Valuation Update With 7 Day Price Move • 23h
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to €19.10, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Electronic industry in Germany. Total returns to shareholders of 131% over the past three years. Duyuru • Jun 20
Nichicon Corporation to Report Q1, 2027 Results on Aug 05, 2026 Nichicon Corporation announced that they will report Q1, 2027 results on Aug 05, 2026 Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €21.40, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 23x in the Electronic industry in Germany. Total returns to shareholders of 170% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €40.14 per share. Board Change • May 20
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. 3 highly experienced directors. Chairman of the Board & CEO Ippei Takeda is the most experienced director on the board, commencing their role in 1983. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • Dec 20
Nichicon Corporation to Report Q3, 2026 Results on Feb 05, 2026 Nichicon Corporation announced that they will report Q3, 2026 results on Feb 05, 2026 Duyuru • Sep 04
Nichicon Corporation to Report Q2, 2026 Results on Nov 05, 2025 Nichicon Corporation announced that they will report Q2, 2026 results on Nov 05, 2025 Duyuru • Jun 17
Nichicon Corporation to Report Q1, 2026 Results on Aug 05, 2025 Nichicon Corporation announced that they will report Q1, 2026 results on Aug 05, 2025 Duyuru • May 09
Nichicon Corporation, Annual General Meeting, Jun 27, 2025 Nichicon Corporation, Annual General Meeting, Jun 27, 2025. Duyuru • Mar 27
Nichicon Corporation to Report Fiscal Year 2025 Results on May 09, 2025 Nichicon Corporation announced that they will report fiscal year 2025 results on May 09, 2025 Duyuru • Feb 07
Nichicon Corporation (TSE:6996) announces an Equity Buyback for 1,600,000 shares, representing 2.34% for ¥1,600 million. Nichicon Corporation (TSE:6996) announces a share repurchase program. Under the program, the company will repurchase 1,600,000 shares, representing 2.34% of its share capital, for ¥1,600 million. The company will repurchase its shares in order to further expand shareholder returns and improving capital efficiency. The program will expire on March 27, 2025. As of December 31, 2024, the company had 68,414,539 shares outstanding (excluding treasury shares) and 9,585,461 shares in treasury. Duyuru • Dec 07
Nichicon Corporation to Report Q3, 2025 Results on Feb 06, 2025 Nichicon Corporation announced that they will report Q3, 2025 results on Feb 06, 2025 New Risk • Nov 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 5.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Duyuru • Sep 26
Nichicon Corporation to Report Q2, 2025 Results on Nov 06, 2024 Nichicon Corporation announced that they will report Q2, 2025 results on Nov 06, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 06 December 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.8%). Buy Or Sell Opportunity • Aug 11
Now 21% overvalued Over the last 90 days, the stock has fallen 20% to €5.75. The fair value is estimated to be €4.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥25.26 (vs JP¥49.83 in 1Q 2024) First quarter 2025 results: EPS: JP¥25.26 (down from JP¥49.83 in 1Q 2024). Revenue: JP¥41.2b (down 8.4% from 1Q 2024). Net income: JP¥1.73b (down 49% from 1Q 2024). Profit margin: 4.2% (down from 7.6% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.5% 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 20% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €5.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Electronic industry in Germany. Total loss to shareholders of 30% over the past three years. Board Change • Jun 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. External Independent Director Haruhiko Kato was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: JP¥121 (vs JP¥114 in FY 2023) Full year 2024 results: EPS: JP¥121 (up from JP¥114 in FY 2023). Revenue: JP¥181.6b (down 1.7% from FY 2023). Net income: JP¥8.25b (up 5.6% from FY 2023). Profit margin: 4.5% (up from 4.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% 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 34% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
Full year 2024 earnings released: EPS: JP¥121 (vs JP¥114 in FY 2023) Full year 2024 results: EPS: JP¥121 (up from JP¥114 in FY 2023). Revenue: JP¥181.6b (down 1.7% from FY 2023). Net income: JP¥8.25b (up 5.6% from FY 2023). Profit margin: 4.5% (up from 4.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% 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 34% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • May 11
Nichicon Corporation, Annual General Meeting, Jun 27, 2024 Nichicon Corporation, Annual General Meeting, Jun 27, 2024. New Risk • Apr 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.5%). Duyuru • Mar 02
Nichicon Corporation to Report Fiscal Year 2024 Results on May 09, 2024 Nichicon Corporation announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥28.55 (vs JP¥51.57 in 3Q 2023) Third quarter 2024 results: EPS: JP¥28.55 (down from JP¥51.57 in 3Q 2023). Revenue: JP¥46.2b (down 6.9% from 3Q 2023). Net income: JP¥1.95b (down 45% from 3Q 2023). Profit margin: 4.2% (down from 7.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% 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 46% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Dec 22
Nichicon Corporation to Report Q3, 2024 Results on Feb 09, 2024 Nichicon Corporation announced that they will report Q3, 2024 results on Feb 09, 2024 New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥38.63 (vs JP¥11.56 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥38.63 (up from JP¥11.56 loss in 2Q 2023). Revenue: JP¥47.6b (up 2.2% from 2Q 2023). Net income: JP¥2.64b (up JP¥3.43b from 2Q 2023). Profit margin: 5.5% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥16.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.5%). Duyuru • Aug 30
Nichicon Corporation to Report Q2, 2024 Results on Nov 08, 2023 Nichicon Corporation announced that they will report Q2, 2024 results on Nov 08, 2023 New Risk • Aug 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 6.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥49.83 (vs JP¥52.46 in 1Q 2023) First quarter 2024 results: EPS: JP¥49.83 (down from JP¥52.46 in 1Q 2023). Revenue: JP¥44.9b (up 9.5% from 1Q 2023). Net income: JP¥3.41b (down 5.0% from 1Q 2023). Profit margin: 7.6% (down from 8.8% in 1Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Duyuru • Jun 28
Nichicon Corporation to Report Q1, 2024 Results on Aug 09, 2023 Nichicon Corporation announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 10
Full year 2023 earnings released: EPS: JP¥114 (vs JP¥115 in FY 2022) Full year 2023 results: EPS: JP¥114 (down from JP¥115 in FY 2022). Revenue: JP¥184.7b (up 30% from FY 2022). Net income: JP¥7.81b (down 1.1% from FY 2022). Profit margin: 4.2% (down from 5.6% in FY 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥51.57 (vs JP¥40.28 in 3Q 2022) Third quarter 2023 results: EPS: JP¥51.57 (up from JP¥40.28 in 3Q 2022). Revenue: JP¥49.6b (up 32% from 3Q 2022). Net income: JP¥3.53b (up 28% from 3Q 2022). Profit margin: 7.1% (down from 7.3% in 3Q 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Duyuru • Nov 30
Nichicon Corporation to Report Q3, 2023 Results on Feb 08, 2023 Nichicon Corporation announced that they will report Q3, 2023 results on Feb 08, 2023 Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent External Director Shigenobu Aikyo was the last independent director to join the board, commencing their role in 2016. 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 09
Second quarter 2023 earnings released: JP¥11.56 loss per share (vs JP¥20.58 profit in 2Q 2022) Second quarter 2023 results: JP¥11.56 loss per share (down from JP¥20.58 profit in 2Q 2022). Revenue: JP¥46.6b (up 38% from 2Q 2022). Net loss: JP¥791.0m (down 156% from profit in 2Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.2%). Duyuru • Sep 01
Nichicon Corporation to Report Q2, 2023 Results on Nov 07, 2022 Nichicon Corporation announced that they will report Q2, 2023 results on Nov 07, 2022 Reported Earnings • Aug 09
First quarter 2023 earnings released: EPS: JP¥52.46 (vs JP¥13.93 in 1Q 2022) First quarter 2023 results: EPS: JP¥52.46 (up from JP¥13.93 in 1Q 2022). Revenue: JP¥41.0b (up 32% from 1Q 2022). Net income: JP¥3.59b (up 277% from 1Q 2022). Profit margin: 8.8% (up from 3.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.1%, compared to a 21% growth forecast for the industry in Germany. Duyuru • Jul 07
Nichicon Shares Deleted from Other OTC Nichicon Corporation shares deleted from Other OTC effective July 05, 2022. The deletion is due to Inactive Security. Duyuru • Jun 04
Nichicon Corporation to Report Q1, 2023 Results on Aug 08, 2022 Nichicon Corporation announced that they will report Q1, 2023 results on Aug 08, 2022 Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥115 (vs JP¥24.89 in FY 2021) Full year 2022 results: EPS: JP¥115 (up from JP¥24.89 in FY 2021). Revenue: JP¥142.2b (up 23% from FY 2021). Net income: JP¥7.90b (up 364% from FY 2021). Profit margin: 5.6% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.3%, compared to a 25% growth forecast for the industry in Germany. Duyuru • May 13
Nichicon Corporation, Annual General Meeting, Jun 29, 2022 Nichicon Corporation, Annual General Meeting, Jun 29, 2022. Board Change • Apr 28
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent External Director Shigenobu Aikyo was the last independent director to join the board, commencing their role in 2016. 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
Nichicon Corporation to Report Fiscal Year 2022 Results on May 11, 2022 Nichicon Corporation announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (0.7%). Reported Earnings • Feb 11
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥40.28 (up from JP¥5.77 in 3Q 2021). Revenue: JP¥37.7b (up 23% from 3Q 2021). Net income: JP¥2.76b (up JP¥2.36b from 3Q 2021). Profit margin: 7.3% (up from 1.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.5%. Over the next year, revenue is forecast to grow 7.4%, compared to a 23% growth forecast for the industry in Germany. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥20.58 (vs JP¥1.13 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥33.9b (up 19% from 2Q 2021). Net income: JP¥1.41b (up JP¥1.33b from 2Q 2021). Profit margin: 4.2% (up from 0.3% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 08 December 2021. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (0.7%). Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS JP¥13.93 (vs JP¥8.38 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥31.2b (up 25% from 1Q 2021). Net income: JP¥953.0m (up 66% from 1Q 2021). Profit margin: 3.1% (up from 2.3% in 1Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥24.89 (vs JP¥40.59 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥116.1b (down 3.0% from FY 2020). Net income: JP¥1.70b (down 39% from FY 2020). Profit margin: 1.5% (down from 2.3% in FY 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥5.77 (vs JP¥7.27 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: JP¥30.8b (flat on 3Q 2020). Net income: JP¥395.0m (down 22% from 3Q 2020). Profit margin: 1.3% (down from 1.6% in 3Q 2020). Analyst Estimate Surprise Post Earnings • Feb 14
Revenue beats expectations Revenue exceeded analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 10%, compared to a 17% growth forecast for the Electronic industry in Germany.