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Nihon Kohden

OTCPK:NHNK.Y
Snowflake Description

Flawless balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NHNK.Y
OTCPK
¥249B
Market Cap
  1. Home
  2. US
  3. Healthcare
Company description

Nihon Kohden Corporation develops, produces, and sells medical electronic equipment in Japan and internationally. The last earnings update was 3 days ago. More info.


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NHNK.Y Share Price and Events
7 Day Returns
-10.7%
OTCPK:NHNK.Y
-3.8%
US Medical Equipment
-3.9%
US Market
1 Year Returns
-0.3%
OTCPK:NHNK.Y
10%
US Medical Equipment
1.4%
US Market
NHNK.Y Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nihon Kohden (NHNK.Y) -10.7% -9% -16.3% -0.3% -11.7% 14.4%
US Medical Equipment -3.8% -3.9% -1.1% 10% 54.1% 90.5%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • NHNK.Y underperformed the Medical Equipment industry which returned 10% over the past year.
  • NHNK.Y underperformed the Market in United States of America which returned 1.4% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Nihon Kohden undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nihon Kohden to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nihon Kohden.

OTCPK:NHNK.Y Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:NHNK.Y
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Medical Equipment Unlevered Beta Simply Wall St/ S&P Global 0.9
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.896 (1 + (1- 30.86%) (0.17%))
0.931
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.931 * 5.96%)
8.28%

Discounted Cash Flow Calculation for OTCPK:NHNK.Y using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nihon Kohden is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:NHNK.Y DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 8.28%)
2019 13,973.00 Analyst x2 12,904.64
2020 9,705.00 Analyst x2 8,277.67
2021 10,955.00 Analyst x2 8,629.41
2022 11,730.00 Analyst x2 8,533.42
2023 12,655.00 Analyst x2 8,502.44
2024 12,600.00 Analyst x1 7,818.23
2025 12,664.86 Est @ 0.51% 7,257.62
2026 12,814.22 Est @ 1.18% 6,781.76
2027 13,024.95 Est @ 1.64% 6,366.24
2028 13,281.56 Est @ 1.97% 5,995.32
Present value of next 10 years cash flows ¥81,066.75
OTCPK:NHNK.Y DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ¥13,281.56 × (1 + 2.73%) ÷ (8.28% – 2.73%)
¥245,890.69
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥245,890.69 ÷ (1 + 8.28%)10
¥110,995.41
OTCPK:NHNK.Y Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥81,066.75 + ¥110,995.41
¥192,062.16
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥192,062.16 / 85.16
¥2255.4
OTCPK:NHNK.Y Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:NHNK.Y represents 0.0045x of TSE:6849
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.0045x
Value per Share
(Listing Adjusted, USD)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 2,255.40 x 0.0045
$10.15
Value per share (USD) From above. $10.15
Current discount Discount to share price of $13.16
= -1 x ($13.16 - $10.15) / $10.15
-29.7%

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

  • The current share price of Nihon Kohden is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nihon Kohden's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nihon Kohden's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:NHNK.Y PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in JPY ¥131.42
TSE:6849 Share Price ** TSE (2019-05-15) in JPY ¥2925
United States of America Medical Equipment Industry PE Ratio Median Figure of 64 Publicly-Listed Medical Equipment Companies 38.98x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

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

** Primary Listing of Nihon Kohden.

OTCPK:NHNK.Y PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:6849 Share Price ÷ EPS (both in JPY)

= 2925 ÷ 131.42

22.26x

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

  • Nihon Kohden is good value based on earnings compared to the US Medical Equipment industry average.
  • Nihon Kohden is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Nihon Kohden's expected growth come at a high price?
Raw Data
OTCPK:NHNK.Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.26x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
5.9%per year
United States of America Medical Equipment Industry PEG Ratio Median Figure of 55 Publicly-Listed Medical Equipment Companies 2.21x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

OTCPK:NHNK.Y PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.26x ÷ 5.9%

3.75x

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

  • Nihon Kohden is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Nihon Kohden's assets?
Raw Data
OTCPK:NHNK.Y PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in JPY ¥1,363.20
TSE:6849 Share Price * TSE (2019-05-15) in JPY ¥2925
United States of America Medical Equipment Industry PB Ratio Median Figure of 182 Publicly-Listed Medical Equipment Companies 4.28x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:NHNK.Y PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:6849 Share Price ÷ Book Value per Share (both in JPY)

= 2925 ÷ 1,363.20

2.15x

* Primary Listing of Nihon Kohden.

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

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

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

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

Future Performance

 How is Nihon Kohden expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

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

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nihon Kohden expected to grow at an attractive rate?
  • Nihon Kohden's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Nihon Kohden's earnings growth is positive but not above the United States of America market average.
  • Nihon Kohden's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:NHNK.Y Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:NHNK.Y Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 5.9%
OTCPK:NHNK.Y Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 3.1%
United States of America Medical Equipment Industry Earnings Growth Rate Market Cap Weighted Average 21.5%
United States of America Medical Equipment Industry Revenue Growth Rate Market Cap Weighted Average 8.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
OTCPK:NHNK.Y Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:NHNK.Y Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 209,300 14,100 1
2023-03-31 202,500 17,650 14,650 2
2022-03-31 195,667 16,725 13,625 3
2021-03-31 193,028 15,600 12,762 8
2020-03-31 186,140 14,688 11,530 5
OTCPK:NHNK.Y Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-03-31 178,799 11,191
2018-12-31 177,020 10,224 9,878
2018-09-30 176,651 12,700 10,529
2018-06-30 175,479 10,453 9,676
2018-03-31 174,249 10,843 9,154
2017-12-31 173,122 14,189 9,586
2017-09-30 168,470 12,202 10,007
2017-06-30 168,236 10,497 10,251
2017-03-31 166,285 11,356 9,149
2016-12-31 164,487 11,139 9,691
2016-09-30 166,487 10,903 9,683
2016-06-30 164,237 14,587 9,191

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nihon Kohden's earnings are expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
  • Nihon Kohden's revenue is expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:NHNK.Y Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Nihon Kohden Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:NHNK.Y Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 165.60 165.60 165.60 1.00
2023-03-31 172.02 185.54 158.50 2.00
2022-03-31 159.99 169.69 150.30 2.00
2021-03-31 149.03 159.71 140.90 7.00
2020-03-31 134.05 137.40 129.60 4.00
OTCPK:NHNK.Y Past Financials Data
Date (Data in JPY Millions) EPS *
2019-03-31 131.42
2018-12-31 115.88
2018-09-30 123.34
2018-06-30 113.18
2018-03-31 106.92
2017-12-31 111.91
2017-09-30 116.83
2017-06-30 119.67
2017-03-31 106.81
2016-12-31 112.47
2016-09-30 111.73
2016-06-30 105.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Nihon Kohden is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nihon Kohden's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nihon Kohden has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Nihon Kohden performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nihon Kohden's growth in the last year to its industry (Medical Equipment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nihon Kohden's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Nihon Kohden's 1-year earnings growth exceeds its 5-year average (22.3% vs -4.2%)
  • Nihon Kohden's earnings growth has not exceeded the US Medical Equipment industry average in the past year (22.3% vs 31.9%).
Earnings and Revenue History
Nihon Kohden's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nihon Kohden Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:NHNK.Y Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 178,799.00 11,191.00 70,943.00
2018-12-31 177,020.00 9,878.00 60,358.00 7,226.00
2018-09-30 176,651.00 10,529.00 59,602.00 7,226.00
2018-06-30 175,479.00 9,676.00 59,216.00 7,226.00
2018-03-31 174,249.00 9,154.00 58,585.00 7,226.00
2017-12-31 173,122.00 9,586.00 59,043.00 6,466.00
2017-09-30 168,470.00 10,007.00 58,313.00 6,466.00
2017-06-30 168,236.00 10,251.00 57,542.00 6,466.00
2017-03-31 166,285.00 9,149.00 56,840.00 6,466.00
2016-12-31 164,487.00 9,691.00 57,087.00 5,910.00
2016-09-30 166,487.00 9,683.00 56,680.00 5,910.00
2016-06-30 164,237.00 9,191.00 56,326.00 5,910.00
2016-03-31 165,522.00 10,516.00 56,024.00 5,910.00
2015-12-31 164,180.00 9,082.00 55,868.00 5,745.00
2015-09-30 162,278.00 9,535.00 55,107.00 5,745.00
2015-06-30 162,508.00 10,842.00 54,348.00 5,745.00
2015-03-31 160,803.00 11,142.00 53,582.00 5,745.00
2014-12-31 160,027.00 12,961.00 51,983.00 7,108.00
2014-09-30 158,069.00 13,005.00 51,431.00 7,108.00
2014-06-30 153,761.00 11,569.00 50,577.00 7,108.00
2014-03-31 153,194.00 12,346.00 49,538.00 7,108.00
2013-12-31 143,080.00 10,089.00 48,624.00 6,424.00
2013-09-30 139,105.00 9,481.00 46,953.00 6,424.00
2013-06-30 135,178.00 9,407.00 45,631.00 6,424.00
2013-03-31 132,538.00 9,151.00 44,262.00 6,424.00
2012-12-31 128,774.00 9,203.00 43,685.00 5,583.00
2012-09-30 126,002.00 8,447.00 42,614.00 5,583.00
2012-06-30 123,541.00 8,044.00 41,707.00 5,583.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Nihon Kohden has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Nihon Kohden used its assets less efficiently than the US Medical Equipment industry average last year based on Return on Assets.
  • Nihon Kohden's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Nihon Kohden's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Medical Equipment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nihon Kohden has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is Nihon Kohden's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nihon Kohden's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nihon Kohden is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nihon Kohden's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nihon Kohden's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 303.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nihon Kohden Company Filings, last reported 1 month ago.

OTCPK:NHNK.Y Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 116,087.00 435.00 34,811.00
2018-12-31 111,119.00 407.00 33,696.00
2018-09-30 112,671.00 408.00 37,195.00
2018-06-30 108,016.00 417.00 34,043.00
2018-03-31 109,354.00 517.00 31,589.00
2017-12-31 105,504.00 486.00 31,628.00
2017-09-30 104,761.00 533.00 33,094.00
2017-06-30 102,223.00 597.00 31,724.00
2017-03-31 103,886.00 660.00 28,753.00
2016-12-31 97,137.00 844.00 23,489.00
2016-09-30 95,628.00 998.00 26,527.00
2016-06-30 93,775.00 1,135.00 29,854.00
2016-03-31 97,671.00 1,219.00 27,422.00
2015-12-31 100,016.00 1,117.00 28,797.00
2015-09-30 99,265.00 1,107.00 33,971.00
2015-06-30 97,548.00 1,509.00 31,499.00
2015-03-31 99,303.00 1,162.00 34,233.00
2014-12-31 92,934.00 1,553.00 32,103.00
2014-09-30 90,657.00 1,239.00 33,703.00
2014-06-30 86,864.00 1,000.00 28,581.00
2014-03-31 88,510.00 1,040.00 28,892.00
2013-12-31 81,461.00 887.00 25,519.00
2013-09-30 79,587.00 1,918.00 28,971.00
2013-06-30 77,122.00 1,698.00 28,791.00
2013-03-31 76,255.00 1,640.00 26,743.00
2012-12-31 71,256.00 1,521.00 22,362.00
2012-09-30 69,895.00 996.00 27,131.00
2012-06-30 67,896.00 926.00 25,689.00
  • Nihon Kohden's level of debt (0.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (1.2% vs 0.4% today).
  • Debt is well covered by operating cash flow (2350.3%, greater than 20% of total debt).
  • Nihon Kohden earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Nihon Kohden's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nihon Kohden has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Nihon Kohden's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.2%
Current annual income from Nihon Kohden dividends. Estimated to be 1.35% next year.
If you bought $2,000 of Nihon Kohden shares you are expected to receive $24 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Nihon Kohden's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Nihon Kohden's dividend is below the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:NHNK.Y Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Medical Equipment Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 1.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:NHNK.Y Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31
2023-03-31 40.00 1.00
2022-03-31 41.50 2.00
2021-03-31 40.55 6.00
2020-03-31 37.00 4.00
OTCPK:NHNK.Y Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2018-06-28 35.000 1.048
2018-05-10 35.000 1.159
2017-06-29 35.000 1.307
2017-05-11 35.000 1.409
2017-02-01 35.000 1.405
2016-06-29 35.000 1.366
2016-05-10 35.000 1.166
2016-02-15 35.000 1.242
2016-02-01 35.000 1.266
2015-11-13 35.000 1.325
2015-11-04 35.000 1.388
2015-06-26 35.000 1.482
2015-05-11 35.000 1.167
2014-05-08 40.000 1.426
2013-08-01 30.000 1.528
2013-05-13 26.000 1.354
2012-08-02 22.000 1.507
2012-06-28 22.000 1.754
2012-05-10 22.000 1.976
2012-02-07 21.000 1.958
2011-11-07 21.000 2.295
2011-08-03 21.000 2.151
2011-06-29 21.000 2.000
2011-05-11 21.000 2.227
2011-02-07 19.000 2.184
2010-11-04 19.000 2.237
2010-08-05 19.000 2.264
2010-06-30 19.000 2.322
2010-05-11 19.000 2.112
2010-02-05 17.000 2.037
2009-11-05 17.000 2.236
2009-08-05 17.000 2.338
2009-06-29 17.000 2.562

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Nihon Kohden's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Nihon Kohden's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nihon Kohden afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nihon Kohden has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Nihon Kohden's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hirokazu Ogino
AGE 48
TENURE AS CEO 1.9 years
CEO Bio

Mr. Hirokazu Ogino has been the President of Nihon Kohden Corporation since June 25, 2015 and has been its Chief Executive Officer since June 28, 2017. Mr. Ogino served as Chief Operating Officer of Nihon Kohden Corporation since June 25, 2015 until June 28, 2017 and served as its General Manager of Marketing Strategy Department. He served as Senior Operating Officer of Nihon Kohden Corp. and served as its Operating Officer. He has been a Representative Director of Nihon Kohden Corp. since June 2012.

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

Average tenure and age of the Nihon Kohden management team in years:

2.1
Average Tenure
57
Average Age
  • The tenure for the Nihon Kohden management team is about average.
Management Team

Hirokazu Ogino

TITLE
President
AGE
48
TENURE
1.9 yrs

Shigeru Hirata

TITLE
Operating Officer & GM of Finance Department
TENURE
2.9 yrs

Naoyuki Muraki

TITLE
Operating Officer & GM of Operations Management Division
TENURE
1.3 yrs

Tadashi Hasegawa

TITLE
Senior Operating Officer
AGE
59
TENURE
2.1 yrs

Takashi Tamura

TITLE
Executive Operating Officer
AGE
59
TENURE
3.1 yrs

Kenji Furukawa

TITLE
Operating Officer
TENURE
0.9 yrs

Fumio Hirose

TITLE
Senior Operating Officer
AGE
58

Eiichi Tanaka

TITLE
Operating Officer
AGE
56
TENURE
2.1 yrs

Toshihiko Hiraoka

TITLE
Operating Officer & Deputy GM of Sales Operations

Yasuhiro Yoshitake

TITLE
Operating Officer
AGE
52
Board of Directors Tenure

Average tenure and age of the Nihon Kohden board of directors in years:

3.9
Average Tenure
58
Average Age
  • The tenure for the Nihon Kohden board of directors is about average.
Board of Directors

Hirokazu Ogino

TITLE
President
AGE
48
TENURE
6.9 yrs

Kazuo Ogino

TITLE
Honorary Chairman
TENURE
3.9 yrs

Tadashi Hasegawa

TITLE
Senior Operating Officer
AGE
59
TENURE
3.9 yrs

Takashi Tamura

TITLE
Executive Operating Officer
AGE
59
TENURE
1.9 yrs

Fumio Hirose

TITLE
Senior Operating Officer
AGE
58
TENURE
3.9 yrs

Eiichi Tanaka

TITLE
Operating Officer
AGE
56
TENURE
1.9 yrs

Yasuhiro Yoshitake

TITLE
Operating Officer
AGE
52
TENURE
1.9 yrs

Kazuteru Yanagihara

TITLE
Senior Operating Officer
AGE
61
TENURE
3.9 yrs

Kazuhiko Ikuta

TITLE
Director
AGE
62
TENURE
2.9 yrs

Masasya Yamauchi

TITLE
Independent Outside Director
AGE
58
TENURE
8.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Nihon Kohden's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nihon Kohden has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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

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

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

News

Simply Wall St News

Company Info

Description

Nihon Kohden Corporation develops, produces, and sells medical electronic equipment in Japan and internationally. It provides physiological measuring equipment, including electroencephalographs, electrocardiographs, evoked potential and electromyogram measuring systems, and polygraphs for cath labs, diagnostic information systems, and related consumables, such as recording paper, electrodes and catheters, and maintenance services. The company also offers patient monitors systems comprising central monitors, bedside monitors, wireless monitors, remote access software, and other equipment; and clinical information systems and related consumables and services. In addition, it provides treatment equipment, such as defibrillators, automated external defibrillators, pacemakers, implanted cardioverter defibrillators, ventilators, anesthesia machines, vagal nerve stimulations, cochlear implants, and related consumables and services, such as AED pads and batteries. Further, the company offers other medical equipment consisting of automated hematology analyzers, clinical chemistry analyzers, ultrasound diagnostic equipment, basic laboratory equipment, as well as consumables, including test reagents, and installation and maintenance services. Nihon Kohden Corporation was founded in 1951 and is headquartered in Tokyo, Japan.

Details
Name: Nihon Kohden Corporation
NHNK.Y
Exchange: OTCPK
Founded: 1951
¥2,273,378,210
85,156,473
Website: http://www.nihonkohden.com
Address: Nihon Kohden Corporation
1-31-4 Nishiochiai,
Shinjuku-ku,
Tokyo,
161-8560,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 6849 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK NHNK.Y ADR Pink Sheets LLC US USD 20. Mar 2012
Number of employees
Current staff
Staff numbers
5,031
Nihon Kohden employees.
Industry
Health Care Equipment
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:25
End of day share price update: 2019/05/15 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/13
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.