-31	227,095.00	10,919.00	30,692.00	8,237.00
2014-12-31	217,110.00	6,942.00	30,620.00	7,353.00
2014-09-30	207,856.00	3,455.00	29,728.00	7,353.00
2014-06-30	204,581.00	2,751.00	28,805.00	7,353.00
2014-03-31	208,222.00	6,989.00	28,112.00	7,353.00
2013-12-31	205,213.00	5,602.00	28,148.00	6,840.00
2013-09-30	203,011.00	6,886.00	27,144.00	6,840.00
2013-06-30	198,118.00	5,766.00	26,357.00	6,840.00
2013-03-31	192,903.00	2,000.00	25,265.00	6,840.00
2012-12-31	188,395.00	-6,712.00	23,858.00	8,068.00
2012-09-30	182,113.00	-13,114.00	24,005.00	8,068.00
2012-06-30	183,293.00	-20,520.00	24,832.00	8,068.00

*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.

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

Show me more strong past performing companies in the Electronic industry

Past performance checks

We assess Taiyo Yuden'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.
Taiyo Yuden has a total score of 4/6, 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 Taiyo Yuden'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 Taiyo Yuden's finances.

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

Net Worth

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

Balance sheet

This treemap shows a more detailed breakdown of Taiyo Yuden'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 3.4x 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 Taiyo Yuden Company Filings, last reported 3 months ago.

DB:TYC1 Past Debt and Equity Data
Date (Data in JPY Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	206,267.00	55,293.00	54,860.00
2018-09-30	202,087.00	56,956.00	54,071.00
2018-06-30	176,226.00	74,235.00	56,942.00
2018-03-31	170,118.00	54,818.00	49,700.00
2017-12-31	170,555.00	58,552.00	42,733.00
2017-09-30	162,815.00	59,054.00	41,925.00
2017-06-30	156,763.00	59,627.00	46,769.00
2017-03-31	154,150.00	51,646.00	40,069.00
2016-12-31	154,748.00	57,912.00	42,249.00
2016-09-30	142,736.00	57,337.00	39,764.00
2016-06-30	142,836.00	53,014.00	40,813.00
2016-03-31	153,380.00	53,391.00	45,962.00
2015-12-31	158,068.00	59,297.00	45,081.00
2015-09-30	151,815.00	57,181.00	49,640.00
2015-06-30	154,163.00	55,968.00	49,315.00
2015-03-31	150,855.00	54,286.00	46,709.00
2014-12-31	148,032.00	62,696.00	43,775.00
2014-09-30	134,911.00	62,222.00	46,640.00
2014-06-30	127,192.00	67,967.00	52,328.00
2014-03-31	128,555.00	73,417.00	59,250.00
2013-12-31	130,802.00	61,572.00	42,383.00
2013-09-30	122,829.00	65,292.00	42,870.00
2013-06-30	121,076.00	66,552.00	38,738.00
2013-03-31	115,960.00	63,880.00	35,356.00
2012-12-31	110,531.00	64,312.00	31,116.00
2012-09-30	99,898.00	65,784.00	30,146.00
2012-06-30	100,195.00	63,106.00	28,064.00

Taiyo Yuden's level of debt (26.8%) 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 (47.2% vs 26.8% today).
Debt is well covered by operating cash flow (74%, greater than 20% of total debt).
Taiyo Yuden 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 Taiyo Yuden'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 Taiyo Yuden'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

0.82%

Current annual income from Taiyo Yuden dividends. Estimated to be 1.16% next year.

If you bought €2,000 of Taiyo Yuden shares you are expected to receive €16 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?

Taiyo Yuden's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.44%).
Taiyo Yuden's dividend is below the markets top 25% of dividend payers in Germany (3.7%).

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:TYC1 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 327 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:TYC1 Future Dividends Estimate Data
Date (Data in ¥)	Dividend per Share (annual)	Avg. No. Analysts
2023-03-31
2022-03-31
2021-03-31	33.66	14.00
2020-03-31	28.39	16.00
2019-03-31	21.83	16.00

DB:TYC1 Past Annualized Dividends Data
Date (Data in ¥)	Dividend per share (annual)	Avg. Yield (%)
2019-02-14	22.000	0.947
2019-02-08	22.000	0.962
2018-11-14	20.000	1.096
2018-11-09	20.000	0.872
2018-06-29	20.000	0.700
2018-05-10	20.000	0.771
2018-02-14	20.000	1.077
2018-02-07	20.000	1.127
2017-11-14	20.000	1.094
2017-11-08	20.000	1.003
2017-06-29	20.000	1.139
2017-05-10	20.000	1.225
2017-02-13	20.000	1.419
2017-02-06	20.000	1.409
2016-11-11	20.000	1.525
2016-11-07	20.000	1.921
2016-06-29	20.000	2.049
2016-05-11	20.000	1.889
2016-02-12	10.000	0.891
2016-02-03	10.000	0.816
2015-11-13	10.000	0.594
2015-11-05	10.000	0.534
2015-06-26	15.000	0.951
2015-05-11	15.000	0.853
2015-02-13	10.000	0.607
2015-02-05	10.000	0.748
2014-11-12	10.000	0.708
2014-11-06	10.000	0.832
2014-06-27	10.000	0.911
2014-05-14	10.000	0.903
2014-02-14	10.000	0.795
2014-02-13	10.000	0.820
2013-11-14	10.000	0.779
2013-11-11	10.000	0.864
2013-05-14	10.000	0.730
2012-08-09	10.000	1.212
2012-06-28	10.000	1.484
2012-05-14	10.000	1.311
2012-02-14	5.000	0.599
2012-02-10	5.000	0.678
2011-11-14	5.000	0.785
2011-11-09	5.000	0.847
2011-08-05	10.000	1.584
2011-06-29	10.000	0.994
2011-05-12	10.000	0.942
2011-02-14	10.000	0.875
2011-02-08	10.000	0.754
2010-11-15	10.000	0.806
2010-11-05	10.000	0.886
2010-06-30	10.000	0.978
2010-05-13	10.000	0.796
2010-02-15	10.000	0.728
2010-02-09	10.000	0.844
2009-11-13	10.000	0.881
2009-11-06	10.000	1.028
2009-05-14	10.000	0.956

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

Taiyo Yuden is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
Taiyo Yuden 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 Taiyo Yuden's earnings are paid to the shareholders as a dividend.

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

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 Taiyo Yuden'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 Taiyo Yuden 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 Taiyo Yuden'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

Shoichi Tosaka

AGE	63
TENURE AS CEO	3.4 years

CEO Bio

Mr. Shoichi Tosaka has been Chief Executive Officer and President at Taiyo Yuden Co., Ltd., since November 04, 2015. Mr. Tosaka joined Taiyo Yuden Co., Ltd. in 1979, and was mainly engaged in materials development and technological development. He has been a Director of Taiyo Yuden Co., Ltd. since June 2006 and Representative Director in November 2015. He served as Senior Executive Operating Officer of Taiyo Yuden Co., Ltd. Mr. Tosaka served as Executive Operating Officer of Taiyo Yuden Co., Ltd. since June 2012. Mr. Tosaka served as Senior Executive Operating Officer, in charge of R&D, Engineering and Quality Assurance at Taiyo Yuden Co., Ltd. Mr. Tosaka served as Senior Executive Director of Electronic Components Headquarters, Quality Assurance Office & Research & Development Laboratory at Taiyo Yuden Co., Ltd. He served as Chief of Quality Assurance Headquarters at Taiyo Yuden Co., Ltd. until October 14, 2015.

CEO Compensation

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

Management Team Tenure

Average tenure and age of the Taiyo Yuden management team in years:

3.4

Average Tenure

Average Age

The tenure for the Taiyo Yuden management team is about average.

Management Team

Shoichi Tosaka

TITLE

President

AGE

63

TENURE

3.4 yrs

Koshi Anai

TITLE

TITLE

Senior Operating Officer

Shunji Murai

TITLE

Operating Officer of Electronic Components Headquarters

Board of Directors Tenure

Average tenure and age of the Taiyo Yuden board of directors in years:

3.3

Average Tenure

Average Age

The tenure for the Taiyo Yuden board of directors is about average.

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 (€)

Management checks

We assess Taiyo Yuden'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

Taiyo Yuden Co., Ltd. develops, manufactures, and sells electronic components worldwide. It offers multilayer ceramic capacitors for use in smartphones, automobiles, and other devices; ferrite and applied products, such as inductors used in electronic equipment power and high-frequency circuits; integrated modules and devices, including film bulk acoustic resonator/surface acoustic wave devices for mobile communications and power supply modules; and other electronic components, such as energy devices used as backup power equipment for smart meters and other similar products, as well as peak current assistance for LED flashes. The company also provides noise suppression parts, such as bead inductors, common-mode choke coils, multilayer EMI suppression filters, and ring varistors; chip antennas; balun transformers; wireless modules; and aluminum electrolytic capacitors. Taiyo Yuden Co., Ltd. was founded in 1950 and is headquartered in Tokyo, Japan.

Details

Name:	Taiyo Yuden Co., Ltd.
Ticker:	TYC1
Exchange:	DB
Founded:	1950
Market Cap:	¥2,693,235,196
Shares outstanding:	126,356,769
Website:	http://www.ty-top.com
Address:	Taiyo Yuden Co., Ltd. Kyobashi East Building, 2-7-19, Kyobashi, Tokyo, 104-0031, Japan

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
TSE	6976	Common Stock	The Tokyo Stock Exchange	JP	JPY	06. Jan 1992
DB	TYC1	Common Stock	Deutsche Boerse AG	DE	EUR	06. Jan 1992
OTCPK	TYOY.Y	UNSPONSORED ADR	Pink Sheets LLC	US	USD	19. Nov 1992

Number of employees

Current staff

19,011

Taiyo Yuden employees.

Industry

Industry:	Electronic Components
Sector:	Tech

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/04/24 21:57
End of day share price update:	2019/04/24 00:00
Last estimates confirmation:	2019/04/22
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.

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Taiyo Yuden

TYC1 Share Price and Events

7 Day Returns

1 Year Returns

TYC1 Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

Related Companies

3M

Littelfuse

Vishay Intertechnology

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

Shoichi Tosaka

President

63

3.4 yrs

Koshi Anai

General Manager of Accounting Department

Shinji Masuyama

Senior Executive Operating Officer & Director

61

Osamu Takahashi

Executive Operating Officer & Director

63

8.8 yrs

Katsuya Sase

Senior Executive Operating Officer & Director

54

2.8 yrs

Toshio Mishuku

Senior Operating Officer

Shunji Murai

Operating Officer of Electronic Components Headquarters

Board of Directors Tenure

Board of Directors

Shinji Masuyama

Senior Executive Operating Officer & Director

61

5.8 yrs