Arisawa Mfg

OTCPK:ASWA.Y

Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

ASWA.Y

OTCPK

¥29B

Market Cap

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Last updated 2019/03/19 23:33

Company description

Arisawa Mfg. Co., Ltd. manufactures and sells electronic, optoelectronic, electrical insulating, and industrial structural materials in Japan and internationally. The last earnings update was 33 days ago. More info.

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ASWA.Y Share Price and Events

7 Day Returns

OTCPK:ASWA.Y

0.7%

US Electronic

1.6%

US Market

1 Year Returns

OTCPK:ASWA.Y

US Electronic

3.2%

US Market

ASWA.Y Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Arisawa Mfg (ASWA.Y)	0%	0%	-	-	37%	-
US Electronic	0.7%	0.9%	18.9%	0%	58.7%	59.1%
US Market	1.6%	2.1%	12.8%	3.2%	38.6%	43.6%

1 Year Return vs Industry and Market

No trading data on ASWA.Y.
No trading data on ASWA.Y.

Price Volatility

ASWA.Y

Industry

5yr Volatility vs Market

Related Companies

Sorry, no analysis for Arisawa Mfg's competitors could be found in our database.

Value

Is Arisawa Mfg 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 Arisawa Mfg 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 Our intrinsic value calculation method has changed recently, learn more here.

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

OTCPK:ASWA.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 2 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	9.7%
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:ASWA.Y
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year US Govt Bond Rate	2.7%
Equity Risk Premium	S&P Global	6%
Electronic Unlevered Beta	Simply Wall St/ S&P Global	1.07
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 1.071 (1 + (1- 30.86%) (23.3%))	1.163
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.16
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 2.73% + (1.163 * 5.96%)	9.66%

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

The calculations below outline how an intrinsic value for Arisawa Mfg 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:ASWA.Y DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (JPY, Millions)	Source	Present Value Discounted (@ 9.66%)
2019	210.65	Est @ 4.75%	192.09
2020	219.38	Est @ 4.14%	182.42
2021	227.54	Est @ 3.72%	172.53
2022	235.32	Est @ 3.42%	162.72
2023	242.88	Est @ 3.21%	153.15
2024	250.34	Est @ 3.07%	143.94
2025	257.77	Est @ 2.97%	135.15
2026	265.23	Est @ 2.9%	126.81
2027	272.78	Est @ 2.85%	118.93
2028	280.45	Est @ 2.81%	111.50
Present value of next 10 years cash flows			¥1,499.25

OTCPK:ASWA.Y DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = ¥280.45 × (1 + 2.73%) ÷ (9.66% – 2.73%)	¥4,155.94
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = ¥4,155.94 ÷ (1 + 9.66%)¹⁰	¥1,652.31

OTCPK:ASWA.Y Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = ¥1,499.25 + ¥1,652.31	¥3,151.56
Equity Value per Share (JPY)	= Total value / Shares Outstanding = ¥3,151.56 / 36.18	¥0.39

OTCPK:ASWA.Y Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in OTCPK:ASWA.Y represents 0.00452x of TSE:5208 (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.00452x
Value per Share (Listing Adjusted, USD)	= Value per Share (JPY) x Listing Adjustment Factor = ¥ 87.10 x 0.00452	$0.39
Value per share (USD)	From above.	$0.39
Current discount	Discount to share price of $3.64 = -1 x ($3.64 - $0.39) / $0.39	-825.3%

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

The current share price of Arisawa Mfg 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 Arisawa Mfg's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Arisawa Mfg's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

OTCPK:ASWA.Y PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-31) in JPY	¥88.87
TSE:5208 Share Price **	TSE (2019-02-12) in JPY	¥806
United States of America Electronic Industry PE Ratio	Median Figure of 92 Publicly-Listed Electronic Companies	19.48x
United States of America Market PE Ratio	Median Figure of 3,056 Publicly-Listed Companies	17.77x

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

** Primary Listing of Arisawa Mfg.

OTCPK:ASWA.Y PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSE:5208 Share Price ÷ EPS (both in JPY) = 806 ÷ 88.87	9.07x

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

Arisawa Mfg is good value based on earnings compared to the US Electronic industry average.
Arisawa Mfg is good value based on earnings compared to the United States of America market.

Price based on expected Growth

Does Arisawa Mfg's expected growth come at a high price?

Raw Data

OTCPK:ASWA.Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	9.07x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts	4.9%per year
United States of America Electronic Industry PEG Ratio	Median Figure of 60 Publicly-Listed Electronic Companies	1.55x
United States of America Market PEG Ratio	Median Figure of 2,107 Publicly-Listed Companies	1.49x

*Line of best fit is calculated by linear regression .

OTCPK:ASWA.Y PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 9.07x ÷ 4.9%	1.84x

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

Arisawa Mfg is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Arisawa Mfg's assets?

Raw Data

OTCPK:ASWA.Y PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-31) in JPY	¥1,383.58
TSE:5208 Share Price *	TSE (2019-02-12) in JPY	¥806
United States of America Electronic Industry PB Ratio	Median Figure of 151 Publicly-Listed Electronic Companies	2.1x
United States of America Market PB Ratio	Median Figure of 5,154 Publicly-Listed Companies	1.89x

OTCPK:ASWA.Y PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSE:5208 Share Price ÷ Book Value per Share (both in JPY) = 806 ÷ 1,383.58	0.58x

* Primary Listing of Arisawa Mfg.

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

Arisawa Mfg is good value based on assets compared to the US Electronic industry average.

Show me more potentially undervalued companies in the Electronic industry

Value checks

We assess Arisawa Mfg's value by looking at:

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. )
Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)

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

Future Performance

How is Arisawa Mfg expected to perform in the next 1 to 3 years based on estimates from 2 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!

4.9%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Arisawa Mfg expected to grow at an attractive rate?

Arisawa Mfg's earnings growth is expected to exceed the low risk savings rate of 2.7%.

Growth vs Market Checks

Arisawa Mfg's earnings growth is positive but not above the United States of America market average.
Arisawa Mfg's revenue growth is positive but not above the United States of America market average.

Annual Growth Rates Comparison

Raw Data

OTCPK:ASWA.Y Future Growth Rates Data Sources
Data Point	Source	Value (per year)
OTCPK:ASWA.Y Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts	4.9%
OTCPK:ASWA.Y Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts	3.2%
United States of America Electronic Industry Earnings Growth Rate	Market Cap Weighted Average	17%
United States of America Electronic Industry Revenue Growth Rate	Market Cap Weighted Average	5.6%
United States of America Market Earnings Growth Rate	Market Cap Weighted Average	14.3%
United States of America Market Revenue Growth Rate	Market Cap Weighted Average	7.1%

*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:ASWA.Y Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 2 Analyst Estimates (S&P Global)	See Below

All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ASWA.Y Future Estimates Data
Date (Data in JPY Millions)	Revenue	Net Income *	Avg. No. Analysts
2021-03-31	48,000	3,250	1
2020-03-31	47,250	3,463	2
2019-03-31	44,800	2,770	1

OTCPK:ASWA.Y Past Financials Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *
2018-12-31	45,280		3,208
2018-09-30	44,309	3,163	3,667
2018-06-30	42,730		3,714
2018-03-31	40,909	2,181	3,452
2017-12-31	39,021		3,199
2017-09-30	36,773	1,656	3,060
2017-06-30	34,984		2,549
2017-03-31	34,451	3,419	2,037
2016-12-31	34,323		1,937
2016-09-30	35,063	4,970	1,613
2016-06-30	36,570		1,854
2016-03-31	37,228	4,548	2,702

*GAAP earnings excluding extraordinary items.

High Growth Checks

Arisawa Mfg's earnings are expected to grow by 4.9% yearly, however this is not considered high growth (20% yearly).
Arisawa Mfg's revenue is expected to grow by 3.2% 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:ASWA.Y Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 2 Analyst Estimates (S&P Global)	See Below

All data from Arisawa Mfg Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ASWA.Y Future Estimates Data
Date (Data in JPY Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-03-31	89.80	89.80	89.80	1.00
2020-03-31	95.70	105.70	85.70	2.00
2019-03-31	76.60	76.60	76.60	1.00

OTCPK:ASWA.Y Past Financials Data
Date (Data in JPY Millions)	EPS *
2018-12-31	88.87
2018-09-30	101.80
2018-06-30	103.36
2018-03-31	96.30
2017-12-31	89.46
2017-09-30	85.74
2017-06-30	71.52
2017-03-31	57.20
2016-12-31	54.40
2016-09-30	45.31
2016-06-30	52.11
2016-03-31	76.00

*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.

Unable to establish if Arisawa Mfg will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Future performance checks

We assess Arisawa Mfg's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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.
Arisawa Mfg 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 Arisawa Mfg 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 Arisawa Mfg's growth in the last year to its industry (Electronic).

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.

Arisawa Mfg's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
Arisawa Mfg's 1-year earnings growth exceeds its 5-year average (0.3% vs -11.1%)
Arisawa Mfg's earnings growth has not exceeded the US Electronic industry average in the past year (0.3% vs 48.8%).

Earnings and Revenue History

Arisawa Mfg'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 Arisawa Mfg Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ASWA.Y Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions)	Revenue	Net Income *	G+A Expenses
2018-12-31	45,280.00	3,208.00	5,052.00
2018-09-30	44,309.00	3,667.00	5,268.00
2018-06-30	42,730.00	3,714.00	5,057.00
2018-03-31	40,909.00	3,452.00	4,862.00
2017-12-31	39,021.42	3,198.94	4,568.24
2017-09-30	36,773.30	3,060.10	4,193.66
2017-06-30	34,984.00	2,549.00	4,200.00
2017-03-31	34,451.00	2,037.00	4,104.00
2016-12-31	34,323.15	1,936.68	3,972.51
2016-09-30	35,063.07	1,612.56	4,136.21
2016-06-30	36,569.66	1,854.01	4,101.76
2016-03-31	37,228.00	2,702.00	4,124.00
2015-12-31	37,932.84	3,038.22	4,317.35
2015-09-30	38,148.63	3,419.80	4,103.11
2015-06-30	38,333.41	3,687.41	4,237.92
2015-03-31	37,589.00	4,821.00	4,181.00
2014-12-31	35,777.34	5,327.61	4,126.27
2014-09-30	33,379.89	6,470.03	4,044.62
2014-06-30	31,093.95	5,617.64	3,748.68
2014-03-31	30,232.12	4,106.69	3,734.31
2013-12-31	29,260.05	3,206.24	3,696.54
2013-09-30	28,420.75	1,399.25	3,633.39
2013-06-30	28,022.22	1,512.96	3,521.72
2013-03-31	26,999.22	915.47	3,442.66
2012-12-31	26,215.19	-85.76	3,380.74
2012-09-30	25,737.19	-659.76	3,427.74
2012-06-30	26,149.19	-1,086.76	3,730.74
2012-03-31	27,825.19	586.24	3,923.74

*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.

Arisawa Mfg has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Arisawa Mfg used its assets less efficiently than the US Electronic industry average last year based on Return on Assets.
Arisawa Mfg has improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess Arisawa Mfg's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
Arisawa Mfg has a total score of 2/6, 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 Arisawa Mfg'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 Arisawa Mfg's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Arisawa Mfg is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Arisawa Mfg's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of Arisawa Mfg'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 5.1x 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 Arisawa Mfg Company Filings, last reported 2 months ago.

OTCPK:ASWA.Y Past Debt and Equity Data
Date (Data in JPY Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-31	52,754.00	6,794.00	8,067.00
2018-09-30	52,516.00	6,470.00	8,271.00
2018-06-30	51,411.00	6,791.00	8,779.00
2018-03-31	52,490.00	6,999.00	10,303.00
2017-12-31	52,643.00	6,722.00	9,619.00
2017-09-30	49,740.00	4,739.00	6,879.00
2017-06-30	48,513.00	5,465.00	8,096.00
2017-03-31	48,549.00	5,260.00	8,464.00
2016-12-31	47,657.64	5,219.90	6,867.17
2016-09-30	45,591.77	4,007.25	6,090.38
2016-06-30	45,377.00	4,467.00	6,683.00
2016-03-31	47,602.00	3,927.00	6,220.00
2015-12-31	48,742.37	5,261.20	5,970.68
2015-09-30	48,283.53	5,541.18	7,343.39
2015-06-30	48,503.84	6,300.70	8,556.14
2015-03-31	48,147.00	5,868.00	8,103.00
2014-12-31	47,110.59	5,211.18	7,079.99
2014-09-30	44,426.21	4,132.35	6,060.26
2014-06-30
2014-03-31	44,492.88	4,730.59	11,392.86
2013-12-31
2013-09-30	38,265.26	4,051.41	7,726.34
2013-06-30	38,263.00	4,050.00	7,725.00
2013-03-31	37,359.11	4,073.00	7,271.11
2012-12-31	35,678.00	3,683.00	6,372.00
2012-09-30	35,114.00	3,886.00	6,087.00
2012-06-30	35,147.00	4,103.00	6,346.00
2012-03-31	35,041.60	4,378.99	8,113.86

Arisawa Mfg's level of debt (12.9%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has increased over the past 5 years (10.6% vs 12.9% today).
Debt is well covered by operating cash flow (46.6%, greater than 20% of total debt).
Arisawa Mfg earns more interest than it pays, coverage of interest payments is not a concern.

Show me more healthy companies in the Electronic industry

Financial health checks

We assess Arisawa Mfg's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
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 Arisawa Mfg'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

4.22%

Current annual income from Arisawa Mfg dividends. Estimated to be 3.68% next year.

If you bought $2,000 of Arisawa Mfg shares you are expected to receive $84 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?

Arisawa Mfg's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
Arisawa Mfg's dividend is above the markets top 25% of dividend payers in United States of America (3.63%).

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:ASWA.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 2 Analyst Estimates (S&P Global)	See Below
United States of America Electronic Industry Average Dividend Yield	Market Cap Weighted Average of 38 Stocks	1.6%
United States of America Market Average Dividend Yield	Market Cap Weighted Average of 2004 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	1.4%
United States of America Top 25% Dividend Yield	75th Percentile	3.6%

Industry and Market average data is calculated daily.

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

OTCPK:ASWA.Y Future Dividends Estimate Data
Date (Data in ¥)	Dividend per Share (annual)	Avg. No. Analysts
2021-03-31	32.00	1.00
2020-03-31	30.00	1.00
2019-03-31	27.00	1.00

OTCPK:ASWA.Y Past Annualized Dividends Data
Date (Data in ¥)	Dividend per share (annual)	Avg. Yield (%)
2018-06-29	34.000	3.789
2018-05-09	34.000	2.817
2017-06-29	20.000	1.907
2017-05-09	20.000	2.376
2016-06-27	23.000	3.752
2016-05-10	23.000	4.309
2016-02-04	23.000	4.012
2015-06-29	35.000	4.541
2015-05-08	35.000	3.423
2014-08-27	16.000	1.830
2014-05-08	16.000	2.331
2014-02-06	20.000	3.657
2013-07-31	8.000	1.383
2013-05-09	8.000	1.910
2012-05-10	5.000	2.001
2011-07-28	6.000	1.839
2011-04-28	6.000	1.332
2010-06-30	8.000	1.683
2010-04-27	8.000	1.227
2009-06-29	8.000	1.318
2009-03-23	8.000	1.903

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

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of Arisawa Mfg's earnings are paid to the shareholders as a dividend.

Dividends paid are well covered by earnings (2.6x 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.

Show me more dividend paying companies in the Electronic industry

Income/ dividend checks

We assess Arisawa Mfg's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Arisawa Mfg afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

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

Management

What is the CEO of Arisawa Mfg'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

Yuta Arisawa

AGE	49
TENURE AS CEO	1.8 years

CEO Bio

Mr. Yuta Arisawa has been the Chief Executive Officer of Arisawa Mfg. Co., Ltd. since June 28, 2017. Mr. Arisawa served as Chief Operating Officer of Arisawa Mfg. Co., Ltd. since June 2014 until June 28, 2017 and its President since June 2014 until June 28, 2017, Senior Managing Operating officer and Senior Operating Officer since June 2010 and also served as Operating Officer since April 2009. Mr. Arisawa has been a Representative Director of Arisawa Mfg. Co., Ltd. since June 2014 and served as its Director since June 2010.

CEO Compensation

Insufficient data for Yuta to compare compensation growth.
Insufficient data for Yuta 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 Arisawa Mfg management team in years:

2.2

Average Tenure

56.5

Average Age

The tenure for the Arisawa Mfg management team is about average.

TITLE

Operating Officer & Deputy Division Chief of Electrical Insulating & Composite Materials Division

Makoto Tai

TITLE

Operating Officer & Deputy Division Chief of Electronic Materials Business Division

Mitsuru Ogino

TITLE

Operating Officer & Deputy Division Chief of Electronic Materials Business Division

TENURE

2.7 yrs

Takeshi Aizawa

TITLE

Operating Officer & Deputy Division Chief of Manufacturing Division

Board of Directors Tenure

Average tenure and age of the Arisawa Mfg board of directors in years:

4.8

Average Tenure

Average Age

The tenure for the Arisawa Mfg board of directors is about average.

2.8 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 ($)	Value ($)

Management checks

We assess Arisawa Mfg's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

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

Arisawa Mfg. Co., Ltd. manufactures and sells electronic, optoelectronic, electrical insulating, and industrial structural materials in Japan and internationally. The company offers flexible printed circuit materials, including PI, photosensitive, and other coverlays; copper-clad laminates; interlayer adhesive sheets; and PI composite and protection films. It also provides optical materials, such as projection screens, UV nanoimprinting products, 3D displays for optical devices, optical retardation elements, and diffractive optical elements. In addition, the company offers fabric products comprising glass cloths and tapes, carbon cloths, and braided and other fabric products; general coating products, which include pre-pregs, glass cloth silicon rubber tapes, semi-conductive tapes, adhesive tapes, composite adhesive tapes, and resin impregnated glass-cloth tapes; and glass and carbon fiber filament winding moldings, pultrusion products, compression molding products, and cryogenic cooling vessels. Arisawa Mfg. Co., Ltd. was founded in 1909 and is headquartered in Joetsu, Japan.

Details

Name:	Arisawa Mfg. Co., Ltd.
Ticker:	ASWA.Y
Exchange:	OTCPK
Founded:	1909
Market Cap:	¥261,926,256
Shares outstanding:	36,182,220
Website:	http://www.arisawa.co.jp
Address:	Arisawa Mfg. Co., Ltd. Minami-honcho 1-5-5, Joetsu, Niigata, 943-8610, Japan

Listings

	Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
	TSE	5208	Common Stock	The Tokyo Stock Exchange	JP	JPY	06. Jan 1992
	OTCPK	ASWA.Y	GDR	Pink Sheets LLC	US	USD	16. Mar 2001

Number of employees

Current staff

1,426

Arisawa Mfg employees.

Industry

Industry:	Electronic Components
Sector:	Tech

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/03/19 23:33
End of day share price update:	2019/02/12 00:00
Last estimates confirmation:	2019/03/04
Last earnings filing:	2019/02/14
Last earnings reported:	2018/12/31
Last annual earnings reported:	2018/03/31

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.

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