Valuation Update With 7 Day Price Move • 4h
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €16.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Machinery industry in Germany. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.40 per share. Buy Or Sell Opportunity • Jul 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.8% to €16.50. The fair value is estimated to be €21.31, 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 grown by 10%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 6.8% per annum over the same time period. New Risk • Jul 26
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 7.9% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Declared Dividend • Jul 26
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2026 Payment date: 7th December 2026 Dividend yield will be 272%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 17
Noritake Co., Limited to Report Q1, 2027 Results on Aug 07, 2026 Noritake Co., Limited announced that they will report Q1, 2027 results on Aug 07, 2026 Buy Or Sell Opportunity • Jun 01
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to €23.60. The fair value is estimated to be €18.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 3.6% in 2 years. Earnings are forecast to grow by 7.4% in the next 2 years. Board Change • May 20
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Senior Managing Executive Officer, GM of Industrial Equipment Div. & Director Tomoaki Maeda was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 12
Noritake Co., Limited, Annual General Meeting, Jun 25, 2026 Noritake Co., Limited, Annual General Meeting, Jun 25, 2026. Duyuru • May 09
Noritake Co., Limited to Report Fiscal Year 2026 Results on May 12, 2026 Noritake Co., Limited announced that they will report fiscal year 2026 results on May 12, 2026 Duyuru • Nov 27
Noritake Co., Limited to Report Q3, 2026 Results on Feb 10, 2026 Noritake Co., Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Duyuru • Aug 20
Noritake Co., Limited to Report Q2, 2026 Results on Nov 07, 2025 Noritake Co., Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Duyuru • Aug 07
Noritake Co., Limited (TSE:5331) announces an Equity Buyback for 1,000,000 shares, representing 3.52% for ¥4,450 million. Noritake Co., Limited (TSE:5331) announces a share repurchase program. Under the program, the company will repurchase 1,000,000 shares, representing 3.52% of its share capital, for ¥4,450 million. The shares will be repurchased at a price of ¥4,450 per share. The program will expire on August 8, 2025. As of June 30, 2025, the company had 28,392,249 shares in issue(excluding treasury stock) and 642,149 shares in treasury. Duyuru • Jul 11
Noritake Co., Limited to Report Q1, 2026 Results on Aug 07, 2025 Noritake Co., Limited announced that they will report Q1, 2026 results at 2:10 PM, Tokyo Standard Time on Aug 07, 2025 Duyuru • May 09
Noritake Co., Limited, Annual General Meeting, Jun 26, 2025 Noritake Co., Limited, Annual General Meeting, Jun 26, 2025. Duyuru • Mar 27
Noritake Co., Limited to Report Fiscal Year 2025 Results on May 09, 2025 Noritake Co., Limited announced that they will report fiscal year 2025 results on May 09, 2025 Duyuru • Nov 27
Noritake Co., Limited to Report Q3, 2025 Results on Feb 05, 2025 Noritake Co., Limited announced that they will report Q3, 2025 results on Feb 05, 2025 Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥96.79 (vs JP¥95.02 in 2Q 2024) Second quarter 2025 results: EPS: JP¥96.79 (up from JP¥95.02 in 2Q 2024). Revenue: JP¥35.0b (up 2.6% from 2Q 2024). Net income: JP¥2.80b (up 1.7% from 2Q 2024). Profit margin: 8.0% (down from 8.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery 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 11% per year. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.8%). In line with average of industry peers (3.6%). New Risk • Sep 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Aug 22
Noritake Co., Limited to Report Q2, 2025 Results on Nov 07, 2024 Noritake Co., Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥112 (vs JP¥105 in 1Q 2024) First quarter 2025 results: EPS: JP¥112 (up from JP¥105 in 1Q 2024). Revenue: JP¥34.8b (up 4.0% from 1Q 2024). Net income: JP¥3.25b (up 6.8% from 1Q 2024). Profit margin: 9.3% (up from 9.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Duyuru • Aug 07
Noritake Co., Limited (TSE:5331) announces an Equity Buyback for 750,000 shares, representing 2.59% for ¥2,500 million. Noritake Co., Limited (TSE:5331) announces a share repurchase program. Under the program, the company will repurchase 750,000 shares, representing 2.59% of its share capital, for ¥2,500 million. The purpose of the program is to increase corporate value by enhancing shareholder returns and improving capital efficiency. All repurchased shares will be cancelled. The program will expire on February 14, 2025. As of June 30, 2024, the company had 28,998,941 shares in issue(excluding treasury stock) and shares in treasury. Buy Or Sell Opportunity • Aug 05
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €20.00. The fair value is estimated to be €27.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 281%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 29% over the next 3 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: JP¥793 (vs JP¥347 in FY 2023) Full year 2024 results: EPS: JP¥793 (up from JP¥347 in FY 2023). Revenue: JP¥137.9b (down 1.1% from FY 2023). Net income: JP¥11.5b (up 14% from FY 2023). Profit margin: 8.3% (up from 7.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 10
Noritake Co., Limited to Report Q1, 2025 Results on Aug 06, 2024 Noritake Co., Limited announced that they will report Q1, 2025 results on Aug 06, 2024 Duyuru • May 11
Noritake Co., Limited, Annual General Meeting, Jun 24, 2024 Noritake Co., Limited, Annual General Meeting, Jun 24, 2024. Reported Earnings • May 10
Full year 2024 earnings released: EPS: JP¥793 (vs JP¥347 in FY 2023) Full year 2024 results: EPS: JP¥793 (up from JP¥347 in FY 2023). Revenue: JP¥137.9b (down 1.1% from FY 2023). Net income: JP¥11.5b (up 14% from FY 2023). Profit margin: 8.3% (up from 7.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Duyuru • May 10
Noritake Co., Limited Resolves the Dividend, Effective Date Is June 3, 2024 Noritake Co., Limited at a meeting of the Board of Directors held on May 9, 2024, resolved the Dividend of JPY 130 per share. Effective date is June 3, 2024, Record date is March 31, 2024. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at €24.00. The fair value is estimated to be €19.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥120 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (3.2%). Buy Or Sell Opportunity • Mar 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to €50.50. The fair value is estimated to be €41.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Duyuru • Mar 02
Noritake Co., Limited to Report Fiscal Year 2024 Results on May 09, 2024 Noritake Co., Limited announced that they will report fiscal year 2024 results on May 09, 2024 Buy Or Sell Opportunity • Feb 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €49.80. The fair value is estimated to be €41.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥227 (vs JP¥236 in 3Q 2023) Third quarter 2024 results: EPS: JP¥227 (down from JP¥236 in 3Q 2023). Revenue: JP¥36.3b (flat on 3Q 2023). Net income: JP¥3.28b (down 3.7% from 3Q 2023). Profit margin: 9.0% (down from 9.4% in 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 10
Noritake Co., Limited to Report Q3, 2024 Results on Feb 07, 2024 Noritake Co., Limited announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥190 (vs JP¥172 in 2Q 2023) Second quarter 2024 results: EPS: JP¥190 (up from JP¥172 in 2Q 2023). Revenue: JP¥34.1b (down 4.2% from 2Q 2023). Net income: JP¥2.75b (up 11% from 2Q 2023). Profit margin: 8.1% (up from 7.0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥115 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €40.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Machinery industry in Germany. Total returns to shareholders of 72% over the past three years. Duyuru • Aug 10
Noritake Co., Limited to Report Q2, 2024 Results on Nov 07, 2023 Noritake Co., Limited announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥210 (vs JP¥187 in 1Q 2023) First quarter 2024 results: EPS: JP¥210 (up from JP¥187 in 1Q 2023). Revenue: JP¥33.5b (up 3.9% from 1Q 2023). Net income: JP¥3.04b (up 13% from 1Q 2023). Profit margin: 9.1% (up from 8.4% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 01
Noritake Co., Limited to Report Q1, 2024 Results on Aug 04, 2023 Noritake Co., Limited announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥695 (vs JP¥628 in FY 2022) Full year 2023 results: EPS: JP¥695 (up from JP¥628 in FY 2022). Revenue: JP¥139.5b (up 9.3% from FY 2022). Net income: JP¥10.0b (up 11% from FY 2022). Profit margin: 7.2% (up from 7.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Machinery 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 5% per year, which means it is significantly lagging earnings growth. Duyuru • May 13
Noritake Co., Limited, Annual General Meeting, Jun 23, 2023 Noritake Co., Limited, Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.9%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥236 (vs JP¥197 in 3Q 2022) Third quarter 2023 results: EPS: JP¥236 (up from JP¥197 in 3Q 2022). Revenue: JP¥36.1b (up 11% from 3Q 2022). Net income: JP¥3.41b (up 20% from 3Q 2022). Profit margin: 9.4% (up from 8.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery 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 fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Dec 09
Noritake Co., Limited to Report Q3, 2023 Results on Feb 02, 2023 Noritake Co., Limited announced that they will report Q3, 2023 results on Feb 02, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥172 (vs JP¥137 in 2Q 2022) Second quarter 2023 results: EPS: JP¥172 (up from JP¥137 in 2Q 2022). Revenue: JP¥35.6b (up 11% from 2Q 2022). Net income: JP¥2.48b (up 26% from 2Q 2022). Profit margin: 7.0% (up from 6.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Masanao Tomozoe was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥172 (vs JP¥137 in 2Q 2022) Second quarter 2023 results: EPS: JP¥172 (up from JP¥137 in 2Q 2022). Revenue: JP¥35.6b (up 11% from 2Q 2022). Net income: JP¥2.48b (up 26% from 2Q 2022). Profit margin: 7.0% (up from 6.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥187 (vs JP¥155 in 1Q 2022) First quarter 2023 results: EPS: JP¥187 (up from JP¥155 in 1Q 2022). Revenue: JP¥32.2b (up 9.2% from 1Q 2022). Net income: JP¥2.70b (up 21% from 1Q 2022). Profit margin: 8.4% (up from 7.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.3%, compared to a 9.5% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Aug 07
Noritake Co., Limited to Report Q2, 2023 Results on Nov 08, 2022 Noritake Co., Limited announced that they will report Q2, 2023 results on Nov 08, 2022 Duyuru • Jun 06
Noritake Co., Limited to Report Q1, 2023 Results on Aug 05, 2022 Noritake Co., Limited announced that they will report Q1, 2023 results on Aug 05, 2022 Duyuru • May 12
Noritake Co., Limited, Annual General Meeting, Jun 28, 2022 Noritake Co., Limited, Annual General Meeting, Jun 28, 2022. Reported Earnings • May 11
Full year 2022 earnings released: EPS: JP¥628 (vs JP¥194 in FY 2021) Full year 2022 results: EPS: JP¥628 (up from JP¥194 in FY 2021). Revenue: JP¥127.6b (up 19% from FY 2021). Net income: JP¥9.07b (up 223% from FY 2021). Profit margin: 7.1% (up from 2.6% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.0%, compared to a 9.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 9% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Masanao Tomozoe was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Apr 08
Noritake Co., Limited to Report Fiscal Year 2022 Results on May 10, 2022 Noritake Co., Limited announced that they will report fiscal year 2022 results on May 10, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 04 June 2022. Payout ratio is a comfortable 4.9% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: JP¥197 (up from JP¥76.83 in 3Q 2021). Revenue: JP¥32.4b (up 20% from 3Q 2021). Net income: JP¥2.84b (up 156% from 3Q 2021). Profit margin: 8.8% (up from 4.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.2%, compared to a 10.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥137 (vs JP¥39.43 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥32.0b (up 31% from 2Q 2021). Net income: JP¥1.97b (up JP¥2.54b from 2Q 2021). Profit margin: 6.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 15% share price gain to €39.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Machinery industry in Germany. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €59.22 per share. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.0%). Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥155 (vs JP¥38.09 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥29.5b (up 15% from 1Q 2021). Net income: JP¥2.23b (up 307% from 1Q 2021). Profit margin: 7.6% (up from 2.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥194 (vs JP¥237 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥107.0b (down 11% from FY 2020). Net income: JP¥2.81b (down 18% from FY 2020). Profit margin: 2.6% (down from 2.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 05 June 2021. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.2%). Duyuru • Mar 13
Noritake Co., Limited to Report Fiscal Year 2021 Results on May 11, 2021 Noritake Co., Limited announced that they will report fiscal year 2021 results on May 11, 2021 Is New 90 Day High Low • Mar 06
New 90-day high: €28.80 The company is up 19% from its price of €24.20 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 5.0% over the same period. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥76.82 (vs JP¥89.60 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥27.1b (down 7.2% from 3Q 2020). Net income: JP¥1.11b (down 14% from 3Q 2020). Profit margin: 4.1% (down from 4.4% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue beats expectations Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 4.2%, compared to a 4.9% growth forecast for the Machinery industry in Germany. Is New 90 Day High Low • Jan 28
New 90-day high: €25.20 The company is up 3.0% from its price of €24.40 on 30 October 2020. The German market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 20% over the same period. Duyuru • Nov 29
Noritake Co., Limited to Report Q3, 2021 Results on Feb 02, 2021 Noritake Co., Limited announced that they will report Q3, 2021 results on Feb 02, 2021 Reported Earnings • Nov 17
Second quarter 2021 earnings released: JP¥39.42 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥24.5b (down 19% from 2Q 2020). Net loss: JP¥569.0m (down 164% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 17
Revenue misses expectations Revenue missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 3.2%, compared to a 3.0% growth forecast for the Machinery industry in Germany. Is New 90 Day High Low • Nov 10
New 90-day low: €24.00 The company is down 8.0% from its price of €26.00 on 12 August 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 1.0% over the same period. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue misses expectations Revenue missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 3.2% while the growth in Machinery industry in Germany is expected to stay flat. Reported Earnings • Nov 08
Second quarter 2021 earnings released: JP¥39.42 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥24.5b (down 19% from 2Q 2020). Net loss: JP¥569.0m (down 164% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Duyuru • Sep 03
Noritake Co., Limited to Report Q2, 2021 Results on Nov 06, 2020 Noritake Co., Limited announced that they will report Q2, 2021 results on Nov 06, 2020 Duyuru • Jul 05
Noritake Co., Limited to Report Q1, 2021 Results on Aug 04, 2020 Noritake Co., Limited announced that they will report Q1, 2021 results on Aug 04, 2020