Reported Earnings • May 17
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥337 (up from JP¥273 in FY 2025). Revenue: JP¥152.1b (down 2.0% from FY 2025). Net income: JP¥18.3b (up 22% from FY 2025). Profit margin: 12% (up from 9.7% in FY 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. 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 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Nippon Soda Co., Ltd., Annual General Meeting, Jun 26, 2026 Nippon Soda Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • May 09
Nippon Soda Co., Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Nippon Soda Co., Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥104 (vs JP¥78.66 in 3Q 2025) Third quarter 2026 results: EPS: JP¥104 (up from JP¥78.66 in 3Q 2025). Revenue: JP¥39.2b (down 11% from 3Q 2025). Net income: JP¥5.64b (up 30% from 3Q 2025). Profit margin: 14% (up from 9.8% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 13
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥152.1b to JP¥153.8b. EPS estimate increased from JP¥269 to JP¥320 per share. Net income forecast to grow 2.6% next year vs 8.3% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥3,450 to JP¥3,650. Share price rose 5.7% to JP¥4,050 over the past week. Declared Dividend • Dec 05
First half dividend of JP¥70.00 announced Shareholders will receive a dividend of JP¥70.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 4.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (186% 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 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 29
Nippon Soda Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026 Nippon Soda Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥65.68 (vs JP¥36.48 in 2Q 2025) Second quarter 2026 results: EPS: JP¥65.68 (up from JP¥36.48 in 2Q 2025). Revenue: JP¥34.4b (down 1.3% from 2Q 2025). Net income: JP¥3.58b (up 78% from 2Q 2025). Profit margin: 10% (up from 5.8% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 02
Now 20% undervalued Over the last 90 days, the stock has risen 5.8% to JP¥3,305. The fair value is estimated to be JP¥4,141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has declined by 5.9%. Revenue is forecast to grow by 2.6% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Announcement • Sep 27
Nippon Soda Co., Ltd. to Report Q2, 2026 Results on Nov 13, 2025 Nippon Soda Co., Ltd. announced that they will report Q2, 2026 results on Nov 13, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 04 December 2025. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.6%). Buy Or Sell Opportunity • Aug 12
Now 20% undervalued Over the last 90 days, the stock has risen 25% to JP¥3,350. The fair value is estimated to be JP¥4,193, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 5.9%. Revenue is forecast to grow by 2.6% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥58.44 (vs JP¥57.61 in 1Q 2025) First quarter 2026 results: EPS: JP¥58.44 (up from JP¥57.61 in 1Q 2025). Revenue: JP¥32.6b (down 2.7% from 1Q 2025). Net income: JP¥3.21b (up 1.3% from 1Q 2025). Profit margin: 9.8% (in line with 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Aug 05
Nippon Soda Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Nippon Soda Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Declared Dividend • Jul 09
Final dividend of JP¥70.00 announced Shareholders will receive a dividend of JP¥70.00. Ex-date: 29th September 2025 Payment date: 4th December 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (155% 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 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Nippon Soda Co., Ltd. (TSE:4041) announces an Equity Buyback for 2,500,000 shares, representing 4.53% for ¥5,000 million. Nippon Soda Co., Ltd. (TSE:4041) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares, representing 4.53% of its issued share capital (excluding treasury stock), for ¥5,000 million. The purpose of the program is to improve the company's performance and enhance shareholder returns. The program will run until January 31, 2026. As of March 31, 2025, the company had 55,166,132 shares in issue (excluding treasury stock) and 1,621,602 shares in treasury. Announcement • May 15
Nippon Soda Co., Ltd., Annual General Meeting, Jun 27, 2025 Nippon Soda Co., Ltd., Annual General Meeting, Jun 27, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Announcement • Mar 01
Nippon Soda Co., Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Nippon Soda Co., Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Price Target Changed • Feb 17
Price target increased by 18% to JP¥3,100 Up from JP¥2,625, the current price target is an average from 2 analysts. New target price is 8.8% above last closing price of JP¥2,850. Stock is down 4.4% over the past year. The company is forecast to post earnings per share of JP¥262 for next year compared to JP¥299 last year. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥112 (vs JP¥76.25 in 3Q 2024) Third quarter 2025 results: EPS: JP¥112 (up from JP¥76.25 in 3Q 2024). Revenue: JP¥40.2b (up 10% from 3Q 2024). Net income: JP¥6.19b (up 46% from 3Q 2024). Profit margin: 15% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 05
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 6.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (408% 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 3.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
Nippon Soda Co., Ltd. to Report Q3, 2025 Results on Feb 13, 2025 Nippon Soda Co., Ltd. announced that they will report Q3, 2025 results on Feb 13, 2025 Reported Earnings • Nov 16
First half 2025 earnings released: EPS: JP¥115 (vs JP¥135 in 1H 2024) First half 2025 results: EPS: JP¥115 (down from JP¥135 in 1H 2024). Revenue: JP¥67.1b (down 2.6% from 1H 2024). Net income: JP¥6.35b (down 16% from 1H 2024). Profit margin: 9.5% (down from 11% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals 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 16% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to JP¥2,579. The fair value is estimated to be JP¥2,138, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 5.8% in 2 years. Earnings are forecast to decline by 10% in the next 2 years. Announcement • Sep 27
Nippon Soda Co., Ltd. to Report Q2, 2025 Results on Nov 13, 2024 Nippon Soda Co., Ltd. announced that they will report Q2, 2025 results on Nov 13, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥120 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.4%). Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥158 (vs JP¥170 in 1Q 2024) First quarter 2025 results: EPS: JP¥158 (down from JP¥170 in 1Q 2024). Revenue: JP¥32.2b (down 10% from 1Q 2024). Net income: JP¥4.34b (down 8.6% from 1Q 2024). Profit margin: 14% (in line with 1Q 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Declared Dividend • Jul 11
Final dividend of JP¥120 announced Shareholders will receive a dividend of JP¥120. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 4.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 8.0% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Jun 13
Price target decreased by 8.5% to JP¥5,350 Down from JP¥5,850, the current price target is an average from 2 analysts. New target price is 6.4% above last closing price of JP¥5,030. Stock is down 1.4% over the past year. The company is forecast to post earnings per share of JP¥473 for next year compared to JP¥597 last year. Announcement • Jun 06
Nippon Soda Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Nippon Soda Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Major Estimate Revision • May 23
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥167.8b to JP¥157.7b. EPS estimate also fell from JP¥565 per share to JP¥495 per share. Net income forecast to shrink 20% next year vs 11% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥5,850 unchanged from last update. Share price fell 2.5% to JP¥5,160 over the past week. New Risk • May 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% 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 3.4% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 17
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: JP¥597 (down from JP¥599 in FY 2023). Revenue: JP¥154.4b (down 11% from FY 2023). Net income: JP¥16.6b (flat on FY 2023). Profit margin: 11% (up from 9.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Nippon Soda Co., Ltd., Annual General Meeting, Jun 27, 2024 Nippon Soda Co., Ltd., Annual General Meeting, Jun 27, 2024. Buy Or Sell Opportunity • May 10
Now 20% undervalued Over the last 90 days, the stock has risen 2.5% to JP¥5,850. The fair value is estimated to be JP¥7,358, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 7.3% in the next 2 years. Buy Or Sell Opportunity • Apr 16
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to JP¥5,860. The fair value is estimated to be JP¥7,420, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 7.3% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥120 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Announcement • Mar 02
Nippon Soda Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Nippon Soda Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Price Target Changed • Feb 26
Price target increased by 14% to JP¥5,950 Up from JP¥5,200, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥6,040. Stock is up 28% over the past year. The company is forecast to post earnings per share of JP¥597 for next year compared to JP¥599 last year. Buy Or Sell Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock has risen 12% to JP¥5,930. The fair value is estimated to be JP¥7,417, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 8.3% in the next 2 years. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥152 (vs JP¥157 in 3Q 2023) Third quarter 2024 results: EPS: JP¥152 (down from JP¥157 in 3Q 2023). Revenue: JP¥36.5b (down 16% from 3Q 2023). Net income: JP¥4.24b (down 3.2% from 3Q 2023). Profit margin: 12% (up from 10% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Nippon Soda Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Nippon Soda Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥100 (vs JP¥109 in 2Q 2023) Second quarter 2024 results: EPS: JP¥100 (down from JP¥109 in 2Q 2023). Revenue: JP¥33.0b (down 18% from 2Q 2023). Net income: JP¥2.80b (down 8.0% from 2Q 2023). Profit margin: 8.5% (up from 7.5% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Nov 09
Nippon Soda Co., Ltd. (TSE:4041) announces an Equity Buyback for 500,000 shares, representing 1.79% for ¥2,000 million. Nippon Soda Co., Ltd. (TSE:4041) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.79% of its issued share capital (excluding treasury stock), for ¥2,000 million. The purpose of the program is to improve the company's performance and enhance shareholder returns. The program will run until March 22, 2024. As of September 30, 2023, the company had 27,888,732 shares in issue (excluding treasury stock) and 858,935 shares in treasury. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥120 per share at 4.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Announcement • Sep 03
Nippon Soda Co., Ltd. to Report Q2, 2024 Results on Nov 08, 2023 Nippon Soda Co., Ltd. announced that they will report Q2, 2024 results on Nov 08, 2023 Price Target Changed • Aug 15
Price target increased by 8.8% to JP¥5,550 Up from JP¥5,100, the current price target is an average from 2 analysts. New target price is 6.9% above last closing price of JP¥5,190. Stock is up 15% over the past year. The company is forecast to post earnings per share of JP¥580 for next year compared to JP¥599 last year. Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥170 (vs JP¥210 in 1Q 2023) First quarter 2024 results: EPS: JP¥170 (down from JP¥210 in 1Q 2023). Revenue: JP¥35.9b (down 11% from 1Q 2023). Net income: JP¥4.74b (down 19% from 1Q 2023). Profit margin: 13% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Jun 09
Nippon Soda Co., Ltd. to Report Q1, 2024 Results on Aug 04, 2023 Nippon Soda Co., Ltd. announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 12
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥599 (up from JP¥454 in FY 2022). Revenue: JP¥172.8b (up 13% from FY 2022). Net income: JP¥16.7b (up 32% from FY 2022). Profit margin: 9.7% (up from 8.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Nippon Soda Co., Ltd., Annual General Meeting, Jun 29, 2023 Nippon Soda Co., Ltd., Annual General Meeting, Jun 29, 2023. Agenda: Annual General Meeting. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥130 per share at 4.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Buying Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be JP¥5,607, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 47%. Revenue is forecast to grow by 2.0% in 2 years. Earnings is forecast to decline by 12% in the next 2 years. Buying Opportunity • Feb 10
Now 20% undervalued Over the last 90 days, the stock is up 2.4%. The fair value is estimated to be JP¥5,425, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 47%. Revenue is forecast to grow by 2.0% in 2 years. Earnings is forecast to decline by 13% in the next 2 years. Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥157 (vs JP¥91.39 in 3Q 2022) Third quarter 2023 results: EPS: JP¥157 (up from JP¥91.39 in 3Q 2022). Revenue: JP¥43.5b (up 20% from 3Q 2022). Net income: JP¥4.39b (up 72% from 3Q 2022). Profit margin: 10% (up from 7.0% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be JP¥5,382, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 5.7% in 2 years. Earnings is forecast to decline by 4.9% in the next 2 years. Buying Opportunity • Dec 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be JP¥5,350, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 5.7% in 2 years. Earnings is forecast to decline by 4.9% in the next 2 years. Announcement • Dec 08
Nippon Soda Co., Ltd. to Report Q3, 2023 Results on Feb 03, 2023 Nippon Soda Co., Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥109 (vs JP¥50.67 in 2Q 2022) Second quarter 2023 results: EPS: JP¥109 (up from JP¥50.67 in 2Q 2022). Revenue: JP¥40.3b (up 24% from 2Q 2022). Net income: JP¥3.04b (up 115% from 2Q 2022). Profit margin: 7.5% (up from 4.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 9 new directors. 1 experienced director. 1 highly experienced director. 2 independent directors (9 non-independent directors). Chairman Akira Ishii is the most experienced director on the board, commencing their role in 2009. Independent Outside Director Yoko Waki was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥109 (vs JP¥50.67 in 2Q 2022) Second quarter 2023 results: EPS: JP¥109 (up from JP¥50.67 in 2Q 2022). Revenue: JP¥40.3b (up 24% from 2Q 2022). Net income: JP¥3.04b (up 115% from 2Q 2022). Profit margin: 7.5% (up from 4.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 05
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥166.3b to JP¥172.0b. EPS estimate increased from JP¥508 to JP¥581 per share. Net income forecast to shrink 3.4% next year vs 2.9% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥5,800 unchanged from last update. Share price was steady at JP¥4,510 over the past week. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.9%). Announcement • Sep 03
Nippon Soda Co., Ltd. to Report Q2, 2023 Results on Nov 04, 2022 Nippon Soda Co., Ltd. announced that they will report Q2, 2023 results on Nov 04, 2022 Major Estimate Revision • Aug 09
Consensus EPS estimates increase by 33% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥162.0b to JP¥165.5b. EPS estimate increased from JP¥398 to JP¥528 per share. Net income forecast to shrink 12% next year vs 5.1% growth forecast for Chemicals industry in Japan . Consensus price target up from JP¥4,600 to JP¥5,800. Share price rose 8.1% to JP¥4,605 over the past week. Price Target Changed • Aug 04
Price target increased to JP¥5,800 Up from JP¥4,600, the current price target is provided by 1 analyst. New target price is 29% above last closing price of JP¥4,505. Stock is up 27% over the past year. The company is forecast to post earnings per share of JP¥528 for next year compared to JP¥454 last year. Reported Earnings • Aug 03
First quarter 2023 earnings released: EPS: JP¥210 (vs JP¥61.79 in 1Q 2022) First quarter 2023 results: EPS: JP¥210 (up from JP¥61.79 in 1Q 2022). Revenue: JP¥40.4b (up 27% from 1Q 2022). Net income: JP¥5.85b (up 238% from 1Q 2022). Profit margin: 14% (up from 5.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.1%, compared to a 9.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Jun 08
Nippon Soda Co., Ltd. to Report Q1, 2023 Results on Aug 02, 2022 Nippon Soda Co., Ltd. announced that they will report Q1, 2023 results on Aug 02, 2022 Reported Earnings • May 11
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥454 (up from JP¥255 in FY 2021). Revenue: JP¥152.5b (up 9.5% from FY 2021). Net income: JP¥12.7b (up 72% from FY 2021). Profit margin: 8.3% (up from 5.3% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Over the next year, revenue is forecast to stay flat compared to a 7.6% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Nippon Soda Co., Ltd., Annual General Meeting, Jun 29, 2022 Nippon Soda Co., Ltd., Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
Less than half of directors are independent There are 6 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: 4 independent directors. 7 non-independent directors. Independent Outside Director Yoko Waki was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.