Buy Or Sell Opportunity • Jun 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.4% to €31.48. The fair value is estimated to be €25.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period. Reported Earnings • Jun 19
Full year 2026 earnings released: EPS: JP¥286 (vs JP¥228 in FY 2025) Full year 2026 results: EPS: JP¥286 (up from JP¥228 in FY 2025). Revenue: JP¥1.36t (up 3.9% from FY 2025). Net income: JP¥123.9b (up 25% from FY 2025). Profit margin: 9.1% (up from 7.6% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 16% per year. Tillkännagivande • Jun 11
Cold Jet Bv And Nippon Sanso Launch Fully Automated Dry Ice Production And Recovery Facility In Köping Cold Jet bv and Nippon Sanso successfully launched a highly sophisticated, fully automated dry ice production and recovery facility in Köping. This landmark project combines Nippon Sanso’s market leadership with Cold Jet’s world-class technology to meet the demand for dry ice cooling solutions in the airline, food, pharmaceutical, and industrial cleaning sectors across the Nordic region. Powered by Cold Jet’s advanced turnkey solutions, the facility boasts a production capacity of 2.2 tons of dry ice per hour. Localized production will significantly reduce transport times, delivering fresh, superior-quality dry ice directly to their customers. Nippon Sanso selected Cold Jet to secure an integrated, single-source system where Cold Jet took full responsibility for the entire dry ice production line. The Köping installation features a fully automated suite of Cold Jet technology designed for autonomous operation: PR750H High-Efficiency Pelletizers designed for high-volume production; Integrated Conveyor & Control Systems from pellet to reformer; R1000H Pellet-to-Slice Reformers produces high-density slices ranging from 250g to 3kg; Fully Automated Robotics System utilizes three advanced robots to stack, strap, wrap, and fill dry ice containers with minimal human intervention; RE-CO2 320 Recovery Systems with six integrated recovery units capture and recycle CO2, maximizing efficiency. By automating repetitive packaging processes, the plant minimizes human error while allowing operators to focus on downstream quality monitoring. At the heart of the facility’s efficiency are Cold Jet’s CO2 Recovery Systems. While traditional dry ice production vents substantial amounts of liquid CO2 into the atmosphere, this installation changes the equation: Significant Cost Savings by capturing and reliquefying gas that would otherwise be wasted, Nippon Sanso cuts its LCO2 costs in half and dramatically improves the conversion rate; Environmental Stewardship as the recovery units minimize the facility’s carbon footprint; Optimized Yield by turning waste gas back into a usable resource ensures peak operational efficiency. By integrating dry ice production with its existing cylinder filling operations in Köping, Nippon Sanso shares resources to maximize agility. The plant will produce a versatile mix of pellets (3mm, 10mm, and 16mm) and slices (500g, 800g, and 1000g). Buy Or Sell Opportunity • May 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to €32.90. The fair value is estimated to be €27.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Board Change • May 21
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Director Kenji Nagata is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • May 14
Nippon Sanso Holdings Corporation to Report Q1, 2027 Results on Jul 29, 2026 Nippon Sanso Holdings Corporation announced that they will report Q1, 2027 results at 3:00 PM, Tokyo Standard Time on Jul 29, 2026 Tillkännagivande • May 11
Nippon Sanso Holdings Corporation, Annual General Meeting, Jun 17, 2026 Nippon Sanso Holdings Corporation, Annual General Meeting, Jun 17, 2026. Tillkännagivande • Feb 17
Nippon Sanso Holdings Corporation to Report Fiscal Year 2026 Results on May 11, 2026 Nippon Sanso Holdings Corporation announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 11, 2026 Tillkännagivande • Feb 05
Nippon Sanso Holdings Corporation Revises Earnings Guidance for the Fiscal Year Ending March 31, 2026 Nippon Sanso Holdings Corporation revised earnings guidance for the fiscal year ending March 31, 2026. For the year, the company expects revenue to be JPY 1,330,000 million against previous guidance of JPY 1,290,000 million. Core operating income to be JPY 196,000 million against previous guidance of JPY 191,000 million. Operating income to be JPY 194,300 million against previous guidance of JPY 191,000 million. Net income to be JPY 127,000 million against previous guidance of JPY 119,500 million. Net income attributable to owners of the parent to be JPY 123,500 million against previous guidance of JPY 116,000 million. Basic earnings per share to be JPY 285.31 against previous guidance of JPY 267.99. Reasons for the Revisions: Although sales volume trends across the Group remain soft, due to the favorable impact from the depreciation of the JPY against major currencies including the USD and EUR, and effect from price management, revenue is expected to exceed the previous forecast, Core operating income is also expected to exceed the previous forecast due to positive effects from productivity effort in addition to above mentiond positive impact and effect, despite the cost increase from inflation. Accordingly, Operating income, Net income, and Net income attributable to owners of the parent are also expected to exceed the previous forecast. Declared Dividend • Dec 30
First half dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 30th March 2026 Payment date: 19th June 2026 Dividend yield will be 115%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Dec 30
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Director Kenji Nagata is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Tillkännagivande • Nov 29
Nippon Sanso Holdings Corporation to Report Q3, 2026 Results on Feb 04, 2026 Nippon Sanso Holdings Corporation announced that they will report Q3, 2026 results on Feb 04, 2026 Tillkännagivande • Oct 30
Nippon Sanso Holdings Corporation Declares Dividend for the Second Quarter Ended September 30, 2025, Payable on December 1, 2025; Provides Dividend Guidance for the Year Ending March 31, 2026 Nippon Sanso Holdings Corporation declared dividend of JPY 29 per share for the second quarter ended September 30, 2025. Scheduled date to commence dividend payments: December 1, 2025. Record date is September 30, 2025.
The company provided dividend guidance of JPY 29 per share for the year ending March 31, 2026. Reason: The Company has adopted a policy of allocating sufficient earnings to internal reserves for the expansion and strengthening of its corporate capabilities and will endeavor to make shareholder returns in line with a dividend policy linked to consolidated performance and based on sustained payment of a stable dividend. Based on this policy, and in view of its business results and so forth, the Company resolved to increase its interim dividend to JPY 29 per share and revise the year-end dividend forecast to JPY 29 per share. As a result, the annual dividend forecast will be JPY 58 per share. Tillkännagivande • Aug 02
Nippon Sanso Holdings Corporation to Report First Half, 2026 Results on Oct 30, 2025 Nippon Sanso Holdings Corporation announced that they will report first half, 2026 results on Oct 30, 2025 Tillkännagivande • Jul 02
Supagas Holding Pty Ltd completed the acquisition Coregas Pty Ltd from Wesfarmers Limited (ASX:WES). Supagas Holding Pty Ltd agreed to acquire Coregas Pty Ltd from Wesfarmers Limited (ASX:WES) for AUD 770 million on December 20, 2024. A cash consideration of AUD 770 million will be paid by Nippon Sanso Holdings Corporation. As part of consideration, AUD 770 million is paid towards common equity of Coregas Pty Ltd.
The transaction is subject to approval by regulatory board / committee and subject to antitrust regulations. The expected completion of the transaction is May 1, 2025 to August 31, 2025.Damien Roberts of Herbert Smith Freehills acted as a legal advisor to Coregas. As of June 26 ,2025, Wesfarmers announced that all conditions precedent to the sale of Coregas to a subsidiary of Nippon Sanso Holdings Corporation have now been satisfied and sale is now unconditional. The transaction is expected to be completed in July 2025. The sale subject to the receipt of certain consents and approvals, including from the Australian Competition and Consumer Commission and Foreign Investment Review Board, which have now been received.
Supagas Holding Pty Ltd completed the acquisition Coregas Pty Ltd from Wesfarmers Limited (ASX:WES) on July 1, 2025. Wesfarmers expects to record a pre-tax profit on sale of approximately AUD 230 million to AUD 260 million, subject to completion adjustments, with this amount to be included in the results for the 2025 financial year.
Daniel Coote, Kapil Kumar, Martin Linhart, Pulin Desai and Fady Abi Abdallah of BDO Corporate Finance (QLD) Limited acted as due diligence provider for Supagas Holding Pty Ltd. Tillkännagivande • May 13
Nippon Sanso Holdings Corporation to Report Q1, 2026 Results on Jul 31, 2025 Nippon Sanso Holdings Corporation announced that they will report Q1, 2026 results at 3:00 PM, Tokyo Standard Time on Jul 31, 2025 Tillkännagivande • Apr 23
TOMOE SHOKAI Co., Ltd. completed the acquisition of 68% stake in Taiyo Gases Co. Ltd from Nippon Sanso Holdings Corporation (TSE:4091) and Siam Nippon Sanso Company Limited. TOMOE SHOKAI Co., Ltd. agreed to acquire 68% stake in Taiyo Gases Co. Ltd from Nippon Sanso Holdings Corporation (TSE:4091) and Siam Nippon Sanso Company Limited on March 31, 2025.
TOMOE SHOKAI Co., Ltd. completed the acquisition of 68% stake in Taiyo Gases Co. Ltd from Nippon Sanso Holdings Corporation (TSE:4091) and Siam Nippon Sanso Company Limited on April 21, 2025. Tillkännagivande • Feb 05
Nippon Sanso Holdings Corporation to Report Fiscal Year 2025 Results on May 12, 2025 Nippon Sanso Holdings Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 12, 2025 Tillkännagivande • Dec 21
Nippon Sanso Holdings Corporation (TSE:4091) agreed to acquire Coregas Pty Ltd from Wesfarmers Limited (ASX:WES) for AUD 770 million. Nippon Sanso Holdings Corporation (TSE:4091) agreed to acquire Coregas Pty Ltd from Wesfarmers Limited (ASX:WES) for AUD 770 million on December 20, 2024. A cash consideration of AUD 770 million will be paid by Nippon Sanso Holdings Corporation. As part of consideration, AUD 770 million is paid towards common equity of Coregas Pty Ltd.
The transaction is subject to approval by regulatory board / committee and subject to antitrust regulations. The expected completion of the transaction is May 1, 2025 to August 31, 2025. Reported Earnings • Nov 01
First half 2025 earnings released: EPS: JP¥114 (vs JP¥112 in 1H 2024) First half 2025 results: EPS: JP¥114 (up from JP¥112 in 1H 2024). Revenue: JP¥643.0b (up 5.0% from 1H 2024). Net income: JP¥49.2b (up 1.3% from 1H 2024). Profit margin: 7.7% (down from 7.9% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 31
Nippon Sanso Holdings Corporation to Report Q3, 2025 Results on Feb 05, 2025 Nippon Sanso Holdings Corporation announced that they will report Q3, 2025 results at 3:00 PM, Tokyo Standard Time on Feb 05, 2025 Tillkännagivande • Sep 27
Nippon Sanso Holdings Corporation to Report Q2, 2025 Results on Oct 31, 2024 Nippon Sanso Holdings Corporation announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.0%). New Risk • Aug 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (76% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €22.94, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Chemicals industry in Germany. Total returns to shareholders of 27% over the past three years. Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: JP¥67.19 (vs JP¥56.73 in 1Q 2024) First quarter 2025 results: EPS: JP¥67.19 (up from JP¥56.73 in 1Q 2024). Revenue: JP¥329.3b (up 6.6% from 1Q 2024). Net income: JP¥29.1b (up 18% from 1Q 2024). Profit margin: 8.8% (up from 8.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 16% per year. Declared Dividend • Jul 11
Final dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 86%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 25
Full year 2024 earnings released: EPS: JP¥245 (vs JP¥169 in FY 2023) Full year 2024 results: EPS: JP¥245 (up from JP¥169 in FY 2023). Revenue: JP¥1.26t (up 5.8% from FY 2023). Net income: JP¥105.9b (up 45% from FY 2023). Profit margin: 8.4% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥245 (vs JP¥169 in FY 2023) Full year 2024 results: EPS: JP¥245 (up from JP¥169 in FY 2023). Revenue: JP¥1.26t (up 5.8% from FY 2023). Net income: JP¥105.9b (up 45% from FY 2023). Profit margin: 8.4% (up from 6.2% in FY 2023). 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 4.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €30.98, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Chemicals industry in Germany. Total returns to shareholders of 107% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.78 per share. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥57.40 (vs JP¥39.85 in 3Q 2023) Third quarter 2024 results: EPS: JP¥57.40 (up from JP¥39.85 in 3Q 2023). Revenue: JP¥316.1b (up 5.6% from 3Q 2023). Net income: JP¥24.8b (up 44% from 3Q 2023). Profit margin: 7.9% (up from 5.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Tillkännagivande • Feb 02
Nippon Sanso Holdings Corporation to Report Fiscal Year 2024 Results on May 13, 2024 Nippon Sanso Holdings Corporation announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥55.42 (vs JP¥41.27 in 2Q 2023) Second quarter 2024 results: EPS: JP¥55.42 (up from JP¥41.27 in 2Q 2023). Revenue: JP¥303.7b (up 2.0% from 2Q 2023). Net income: JP¥24.0b (up 34% from 2Q 2023). Profit margin: 7.9% (up from 6.0% in 2Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Nov 01
Nippon Sanso Holdings Corporation Revises Consolidated Earnings Forecasts for the Full Term of Fiscal Year Ending March 31, 2024 Nippon Sanso Holdings Corporation revised consolidated earnings forecasts for the full term of fiscal year ending March 31, 2024. The company now expected revenue of JPY 1,230,000 million against the previous guidance of JPY 1,160,000 million. Operating income of JPY 163,000 million against the previous guidance of JPY 127,500 million. Net income of JPY 100,500 million against the previous guidance of JPY 73,500 million. Net income attributable to owners of the parent of JPY 97,000 million against the previous guidance of JPY 70,500 million. Basic earnings per share of JPY 224.09 against the previous guidance of JPY 162.87. Tillkännagivande • Oct 31
Nippon Sanso Holdings Corporation to Report Q3, 2024 Results on Feb 02, 2024 Nippon Sanso Holdings Corporation announced that they will report Q3, 2024 results on Feb 02, 2024 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 1.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.9%). Buying Opportunity • Aug 03
Now 21% undervalued Over the last 90 days, the stock is up 25%. The fair value is estimated to be €26.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 5.0% per annum over the same time period. Reported Earnings • Jul 30
First quarter 2024 earnings released: EPS: JP¥56.73 (vs JP¥39.95 in 1Q 2023) First quarter 2024 results: EPS: JP¥56.73 (up from JP¥39.95 in 1Q 2023). Revenue: JP¥308.9b (up 12% from 1Q 2023). Net income: JP¥24.6b (up 42% from 1Q 2023). Profit margin: 8.0% (up from 6.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Jun 25
Full year 2023 earnings released: EPS: JP¥169 (vs JP¥148 in FY 2022) Full year 2023 results: EPS: JP¥169 (up from JP¥148 in FY 2022). Revenue: JP¥1.19t (up 24% from FY 2022). Net income: JP¥73.1b (up 14% from FY 2022). Profit margin: 6.2% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Buying Opportunity • Jun 24
Now 22% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be €24.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings is also forecast to grow by 6.8% per annum over the same time period. Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥169 (vs JP¥148 in FY 2022) Full year 2023 results: EPS: JP¥169 (up from JP¥148 in FY 2022). Revenue: JP¥1.19t (up 24% from FY 2022). Net income: JP¥73.1b (up 14% from FY 2022). Profit margin: 6.2% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.7%). Reported Earnings • Feb 03
Third quarter 2023 earnings released: EPS: JP¥39.85 (vs JP¥36.61 in 3Q 2022) Third quarter 2023 results: EPS: JP¥39.85 (up from JP¥36.61 in 3Q 2022). Revenue: JP¥299.3b (up 23% from 3Q 2022). Net income: JP¥17.3b (up 8.9% from 3Q 2022). Profit margin: 5.8% (down from 6.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Dec 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €19.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings is also forecast to grow by 7.1% per annum over the same time period. Tillkännagivande • Nov 30
Nippon Sanso Holdings Corporation to Report Q3, 2023 Results on Feb 02, 2023 Nippon Sanso Holdings Corporation announced that they will report Q3, 2023 results on Feb 02, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥41.27 (vs JP¥42.12 in 2Q 2022) Second quarter 2023 results: EPS: JP¥41.27 (down from JP¥42.12 in 2Q 2022). Revenue: JP¥297.7b (up 30% from 2Q 2022). Net income: JP¥17.9b (down 2.0% from 2Q 2022). Profit margin: 6.0% (down from 8.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Miri Hara was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 03
Second quarter 2023 earnings released: EPS: JP¥41.27 (vs JP¥42.12 in 2Q 2022) Second quarter 2023 results: EPS: JP¥41.27 (down from JP¥42.12 in 2Q 2022). Revenue: JP¥297.7b (up 30% from 2Q 2022). Net income: JP¥17.9b (down 2.0% from 2Q 2022). Profit margin: 6.0% (down from 8.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 02
Nippon Sanso Holdings Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Nippon Sanso Holdings Corporation provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the year, the company expects revenue of JPY 1,160,000 million, operating income of JPY 113,000 million, net income of JPY 70,500 million and basic earnings per share of JPY 157.11. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.1%). Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥39.95 (vs JP¥37.12 in 1Q 2022) First quarter 2023 results: EPS: JP¥39.95 (up from JP¥37.12 in 1Q 2022). Revenue: JP¥276.0b (up 26% from 1Q 2022). Net income: JP¥17.3b (up 7.6% from 1Q 2022). Profit margin: 6.3% (down from 7.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 5.9%, compared to a 5.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 29
Nippon Sanso Holdings Corporation Revises Earnings Guidance for the Fiscal Year Ending March 31, 2023 Nippon Sanso Holdings Corporation revises earnings guidance for the fiscal year ending March 31, 2023. The company now expects Operating income of JPY 105,000 million, Net income attributable to owners of the parent of JPY 65,000 million or JPY 150.18 per basic share compared to previous forecast of operating income of JPY 107,500 million, Net income attributable to owners of the parent of JPY 67,000 million or JPY 154.82 per basic share. Revenue guidance of JPY 950,000 million remains unchanged. Reported Earnings • Jun 23
Full year 2022 earnings released: EPS: JP¥148 (vs JP¥128 in FY 2021) Full year 2022 results: EPS: JP¥148 (up from JP¥128 in FY 2021). Revenue: JP¥957.2b (up 17% from FY 2021). Net income: JP¥64.1b (up 16% from FY 2021). Profit margin: 6.7% (in line with FY 2021). Over the next year, revenue is forecast to grow 10%, compared to a 7.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥148 (vs JP¥128 in FY 2021) Full year 2022 results: EPS: JP¥148 (up from JP¥128 in FY 2021). Revenue: JP¥957.2b (up 17% from FY 2021). Net income: JP¥64.1b (up 16% from FY 2021). Profit margin: 6.7% (in line with FY 2021). Over the next year, revenue is forecast to stay flat compared to a 6.4% growth forecast for the industry in Germany. Board Change • Apr 29
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Outside Director Mitsuhiro Katsumaru is the most experienced director on the board, commencing their role in 2015. Independent Outside Director Miri Hara was the last independent director to join the board, commencing their role in 2021. 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. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 21 June 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (3.6%). Lower than average of industry peers (4.7%). Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥36.62 (down from JP¥37.71 in 3Q 2021). Revenue: JP¥244.2b (up 18% from 3Q 2021). Net income: JP¥15.8b (down 2.9% from 3Q 2021). Profit margin: 6.5% (down from 7.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Over the next year, revenue is forecast to grow 2.9%, compared to a 5.9% growth forecast for the industry in Germany. Tillkännagivande • Feb 03
Nippon Sanso Holdings Corporation Provides Earnings Guidance for the Year Ending March 2022 Nippon Sanso Holdings Corporation provided earnings guidance for the year ending March 2022. Revenue is expected to be JPY 932 billion, an increase of JPY 67 billion compared to the initial forecast provided in May, and an increase of JPY 113.8 billion, or 13.9%, compared to the previous fiscal year. Core operating income is expected to be JPY 101 billion, an increase of JPY 5 billion compared to the initial forecast, and an increase of JPY 13.8 billion, or 15.8%, compared to the previous fiscal year. As of now, the company plan to record a very small amount, a negligible amount of nonrecurring profit, which is less JPY 1.5 billion from the year before, and as a result, operating income will be JPY 101 billion, the same as core operating income, an increase of JPY 12.2 billion, or 13.7% YoY. Profit attributable to owners of the parent is JPY 67 billion, up JPY 8.8 billion from the initial forecast, and JPY 11.8 billion from the previous fiscal year. Reported Earnings • Nov 02
Second quarter 2022 earnings released: EPS JP¥42.12 (vs JP¥31.34 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥229.1b (up 14% from 2Q 2021). Net income: JP¥18.2b (up 34% from 2Q 2021). Profit margin: 8.0% (up from 6.8% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 17% share price gain to €23.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Chemicals industry in Germany. Total returns to shareholders of 69% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €30.64 per share. Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥37.12 (vs JP¥17.18 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥218.3b (up 18% from 1Q 2021). Net income: JP¥16.1b (up 116% from 1Q 2021). Profit margin: 7.4% (up from 4.0% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥128 (vs JP¥123 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥818.2b (down 3.8% from FY 2020). Net income: JP¥55.2b (up 3.5% from FY 2020). Profit margin: 6.7% (up from 6.3% in FY 2020). The increase in margin was driven by lower expenses. Executive Departure • Jun 21
Outside Member of Audit & Supervisory Board Naoya Fujimori has left the company On the 18th of June, Naoya Fujimori's tenure as Outside Member of Audit & Supervisory Board ended. We don't have any record of a personal shareholding under Naoya's name. A total of 2 executives have left over the last 12 months. Executive Departure • Jun 21
Outside Member of Audit & Supervisory Board Kazunari Higuchi has left the company On the 18th of June, Kazunari Higuchi's tenure as Outside Member of Audit & Supervisory Board ended. We don't have any record of a personal shareholding under Kazunari's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 12
Full year 2021 earnings released: EPS JP¥128 (vs JP¥123 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥818.2b (down 3.8% from FY 2020). Net income: JP¥55.2b (up 3.5% from FY 2020). Profit margin: 6.7% (up from 6.3% in FY 2020). The increase in margin was driven by lower expenses. Tillkännagivande • May 11
Taiyo Nippon Sanso Corporation Provides Dividend for the Fiscal Year Ended March 31, 2021, Payable on June 21, 2021 Taiyo Nippon Sanso Corporation provided dividend for the fiscal year at ¥16 per share against ¥14 per share a year ago. Payable on June 21, 2021. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 22 June 2021. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.6%). Tillkännagivande • Mar 04
Nippon Sanso Holdings Corporation to Report Fiscal Year 2021 Results on May 11, 2021 Nippon Sanso Holdings Corporation announced that they will report fiscal year 2021 results on May 11, 2021 Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥37.71 (vs JP¥31.47 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥207.8b (down 1.3% from 3Q 2020). Net income: JP¥16.3b (up 20% from 3Q 2020). Profit margin: 7.9% (up from 6.5% in 3Q 2020). The increase in margin was driven by lower expenses. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue beats expectations Revenue exceeded analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 3.7%, compared to a 4.9% growth forecast for the Chemicals industry in Germany. Tillkännagivande • Feb 03
Nippon Sanso Holdings Corporation Revises Earnings Guidance for the Fiscal Year Ending March 31, 2021 Nippon Sanso Holdings Corporation revised earnings guidance for the fiscal year ending March 31, 2021. For the year, the company expects revenue of JPY 802,000 million, operating income of JPY 84,600 million and net income of JPY 49,600 million or basic earnings per share of JPY 111.15 compared to previous guidance of revenue of JPY 830,000 million, operating income of JPY 82,000 million and net income of JPY 46,000 million or basic earnings per share of JPY 101.67. 
