Buy Or Sell Opportunity • May 15
Now 20% undervalued Over the last 90 days, the stock has risen 36% to JP¥9,679. The fair value is estimated to be JP¥12,163, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 5.8% per annum over the same time period. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥9,186, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Auto Components industry in Japan. Total returns to shareholders of 300% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥12,161 per share. Reported Earnings • May 01
Full year 2026 earnings: EPS in line with analyst expectations despite revenue beat Full year 2026 results: EPS: JP¥570 (up from JP¥466 in FY 2025). Revenue: JP¥731.2b (up 12% from FY 2025). Net income: JP¥112.9b (up 22% from FY 2025). Profit margin: 15% (up from 14% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Niterra Co., Ltd., Annual General Meeting, Jun 26, 2026 Niterra Co., Ltd., Annual General Meeting, Jun 26, 2026. Buy Or Sell Opportunity • Apr 22
Now 22% undervalued Over the last 90 days, the stock has risen 20% to JP¥8,547. The fair value is estimated to be JP¥10,914, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥93.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 04 June 2026. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.8%). Announcement • Mar 10
Niterra Co., Ltd. to Report Fiscal Year 2026 Results on Apr 30, 2026 Niterra Co., Ltd. announced that they will report fiscal year 2026 results at 3:40 PM, Tokyo Standard Time on Apr 30, 2026 Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥8,040, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Auto Components industry in Japan. Total returns to shareholders of 238% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥10,697 per share. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥150 (up from JP¥121 in 3Q 2025). Revenue: JP¥174.9b (up 8.6% from 3Q 2025). Net income: JP¥29.8b (up 24% from 3Q 2025). Profit margin: 17% (up from 15% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 29
Price target increased by 7.2% to JP¥6,812 Up from JP¥6,352, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of JP¥6,743. Stock is up 31% over the past year. The company is forecast to post earnings per share of JP¥494 for next year compared to JP¥466 last year. Price Target Changed • Jan 19
Price target increased by 8.9% to JP¥6,352 Up from JP¥5,832, the current price target is an average from 10 analysts. New target price is 10.0% below last closing price of JP¥7,056. Stock is up 47% over the past year. The company is forecast to post earnings per share of JP¥491 for next year compared to JP¥466 last year. Announcement • Dec 09
Niterra Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Niterra Co., Ltd. announced that they will report Q3, 2026 results at 4:30 PM, Tokyo Standard Time on Jan 30, 2026 Declared Dividend • Nov 29
First half dividend of JP¥93.00 announced Shareholders will receive a dividend of JP¥93.00. Ex-date: 30th March 2026 Payment date: 4th June 2026 Dividend yield will be 2.8%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 01
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥150 (up from JP¥114 in 2Q 2025). Revenue: JP¥181.2b (up 14% from 2Q 2025). Net income: JP¥29.7b (up 32% from 2Q 2025). Profit margin: 16% (up from 14% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 31
Niterra Co., Ltd. (TSE:5334) announces an Equity Buyback for 7,200,000 shares, representing 3.62% for ¥30,000 million. Niterra Co., Ltd. (TSE:5334) announces a share repurchase program. Under the program, the company will repurchase up to 7,200,000 shares, representing 3.62% of its issued share capital (excluding treasury stock), for a total purchase price of ¥30,000 million. The purpose of the program is to enhance shareholder returns and to achieve the implementation of more functional and proactive capital strategies in response to the management environment. The program will continue until October 31, 2026. As of June 30, 2023, the company had 198,918,727 issued shares (excluding treasury stock) and 328,993 treasury shares. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥91.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.0%). Announcement • Sep 02
Niterra Co., Ltd. to Report Q2, 2026 Results on Oct 31, 2025 Niterra Co., Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥121 (down from JP¥140 in 1Q 2025). Revenue: JP¥169.9b (up 2.7% from 1Q 2025). Net income: JP¥24.0b (down 14% from 1Q 2025). Profit margin: 14% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Officer & Director Keiji Suzuki was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 09
Final dividend of JP¥91.00 announced Shareholders will receive a dividend of JP¥91.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 30
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥466 (up from JP¥409 in FY 2024). Revenue: JP¥653.0b (up 6.3% from FY 2024). Net income: JP¥92.6b (up 12% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥466 (up from JP¥409 in FY 2024). Revenue: JP¥653.0b (up 6.3% from FY 2024). Net income: JP¥92.6b (up 12% from FY 2024). Profit margin: 14% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Niterra Co., Ltd., Annual General Meeting, Jun 25, 2025 Niterra Co., Ltd., Annual General Meeting, Jun 25, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥89.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Announcement • Mar 01
Niterra Co., Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025 Niterra Co., Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥121 (up from JP¥110 in 3Q 2024). Revenue: JP¥161.1b (up 4.1% from 3Q 2024). Net income: JP¥24.1b (up 8.6% from 3Q 2024). Profit margin: 15% (in line with 3Q 2024). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 03
Niterra Co., Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Niterra Co., Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Declared Dividend • Nov 30
First half dividend of JP¥89.00 announced Shareholders will receive a dividend of JP¥89.00. Ex-date: 28th March 2025 Payment date: 4th June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 26
Niterra Co., Ltd. (TSE:5334) agreed to acquire Toshiba Materials Co.,Ltd. from Toshiba Corporation for ¥150 billion. Niterra Co., Ltd. (TSE:5334) agreed to acquire Toshiba Materials Co.,Ltd. from Toshiba Corporation for ¥150 billion on November 25, 2024. A cash consideration of ¥150 billion will be paid by Niterra Co., Ltd. for 10,000 shares.
For financial year ended March 31, 2024, Toshiba Materials reported net assets of ¥4.914 million, total assets of ¥35.8 billion, net sales of ¥34.54 billion and operating profit of ¥5.486 billion. The expected completion of the transaction is May 30, 2025. Reported Earnings • Nov 02
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥114 (up from JP¥109 in 2Q 2024). Revenue: JP¥159.1b (up 3.9% from 2Q 2024). Net income: JP¥22.5b (up 2.0% from 2Q 2024). Profit margin: 14% (in line with 2Q 2024). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥83.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.5%). Announcement • Aug 28
Niterra Co., Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Niterra Co., Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Aug 02
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥140 (up from JP¥118 in 1Q 2024). Revenue: JP¥165.5b (up 12% from 1Q 2024). Net income: JP¥27.8b (up 16% from 1Q 2024). Profit margin: 17% (in line with 1Q 2024). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 20
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director Kenji Isobe was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 11
Final dividend of JP¥83.00 announced Shareholders will receive a dividend of JP¥83.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥409 (up from JP¥326 in FY 2023). Revenue: JP¥614.5b (up 9.2% from FY 2023). Net income: JP¥82.6b (up 25% from FY 2023). Profit margin: 13% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 01
Now 22% undervalued Over the last 90 days, the stock has risen 25% to JP¥5,003. The fair value is estimated to be JP¥6,425, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 8.1% per annum over the same time period. Price Target Changed • Apr 16
Price target increased by 7.2% to JP¥4,482 Up from JP¥4,180, the current price target is an average from 12 analysts. New target price is 13% below last closing price of JP¥5,156. Stock is up 90% over the past year. The company is forecast to post earnings per share of JP¥420 for next year compared to JP¥326 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.6%). Price Target Changed • Mar 11
Price target increased by 8.2% to JP¥3,812 Up from JP¥3,523, the current price target is an average from 11 analysts. New target price is 15% below last closing price of JP¥4,500. Stock is up 63% over the past year. The company is forecast to post earnings per share of JP¥416 for next year compared to JP¥326 last year. Announcement • Mar 02
Niterra Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2024 Niterra Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: JP¥110 (up from JP¥80.12 in 3Q 2023). Revenue: JP¥154.7b (up 10% from 3Q 2023). Net income: JP¥22.1b (up 36% from 3Q 2023). Profit margin: 14% (up from 12% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 23% per year. Announcement • Dec 08
Niterra Co., Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Niterra Co., Ltd. announced that they will report Q3, 2024 results at 5:00 PM, Tokyo Standard Time on Jan 31, 2024 Reported Earnings • Nov 01
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥109 (up from JP¥95.32 in 2Q 2023). Revenue: JP¥153.2b (up 7.9% from 2Q 2023). Net income: JP¥22.1b (up 14% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 22% per year. Price Target Changed • Oct 05
Price target increased by 7.4% to JP¥3,097 Up from JP¥2,883, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of JP¥3,116. Stock is up 17% over the past year. The company is forecast to post earnings per share of JP¥376 for next year compared to JP¥326 last year. Buying Opportunity • Sep 28
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be JP¥4,360, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 8.9% in 2 years. Earnings is forecast to grow by 19% in the next 2 years. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥66.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Buying Opportunity • Sep 06
Now 20% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be JP¥4,362, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 8.1% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Announcement • Aug 11
Niterra Co., Ltd. to Report Q2, 2024 Results on Oct 30, 2023 Niterra Co., Ltd. announced that they will report Q2, 2024 results at 4:40 PM, Tokyo Standard Time on Oct 30, 2023 Buying Opportunity • Aug 09
Now 21% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be JP¥4,036, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 7.8% in 2 years. Earnings is forecast to grow by 16% in the next 2 years. Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥118 (up from JP¥117 in 1Q 2023). Revenue: JP¥148.0b (up 7.9% from 1Q 2023). Net income: JP¥24.1b (up 1.6% from 1Q 2023). Profit margin: 16% (in line with 1Q 2023). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 29% per year. Announcement • Aug 01
Niterra Co., Ltd. (TSE:5334) announces an Equity Buyback for 9,500,000 shares, representing 4.66% for ¥20,000 million. Niterra Co., Ltd. (TSE:5334) announces a share repurchase program. Under the program, the company will repurchase up to 9,500,000 shares, representing 4.66% of its issued share capital (excluding treasury stock), for a total purchase price of ¥20,000 million. The purpose of the program is to improve capital efficiency and implement a flexible capital policy for the company. The program will continue until July 31, 2024. As of June 30, 2023, the company had 203,848,943 issued shares (excluding treasury stock) and 326,377 treasury shares. Buying Opportunity • Jun 19
Now 20% undervalued Over the last 90 days, the stock is up 3.9%. The fair value is estimated to be JP¥3,431, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 4.6% per annum over the same time period. Announcement • Jun 14
Niterra Co., Ltd. to Report Q1, 2024 Results on Jul 31, 2023 Niterra Co., Ltd. announced that they will report Q1, 2024 results at 5:00 PM, Tokyo Standard Time on Jul 31, 2023 Buying Opportunity • May 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be JP¥3,247, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings is also forecast to grow by 4.4% per annum over the same time period. Buying Opportunity • May 01
Now 25% undervalued Over the last 90 days, the stock is up 4.6%. The fair value is estimated to be JP¥3,510, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 4.4% per annum over the same time period. Reported Earnings • Apr 29
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥326 (up from JP¥296 in FY 2022). Revenue: JP¥562.6b (up 14% from FY 2022). Net income: JP¥66.3b (up 10% from FY 2022). Profit margin: 12% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥83.00 per share at 6.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 05 June 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 6.1%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.2%). Reported Earnings • Jan 31
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: JP¥80.12 (down from JP¥83.69 in 3Q 2022). Revenue: JP¥140.1b (up 13% from 3Q 2022). Net income: JP¥16.3b (down 4.3% from 3Q 2022). Profit margin: 12% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Dec 22
NGK Spark Plug Co., Ltd. to Report Q3, 2023 Results on Jan 30, 2023 NGK Spark Plug Co., Ltd. announced that they will report Q3, 2023 results on Jan 30, 2023 Reported Earnings • Oct 30
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: JP¥95.32 (up from JP¥61.20 in 2Q 2022). Revenue: JP¥142.0b (up 22% from 2Q 2022). Net income: JP¥19.4b (up 56% from 2Q 2022). Profit margin: 14% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 1.4%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥69.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.1%). Reported Earnings • Jul 31
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥117 (up from JP¥61.84 in 1Q 2022). Revenue: JP¥137.1b (up 16% from 1Q 2022). Net income: JP¥23.7b (up 88% from 1Q 2022). Profit margin: 17% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 49%. Over the next year, revenue is forecast to grow 12%, compared to a 13% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. 
