Price Target Changed • Jul 01
Price target increased by 8.7% to JP¥5,000 Up from JP¥4,600, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥4,770. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥237 for next year compared to JP¥437 last year. Announcement • May 08
Nippon Carbon Co., Ltd. to Report Q1, 2026 Results on May 08, 2026 Nippon Carbon Co., Ltd. announced that they will report Q1, 2026 results on May 08, 2026 Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 23%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from JP¥38.0b to JP¥39.5b. EPS estimate fell from JP¥308 to JP¥237 per share. Net income forecast to shrink 48% next year vs 14% growth forecast for Electrical industry in Japan . Consensus price target up from JP¥4,600 to JP¥5,000. Share price fell 7.3% to JP¥4,680 over the past week. Reported Earnings • Feb 11
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥437 (up from JP¥369 in FY 2024). Revenue: JP¥37.7b (flat on FY 2024). Net income: JP¥4.83b (up 18% from FY 2024). Profit margin: 13% (up from 11% in FY 2024). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Electrical 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 only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Dec 27
Nippon Carbon Co., Ltd. to Report Fiscal Year 2025 Results on Feb 10, 2026 Nippon Carbon Co., Ltd. announced that they will report fiscal year 2025 results on Feb 10, 2026 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.4%). Price Target Changed • Nov 27
Price target increased by 9.5% to JP¥4,600 Up from JP¥4,200, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥4,490. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of JP¥534 for next year compared to JP¥369 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: JP¥207 (vs JP¥53.82 in 3Q 2024) Third quarter 2025 results: EPS: JP¥207 (up from JP¥53.82 in 3Q 2024). Revenue: JP¥9.17b (up 6.4% from 3Q 2024). Net income: JP¥2.29b (up 286% from 3Q 2024). Profit margin: 25% (up from 6.9% in 3Q 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Electrical 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Sep 26
Nippon Carbon Co., Ltd. to Report Q3, 2025 Results on Nov 10, 2025 Nippon Carbon Co., Ltd. announced that they will report Q3, 2025 results on Nov 10, 2025 Declared Dividend • Sep 09
First half dividend of JP¥100.00 announced Dividend of JP¥100.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not covered by cash flows (167% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 32% over the next 3 years. However, it would need to fall by 40% to increase the payout ratio to a potentially unsustainable range. Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 44%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥39.0b to JP¥37.0b. EPS estimate rose from JP¥371 to JP¥534. Net income forecast to grow 14% next year vs 13% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥4,400 to JP¥4,200. Share price was steady at JP¥4,190 over the past week. New Risk • Aug 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (167% cash payout ratio). Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: JP¥147 (vs JP¥120 in 2Q 2024) Second quarter 2025 results: EPS: JP¥147 (up from JP¥120 in 2Q 2024). Revenue: JP¥10.3b (flat on 2Q 2024). Net income: JP¥1.62b (up 23% from 2Q 2024). Profit margin: 16% (up from 13% in 2Q 2024). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jun 29
Nippon Carbon Co., Ltd. to Report Q2, 2025 Results on Aug 08, 2025 Nippon Carbon Co., Ltd. announced that they will report Q2, 2025 results on Aug 08, 2025 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 08 September 2025. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.0%). Reported Earnings • May 10
First quarter 2025 earnings released: EPS: JP¥60.96 (vs JP¥87.74 in 1Q 2024) First quarter 2025 results: EPS: JP¥60.96 (down from JP¥87.74 in 1Q 2024). Revenue: JP¥7.96b (down 5.7% from 1Q 2024). Net income: JP¥674.0m (down 30% from 1Q 2024). Profit margin: 8.5% (down from 12% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥100.00 announced Dividend of JP¥100.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 8th September 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (430% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 08
Now 20% overvalued Over the last 90 days, the stock has fallen 9.0% to JP¥3,885. The fair value is estimated to be JP¥3,227, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 4.6% per annum over the same time period. Announcement • Mar 27
Nippon Carbon Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Nippon Carbon Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥45.0b to JP¥39.0b. EPS estimate fell from JP¥407 to JP¥371 per share. Net income forecast to grow 0.5% next year vs 2.4% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥4,800 to JP¥4,400. Share price was steady at JP¥4,080 over the past week. New Risk • Feb 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 430% Dividend yield: 4.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥369 (up from JP¥367 in FY 2023). Revenue: JP¥38.0b (flat on FY 2023). Net income: JP¥4.08b (flat on FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Electrical 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 remained flat, which means it is significantly lagging earnings. Announcement • Feb 10
Nippon Carbon Co., Ltd., Annual General Meeting, Mar 28, 2025 Nippon Carbon Co., Ltd., Annual General Meeting, Mar 28, 2025. Announcement • Jan 03
Nippon Carbon Co., Ltd. to Report Fiscal Year 2024 Results on Feb 10, 2025 Nippon Carbon Co., Ltd. announced that they will report fiscal year 2024 results on Feb 10, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 29 March 2025. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.9%). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: JP¥53.82 (vs JP¥61.03 in 3Q 2023) Third quarter 2024 results: EPS: JP¥53.82 (down from JP¥61.03 in 3Q 2023). Revenue: JP¥8.62b (down 1.4% from 3Q 2023). Net income: JP¥595.0m (down 12% from 3Q 2023). Profit margin: 6.9% (down from 7.7% in 3Q 2023). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Oct 16
Nippon Carbon Co., Ltd. to Report Q3, 2024 Results on Nov 11, 2024 Nippon Carbon Co., Ltd. announced that they will report Q3, 2024 results on Nov 11, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: JP¥120 (vs JP¥109 in 2Q 2023) Second quarter 2024 results: EPS: JP¥120 (up from JP¥109 in 2Q 2023). Revenue: JP¥10.4b (flat on 2Q 2023). Net income: JP¥1.32b (up 9.8% from 2Q 2023). Profit margin: 13% (up from 12% in 2Q 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 11
Dividend of JP¥100.00 announced Dividend of JP¥100.00 is the same as last year. Ex-date: 27th December 2024 Payment date: 29th March 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (dividend approximately 28x free cash flows). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥4,050, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Electrical industry in Japan. Total returns to shareholders of 10% over the past three years. Announcement • Jun 28
Nippon Carbon Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Nippon Carbon Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 06 September 2024. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.8%). Board Change • May 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Yuriko Katayama was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: JP¥87.74 (vs JP¥68.09 in 1Q 2023) First quarter 2024 results: EPS: JP¥87.74 (up from JP¥68.09 in 1Q 2023). Revenue: JP¥8.44b (up 9.7% from 1Q 2023). Net income: JP¥969.0m (up 29% from 1Q 2023). Profit margin: 12% (up from 9.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥100.00 announced Dividend of JP¥100.00 is the same as last year. Ex-date: 27th June 2024 Payment date: 6th September 2024 Dividend yield will be 3.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but not covered by cash flows (dividend approximately 28x free cash flows). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
Nippon Carbon Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Nippon Carbon Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Major Estimate Revision • Mar 08
Consensus revenue estimates increase by 15% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥37.5b to JP¥43.0b. EPS estimate increased from JP¥235 to JP¥380 per share. Net income forecast to grow 3.7% next year vs 0.9% decline forecast for Electrical industry in Japan. Consensus price target up from JP¥4,500 to JP¥5,500. Share price rose 6.8% to JP¥5,520 over the past week. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥5,410, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 12x in the Electrical industry in Japan. Total returns to shareholders of 53% over the past three years. Announcement • Feb 11
Nippon Carbon Co., Ltd., Annual General Meeting, Mar 28, 2024 Nippon Carbon Co., Ltd., Annual General Meeting, Mar 28, 2024. Reported Earnings • Feb 10
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥367 (up from JP¥289 in FY 2022). Revenue: JP¥37.9b (up 5.8% from FY 2022). Net income: JP¥4.05b (up 27% from FY 2022). Profit margin: 11% (up from 8.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Dec 28
Nippon Carbon Co., Ltd. to Report Fiscal Year 2023 Results on Feb 09, 2024 Nippon Carbon Co., Ltd. announced that they will report fiscal year 2023 results on Feb 09, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥100.00 per share at 4.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.1%). Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 29% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥217 to JP¥281. Revenue forecast unchanged at JP¥37.0b. Net income forecast to shrink 5.2% next year vs 6.2% growth forecast for Electrical industry in Japan . Consensus price target of JP¥4,500 unchanged from last update. Share price was steady at JP¥4,670 over the past week. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: JP¥61.03 (vs JP¥96.53 in 3Q 2022) Third quarter 2023 results: EPS: JP¥61.03 (down from JP¥96.53 in 3Q 2022). Revenue: JP¥8.74b (up 5.3% from 3Q 2022). Net income: JP¥674.0m (down 37% from 3Q 2022). Profit margin: 7.7% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical 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 only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Sep 28
Nippon Carbon Co., Ltd. to Report Q3, 2023 Results on Nov 10, 2023 Nippon Carbon Co., Ltd. announced that they will report Q3, 2023 results on Nov 10, 2023 New Risk • Aug 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 101% Dividend yield: 4.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: JP¥109 (vs JP¥101 in 2Q 2022) Second quarter 2023 results: EPS: JP¥109 (up from JP¥101 in 2Q 2022). Revenue: JP¥10.4b (down 1.5% from 2Q 2022). Net income: JP¥1.21b (up 7.7% from 2Q 2022). Profit margin: 12% (up from 11% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Announcement • Jun 28
Nippon Carbon Co., Ltd. to Report Q2, 2023 Results on Aug 10, 2023 Nippon Carbon Co., Ltd. announced that they will report Q2, 2023 results on Aug 10, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥100.00 per share at 4.4% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.8%). Price Target Changed • Jun 06
Price target increased by 7.1% to JP¥4,500 Up from JP¥4,200, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥4,495. Stock is up 3.0% over the past year. The company is forecast to post earnings per share of JP¥217 for next year compared to JP¥289 last year. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: JP¥68.09 (vs JP¥69.36 in 1Q 2022) First quarter 2023 results: EPS: JP¥68.09 (down from JP¥69.36 in 1Q 2022). Revenue: JP¥7.70b (down 1.5% from 1Q 2022). Net income: JP¥752.0m (down 1.8% from 1Q 2022). Profit margin: 9.8% (in line with 1Q 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥289 (up from JP¥247 in FY 2021). Revenue: JP¥35.8b (up 13% from FY 2021). Net income: JP¥3.19b (up 17% from FY 2021). Profit margin: 8.9% (up from 8.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Mar 08
Price target decreased by 8.7% to JP¥4,200 Down from JP¥4,600, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥4,090. Stock is up 8.8% over the past year. The company is forecast to post earnings per share of JP¥172 for next year compared to JP¥289 last year. Reported Earnings • Feb 12
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥289 (up from JP¥247 in FY 2021). Revenue: JP¥35.8b (up 13% from FY 2021). Net income: JP¥3.19b (up 17% from FY 2021). Profit margin: 8.9% (up from 8.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.7%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 12
Nippon Carbon Co., Ltd., Annual General Meeting, Mar 29, 2023 Nippon Carbon Co., Ltd., Annual General Meeting, Mar 29, 2023. Announcement • Dec 28
Nippon Carbon Co., Ltd. to Report Fiscal Year 2022 Results on Feb 10, 2023 Nippon Carbon Co., Ltd. announced that they will report fiscal year 2022 results on Feb 10, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 30 March 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.1%). Price Target Changed • Nov 16
Price target decreased to JP¥4,500 Down from JP¥4,900, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥4,320. Stock is up 1.3% over the past year. The company is forecast to post earnings per share of JP¥290 for next year compared to JP¥247 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥96.53 (vs JP¥50.88 in 3Q 2021) Third quarter 2022 results: EPS: JP¥96.53 (up from JP¥50.88 in 3Q 2021). Revenue: JP¥8.31b (up 7.7% from 3Q 2021). Net income: JP¥1.07b (up 90% from 3Q 2021). Profit margin: 13% (up from 7.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: JP¥96.53 (vs JP¥50.88 in 3Q 2021) Third quarter 2022 results: EPS: JP¥96.53 (up from JP¥50.88 in 3Q 2021). Revenue: JP¥8.31b (up 7.7% from 3Q 2021). Net income: JP¥1.07b (up 90% from 3Q 2021). Profit margin: 13% (up from 7.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Price Target Changed • Sep 01
Price target decreased to JP¥4,500 Down from JP¥5,050, the current price target is provided by 1 analyst. New target price is 10% above last closing price of JP¥4,075. Stock is down 6.5% over the past year. The company is forecast to post earnings per share of JP¥290 for next year compared to JP¥247 last year. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥101 (vs JP¥60.02 in 2Q 2021) Second quarter 2022 results: EPS: JP¥101 (up from JP¥60.02 in 2Q 2021). Revenue: JP¥10.6b (up 25% from 2Q 2021). Net income: JP¥1.12b (up 69% from 2Q 2021). Profit margin: 11% (up from 7.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.7%, compared to a 9.7% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Reported Earnings • May 11
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: JP¥69.36 (up from JP¥20.43 in 1Q 2021). Revenue: JP¥7.81b (up 29% from 1Q 2021). Net income: JP¥766.0m (up 239% from 1Q 2021). Profit margin: 9.8% (up from 3.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 39%. Over the next year, revenue is forecast to grow 10%, compared to a 7.3% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent External Director Tadashi Tomikawa was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 12
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: JP¥247 (up from JP¥164 in FY 2020). Revenue: JP¥31.6b (up 18% from FY 2020). Net income: JP¥2.73b (up 51% from FY 2020). Profit margin: 8.6% (up from 6.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 11%, compared to a 6.3% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 11
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from JP¥36.7b to JP¥35.0b. EPS estimate also fell from JP¥452 per share to JP¥398 per share. Net income forecast to grow 120% next year vs 6.3% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥5,050 to JP¥4,700. Share price was steady at JP¥4,085 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 March 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.3%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS JP¥50.88 (vs JP¥26.21 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥7.72b (up 35% from 3Q 2020). Net income: JP¥562.0m (up 94% from 3Q 2020). Profit margin: 7.3% (up from 5.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS JP¥60.02 (vs JP¥62.26 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: JP¥8.47b (up 14% from 2Q 2020). Net income: JP¥663.0m (down 3.8% from 2Q 2020). Profit margin: 7.8% (down from 9.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 09 September 2021. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). Reported Earnings • May 12
First quarter 2021 earnings released: EPS JP¥20.43 (vs JP¥43.84 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥6.08b (down 2.8% from 1Q 2020). Net income: JP¥226.0m (down 53% from 1Q 2020). Profit margin: 3.7% (down from 7.8% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 11
New 90-day high: JP¥4,400 The company is up 10.0% from its price of JP¥3,995 on 11 December 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥2,350 per share. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥164 (vs JP¥877 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥26.8b (down 40% from FY 2019). Net income: JP¥1.81b (down 81% from FY 2019). Profit margin: 6.8% (down from 22% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Analyst Estimate Surprise Post Earnings • Feb 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.1%. Earnings per share (EPS) exceeded analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 11%, compared to a 8.1% growth forecast for the Electrical industry in Japan. Major Estimate Revision • Feb 11
Analysts lower EPS estimates to JP¥271 The 2021 consensus revenue estimate was lowered from JP¥31.2b to JP¥29.8b. Earning per share (EPS) estimate was also lowered from JP¥322 to JP¥271 for the same period. Net income is expected to shrink by 26% next year compared to 16% growth forecast for the Electrical industry in Japan . The consensus price target of JP¥4,333 was unchanged from the last update. Share price stayed mostly flat at JP¥4,175 over the past week. Is New 90 Day High Low • Jan 13
New 90-day high: JP¥4,300 The company is up 15% from its price of JP¥3,730 on 15 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥2,284 per share. Price Target Changed • Jan 13
Price target raised to JP¥4,333 Up from JP¥3,967, the current price target is an average from 3 analysts. The new target price is close to the current share price of JP¥4,300. As of last close, the stock is up 7.4% over the past year.