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Nippon Chemi-Con

MUN:NCZ
Snowflake Description

Moderate growth potential with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NCZ
MUN
¥39B
Market Cap
  1. Home
  2. DE
  3. Tech
Company description

Nippon Chemi-Con Corporation manufactures and sells aluminum and other capacitors, precision mechanical components, and electronics equipment in Japan and internationally. The last earnings update was 76 days ago. More info.


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NCZ Share Price and Events
7 Day Returns
2.7%
MUN:NCZ
1.6%
DE Electronic
1.8%
DE Market
1 Year Returns
-3.4%
MUN:NCZ
-0.2%
DE Electronic
-6%
DE Market
NCZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nippon Chemi-Con (NCZ) 2.7% 19.8% 13.5% -3.4% 50.3% -20.5%
DE Electronic 1.6% 8.1% 19.2% -0.2% 98.5% 105%
DE Market 1.8% 6% 7.8% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • NCZ underperformed the Electronic industry which returned -0.2% over the past year.
  • NCZ outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
NCZ
Industry
5yr Volatility vs Market

Value

 Is Nippon Chemi-Con 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 Nippon Chemi-Con 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 Nippon Chemi-Con.

MUN:NCZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.1%
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 MUN:NCZ
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%) (123.53%))
1.656
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.66
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.656 * 5.96%)
10.1%

Discounted Cash Flow Calculation for MUN:NCZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nippon Chemi-Con 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.

MUN:NCZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 10.1%)
2019 -20,708.00 Analyst x1 -18,808.73
2020 2,576.00 Analyst x1 2,125.14
2021 3,775.00 Analyst x1 2,828.66
2022 4,776.00 Est @ 26.52% 3,250.49
2023 5,665.76 Est @ 18.63% 3,502.39
2024 6,408.50 Est @ 13.11% 3,598.19
2025 7,000.96 Est @ 9.24% 3,570.31
2026 7,458.81 Est @ 6.54% 3,454.93
2027 7,805.37 Est @ 4.65% 3,283.86
2028 8,064.57 Est @ 3.32% 3,081.72
Present value of next 10 years cash flows ¥9,886.98
MUN:NCZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥8,064.57 × (1 + 0.23%) ÷ (10.1% – 0.23%)
¥81,895.64
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥81,895.64 ÷ (1 + 10.1%)10
¥31,294.87
MUN:NCZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥9,886.98 + ¥31,294.87
¥41,181.84
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥41,181.84 / 16.28
¥2528.98
MUN:NCZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in MUN:NCZ represents 0.00777x of TSE:6997
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00777x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 2,528.98 x 0.00777
€19.65
Value per share (EUR) From above. €19.65
Current discount Discount to share price of €18.57
= -1 x (€18.57 - €19.65) / €19.65
5.5%

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

Current Discount
Amount off the current price Nippon Chemi-Con is available for.
Intrinsic value
5%
Share price is €18.57 vs Future cash flow value of €19.65
Current Discount Checks
For Nippon Chemi-Con to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Nippon Chemi-Con's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Nippon Chemi-Con's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Nippon Chemi-Con's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nippon Chemi-Con's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MUN:NCZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in JPY ¥-968.44
TSE:6997 Share Price ** TSE (2019-04-18) in JPY ¥2390
Germany Electronic Industry PE Ratio Median Figure of 13 Publicly-Listed Electronic Companies 23.37x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

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

** Primary Listing of Nippon Chemi-Con.

MUN:NCZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:6997 Share Price ÷ EPS (both in JPY)

= 2390 ÷ -968.44

-2.47x

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

  • Nippon Chemi-Con is loss making, we can't compare its value to the DE Electronic industry average.
  • Nippon Chemi-Con is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Nippon Chemi-Con's expected growth come at a high price?
Raw Data
MUN:NCZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.47x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
58.2%per year
Germany Electronic Industry PEG Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.1x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Nippon Chemi-Con, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Nippon Chemi-Con's assets?
Raw Data
MUN:NCZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in JPY ¥2,967.88
TSE:6997 Share Price * TSE (2019-04-18) in JPY ¥2390
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 1.84x
MUN:NCZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:6997 Share Price ÷ Book Value per Share (both in JPY)

= 2390 ÷ 2,967.88

0.81x

* Primary Listing of Nippon Chemi-Con.

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

  • Nippon Chemi-Con is good value based on assets compared to the DE Electronic industry average.
X
Value checks
We assess Nippon Chemi-Con's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Nippon Chemi-Con has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is Nippon Chemi-Con expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
58.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nippon Chemi-Con expected to grow at an attractive rate?
  • Nippon Chemi-Con's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Nippon Chemi-Con's earnings growth is expected to exceed the Germany market average.
  • Nippon Chemi-Con's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
MUN:NCZ Future Growth Rates Data Sources
Data Point Source Value (per year)
MUN:NCZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 58.2%
MUN:NCZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 4%
Germany Electronic Industry Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Electronic Industry Revenue Growth Rate Market Cap Weighted Average 7.8%
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
MUN:NCZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MUN:NCZ Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 153,824 16,880 5,381 4
2020-03-31 146,384 14,280 4,432 4
2019-03-31 141,438 -5,034 1,665 4
MUN:NCZ Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2018-12-31 142,745 -15,771
2018-09-30 142,447 -9,370 -18,085
2018-06-30 138,414 -15,567
2018-03-31 133,362 5,305 -16,056
2017-12-31 128,129 1,835
2017-09-30 122,333 5,770 4,246
2017-06-30 118,811 2,246
2017-03-31 116,311 6,443 840
2016-12-31 115,449 -942
2016-09-30 114,856 10,329 -9,521
2016-06-30 116,859 -8,637
2016-03-31 118,414 10,970 -6,905

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nippon Chemi-Con's earnings are expected to grow significantly at over 20% yearly.
  • Nippon Chemi-Con's revenue is expected to grow by 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
MUN:NCZ 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 4 Analyst Estimates (S&P Global) See Below

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

MUN:NCZ Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 330.42 472.90 265.46 4.00
2020-03-31 272.13 350.00 214.90 4.00
2019-03-31 102.25 132.00 92.10 4.00
MUN:NCZ Past Financials Data
Date (Data in JPY Millions) EPS *
2018-12-31 -968.44
2018-09-30 -1,110.46
2018-06-30 -955.81
2018-03-31 -985.76
2017-12-31 112.66
2017-09-30 260.65
2017-06-30 137.87
2017-03-31 51.56
2016-12-31 -57.82
2016-09-30 -584.38
2016-06-30 -530.11
2016-03-31 -423.79

*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.
  • Nippon Chemi-Con is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nippon Chemi-Con's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nippon Chemi-Con 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 Nippon Chemi-Con 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 Nippon Chemi-Con'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.
  • Nippon Chemi-Con does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Nippon Chemi-Con's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Nippon Chemi-Con's 1-year growth to the DE Electronic industry average as it is not currently profitable.
Earnings and Revenue History
Nippon Chemi-Con'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 Nippon Chemi-Con Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MUN:NCZ Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 142,745.00 -15,771.00 16,853.00 4,208.00
2018-09-30 142,447.00 -18,085.00 17,121.00 4,208.00
2018-06-30 138,414.00 -15,567.00 17,043.00 4,208.00
2018-03-31 133,362.00 -16,056.00 16,902.00 4,208.00
2017-12-31 128,129.00 1,835.00 16,336.00 4,272.00
2017-09-30 122,333.00 4,246.00 15,510.00 4,272.00
2017-06-30 118,811.00 2,246.00 15,252.00 4,272.00
2017-03-31 116,311.00 840.00 14,776.00 4,272.00
2016-12-31 115,449.00 -942.00 14,435.00 4,321.00
2016-09-30 114,856.00 -9,521.00 14,713.00 4,321.00
2016-06-30 116,859.00 -8,637.00 15,111.00 4,321.00
2016-03-31 118,414.00 -6,905.00 15,294.00 4,321.00
2015-12-31 120,585.00 -5,995.00 15,635.00 4,160.00
2015-09-30 122,786.00 3,511.00 15,606.00 4,160.00
2015-06-30 122,924.00 5,659.00 15,257.00 4,160.00
2015-03-31 123,365.00 5,362.00 15,168.00 4,160.00
2014-12-31 121,962.00 4,358.00 15,141.00 3,872.00
2014-09-30 120,484.00 4,888.00 14,841.00 3,872.00
2014-06-30 117,728.00 3,248.00 14,280.00 3,872.00
2014-03-31 113,962.00 3,315.00 13,707.00 3,872.00
2013-12-31 107,972.00 349.00 13,233.00 3,981.00
2013-09-30 102,393.00 -2,129.00 12,713.00 3,981.00
2013-06-30 97,500.00 -5,893.00 12,453.00 3,981.00
2013-03-31 92,959.00 -9,252.00 12,188.00 3,981.00
2012-12-31 88,870.00 -8,833.00 12,422.00 3,966.00
2012-09-30 88,636.00 -9,834.00 12,258.00 3,966.00
2012-06-30 92,691.00 -7,960.00 12,511.00 3,966.00

*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.
  • It is difficult to establish if Nippon Chemi-Con has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Nippon Chemi-Con has efficiently used its assets last year compared to the DE Electronic industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Nippon Chemi-Con improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Nippon Chemi-Con's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nippon Chemi-Con has a total score of 0/6, 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 Nippon Chemi-Con'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 Nippon Chemi-Con's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nippon Chemi-Con is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nippon Chemi-Con's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nippon Chemi-Con'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 1.6x 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 Nippon Chemi-Con Company Filings, last reported 3 months ago.

MUN:NCZ Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 48,677.00 48,076.00 15,563.00
2018-09-30 48,815.00 43,694.00 20,276.00
2018-06-30 49,858.00 42,024.00 19,442.00
2018-03-31 49,410.00 34,606.00 24,692.00
2017-12-31 65,390.00 33,955.00 26,255.00
2017-09-30 65,699.00 33,976.00 29,289.00
2017-06-30 64,389.00 34,256.00 29,440.00
2017-03-31 63,571.00 35,788.00 28,497.00
2016-12-31 60,273.00 35,026.00 27,470.00
2016-09-30 56,232.00 34,311.00 29,080.00
2016-06-30 59,271.00 34,487.00 29,811.00
2016-03-31 62,864.00 33,981.00 26,250.00
2015-12-31 69,840.00 33,908.00 24,564.00
2015-09-30 78,346.00 35,635.00 26,536.00
2015-06-30 79,737.00 35,756.00 25,426.00
2015-03-31 78,145.00 38,292.00 24,483.00
2014-12-31 74,091.00 40,563.00 26,457.00
2014-09-30 68,772.00 41,713.00 27,228.00
2014-06-30 65,093.00 41,801.00 25,529.00
2014-03-31 63,844.00 45,402.00 24,628.00
2013-12-31 65,870.00 50,432.00 27,297.00
2013-09-30 55,168.00 56,531.00 23,860.00
2013-06-30 54,056.00 54,777.00 19,664.00
2013-03-31 50,753.00 58,331.00 19,292.00
2012-12-31 50,947.00 59,905.00 18,606.00
2012-09-30 49,059.00 59,410.00 17,291.00
2012-06-30 53,259.00 54,154.00 13,477.00
  • Nippon Chemi-Con's level of debt (98.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (76.5% vs 98.8% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Nippon Chemi-Con has less than a year of cash runway based on current free cash flow.
  • Nippon Chemi-Con has less than a year of cash runway if free cash flow continues to grow at historical rates of 146.4% each year.
X
Financial health checks
We assess Nippon Chemi-Con's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nippon Chemi-Con has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Nippon Chemi-Con's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.26%
Current annual income from Nippon Chemi-Con dividends. Estimated to be 1.49% next year.
If you bought €2,000 of Nippon Chemi-Con shares you are expected to receive €25 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?
  • Nippon Chemi-Con's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Nippon Chemi-Con'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
MUN:NCZ 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 4 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.

MUN:NCZ Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 30.00 3.00
2020-03-31 40.00 4.00
2019-03-31 30.00 4.00
MUN:NCZ Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2018-06-28 30.000 1.194
2018-05-10 30.000 0.747
2017-06-29 30.000 0.872
2017-05-11 30.000 0.769
2016-06-29 30.000 1.406
2016-05-11 30.000 2.112
2015-06-26 30.000 1.408
2015-05-11 30.000 0.758
2013-02-12 0.000 0.000
2013-02-04 0.000 0.000
2012-11-09 0.000 0.000
2012-11-05 0.000 0.000
2012-08-08 0.000 0.000
2012-08-06 0.000 0.000
2012-06-28 0.000 0.000
2012-05-14 0.000 0.000
2011-06-29 30.000 0.945
2011-05-13 30.000 0.605
2011-02-14 30.000 0.693
2011-02-07 30.000 0.605
2010-11-01 30.000 0.785
2010-08-11 0.000 0.000
2010-08-02 0.000 0.000
2010-06-29 0.000 0.000
2010-05-10 0.000 0.000
2010-02-12 0.000 0.000
2010-02-08 0.000 0.000
2009-11-13 0.000 0.000
2009-11-04 0.000 0.000
2009-08-11 0.000 0.000
2009-08-04 0.000 0.000
2009-05-11 0.000 0.000
2009-04-23 120.000 4.811

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Nippon Chemi-Con's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Nippon Chemi-Con's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nippon Chemi-Con afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nippon Chemi-Con has a total score of 1/6, see the detailed checks below.


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

Management

 What is the CEO of Nippon Chemi-Con'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
Ikuo Uchiyama
AGE 67
TENURE AS CEO 4.8 years
CEO Bio

Mr. Ikuo Uchiyama has been the President of Nippon Chemi-con Corporation since June 2003 and its Chief Executive Officer since June 2014. Mr. Uchiyama served as the Chief Operating Officer of Nippon Chemi-con Corp since June 2003. He served as General Manager of Material Division Headquarters at Nippon Chemi-con Corp. since September 2002. He joined Nippon Chemi-Con Corp. in April 1977. He served as Plant Manager of Niigata Plant at KDK Corp. since July 1997 and as Plant Manager of Niigata Plant at Material Division Headquarters since October 1999. Mr. Uchiyama has been a Director of Nippon Chemi-con Corp. since June 2003.

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

Average tenure and age of the Nippon Chemi-Con management team in years:

5.8
Average Tenure
63
Average Age
  • The average tenure for the Nippon Chemi-Con management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ikuo Uchiyama

TITLE
CEO, President & Representative Director
AGE
67
TENURE
4.8 yrs

Norio Kamiyama

TITLE
Senior Exec. Officer
TENURE
5.8 yrs

Noriaki Kakizaki

TITLE
Senior Managing Executive Officer
AGE
64
TENURE
8.8 yrs

Kenji Tamamitsu

TITLE
Executive Officer and Chief of Basic Research Center of R&D Division

Yoshifumi Minegishi

TITLE
Managing Executive Officer
AGE
61
TENURE
13.8 yrs

Shuichi Shiraishi

TITLE
Managing Executive Officer
AGE
62
TENURE
2.8 yrs

Masakazu Furukawa

TITLE
Senior Executive Officer

Takayuki Ito

TITLE
Senior Executive Officer

Osamu Ishii

TITLE
Senior Executive Officer

Kazuto Miura

TITLE
Senior Executive Officer
Board of Directors Tenure

Average tenure and age of the Nippon Chemi-Con board of directors in years:

3.8
Average Tenure
64.5
Average Age
  • The tenure for the Nippon Chemi-Con board of directors is about average.
Board of Directors

Norio Kamiyama

TITLE
Senior Exec. Officer
TENURE
0.8 yrs

Yoshifumi Minegishi

TITLE
Managing Executive Officer
AGE
61
TENURE
4.8 yrs

Shuichi Shiraishi

TITLE
Managing Executive Officer
AGE
62
TENURE
10.8 yrs

Hideaki Takahashi

TITLE
Outside Director
AGE
72
TENURE
4.8 yrs

Ikuo Uchiyama

TITLE
CEO, President & Representative Director
AGE
67
TENURE
15.8 yrs

Kinya Kawakami

TITLE
Outside Director
AGE
67
TENURE
3.8 yrs

Noboru Ichikawa

TITLE
Standing Corporate Auditor

Hiroyuki Yajima

TITLE
Audit & Supervisory Board Member
AGE
61
TENURE
1.8 yrs

Toyoji Aida

TITLE
External Corporate Auditor
AGE
68
TENURE
3.8 yrs

Yukisada Takahashi

TITLE
Standing Corporate Auditor
AGE
61
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Nippon Chemi-Con's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nippon Chemi-Con has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Company Info

Description

Nippon Chemi-Con Corporation manufactures and sells aluminum and other capacitors, precision mechanical components, and electronics equipment in Japan and internationally. The company offers aluminum electrolytic capacitors, conductive polymer aluminum solid capacitors, and conductive polymer hybrid aluminum electrolytic capacitors. It also provides multilayer ceramic capacitors, film capacitors, metal oxide varistors TNR, nanocrystalline/amorphous/dust choke coils, electric double layer capacitors, and electro-mechanical products, as well as manufactures and distributes silicon wafers and wafer related products. The company was formerly known as Nippon Chemical Capacitor Inc. and changed its name to Nippon Chemi-Con Corporation in July 1981. Nippon Chemi-Con Corporation was founded in 1931 and is headquartered in Tokyo, Japan.

Details
Name: Nippon Chemi-Con Corporation
NCZ
Exchange: MUN
Founded: 1931
¥308,818,986
16,284,005
Website: http://www.chemi-con.co.jp
Address: Nippon Chemi-Con Corporation
5-6-4, Osaki,
Shinagawa-ku,
Tokyo,
141-8605,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 6997 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
MUN NCZ Common Stock Boerse Muenchen DE EUR 06. Jan 1992
Number of employees
Current staff
Staff numbers
6,967
Nippon Chemi-Con employees.
Industry
Electronic Components
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 20:52
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/05
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.