Declared Dividend • Jul 25
Final dividend of JP¥13.00 announced Shareholders will receive a dividend of JP¥13.00. Ex-date: 29th September 2026 Payment date: 1st December 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 13% 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 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 26
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 127% Dividend yield: 2.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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. Buy Or Sell Opportunity • Jun 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.4% to JP¥1,224. The fair value is estimated to be JP¥1,015, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Announcement • Jun 03
Nagase & Co., Ltd. to Report Q1, 2027 Results on Aug 04, 2026 Nagase & Co., Ltd. announced that they will report Q1, 2027 results on Aug 04, 2026 Announcement • May 07
Nagase & Co., Ltd., Annual General Meeting, Jun 17, 2026 Nagase & Co., Ltd., Annual General Meeting, Jun 17, 2026. Announcement • Mar 26
Nagase & Co., Ltd. to Report Fiscal Year 2026 Results on May 07, 2026 Nagase & Co., Ltd. announced that they will report fiscal year 2026 results on May 07, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 19 June 2026. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.1%). Announcement • Feb 05
Nagase & Co., Ltd. (TSE:8012) announces an Equity Buyback for 1,100,000 shares, representing 1.07% for ¥3,000 million. Nagase & Co., Ltd. (TSE:8012) announces a share repurchase program. Under the program, the company will repurchase up to 1,100,000 shares, representing 1.07% of its issued share capital, for ¥3,000 million. The program is made pursuant to the Shareholder Returns Policy in Medium-Term Management Plan ACE 2. The program is valid till March 31, 2026. As of October 31, 2025, the company had 102,970,093 shares in issue (excluding treasury stock) and 6,938,192 shares in treasury. Announcement • Jan 29
Nagase & Co., Ltd. Announces Resignation of Masatoshi Kamada as Director Nagase & Co., Ltd. announced resignation of Masatoshi Kamada as Director. Announcement • Dec 09
Nagase & Co., Ltd. to Report Q3, 2026 Results on Feb 05, 2026 Nagase & Co., Ltd. announced that they will report Q3, 2026 results on Feb 05, 2026 Buy Or Sell Opportunity • Dec 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to JP¥3,681. The fair value is estimated to be JP¥3,059, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.6%. Revenue is forecast to grow by 7.1% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Declared Dividend • Dec 02
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 30th March 2026 Payment date: 19th June 2026 Dividend yield will be 2.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (39% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 13% 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 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥71.83 (vs JP¥76.74 in 2Q 2025) Second quarter 2026 results: EPS: JP¥71.83 (down from JP¥76.74 in 2Q 2025). Revenue: JP¥242.4b (flat on 2Q 2025). Net income: JP¥7.58b (down 11% from 2Q 2025). Profit margin: 3.1% (down from 3.5% in 2Q 2025). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Trade Distributors industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 06
Nagase & Co., Ltd. (TSE:8012) announces an Equity Buyback for 3,500,000 shares, representing 3.35% for ¥8,000 million. Nagase & Co., Ltd. (TSE:8012) announces a share repurchase program. Under the program, the company will repurchase up to 3,500,000 shares, representing 3.35% of its issued share capital, for ¥8,000 million. The program is valid till January 31, 2026. As of October 31, 2025, the company had 104,630,048 shares in issue (excluding treasury stock) and 5,278,237 shares in treasury. Announcement • Sep 01
Nagase & Co., Ltd. to Report Q2, 2026 Results on Nov 06, 2025 Nagase & Co., Ltd. announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥69.62 (vs JP¥65.42 in 1Q 2025) First quarter 2026 results: EPS: JP¥69.62 (up from JP¥65.42 in 1Q 2025). Revenue: JP¥237.3b (flat on 1Q 2025). Net income: JP¥7.51b (up 1.2% from 1Q 2025). Profit margin: 3.2% (up from 3.1% in 1Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Trade Distributors 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 increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 3.2%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 12% 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. Reported Earnings • Jun 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥230 (up from JP¥195 in FY 2024). Revenue: JP¥945.0b (up 5.0% from FY 2024). Net income: JP¥25.5b (up 14% from FY 2024). Profit margin: 2.7% (up from 2.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Trade Distributors industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 31
Nagase & Co., Ltd. to Report Q1, 2026 Results on Aug 05, 2025 Nagase & Co., Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Reported Earnings • May 09
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥230 (up from JP¥195 in FY 2024). Revenue: JP¥945.0b (up 5.0% from FY 2024). Net income: JP¥25.5b (up 14% from FY 2024). Profit margin: 2.7% (up from 2.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Trade Distributors industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 08
Nagase & Co., Ltd., Annual General Meeting, Jun 18, 2025 Nagase & Co., Ltd., Annual General Meeting, Jun 18, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.3%). Announcement • Mar 01
Nagase & Co., Ltd. to Report Fiscal Year 2025 Results on May 08, 2025 Nagase & Co., Ltd. announced that they will report fiscal year 2025 results on May 08, 2025 Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥52.38 (vs JP¥67.94 in 3Q 2024) Third quarter 2025 results: EPS: JP¥52.38 (down from JP¥67.94 in 3Q 2024). Revenue: JP¥237.1b (up 4.2% from 3Q 2024). Net income: JP¥5.74b (down 26% from 3Q 2024). Profit margin: 2.4% (down from 3.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Trade Distributors industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 23
Nagase & Co., Ltd. Announces Board Changes NAGASE & CO., LTD. announced the following changes of Representative Director, Directors, Audit & Supervisory Board Members and Executive Officers, which were approved at Board of Directors' meeting on January 23, 2025. Representative Director (Effective as of the day of the 110th General Shareholders' Meeting in June): Reason for changes- Due to the further enhancement of corporate value based on a new management structure. Details of changes- Resignation- Masaya Ikemoto Representative Director; Directors (Effective as of the day of the 110th General Shareholders' Meeting in June): Kenji Asakura - Representative Director, Chairman; Hiroyuki Ueshima - Representative Director, President and CEO; Masatoshi Kamada - Director; Tamotsu Isobe - Director; Hiroshi Nagase - Director, Senior Adviser; Ritsuko Nonomiya - Outside Director; Noriaki Horikiri - Outside Director; Toshiaki Mikoshiba - Outside Director. Appointment: Director Yoshihisa Shimizu; Resignation: Representative Director Masaya Ikemoto; Audit & Supervisory Board Members (Effective as of the day of the 110th General Shareholders' Meeting in June): Appointment: Audit & Supervisory Board Member Takanori Yamauchi; Resignation: Audit & Supervisory Board Member Masanori Furukawa; No changes for following Audit & Supervisory Board Members: Audit & Supervisory Board Member - Akira Takami; Outside Audit & Supervisory Board Member - Masaya Ishida; Outside Audit & Supervisory Board Member (part-time)- Gan Matsui; Executive OfficersEffective as of April 1: Name -New -Present: Hiroyuki Ueshima - President and CEO - President and CEO Senior Managing; Masaya Ikemoto - Executive Vice President- Executive Officer; Masatoshi Kamada - Managing Executive Officer -Managing Executive Officer; Tamotsu Isobe - Executive Officer - Executive Officer; Koichi Sagawa - Executive Officer - Executive Officer; Noriyoshi Yamaoka - Executive Officer - Executive Officer; Yoshihisa Shimizu - Executive Officer - Executive Officer; Xiaoli Liu - Executive Officer - Executive Officer; Kentaro Nagase - Executive Officer - Executive Officer; Kazuhiro Hanba - Executive Officer - Executive Officer; Toshio Wakuda - Executive Officer - Executive Officer. AppointmentEffective as of April 1: Executive Officer- Natsuki Imamura; Executive Officer -Hironao Makise; Executive Officer- Ryuhei Tashima; Executive Officer- Kenji Okino; Executive Officer -Kenichi Kurimoto; Executive Officer- Daiji Matsuoka; ResignationEffective as of March 31: Managing Executive Officer -Naoki Yasuba; Managing Executive Officer -Takanori Yamauchi; Managing Executive Officer -Satoru Fujii; Managing Executive Officer- Donald K. Thorp; Managing Executive Officer- Kusuo Ota; Executive Officer - Eiroku Oki; Executive Officer - Toru Araki. Declared Dividend • Dec 03
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 12% 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 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 01
Nagase & Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Nagase & Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Announcement • Nov 22
Nagase & Co., Ltd. (TSE:8012) acquired an unknown minority stake in SAKA NO TOCHU Co., Ltd. Nagase & Co., Ltd. (TSE:8012) acquired an unknown minority stake in SAKA NO TOCHU Co., Ltd. on November 20, 2024.
Nagase & Co., Ltd. (TSE:8012) completed the acquisition of an unknown minority stake in SAKA NO TOCHU Co., Ltd. on November 20, 2024. Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥76.74 (vs JP¥51.14 in 2Q 2024) Second quarter 2025 results: EPS: JP¥76.74 (up from JP¥51.14 in 2Q 2024). Revenue: JP¥241.8b (up 6.9% from 2Q 2024). Net income: JP¥8.56b (up 46% from 2Q 2024). Profit margin: 3.5% (up from 2.6% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 06
Nagase & Co., Ltd. (TSE:8012) announces an Equity Buyback for 3,000,000 shares, representing 2.71% for ¥7,000 million. Nagase & Co., Ltd. (TSE:8012) announces a share repurchase program. Under the program, the company will repurchase up to 3,000,000 shares, representing 2.71% of its issued share capital, for ¥7,000 million. The purpose of the program is to implement a share buyback as part of its shareholder return policy under the mid-term management plan ACE 2.0. The program is valid till December 31, 2024. As of October 31, 2024, the company had 110,835,908 outstanding shares and 4,072,377 treasury shares." Announcement • Sep 27
Nagase & Co., Ltd. (TSE:8012) agreed to acquire Diagnostics Business of Asahi Kasei Pharma Corporation from Asahi Kasei Pharma Corporation. Nagase & Co., Ltd. (TSE:8012) agreed to acquire Diagnostics Business of Asahi Kasei Pharma Corporation from Asahi Kasei Pharma Corporation on September 24, 2024.
The deal is expected to be completed on July 1, 2025. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. 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 (3.8%). Lower than average of industry peers (3.3%). Announcement • Aug 27
Nagase & Co., Ltd. to Report Q2, 2025 Results on Nov 06, 2024 Nagase & Co., Ltd. announced that they will report Q2, 2025 results on Nov 06, 2024 Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥65.42 (vs JP¥37.44 in 1Q 2024) First quarter 2025 results: EPS: JP¥65.42 (up from JP¥37.44 in 1Q 2024). Revenue: JP¥239.2b (up 6.8% from 1Q 2024). Net income: JP¥7.42b (up 70% from 1Q 2024). Profit margin: 3.1% (up from 1.9% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. 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 6.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥2,529, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Trade Distributors industry in Japan. Total returns to shareholders of 55% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.5%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 12% 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 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 29
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥195 (down from JP¥200 in FY 2023). Revenue: JP¥900.1b (down 1.4% from FY 2023). Net income: JP¥22.4b (down 5.2% from FY 2023). Profit margin: 2.5% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 02
Nagase & Co., Ltd. to Report Q1, 2025 Results on Aug 05, 2024 Nagase & Co., Ltd. announced that they will report Q1, 2025 results on Aug 05, 2024 Announcement • May 10
Nagase & Co., Ltd., Annual General Meeting, Jun 21, 2024 Nagase & Co., Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • May 09
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥195 (down from JP¥200 in FY 2023). Revenue: JP¥900.1b (down 1.4% from FY 2023). Net income: JP¥22.4b (down 5.2% from FY 2023). Profit margin: 2.5% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.4%). Announcement • Mar 02
Nagase & Co., Ltd. to Report Fiscal Year 2024 Results on May 08, 2024 Nagase & Co., Ltd. announced that they will report fiscal year 2024 results on May 08, 2024 Reported Earnings • Feb 07
Third quarter 2024 earnings released: EPS: JP¥67.94 (vs JP¥37.66 in 3Q 2023) Third quarter 2024 results: EPS: JP¥67.94 (up from JP¥37.66 in 3Q 2023). Revenue: JP¥227.5b (down 5.2% from 3Q 2023). Net income: JP¥7.75b (up 75% from 3Q 2023). Profit margin: 3.4% (up from 1.9% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 30
Nagase & Co., Ltd. Revises Consolidated Earnings Guidance for Fiscal Year Ending March 31, 2024 Nagase & Co., Ltd. revised consolidated earnings guidance for fiscal year ending March 31, 2024. For the year, the company now expects net sales of JPY 900,000 million, operating income of JPY 30,000 million, profit attributable to owners of parent of JPY 22,500 million and earnings per share of JPY 195.86 as compared to net sales of JPY 958,000 million, operating income of JPY 34,500 million, profit attributable to owners of parent of JPY 24,000 million and earnings per share of JPY 209.35. Announcement • Nov 27
Nagase & Co., Ltd. to Report Q3, 2024 Results on Feb 06, 2024 Nagase & Co., Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥51.14 (vs JP¥64.25 in 2Q 2023) Second quarter 2024 results: EPS: JP¥51.14 (down from JP¥64.25 in 2Q 2023). Revenue: JP¥226.1b (down 4.2% from 2Q 2023). Net income: JP¥5.88b (down 23% from 2Q 2023). Profit margin: 2.6% (down from 3.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥40.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.8%). Announcement • Aug 28
Nagase & Co., Ltd. Provides Consolidated Earnings Guidance for Fiscal Year Ending March 31, 2024 Nagase & Co., Ltd. provided consolidated earnings guidance for fiscal year ending March 31, 2024. For the year, the company expects net sales of JPY 958,000 million, operating profit of JPY 34,500 million, profit attributable to owners of parent of JPY 24,000 million and basic earnings per share of JPY 209.35. Announcement • Aug 27
Nagase & Co., Ltd. to Report Q2, 2024 Results on Nov 01, 2023 Nagase & Co., Ltd. announced that they will report Q2, 2024 results on Nov 01, 2023 New Risk • Aug 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 3.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.2% net profit margin). Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥37.44 (vs JP¥66.68 in 1Q 2023) First quarter 2024 results: EPS: JP¥37.44 (down from JP¥66.68 in 1Q 2023). Revenue: JP¥224.1b (up 2.0% from 1Q 2023). Net income: JP¥4.37b (down 45% from 1Q 2023). Profit margin: 1.9% (down from 3.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, while revenues in the Trade Distributors industry in Japan are expected to remain flat. 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 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥200 (down from JP¥213 in FY 2022). Revenue: JP¥912.9b (up 17% from FY 2022). Net income: JP¥23.6b (down 8.9% from FY 2022). Profit margin: 2.6% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Trade Distributors industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 21% per year. Announcement • May 28
Nagase & Co., Ltd. to Report Q1, 2024 Results on Aug 03, 2023 Nagase & Co., Ltd. announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • May 10
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥200 (down from JP¥213 in FY 2022). Revenue: JP¥912.9b (up 17% from FY 2022). Net income: JP¥23.6b (down 8.9% from FY 2022). Profit margin: 2.6% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 1.8% decline forecast for the Trade Distributors industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. Announcement • May 10
Nagase & Co., Ltd. (TSE:8012) announces an Equity Buyback for 6,000,000 shares, representing 5.11% for ¥8,000 million. Nagase & Co., Ltd. (TSE:8012) announces a share repurchase program. Under the program, the company will repurchase up to 6,000,000 shares, representing 5.11% of its issued share capital (excluding treasury stock), for a total purchase price of ¥8,000 million. The purpose of the program is to further improve capital efficiency and improve corporate value. The program will continue through December 22, 2023. As of April 30, 2023, the company had 117,413,767 issued shares (excluding treasury stock) and 494,518 treasury shares. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 21 June 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.8%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥37.66 (vs JP¥62.86 in 3Q 2022) Third quarter 2023 results: EPS: JP¥37.66 (down from JP¥62.86 in 3Q 2022). Revenue: JP¥240.1b (up 20% from 3Q 2022). Net income: JP¥4.44b (down 42% from 3Q 2022). Profit margin: 1.9% (down from 3.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Nagase & Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Nagase & Co., Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the full fiscal year, the company expects to report gross profit of JPY 159,000 million, operating income of JPY 38,000 million, ordinary income of JPY 39,000 million, profit attributable to owners of the parent of JPY 28,500 million, and earnings per share of JPY 241.35. Announcement • Nov 27
Nagase & Co., Ltd. to Report Q3, 2023 Results on Feb 08, 2023 Nagase & Co., Ltd. announced that they will report Q3, 2023 results on Feb 08, 2023 Announcement • Nov 25
Nagase & Co., Ltd. Announces Dividend for the Second Quarter of the Fiscal Year Ending March 31, 2023, Payable on December 5, 2022 Nagase & Co., Ltd. announced the cash dividend of JPY 30.00 per share for the second quarter of the fiscal year ending March 31, 2023 against JPY 24.00 per share for the same period a year ago. The dividend will payable on December 5, 2022. Announcement • Nov 24
Nagase & Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2023 Nagase & Co., Ltd. provided dividend guidance of JPY 30.00 per share for the fiscal year ending March 31, 2023 against JPY 30.00 per share for the same period a year ago. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Noriaki Horikiri was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥64.25 (vs JP¥61.21 in 2Q 2022) Second quarter 2023 results: EPS: JP¥64.25 (up from JP¥61.21 in 2Q 2022). Revenue: JP¥236.0b (up 25% from 2Q 2022). Net income: JP¥7.63b (up 2.3% from 2Q 2022). Profit margin: 3.2% (down from 3.9% in 2Q 2022). The decrease in margin was driven by higher expenses. 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 8% per year, which means it is significantly lagging earnings growth. 
