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Nikon

DB:NKN
Snowflake Description

Flawless balance sheet with solid track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NKN
DB
¥593B
Market Cap
  1. Home
  2. DE
  3. Consumer Durables
Company description

Nikon Corporation manufactures and sells optical instruments in Japan and internationally. The last earnings update was 12 days ago. More info.


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NKN Share Price and Events
7 Day Returns
-6.1%
DB:NKN
0.5%
DE Consumer Durables
-0.3%
DE Market
1 Year Returns
-10.7%
DB:NKN
4%
DE Consumer Durables
10.4%
DE Market
NKN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nikon (NKN) -6.1% 9.7% 11.2% -10.7% -7.8% 9.9%
DE Consumer Durables 0.5% 5.1% 4.1% 4% -3% 13.6%
DE Market -0.3% 4.2% 12.4% 10.4% 13.9% 17.1%
1 Year Return vs Industry and Market
  • NKN underperformed the Consumer Durables industry which returned 4% over the past year.
  • NKN underperformed the Market in Germany which returned 10.4% over the past year.
Price Volatility
NKN
Industry
5yr Volatility vs Market

Value

 Is Nikon 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 Nikon 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 Nikon.

DB:NKN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.9%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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:NKN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.812 (1 + (1- 30.86%) (20.84%))
0.952
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.952 * 5.96%)
5.9%

Discounted Cash Flow Calculation for DB:NKN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Nikon is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:NKN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 5.9%)
2020 61,600.00 Analyst x2 58,166.26
2021 42,084.00 Analyst x2 37,523.03
2022 46,465.60 Analyst x5 39,120.36
2023 50,647.50 Analyst x2 40,264.27
2024 51,884.00 Analyst x1 38,948.05
2025 52,723.67 Est @ 1.62% 37,372.17
2026 53,357.02 Est @ 1.2% 35,712.87
2027 53,842.19 Est @ 0.91% 34,028.77
2028 54,221.72 Est @ 0.7% 32,358.42
2029 54,526.35 Est @ 0.56% 30,726.35
Present value of next 10 years cash flows ¥384,220.00
DB:NKN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥54,526.35 × (1 + 0.23%) ÷ (5.9% – 0.23%)
¥962,954.16
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥962,954.16 ÷ (1 + 5.9%)10
¥542,637.88
DB:NKN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥384,220.00 + ¥542,637.88
¥926,857.88
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥926,857.88 / 389.61
¥2378.94
DB:NKN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:NKN represents 0.00815x of TSE:7731
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00815x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 2,378.94 x 0.00815
€19.39
Value per share (EUR) From above. €19.39
Current discount Discount to share price of €12.40
= -1 x (€12.40 - €19.39) / €19.39
36.1%

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

Current Discount
Amount off the current price Nikon is available for.
Intrinsic value
36%
Share price is €12.4 vs Future cash flow value of €19.39
Current Discount Checks
For Nikon to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Nikon's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Nikon's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Nikon's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nikon's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:NKN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in JPY ¥152.34
TSE:7731 Share Price ** TSE (2019-11-19) in JPY ¥1521
Germany Consumer Durables Industry PE Ratio Median Figure of 8 Publicly-Listed Consumer Durables Companies 16.53x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 19.74x

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

** Primary Listing of Nikon.

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

= TSE:7731 Share Price ÷ EPS (both in JPY)

= 1521 ÷ 152.34

9.98x

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

  • Nikon is good value based on earnings compared to the DE Consumer Durables industry average.
  • Nikon is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Nikon's expected growth come at a high price?
Raw Data
DB:NKN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
3.5%per year
Germany Consumer Durables Industry PEG Ratio Median Figure of 5 Publicly-Listed Consumer Durables Companies 1x
Germany Market PEG Ratio Median Figure of 258 Publicly-Listed Companies 1.36x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.98x ÷ 3.5%

2.83x

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

  • Nikon is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Nikon's assets?
Raw Data
DB:NKN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in JPY ¥1,544.47
TSE:7731 Share Price * TSE (2019-11-19) in JPY ¥1521
Germany Consumer Durables Industry PB Ratio Median Figure of 12 Publicly-Listed Consumer Durables Companies 1.69x
Germany Market PB Ratio Median Figure of 578 Publicly-Listed Companies 1.88x
DB:NKN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:7731 Share Price ÷ Book Value per Share (both in JPY)

= 1521 ÷ 1,544.47

0.98x

* Primary Listing of Nikon.

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

  • Nikon is good value based on assets compared to the DE Consumer Durables industry average.
X
Value checks
We assess Nikon'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 Consumer Durables 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 Consumer Durables industry average (and greater than 0)? (1 check)
  5. Nikon has a total score of 4/6, 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 Nikon expected to perform in the next 1 to 3 years based on estimates from 13 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
3.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nikon expected to grow at an attractive rate?
  • Nikon's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Nikon's earnings growth is positive but not above the Germany market average.
  • Nikon's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:NKN Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NKN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 3.5%
DB:NKN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts -0.6%
Germany Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 14%
Germany Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:NKN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:NKN Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 704,900 89,168 48,000 1
2023-03-31 604,700 82,281 37,100 2
2022-03-31 619,531 77,106 44,354 11
2021-03-31 645,699 65,589 44,020 13
2020-03-31 634,542 97,576 35,006 6
2019-11-19
DB:NKN Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-09-30 663,964 35,984 60,034
2019-06-30 684,707 36,856 58,375
2019-03-31 708,660 68,901 66,513
2018-12-31 718,086 103,254 53,243
2018-09-30 724,376 152,426 43,649
2018-06-30 713,659 161,658 42,219
2018-03-31 717,078 125,082 34,772
2017-12-31 708,642 103,017 27,107
2017-09-30 733,944 86,986 175
2017-06-30 750,245 86,525 1,372
2017-03-31 749,273 97,342 3,967
2016-12-31 771,418 109,261 -100

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Nikon's earnings are expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
  • Nikon's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:NKN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Nikon Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NKN Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 123.20 123.20 123.20 1.00
2023-03-31 121.10 121.10 121.10 1.00
2022-03-31 111.83 149.60 74.18 12.00
2021-03-31 114.48 141.40 85.64 13.00
2020-03-31 91.00 107.30 51.41 11.00
2019-11-19
DB:NKN Past Financials Data
Date (Data in JPY Millions) EPS *
2019-09-30 152.34
2019-06-30 147.50
2019-03-31 167.86
2018-12-31 134.37
2018-09-30 110.16
2018-06-30 106.56
2018-03-31 87.76
2017-12-31 68.42
2017-09-30 0.44
2017-06-30 3.46
2017-03-31 10.01
2016-12-31 -0.25

*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.
  • Nikon is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Nikon'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.
Nikon has a total score of 1/6, 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 Nikon 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 Nikon's growth in the last year to its industry (Consumer Durables).
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.
  • Nikon has delivered over 20% year on year earnings growth in the past 5 years.
  • Nikon's 1-year earnings growth exceeds its 5-year average (37.5% vs 23.1%)
  • Nikon's earnings growth has exceeded the DE Consumer Durables industry average in the past year (37.5% vs -18.6%).
Earnings and Revenue History
Nikon'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 Nikon Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NKN Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 663,964.00 60,034.00 149,849.00 62,424.00
2019-06-30 684,707.00 58,375.00 159,975.00 62,424.00
2019-03-31 708,660.00 66,513.00 164,499.00 62,424.00
2018-12-31 718,086.00 53,243.00 170,743.00 58,655.00
2018-09-30 724,376.00 43,649.00 175,831.00 58,655.00
2018-06-30 713,659.00 42,219.00 173,853.00 58,655.00
2018-03-31 717,078.00 34,772.00 176,626.00 58,655.00
2017-12-31 708,642.00 27,107.00 163,521.00 61,114.00
2017-09-30 733,944.00 175.00 168,876.00 61,114.00
2017-06-30 750,245.00 1,372.00 172,562.00 61,114.00
2017-03-31 749,273.00 3,967.00 173,799.00 61,114.00
2016-12-31 771,418.00 -100.00 192,852.00 66,780.00
2016-09-30 774,017.00 28,675.00 197,171.00 66,780.00
2016-06-30 810,027.00 30,374.00 204,829.00 66,780.00
2016-03-31 822,915.00 22,192.00 210,433.00 66,780.00
2015-12-31 857,353.00 23,093.00 212,134.00 66,730.00
2015-09-30 875,494.00 19,548.00 214,284.00 66,730.00
2015-06-30 862,578.00 17,971.00 212,459.00 66,730.00
2015-03-31 857,782.00 18,364.00 212,272.00 66,730.00
2014-12-31 865,892.00 26,051.00 195,938.00 74,552.00
2014-09-30 885,037.00 43,286.00 193,624.00 74,552.00
2014-06-30 919,019.00 46,085.00 196,423.00 74,552.00
2014-03-31 980,556.00 46,824.00 207,502.00 74,552.00
2013-12-31 979,700.00 47,634.00 210,008.00 76,496.00
2013-09-30 983,734.00 24,045.00 215,218.00 76,496.00
2013-06-30 990,043.00 31,125.00 218,762.00 76,496.00
2013-03-31 1,010,493.00 42,459.00 215,275.00 76,496.00
2012-12-31 980,260.00 44,886.00 223,085.00 68,701.00

*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.
  • Nikon has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Nikon used its assets more efficiently than the DE Consumer Durables industry average last year based on Return on Assets.
  • Nikon has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Nikon'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 Consumer Durables 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.
Nikon has a total score of 5/6, 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 Nikon'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 Nikon's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nikon is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Nikon's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Nikon'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 6.2x 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 Nikon Company Filings, last reported 1 month ago.

DB:NKN Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 602,511.00 123,511.00 379,241.00
2019-06-30 596,700.00 123,474.00 380,144.00
2019-03-31 616,726.00 126,410.00 411,055.00
2018-12-31 586,778.00 126,402.00 415,622.00
2018-09-30 597,861.00 127,002.00 415,170.00
2018-06-30 581,583.00 126,283.00 407,576.00
2018-03-31 573,541.00 125,339.00 388,438.00
2017-12-31 575,004.00 136,799.00 386,655.00
2017-09-30 562,983.00 136,821.00 327,653.00
2017-06-30 549,708.00 138,050.00 309,181.00
2017-03-31 538,150.00 138,077.00 319,046.00
2016-12-31 529,549.00 139,286.00 325,263.00
2016-09-30 513,176.00 135,844.00 275,614.00
2016-06-30 507,024.00 97,800.00 224,227.00
2016-03-31 541,007.00 110,700.00 256,595.00
2015-12-31 571,013.00 113,200.00 251,580.00
2015-09-30 560,822.00 113,200.00 229,605.00
2015-06-30 574,746.00 113,200.00 238,421.00
2015-03-31 572,199.00 113,200.00 262,501.00
2014-12-31 574,626.00 113,200.00 235,347.00
2014-09-30 552,809.00 114,228.00 217,361.00
2014-06-30 531,559.00 114,262.00 187,266.00
2014-03-31 546,812.00 124,111.00 225,519.00
2013-12-31 547,905.00 82,078.00 140,224.00
2013-09-30 512,441.00 82,219.00 148,913.00
2013-06-30 500,211.00 81,626.00 120,716.00
2013-03-31 491,323.00 81,339.00 110,281.00
2012-12-31 459,399.00 81,652.00 84,752.00
  • Nikon's level of debt (20.1%) 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 (20.1% vs 20.1% today).
  • Debt is well covered by operating cash flow (29.8%, greater than 20% of total debt).
  • Nikon earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Nikon'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. Nikon 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 Nikon'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
3.94%
Current annual income from Nikon dividends. Estimated to be 3.99% next year.
If you bought €2,000 of Nikon shares you are expected to receive €79 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?
  • Nikon's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.35%).
  • Nikon's dividend is above the markets top 25% of dividend payers in Germany (3.72%).
Upcoming dividend payment

Purchase Nikon before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:NKN 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 13 Analyst Estimates (S&P Global) See Below
Germany Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.3%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:NKN Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 67.00 1.00
2023-03-31 63.00 2.00
2022-03-31 60.55 11.00
2021-03-31 60.69 13.00
2020-03-31 60.00 13.00
2019-11-19
DB:NKN Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-11-07 60.000 3.939
2019-06-27 60.000 4.274
2019-05-09 60.000 3.989
2019-02-07 60.000 3.703
2018-11-08 60.000 3.431
2018-08-07 54.000 2.635
2018-05-10 36.000 1.980
2018-02-08 31.000 1.564
2017-06-29 16.000 0.787
2017-05-11 16.000 0.913
2017-02-13 16.000 0.975
2016-11-08 16.000 0.916
2016-06-30 18.000 1.193
2016-05-13 18.000 1.219
2015-06-26 16.000 0.998
2015-05-14 16.000 1.067
2014-06-27 32.000 2.027
2014-05-13 32.000 1.987
2014-02-06 32.000 1.870
2013-11-07 32.000 1.704
2013-08-08 32.000 1.851
2013-05-09 41.000 1.722
2012-05-10 41.000 1.864
2012-02-06 34.000 1.488
2012-02-03 34.000 1.739
2011-11-07 34.000 1.948
2011-11-04 34.000 1.919
2011-08-10 34.000 1.953
2011-06-30 27.000 1.487
2011-05-12 27.000 1.449
2011-02-03 28.000 1.605
2010-11-04 28.000 1.620
2010-08-05 19.000 1.262
2010-05-10 19.000 1.153
2010-02-10 8.000 0.392
2010-02-04 8.000 0.436
2009-11-05 8.000 0.451
2009-05-13 8.000 0.501
2009-02-05 25.000 2.289

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Nikon's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x 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 Nikon's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - 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 Nikon afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nikon 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 Nikon'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
Toshikazu Umatate
TENURE AS CEO 0.8 years
CEO Bio

Mr. Toshikazu Umatate serves as President and Chief Executive Officer at Nikon Corporation since April 2019 and serves as Representative Director since 2019. He served as Senior Vice President, General Manager of Semiconductor Lithography Business Unit and Officer in charge of Technology Strategy and Precision Components & Modules Business Unit at Nikon Corporation until 2019. Mr. Umatate served as Operating Officer and Executive Officer at Nikon Corporation. He served as General Manager of Development Headquarters - Precision Equipment Company, a segment of Nikon Corporation. He served as Vice President of Precision Equipment Company, a segment of Nikon Corporation. He served as an Executive Officer of Nikon Corporation. He served as General Manager of Semiconductor Equipment Division - Precision Equipment Company and General Manager of Sales Headquarters - Precision Equipment Company, a segment of Nikon Corporation.

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

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

1.8
Average Tenure
62
Average Age
  • The average tenure for the Nikon management team is less than 2 years, this suggests a new team.
Management Team

Toshikazu Umatate

TITLE
President
TENURE
0.8 yrs

Masashi Oka

TITLE
Senior EVP
AGE
64
TENURE
3.4 yrs

Takumi Odajima

TITLE
Senior VP
AGE
61
TENURE
2.8 yrs

Nobuyoshi Gokyu

TITLE
Senior VP and Officer In Charge of Special Missions for Imaging Business Unit & Design Center

Tomohide Hamada

TITLE
Senior VP & GM of FPD Lithography Business Unit
AGE
62
TENURE
6.4 yrs

Masato Hamatani

TITLE
Senior VP & GM of Semiconductor Lithography Business Unit
TENURE
0.8 yrs

Satoshi Hagiwara

TITLE
Senior VP
TENURE
0.8 yrs

Kenji Yoshikawa

TITLE
Corporate VP & Deputy GM of Corporate Strategy Division
Board of Directors Tenure

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

3.4
Average Tenure
65.5
Average Age
  • The tenure for the Nikon board of directors is about average.
Board of Directors

Kazuo Ushida

TITLE
Chairman & Representative Director
COMPENSATION
¥107M
AGE
66

Toshikazu Umatate

TITLE
President
TENURE
0.8 yrs

Masashi Oka

TITLE
Senior EVP
AGE
64
TENURE
3.4 yrs

Takumi Odajima

TITLE
Senior VP
AGE
61
TENURE
2.4 yrs

Satoshi Hagiwara

TITLE
Senior VP
TENURE
2.4 yrs

Kunio Ishihara

TITLE
External Director
AGE
76
TENURE
3.4 yrs

Takaharu Honda

TITLE
Director
AGE
65
TENURE
5.4 yrs

Haruya Uehara

TITLE
External Director
AGE
73
TENURE
3.4 yrs

Hiroshi Hataguchi

TITLE
External Director
AGE
79
TENURE
3.4 yrs

Akio Negishi

TITLE
External Director
AGE
61
TENURE
3.4 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 Nikon'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. Nikon 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

Nikon Corporation manufactures and sells optical instruments in Japan and internationally. It operates through three segments: Imaging Products Business, Precision Equipment Business, and Healthcare Business. The Imaging Products Business segment develops, manufacture, sells, and service of digital SLR cameras, compact digital cameras, and interchangeable camera lenses. The Precision Equipment Business segment develops, manufacture, sells, and service of FPD lithography systems for the production of LCD and organic light-emitting diode panels; and semiconductor lithography systems for the production of semiconductors. The Healthcare Business segment develops, manufactures, sells, and services of biological microscopes, cell culture observation systems, ultra-wide field retinal imaging devices, etc. This segment also engages in the regenerative medicine related field business. The company is also involved in the development, manufacturing, sale, and service of industrial microscopes, measuring instruments, X-ray/CT inspection systems, metrology systems, and surveying instruments’ and customized products, glass, encoders, and ophthalmic lenses businesses, as well as sale of photomask substrates for FPD and optical materials. The company was formerly known as Nippon Kogaku K.K. and changed its name to Nikon Corporation in 1988. Nikon Corporation was founded in 1917 and is headquartered in Tokyo, Japan.

Details
Name: Nikon Corporation
NKN
Exchange: DB
Founded: 1917
¥4,929,065,607
389,609,843
Website: http://www.nikon.co.jp
Address: Nikon Corporation
Shinagawa Intercity Tower C,
2-15-3, Konan,
Tokyo,
108-6290,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 7731 Common Stock The Tokyo Stock Exchange JP JPY 31. Jan 1975
OTCPK NINO.F Common Stock Pink Sheets LLC US USD 31. Jan 1975
DB NKN Common Stock Deutsche Boerse AG DE EUR 31. Jan 1975
BMV NIKON N Common Stock Bolsa Mexicana de Valores MX MXN 31. Jan 1975
OTCPK NINO.Y UNSPONSORED ADR Pink Sheets LLC US USD 06. Jan 1975
Number of employees
Current staff
Staff numbers
20,917
Nikon employees.
Industry
Consumer Electronics
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/19 21:06
End of day share price update: 2019/11/19 00:00
Last estimates confirmation: 2019/11/08
Last earnings filing: 2019/11/07
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


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.