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Kokuyo

DB:KOK
Snowflake Description

Flawless balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KOK
DB
¥179B
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

Kokuyo Co., Ltd. manufactures, purchases, and sells stationery and office furniture products in Japan. The last earnings update was 47 days ago. More info.


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KOK Share Price and Events
7 Day Returns
5.9%
DB:KOK
-0.5%
DE Commercial Services
2.2%
DE Market
1 Year Returns
-
DB:KOK
-32%
DE Commercial Services
-17.2%
DE Market
KOK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kokuyo (KOK) 5.9% -1.6% -6% - - -
DE Commercial Services -0.5% -22% -34% -32% -33.4% -44.1%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • No trading data on KOK.
  • No trading data on KOK.
Price Volatility
KOK
Industry
5yr Volatility vs Market

Value

 Is Kokuyo undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Kokuyo to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

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

DB:KOK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-12-31) in JPY ¥ 45
Payout Ratio Company Filings (2019-12-31) 2441.9%
Discount Rate (Cost of Equity) See below 4.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:KOK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.61
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.607 (1 + (1- 30.86%) (7.38%))
0.757
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 6.33%)
4.67%

Discounted Cash Flow Calculation for DB:KOK using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Kokuyo is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

DB:KOK Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= ¥45 / (4.67% - -0.39%)
¥0.06
DB:KOK Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:KOK represents 0.00827x of TSE:7984
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00827x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 888.63 x 0.00827
€7.35
Value per share (EUR) From above. €7.35
Current discount Discount to share price of €12.50
= -1 x (€12.50 - €7.35) / €7.35
-70.2%

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

  • The current share price of Kokuyo is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Kokuyo's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kokuyo's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:KOK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥129.38
TSE:7984 Share Price ** TSE (2020-03-31) in JPY ¥1512
Germany Commercial Services Industry PE Ratio Median Figure of 6 Publicly-Listed Commercial Services Companies 95.98x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

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

** Primary Listing of Kokuyo.

DB:KOK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:7984 Share Price ÷ EPS (both in JPY)

= 1512 ÷ 129.38

11.69x

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

  • Kokuyo is good value based on earnings compared to the DE Commercial Services industry average.
  • Kokuyo is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Kokuyo's expected growth come at a high price?
Raw Data
DB:KOK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-5.7%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 50 Publicly-Listed Commercial Services Companies 1.12x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:KOK PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.69x ÷ -5.7%

-2.05x

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

  • Kokuyo earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kokuyo's assets?
Raw Data
DB:KOK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥1,854.90
TSE:7984 Share Price * TSE (2020-03-31) in JPY ¥1512
Germany Commercial Services Industry PB Ratio Median Figure of 9 Publicly-Listed Commercial Services Companies 2.14x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:KOK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:7984 Share Price ÷ Book Value per Share (both in JPY)

= 1512 ÷ 1,854.90

0.82x

* Primary Listing of Kokuyo.

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

  • Kokuyo is good value based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess Kokuyo's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Commercial Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Commercial Services industry average (and greater than 0)? (1 check)
  5. Kokuyo has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

Future Performance

 How is Kokuyo expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kokuyo expected to grow at an attractive rate?
  • Kokuyo's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Kokuyo's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Kokuyo's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:KOK Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:KOK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -5.7%
DB:KOK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 0.1%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 23.6%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
DB:KOK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:KOK Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 322,750 16,550 13,100 2
2021-12-31 319,500 16,950 12,400 2
2020-12-31 323,500 17,087 13,550 2
2020-04-01
DB:KOK Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 320,200 16,723 15,303
2019-09-30 322,630 11,201 13,481
2019-06-30 315,726 19,208 12,982
2019-03-31 316,296 21,936 14,354
2018-12-31 315,155 20,880 14,231
2018-09-30 316,570 20,363 14,920
2018-06-30 316,885 24,230 14,933
2018-03-31 313,873 23,950 14,034
2017-12-31 315,622 17,500 15,000
2017-09-30 309,801 25,047 15,295
2017-06-30 307,959 18,701 14,889
2017-03-31 306,456 20,780 13,753

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kokuyo's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Kokuyo's revenue is expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:KOK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Kokuyo Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KOK Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 110.74 133.57 87.90 2.00
2021-12-31 104.82 131.04 78.60 2.00
2020-12-31 114.60 130.19 99.00 2.00
2020-04-01
DB:KOK Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 129.38
2019-09-30 113.98
2019-06-30 109.77
2019-03-31 121.37
2018-12-31 120.33
2018-09-30 126.16
2018-06-30 126.27
2018-03-31 118.66
2017-12-31 126.83
2017-09-30 129.32
2017-06-30 125.89
2017-03-31 116.29

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Kokuyo is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Kokuyo's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Kokuyo has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Kokuyo performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Kokuyo's growth in the last year to its industry (Commercial Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Kokuyo's year on year earnings growth rate has been positive over the past 5 years.
  • Kokuyo's 1-year earnings growth is less than its 5-year average (7.5% vs 18.2%)
  • Kokuyo's earnings growth has not exceeded the Europe Commercial Services industry average in the past year (7.5% vs 8.9%).
Earnings and Revenue History
Kokuyo's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Kokuyo Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KOK Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 320,200.00 15,303.00 97,190.00
2019-09-30 322,630.00 13,481.00 97,121.00
2019-06-30 315,726.00 12,982.00 96,364.00
2019-03-31 316,296.00 14,354.00 95,389.00
2018-12-31 315,155.00 14,231.00 94,334.00
2018-09-30 316,570.00 14,920.00 93,803.00
2018-06-30 316,885.00 14,933.00 93,394.00
2018-03-31 313,873.00 14,034.00 92,816.00
2017-12-31 315,622.00 15,000.00 92,535.00
2017-09-30 309,801.00 15,295.00 91,855.00
2017-06-30 307,959.00 14,889.00 91,162.00
2017-03-31 306,456.00 13,753.00 90,401.00
2016-12-31 307,625.00 12,182.00 90,026.00
2016-09-30 308,062.00 9,087.00 89,481.00
2016-06-30 308,511.00 8,551.00 89,618.00
2016-03-31 309,954.00 8,670.00 89,920.00
2015-12-31 304,276.00 6,312.00 89,906.00
2015-09-30 301,592.00 7,351.00 89,391.00
2015-06-30 298,060.00 7,107.00 89,187.00
2015-03-31 291,456.00 4,727.00 89,397.00
2014-12-31 293,054.00 5,065.00 88,851.00
2014-09-30 291,725.00 4,609.00 88,509.00
2014-06-30 293,697.00 4,322.00 88,568.00
2014-03-31 296,231.00 5,362.00 88,095.00
2013-12-31 288,083.00 4,804.00 86,981.00
2013-09-30 286,991.00 4,294.00 87,205.00
2013-06-30 281,167.00 3,694.00 86,222.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Kokuyo has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Kokuyo used its assets more efficiently than the DE Commercial Services industry average last year based on Return on Assets.
  • Kokuyo's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kokuyo's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Commercial Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Kokuyo has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is Kokuyo's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Kokuyo's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kokuyo is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kokuyo's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kokuyo's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 14.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Kokuyo Company Filings, last reported 3 months ago.

DB:KOK Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 221,278.00 13,201.00 84,063.00
2019-09-30 215,930.00 13,342.00 77,705.00
2019-06-30 215,707.00 14,093.00 87,486.00
2019-03-31 214,870.00 14,717.00 86,992.00
2018-12-31 208,960.00 13,893.00 84,515.00
2018-09-30 213,301.00 13,386.00 84,616.00
2018-06-30 212,537.00 13,623.00 85,046.00
2018-03-31 208,385.00 14,238.00 70,749.00
2017-12-31 204,492.00 13,759.00 70,222.00
2017-09-30 198,501.00 14,048.00 70,534.00
2017-06-30 198,416.00 14,387.00 66,743.00
2017-03-31 193,502.00 23,981.00 62,005.00
2016-12-31 188,039.00 23,687.00 69,331.00
2016-09-30 182,827.00 23,633.00 62,170.00
2016-06-30 185,321.00 24,037.00 63,105.00
2016-03-31 184,637.00 24,916.00 48,346.00
2015-12-31 180,792.00 24,299.00 50,500.00
2015-09-30 174,980.00 24,427.00 51,539.00
2015-06-30 179,447.00 25,749.00 55,115.00
2015-03-31 176,806.00 26,197.00 42,951.00
2014-12-31 170,351.00 25,898.00 47,162.00
2014-09-30 169,725.00 26,919.00 42,407.00
2014-06-30 168,505.00 36,696.00 53,730.00
2014-03-31 168,171.00 32,015.00 35,847.00
2013-12-31 165,655.00 31,911.00 38,687.00
2013-09-30 161,747.00 31,871.00 36,723.00
2013-06-30 162,563.00 31,916.00 41,123.00
  • Kokuyo's level of debt (6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (15.2% vs 6% today).
  • Debt is well covered by operating cash flow (126.7%, greater than 20% of total debt).
  • Kokuyo earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Kokuyo's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Kokuyo has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Kokuyo's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.45%
Current annual income from Kokuyo dividends. Estimated to be 2.98% next year.
If you bought €2,000 of Kokuyo shares you are expected to receive €49 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Kokuyo's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Kokuyo's dividend is below the markets top 25% of dividend payers in Germany (4.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:KOK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:KOK Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 45.00 2.00
2021-12-31 45.00 2.00
2020-12-31 45.00 2.00
2020-04-01
DB:KOK Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-11-05 37.000 2.333
2019-10-28 37.000 2.321
2019-08-01 37.000 2.538
2019-07-29 37.000 2.487
2019-03-29 37.000 2.475
2019-02-12 37.000 2.249
2018-07-30 32.000 1.810
2018-03-30 32.000 1.585
2018-02-13 32.000 1.608
2017-10-30 27.000 1.296
2017-08-04 27.000 1.472
2017-07-24 27.000 1.563
2017-03-31 24.500 1.657
2017-02-13 24.500 1.659
2016-11-07 15.000 1.111
2016-10-28 15.000 1.088
2016-08-01 15.000 1.037
2016-07-25 15.000 0.987
2016-03-31 15.000 1.055
2016-02-12 15.000 1.261
2015-11-04 15.000 1.152
2015-10-23 15.000 1.154
2015-08-03 15.000 1.202
2015-07-24 15.000 1.204
2015-03-30 15.000 1.360
2015-02-13 15.000 1.388
2014-11-04 15.000 1.681
2014-10-27 15.000 1.764
2014-08-01 15.000 1.785
2014-07-25 15.000 1.794
2014-03-31 15.000 1.891
2014-02-13 15.000 2.112
2013-11-01 15.000 1.993
2013-10-28 15.000 1.996
2013-07-25 15.000 2.014
2013-03-29 15.000 2.096
2013-02-13 15.000 2.298
2012-11-02 15.000 2.385
2012-10-29 15.000 2.384
2012-08-03 15.000 2.441
2012-07-26 15.000 2.582
2012-04-25 15.000 2.631
2012-03-30 15.000 2.538
2012-02-14 15.000 2.533
2011-11-02 15.000 2.739
2011-10-25 15.000 2.562
2011-08-03 15.000 2.560
2011-07-28 15.000 2.578
2011-04-25 15.000 2.550
2011-02-15 15.000 2.396
2010-10-29 15.000 2.211
2010-10-22 15.000 2.457
2010-07-30 15.000 2.265
2010-07-27 15.000 2.098
2010-06-10 15.000 1.996
2010-03-30 15.000 1.863
2010-02-15 15.000 2.110
2009-11-06 15.000 2.029
2009-10-26 15.000 1.870
2009-07-28 15.000 1.838

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Kokuyo's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Kokuyo's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Kokuyo afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kokuyo has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Kokuyo's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hidekuni Kuroda
AGE 43
TENURE AS CEO 1.3 years
CEO Bio

Mr. Hidekuni Kuroda has been President of Kokuyo Furniture Co., Ltd. Mr. Kuroda has been President of Kokuyo Co., Ltd. since January 2019. He served as an Executive Corporate Officer at Kokuyo Co. Ltd since March 2014. Mr. Kuroda served as the President of Kokuyo Furniture Co., Ltd. He serves as a Director of Kokuyo Furniture Co., Ltd. He has been a Director of Kokuyo Co. Ltd since March 2009. He served as a Chief Executive Officer at Kokuyo Co., Ltd until 2019.

CEO Compensation
  • Insufficient data for Hidekuni to compare compensation growth.
  • Insufficient data for Hidekuni to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Kokuyo management team in years:

2.3
Average Tenure
60
Average Age
  • The tenure for the Kokuyo management team is about average.
Management Team

Hidekuni Kuroda

TITLE
President & Representative Director
AGE
43
TENURE
1.3 yrs

Naotaka Umeda

TITLE
Managing Officer of Finance & Accounting Division
TENURE
2.3 yrs

Hiroshi Terada

TITLE
Managing Officer of Corporate Administrations

Toshio Naitou

TITLE
Managing Officer of Corporate Development Office

Takuya Morikawa

TITLE
Executive VP & Director
AGE
60

Nobuyuki Miyagaki

TITLE
Executive VP & Director
AGE
63

Kozo Sakagami

TITLE
Senior Managing Officer of Furniture Business Division

Kenichiro Takahashi

TITLE
Managing Officer of Kaunet Business Division

Masahiro Fukui

TITLE
Managing Officer of Stationery Business Division
TENURE
2.3 yrs

Koji Higashiguchi

TITLE
Managing Officer of International Business Division
Board of Directors Tenure

Average tenure and age of the Kokuyo board of directors in years:

5.1
Average Tenure
65
Average Age
  • The tenure for the Kokuyo board of directors is about average.
Board of Directors

Akihiro Kuroda

TITLE
Chairman
AGE
70
TENURE
5.1 yrs

Hidekuni Kuroda

TITLE
President & Representative Director
AGE
43
TENURE
11.1 yrs

Yasuhiro Kuroda

TITLE
Vice Chairman
AGE
67
TENURE
5.1 yrs

Takuya Morikawa

TITLE
Executive VP & Director
AGE
60
TENURE
14.8 yrs

Nobuyuki Miyagaki

TITLE
Executive VP & Director
AGE
63
TENURE
5.1 yrs

Hisao Sakuta

TITLE
Outside Director
AGE
75
TENURE
8.1 yrs

Hiroshi Hamada

TITLE
Outside Director
AGE
60
TENURE
6.1 yrs

Taketsugu Fujiwara

TITLE
Outside Director
AGE
72
TENURE
5.1 yrs

Mika Masuyama

TITLE
Outside Director
AGE
56
TENURE
1.1 yrs

Morihiro Murata

TITLE
Outside Audit & Supervisory Board Member
AGE
73
TENURE
4.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Kokuyo's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Kokuyo has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Company Info

Description

Kokuyo Co., Ltd. manufactures, purchases, and sells stationery and office furniture products in Japan. The company operates through Stationery, Furniture, and Mail Order/Retail segments. The Stationery segment provides various office paper products, and stationery and PC-related products, as well as information management and meeting management systems; and develops and produces a range of picture story books, and educational toys and goods. The Furniture segment offers office furniture, store fixtures, and furniture for public spaces, as well as configures space for government offices and public facilities, educational and medical facilities, retail stores and commercial spaces, and hotels. The Mail Order/Retail segment provides online and catalog sales services for individuals, as well as various local enterprises in the Shanghai and Beijing regions. This segment also engages in the wholesale of stationery, office supplies, office equipment, office-automation equipment, school supplies, and office furniture to distribution companies; and retail of furniture, textiles, and general home furnishings under the Actus brand, as well as offers space design and consultation services. Kokuyo Co., Ltd. was founded in 1905 and is headquartered in Osaka, Japan.

Details
Name: Kokuyo Co., Ltd.
KOK
Exchange: DB
Founded: 1905
¥1,512,565,318
118,288,166
Website: http://www.kokuyo.co.jp
Address: Kokuyo Co., Ltd.
6-1-1 Oimazato-minami,
Higashinari-ku,
Osaka,
537-8686,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 7984 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
DB KOK Common Stock Deutsche Boerse AG DE EUR 06. Jan 1992
Number of employees
Current staff
Staff numbers
6,784
Kokuyo employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 07:36
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/23
Last earnings filing: 2020/02/14
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.