Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to €133, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 27x in the Electronic industry in Germany. Total returns to shareholders of 649% over the past three years. Declared Dividend • Jul 26
Final dividend of JP¥80.00 announced Shareholders will receive a dividend of JP¥80.00. Ex-date: 29th September 2026 Payment date: 30th November 2026 Dividend yield will be 66%, which is higher than the industry average of 1.4%. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €119, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Electronic industry in Germany. Total returns to shareholders of 634% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €50.02 per share. New Risk • Jul 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). High level of non-cash earnings (20% accrual ratio). Minor Risk High level of debt (65% net debt to equity). Board Change • Jun 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. VP, COO & Director Atsushi Sakate was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to €162, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 25x in the Electronic industry in Germany. Total returns to shareholders of 894% over the past three years. Tillkännagivande • Jun 24
Meiko Electronics Co., Ltd. to Report Q3, 2027 Results on Feb 05, 2027 Meiko Electronics Co., Ltd. announced that they will report Q3, 2027 results on Feb 05, 2027 Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €180, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 24x in the Electronic industry in Germany. Total returns to shareholders of 1,011% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €195, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 23x in the Electronic industry in Germany. Total returns to shareholders of 1,111% over the past three years. Tillkännagivande • May 14
Meiko Electronics Co., Ltd., Annual General Meeting, Jun 26, 2026 Meiko Electronics Co., Ltd., Annual General Meeting, Jun 26, 2026. Tillkännagivande • Apr 21
Meiko Electronics Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Meiko Electronics Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Tillkännagivande • May 13
Meiko Electronics Co., Ltd., Annual General Meeting, Jun 26, 2025 Meiko Electronics Co., Ltd., Annual General Meeting, Jun 26, 2025. Tillkännagivande • Feb 06
Meiko Electronics Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Meiko Electronics Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to €49.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electronic industry in Germany. Total returns to shareholders of 72% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €52.66 per share. Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥128 (vs JP¥112 in 2Q 2024) Second quarter 2025 results: EPS: JP¥128 (up from JP¥112 in 2Q 2024). Revenue: JP¥51.1b (up 15% from 2Q 2024). Net income: JP¥3.28b (up 14% from 2Q 2024). Profit margin: 6.4% (down from 6.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €38.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Electronic industry in Germany. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €52.04 per share. Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥119 (vs JP¥85.17 in 1Q 2024) First quarter 2025 results: EPS: JP¥119 (up from JP¥85.17 in 1Q 2024). Revenue: JP¥47.0b (up 13% from 1Q 2024). Net income: JP¥3.05b (up 40% from 1Q 2024). Profit margin: 6.5% (up from 5.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 11% After last week's 11% share price decline to €32.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Electronic industry in Germany. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €59.91 per share. New Risk • Aug 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 110% Dividend yield: 1.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Dividend is not well covered by cash flows (110% cash payout ratio). Share price has been volatile over the past 3 months (8.9% average weekly change). Declared Dividend • Jul 11
Final dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 86%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (16% earnings payout ratio) but not covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €37.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Electronic industry in Germany. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.82 per share. New Risk • May 16
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 7.2% 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 (54% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥441 (vs JP¥339 in FY 2023) Full year 2024 results: EPS: JP¥441 (up from JP¥339 in FY 2023). Revenue: JP¥179.5b (up 7.3% from FY 2023). Net income: JP¥11.3b (up 30% from FY 2023). Profit margin: 6.3% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 11
Meiko Electronics Co., Ltd. Announces Dividend for the Fiscal Year Ended March 31, 2024, Effective June 12, 2024 Meiko Electronics Co., Ltd. has resolved at the Board of Directors held on May 10, 2024 to pay JPY 41.00 per share at the year-end dividend for the fiscal year ended March 31, 2024 as compared to paid dividend of JPY 28.00 per share a year ago. Record date is March 31, 2024; Effective date is June 12, 2024. Tillkännagivande • Mar 21
Meiko Electronics Co., Ltd. Announces Executive Changes, Effective April 1, 2024 Meiko Electronics Co., Ltd. announced that effective April 1, 2024, it will implement the following changes to its executive officers. Masayuki Honda's designation has been changed from Executive Officer, Finance Headquarters and General Manager to Executive Officer, Office of the President & CEO and General Manager. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 13 June 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (1.4%). Tillkännagivande • Mar 08
Meiko Electronics Co., Ltd., Annual General Meeting, Jun 26, 2024 Meiko Electronics Co., Ltd., Annual General Meeting, Jun 26, 2024. Tillkännagivande • Feb 09
Meiko Electronics Co., Ltd. Revises Year-End Dividend Guidance Meiko Electronics Co., Ltd. announced the following revisions to the dividend forecast released on November 6, 2023. It has decided to revise its year-end dividend forecast from JPY 28 per share to JPY 30 per share, making the annual dividend JPY 57 per share in accordance with its policy. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥102 (vs JP¥24.76 in 3Q 2023) Third quarter 2024 results: EPS: JP¥102 (up from JP¥24.76 in 3Q 2023). Revenue: JP¥47.3b (up 8.7% from 3Q 2023). Net income: JP¥2.61b (up 312% from 3Q 2023). Profit margin: 5.5% (up from 1.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Nov 18
Meiko Electronics Co., Ltd. Revises Earnings Guidance for the Year Ending March 31, 2024 Meiko Electronics Co., Ltd. revised earnings guidance for the year ending March 31, 2024. For the year, the company revises net sales of JPY 173,000 million compared to previous forecast of JPY 165,000 million. Operating income of JPY 10,000 million compared to previous forecast of JPY 9,000 million. Net income attributable to owners of parent of JPY 9,300 million compared to previous forecast of JPY 6,200 million. Net income per share of JPY 350.33 compared to previous forecast of JPY 229.48. Tillkännagivande • Nov 17
Meiko Electronics Co., Ltd. Revises Interim Dividend, Effective November 30, 2023; Revises Year End Dividend Guidance Meiko Electronics Co., Ltd. announced that it should return profits to its shareholders in an appropriate manner in accordance with its business performance. It has decided to revise its interim dividend from JPY 25 per share to JPY 27 per share. Record date is September 30, 2023. Effective date is November 30, 2023.The company also decided to revise the year-end dividend forecast from JPY 25 per share to JPY 28 per share. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €26.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Electronic industry in Germany. Total returns to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.68 per share. New Risk • Nov 07
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 7.1% 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: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (4.4% net profit margin). Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥119 (vs JP¥96.21 in 2Q 2023) Second quarter 2024 results: EPS: JP¥119 (up from JP¥96.21 in 2Q 2023). Revenue: JP¥44.6b (up 7.0% from 2Q 2023). Net income: JP¥3.04b (up 23% from 2Q 2023). Profit margin: 6.8% (up from 5.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (1.5%). Buying Opportunity • Sep 05
Now 20% undervalued Over the last 90 days, the stock is up 35%. The fair value is estimated to be €27.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 44% in the next 2 years. New Risk • Aug 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.2% net profit margin). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥88.21 (vs JP¥154 in 1Q 2023) First quarter 2024 results: EPS: JP¥88.21 (down from JP¥154 in 1Q 2023). Revenue: JP¥41.6b (up 3.9% from 1Q 2023). Net income: JP¥2.26b (down 43% from 1Q 2023). Profit margin: 5.4% (down from 9.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 12
Meiko Electronics Co., Ltd., Annual General Meeting, Jun 27, 2023 Meiko Electronics Co., Ltd., Annual General Meeting, Jun 27, 2023. Reported Earnings • May 12
Full year 2023 earnings released: EPS: JP¥345 (vs JP¥444 in FY 2022) Full year 2023 results: EPS: JP¥345 (down from JP¥444 in FY 2022). Revenue: JP¥167.3b (up 11% from FY 2022). Net income: JP¥8.85b (down 23% from FY 2022). Profit margin: 5.3% (down from 7.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥28.00 per share at 1.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 12 June 2023. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: JP¥27.38 (vs JP¥144 in 3Q 2022) Third quarter 2023 results: EPS: JP¥27.38 (down from JP¥144 in 3Q 2022). Revenue: JP¥43.5b (up 7.5% from 3Q 2022). Net income: JP¥702.0m (down 81% from 3Q 2022). Profit margin: 1.6% (down from 9.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Outside Director Yousuke Nishiyama was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥96.21 (vs JP¥92.13 in 2Q 2022) Second quarter 2023 results: EPS: JP¥96.21 (up from JP¥92.13 in 2Q 2022). Revenue: JP¥41.7b (up 15% from 2Q 2022). Net income: JP¥2.47b (up 3.7% from 2Q 2022). Profit margin: 5.9% (down from 6.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥154 (vs JP¥69.65 in 1Q 2022) First quarter 2023 results: EPS: JP¥154 (up from JP¥69.65 in 1Q 2022). Revenue: JP¥40.0b (up 20% from 1Q 2022). Net income: JP¥3.95b (up 118% from 1Q 2022). Profit margin: 9.9% (up from 5.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 11%, compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €23.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 19x in the Electronic industry in Germany. Total returns to shareholders of 80% over the past three years. Reported Earnings • May 11
Full year 2022 earnings released: EPS: JP¥444 (vs JP¥177 in FY 2021) Full year 2022 results: EPS: JP¥444 (up from JP¥177 in FY 2021). Revenue: JP¥151.3b (up 27% from FY 2021). Net income: JP¥11.5b (up 147% from FY 2021). Profit margin: 7.6% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.8%, compared to a 27% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Yousuke Nishiyama was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €26.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 22x in the Electronic industry in Germany. Total returns to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.16 per share. Tillkännagivande • Apr 08
Meiko Electronics Co., Ltd. to Report Fiscal Year 2022 Results on May 10, 2022 Meiko Electronics Co., Ltd. announced that they will report fiscal year 2022 results on May 10, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 10 June 2022. Payout ratio is a comfortable 9.2% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €25.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 18x in the Electronic industry in Germany. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.97 per share. Reported Earnings • Feb 06
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥144 (up from JP¥41.00 in 3Q 2021). Revenue: JP¥40.5b (up 25% from 3Q 2021). Net income: JP¥3.68b (up 243% from 3Q 2021). Profit margin: 9.1% (up from 3.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 7.5%, compared to a 23% 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 increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jan 20
Now 22% undervalued Over the last 90 days, the stock is up 43%. The fair value is estimated to be JP¥40.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 25% share price gain to €30.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 23x in the Electronic industry in Germany. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €32.61 per share. Reported Earnings • Nov 06
Second quarter 2022 earnings released: EPS JP¥92.13 (vs JP¥10.35 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥36.2b (up 25% from 2Q 2021). Net income: JP¥2.38b (up JP¥2.11b from 2Q 2021). Profit margin: 6.6% (up from 0.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to €24.20, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 22x in the Electronic industry in Germany. Total returns to shareholders of 9.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €30.14 per share. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improved over the past week After last week's 18% share price gain to €24.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 22x in the Electronic industry in Germany. Total returns to shareholders of 5.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.59 per share. Reported Earnings • Jun 30
Full year 2021 earnings released: EPS JP¥177 (vs JP¥98.80 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥119.3b (up 3.3% from FY 2020). Net income: JP¥4.64b (up 79% from FY 2020). Profit margin: 3.9% (up from 2.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • May 12
Full year 2021 earnings released: EPS JP¥177 (vs JP¥98.80 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥119.3b (up 3.3% from FY 2020). Net income: JP¥4.64b (up 79% from FY 2020). Profit margin: 3.9% (up from 2.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 10 June 2021. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (0.5%). Tillkännagivande • Mar 19
Meiko Electronics Co., Ltd. Revises Earnings Guidance for the Year Ending March 31, 2021 Meiko Electronics Co., Ltd. revised earnings guidance for the year ending March 31, 2021. For the year, the company revises net sales of JPY 118,500 million compared to previous forecast of JPY 116,000 million. Operating income of JPY 6,500 million compared to previous forecast of JPY 5,300 million. Net income attributable to owners of parent of JPY 3,700 million compared to previous forecast of JPY 2,700 million. Net income per share of JPY 133.72 compared to previous forecast of JPY 103.16. Is New 90 Day High Low • Feb 20
New 90-day high: €16.90 The company is up 6.0% from its price of €15.90 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS JP¥41.00 (vs JP¥63.84 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥32.5b (up 5.7% from 3Q 2020). Net income: JP¥1.07b (down 36% from 3Q 2020). Profit margin: 3.3% (down from 5.4% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 10
Revenue misses expectations Revenue missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 12%, compared to a 23% growth forecast for the Electronic industry in Germany. Is New 90 Day High Low • Jan 20
New 90-day low: €14.30 The company is down 8.0% from its price of €15.60 on 22 October 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €10.73 per share. Is New 90 Day High Low • Nov 10
New 90-day high: €16.90 The company is up 51% from its price of €11.20 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.12 per share. Analyst Estimate Surprise Post Earnings • Nov 09
Revenue beats expectations Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 6.9%, compared to a 24% growth forecast for the Electronic industry in Germany. Reported Earnings • Nov 09
Second quarter 2021 earnings released: EPS JP¥10.35 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥28.9b (down 3.4% from 2Q 2020). Net income: JP¥271.0m (down 79% from 2Q 2020). Profit margin: 0.9% (down from 4.2% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 21
New 90-day high: €15.40 The company is up 38% from its price of €11.20 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.63 per share.