OTCPK:PIGE.F

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Pigeon Corporation manufactures, sells, imports, and exports baby and child-care products, maternity items, women’s care products, home healthcare products, elder care products, etc.

Rewards

Earnings are forecast to grow 9.3% per year

Pays a reliable dividend of 1.71%

Risk Analysis

No risks detected for PIGE.F from our risk checks.


Snowflake Analysis

Flawless balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Pigeon's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PIGE.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

PIGE.F

-0.05%

US Household Products

2.9%

US Market


1 Year Return

n/a

PIGE.F

7.4%

US Household Products

8.9%

US Market

Return vs Industry: Insufficient data to determine how PIGE.F performed against the US Household Products industry.

Return vs Market: Insufficient data to determine how PIGE.F performed against the US Market.


Shareholder returns

PIGE.FIndustryMarket
7 Day0%-0.05%2.9%
30 Day0%2.8%10.6%
90 Dayn/a-2.6%5.1%
1 Yearn/a10.1%7.4%11.4%8.9%
3 Year-9.0%-9.0%42.6%31.0%34.3%25.4%
5 Year18.1%18.1%74.7%50.8%60.7%42.7%

Price Volatility Vs. Market

How volatile is Pigeon's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Pigeon undervalued compared to its fair value and its price relative to the market?

41.21x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PIGE.F ($33.06) is trading above our estimate of fair value ($12.24)

Significantly Below Fair Value: PIGE.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PIGE.F is poor value based on its PE Ratio (41.2x) compared to the Household Products industry average (25.7x).

PE vs Market: PIGE.F is poor value based on its PE Ratio (41.2x) compared to the US market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: PIGE.F is poor value based on its PEG Ratio (4.4x)


Price to Book Ratio

PB vs Industry: PIGE.F is overvalued based on its PB Ratio (7.4x) compared to the US Household Products industry average (5.8x).


Next Steps

Future Growth

How is Pigeon forecast to perform in the next 1 to 3 years based on estimates from 13 analysts?

9.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PIGE.F's forecast earnings growth (9.3% per year) is above the savings rate (2.2%).

Earnings vs Market: PIGE.F's earnings (9.3% per year) are forecast to grow slower than the US market (22% per year).

High Growth Earnings: PIGE.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: PIGE.F's revenue (5.2% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: PIGE.F's revenue (5.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PIGE.F's Return on Equity is forecast to be low in 3 years time (19.9%).


Next Steps

Past Performance

How has Pigeon performed over the past 5 years?

9.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PIGE.F has high quality earnings.

Growing Profit Margin: PIGE.F's current net profit margins (11.3%) are lower than last year (14.2%).


Past Earnings Growth Analysis

Earnings Trend: PIGE.F's earnings have grown by 9% per year over the past 5 years.

Accelerating Growth: PIGE.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PIGE.F had negative earnings growth (-18.3%) over the past year, making it difficult to compare to the Household Products industry average (14.2%).


Return on Equity

High ROE: PIGE.F's Return on Equity (17.7%) is considered low.


Next Steps

Financial Health

How is Pigeon's financial position?


Financial Position Analysis

Short Term Liabilities: PIGE.F's short term assets (¥61.9B) exceed its short term liabilities (¥15.6B).

Long Term Liabilities: PIGE.F's short term assets (¥61.9B) exceed its long term liabilities (¥4.4B).


Debt to Equity History and Analysis

Debt Level: PIGE.F is debt free.

Reducing Debt: PIGE.F has no debt compared to 5 years ago when its debt to equity ratio was 17.9%.

Debt Coverage: PIGE.F has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: PIGE.F has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

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

1.71%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PIGE.F's dividend (1.71%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: PIGE.F's dividend (1.71%) is low compared to the top 25% of dividend payers in the US market (4.52%).


Stability and Growth of Payments

Stable Dividend: PIGE.F's dividends per share have been stable in the past 10 years.

Growing Dividend: PIGE.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67.7%), PIGE.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.2yrs

Average management tenure


CEO

Norimasa Kitazawa

1.42yrs

Tenure

Mr. Norimasa Kitazawa serves as a President at Pigeon Corporation since April 25, 2019 and had been its Chief Operating Officer since April 2019 until 2019. He serves as Chief Executive Officer at Pigeon C ...


Leadership Team

NamePositionTenureCompensationOwnership
Norimasa Kitazawa
President & CEO1.42yrsno data0.021% ¥974.9k
Hiroyasu Maki
Managing Officer and Accounting & Finance Division Managerno datano datano data
Koji Ishigami
Managing Officer and Human Resources & General Affairs Division Managerno datano datano data
Yoichi Nakata
Executive Advisor & Director51.25yrsno data1.62% ¥75.6m
Yasunori Kurachi
Managing Executive Officer7.17yrsno data0.013% ¥623.8k
Eiji Akamatsu
Senior Managing Executive Officer9.17yrsno data0.029% ¥1.4m
Tadashi Itakura
Senior Managing Executive Officer6.17yrsno data0.0059% ¥273.1k
Yusuke Nakata
Senior Managing Officer & Singapore Business Division Manager3.42yrsno datano data
Kevin Vyse-Peacock
Director & Senior Executive Officer4.17yrsno datano data
Ryo Yano
Senior Managing Officer & China Business Division Managerno datano datano data

5.2yrs

Average Tenure

Experienced Management: PIGE.F's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yoichi Nakata
Executive Advisor & Director51.25yrsno data1.62% ¥75.6m
Yasunori Kurachi
Managing Executive Officer7.17yrsno data0.013% ¥623.8k
Eiji Akamatsu
Senior Managing Executive Officer9.17yrsno data0.029% ¥1.4m
Tadashi Itakura
Senior Managing Executive Officer6.17yrsno data0.0059% ¥273.1k
Kevin Vyse-Peacock
Director & Senior Executive Officer4.17yrsno datano data
Shigeru Yamashita
Chairman of the Board1.17yrsno data0.073% ¥3.4m
Kazuhisa Amari
Audit & Supervisory Board Member4.17yrsno data0.038% ¥1.8m
Rehito Hatoyama
Independent Outside Director4.17yrsno data0.0017% ¥78.0k
Takayuki Nitta
Independent Outside Director5.17yrsno data0.0017% ¥78.0k
Erika Okada
Independent Outside Director2.17yrsno datano data

4.7yrs

Average Tenure

54yo

Average Age

Experienced Board: PIGE.F's board of directors are considered experienced (4.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Pigeon Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Pigeon Corporation
  • Ticker: PIGE.F
  • Exchange: OTCPK
  • Founded: 1949
  • Industry: Household Products
  • Sector: Household
  • Market Cap: JP¥502.854b
  • Listing Market Cap: JP¥4.669b
  • Shares outstanding: 119.73m
  • Website: https://www.pigeon.co.jp

Number of Employees


Location

  • Pigeon Corporation
  • 4-4, Nihonbashi Hisamatsu-cho
  • Chuo-ku
  • Tokyo
  • 103-8480
  • Japan

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
7956TSE (The Tokyo Stock Exchange)YesCommon StockJPJPYJan 1992
PIGE.FOTCPK (Pink Sheets LLC)YesCommon StockUSUSDJan 1992
PGEN.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDOct 2011

Biography

Pigeon Corporation manufactures, sells, imports, and exports baby and child-care products, maternity items, women’s care products, home healthcare products, elder care products, etc. in Japan and internationally. The company operates through Domestic Baby & Mother Care Business, Child Care Service Business, Health & Elder Care Business, Overseas Business, China Business, and Other segments. It offers breastfeeding, weaning, skincare, women’s care, and large-sized products for babies, as well as other products for babies and mothers. The company also provides child-rearing support, babysitter dispatch, event child-care, and preschool education services; and operates child-minding facilities and daycare centers. In addition, it offers elder care and anti-aging products, and elder care support services; and baby and mother related products, such as nursing bottles and nipples, toiletries, and skincare products. The company was formerly known as Pigeon Honyuki Honpo Corporation and changed its name to Pigeon Corporation in 1966. Pigeon Corporation was founded in 1949 and is headquartered in Tokyo, Japan. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/01 04:03
End of Day Share Price2020/03/05 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.