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Monex Group

DB:NNL
Snowflake Description

Mediocre balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NNL
DB
¥46B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Monex Group, Inc., together with its subsidiaries, provides online securities brokerage services to individual investors and businesses in Japan, the United States, and the Asia-Pacific. The last earnings update was 50 days ago. More info.


Add to Portfolio Compare Print
  • Monex Group has significant price volatility in the past 3 months.
NNL Share Price and Events
7 Day Returns
11.3%
DB:NNL
12.3%
DE Capital Markets
7.2%
DE Market
1 Year Returns
-51.3%
DB:NNL
-8.8%
DE Capital Markets
-17.5%
DE Market
NNL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Monex Group (NNL) 11.3% -17.3% -32.1% -51.3% -32.9% -39.9%
DE Capital Markets 12.3% -26.5% -16.8% -8.8% -29% -56.3%
DE Market 7.2% -22.3% -26.1% -17.5% -25.7% -29.1%
1 Year Return vs Industry and Market
  • NNL underperformed the Capital Markets industry which returned -8.8% over the past year.
  • NNL underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
NNL
Industry
5yr Volatility vs Market

NNL Value

 Is Monex Group 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 Monex Group 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 Monex Group.

DB:NNL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= ¥297.28 * 1.3%
¥3.75
Book Value of Equity per Share Median Book Value from the past 5 years. ¥297.28
Discount Rate (Cost of Equity) See below 12.3%
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:NNL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 30.86%) (510.35%))
2.619
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 6.33%)
12.27%

Discounted Cash Flow Calculation for DB:NNL using Excess Returns Model Model

The calculations below outline how an intrinsic value for Monex Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:NNL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (1.3% – 12.27%) * ¥297.28)
¥-32.73
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ¥-32.73 / (12.27% - -0.39%)
¥-258.51
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ¥297.28 + ¥-258.51
¥38.77
DB:NNL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:NNL represents 0.00827x of TSE:8698
(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
= ¥ 38.77 x 0.00827
€0.32
Value per share (EUR) From above. €0.32
Current discount Discount to share price of €1.48
= -1 x (€1.48 - €0.32) / €0.32
-361.7%

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

  • The current share price of Monex Group 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 Monex Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Monex Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:NNL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥2.81
TSE:8698 Share Price ** TSE (2020-03-27) in JPY ¥179
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 21.49x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.49x

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

** Primary Listing of Monex Group.

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

= TSE:8698 Share Price ÷ EPS (both in JPY)

= 179 ÷ 2.81

63.67x

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

  • Monex Group is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Monex Group is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Monex Group's expected growth come at a high price?
Raw Data
DB:NNL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 63.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
33.3%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.49x
Germany Market PEG Ratio Median Figure of 252 Publicly-Listed Companies 1.22x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 63.67x ÷ 33.3%

1.91x

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

  • Monex Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Monex Group's assets?
Raw Data
DB:NNL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥296.91
TSE:8698 Share Price * TSE (2020-03-27) in JPY ¥179
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.61x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.42x
DB:NNL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8698 Share Price ÷ Book Value per Share (both in JPY)

= 179 ÷ 296.91

0.6x

* Primary Listing of Monex Group.

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

  • Monex Group is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Monex Group'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. Monex Group has a total score of 1/6, 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.

NNL Future Performance

 How is Monex Group 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
33.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Monex Group expected to grow at an attractive rate?
  • Monex Group's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Monex Group's earnings growth is expected to exceed the Germany market average.
  • Monex Group's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:NNL Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NNL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 33.3%
DB:NNL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 1.7%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 41.2%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*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:NNL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 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:NNL Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 47,000 2,500 1
2021-03-31 58,700 5,850 2
2020-03-31 49,000 2,800 1
2020-03-28
DB:NNL Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 48,610 7,576 737
2019-09-30 50,008 30,056 1,115
2019-06-30 50,100 62,674 834
2019-03-31 50,577 53,834 1,181
2018-12-31 53,202 27,735 4,765
2018-09-30 53,237 10,389 6,461
2018-06-30 53,370 -97,913 7,485
2018-03-31 51,848 -38,701 6,730
2017-12-31 48,561 -29,004 4,558
2017-09-30 46,389 22,992 2,414
2017-06-30 44,234 52,663 477
2017-03-31 44,034 43,715 298

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Monex Group's earnings are expected to grow significantly at over 20% yearly.
  • Monex Group's revenue is expected to grow by 1.7% 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:NNL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Monex Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NNL Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31
2021-03-31 37.20 37.20 37.20 1.00
2020-03-31 32.90 32.90 32.90 1.00
2020-03-28
DB:NNL Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 2.81
2019-09-30 4.21
2019-06-30 3.13
2019-03-31 4.42
2018-12-31 17.73
2018-09-30 23.78
2018-06-30 27.30
2018-03-31 24.33
2017-12-31 16.36
2017-09-30 8.64
2017-06-30 1.70
2017-03-31 1.06

*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.
  • Unable to establish if Monex Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Monex Group'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.
Monex Group has a total score of 3/6, 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.

NNL Past Performance

  How has Monex Group 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 Monex Group's growth in the last year to its industry (Capital Markets).
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.
  • Monex Group's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Monex Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Monex Group's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Monex Group'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 Monex Group Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NNL 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 48,610.00 737.00 33,206.00
2019-09-30 50,008.00 1,115.00 33,206.00
2019-06-30 50,100.00 834.00 33,206.00
2019-03-31 50,577.00 1,181.00 33,206.00
2018-12-31 53,202.00 4,765.00 29,442.00
2018-09-30 53,237.00 6,461.00 29,442.00
2018-06-30 53,370.00 7,485.00 29,442.00
2018-03-31 51,848.00 6,730.00 29,442.00
2017-12-31 48,561.00 4,558.00 30,266.00
2017-09-30 46,389.00 2,414.00 30,266.00
2017-06-30 44,234.00 477.00 30,266.00
2017-03-31 44,034.00 298.00 30,266.00
2016-12-31 42,077.00 755.00 32,945.00
2016-09-30 43,458.00 -96.00 32,945.00
2016-06-30 47,483.00 2,083.00 32,945.00
2016-03-31 49,807.00 3,554.00 32,945.00
2015-12-31 50,580.00 4,813.00 30,491.00
2015-09-30 51,584.00 7,346.00 30,491.00
2015-06-30 48,701.00 4,665.00 30,491.00
2015-03-31 45,209.00 3,494.00 30,491.00
2014-12-31 43,652.00 2,976.00 21,848.00
2014-09-30 43,040.00 3,335.00 21,848.00
2014-06-30 43,849.00 5,772.00 21,848.00
2014-03-31 50,050.00 10,354.00 21,848.00
2013-12-31 51,445.00 13,136.00 18,726.00
2013-09-30 46,701.00 10,383.00 18,726.00
2013-06-30 41,699.00 8,845.00 18,726.00
2013-03-31 33,770.00 3,901.00 18,726.00

*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.
  • Monex Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Monex Group used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Monex Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Monex Group'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 Capital Markets 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.
Monex Group has a total score of 0/6, 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.

NNL Health

 How is Monex Group'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 Monex Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Monex Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Monex Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Monex Group'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.2x 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 Monex Group Company Filings, last reported 2 months ago.

DB:NNL Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 77,052.00 233,863.00 750,017.00
2019-09-30 77,169.00 279,077.00 762,954.00
2019-06-30 79,683.00 270,355.00 739,816.00
2019-03-31 80,142.00 291,669.00 733,804.00
2018-12-31 81,500.00 268,395.00 715,362.00
2018-09-30 81,773.00 284,757.00 764,951.00
2018-06-30 81,659.00 281,296.00 712,603.00
2018-03-31 80,493.00 269,213.00 644,364.00
2017-12-31 84,107.00 208,332.00 709,010.00
2017-09-30 82,482.00 205,222.00 689,737.00
2017-06-30 80,598.00 239,930.00 701,427.00
2017-03-31 81,687.00 215,637.00 645,068.00
2016-12-31 84,064.00 240,138.00 714,798.00
2016-09-30 81,680.00 203,790.00 586,222.00
2016-06-30 83,324.00 221,726.00 584,992.00
2016-03-31 86,023.00 226,235.00 581,442.00
2015-12-31 85,646.00 261,019.00 625,400.00
2015-09-30 88,490.00 290,824.00 614,045.00
2015-06-30 87,124.00 341,871.00 656,778.00
2015-03-31 86,932.00 345,939.00 611,687.00
2014-12-31 85,032.00 324,697.00 596,416.00
2014-09-30 80,242.00 340,753.00 571,396.00
2014-06-30 79,062.00 321,763.00 542,400.00
2014-03-31 80,701.00 342,890.00 516,232.00
2013-12-31 80,059.00 279,380.00 532,617.00
2013-09-30 78,770.00 243,392.00 493,123.00
2013-06-30 77,249.00 254,085.00 478,941.00
2013-03-31 79,702.00 181,042.00 405,861.00
  • Monex Group's level of debt (303.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (382% vs 303.5% today).
  • Debt is not well covered by operating cash flow (3.2%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Monex Group's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Monex Group'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. Monex Group has a total score of 3/6, 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.

NNL Dividends

 What is Monex Group'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
3.02%
Current annual income from Monex Group dividends. Estimated to be 9.86% next year.
If you bought €2,000 of Monex Group shares you are expected to receive €60 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?
  • Monex Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Monex Group's dividend is below the markets top 25% of dividend payers in Germany (4.96%).
Upcoming dividend payment

Purchase Monex Group 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:NNL 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 Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

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

DB:NNL Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-03-31
2021-03-31 18.80 1.00
2020-03-31 16.50 1.00
2020-03-28
DB:NNL Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-10-28 5.400 2.198
2019-06-24 5.400 1.727
2018-10-29 9.000 2.326
2018-05-22 12.600 2.244
2018-02-07 7.400 1.679
2018-01-31 7.400 1.943
2017-11-06 7.400 2.208
2017-10-27 7.400 2.092
2017-06-26 5.200 1.728
2017-02-06 5.200 1.830
2017-01-31 5.200 1.737
2016-11-04 5.200 1.746
2016-06-27 9.600 3.939
2015-06-22 8.200 2.701
2014-06-23 18.000 5.905
2014-04-15 18.000 5.112
2014-02-13 22.000 5.483
2014-01-31 22.000 5.272
2013-11-13 22.000 5.125
2013-10-31 22.000 6.352
2013-07-31 6.000 1.523
2013-06-24 6.000 1.477
2013-05-09 6.000 1.558
2012-10-16 2.000 0.878
2012-06-25 2.000 1.537
2012-04-26 2.000 1.500
2012-02-13 2.000 1.156
2012-01-31 2.000 1.525
2011-11-11 2.000 1.702
2011-10-26 2.000 1.670
2011-06-01 4.000 2.861
2011-04-27 4.000 2.612
2010-06-21 7.000 2.853
2010-04-27 7.000 1.760
2009-06-22 4.000 1.050
2009-05-07 4.000 1.068
2009-04-27 4.000 1.358

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 Monex Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x 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 Monex Group'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 Monex Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Monex Group has a total score of 2/6, see the detailed checks below.


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

NNL Management

 What is the CEO of Monex Group'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
Oki Matsumoto
AGE 56
TENURE AS CEO 15.6 years
CEO Bio

Mr. Oki Matsumoto has been the Chief Executive Officer of Monex Group, Inc. since August 2004. Mr. Matsumoto has been the President and Representative Executive Officer of Monex Group, Inc. since June 2013. He founded Monex, Inc. in 1999. Mr. Matsumoto has been Chairman of Monex, Inc. since November 1, 2015 and has been its Managing Director since January 29, 2020. Mr. Matsumoto serves as Chairman of the Board at Coincheck, Inc. He served as the Chief Executive Officer of Monex, Inc. from April 1999 to April 1, 2017 and served as its and Customer Happiness Officer since November 1, 2015. After conducting several mergers, he leads a financial institutions group that provides online brokerage services in Japan, the United States and Hong Kong. He served as Managing Director of Monex Group, Inc. since June 2013. He served as the President of Monex Inc. from April 1999 to November 1, 2015. He served as President of Monex Group, Inc. from August 2004 to February 1, 2011. He served as Chairman at Monex Group, Inc. since February 1, 2011 until January 29, 2020. He served as Analyst of Goldman Sachs Japan Co., Ltd. from 1990 to 1992 and its Vice President from 1992 to 1994. He served as Analyst of Salomon Brothers Asia Limited from 1987 to 1990. He serves as Governor of Association of Tokyo Stock Exchange. He served as a General Partner of Goldman Sachs Group, L.P. from 1994 to 1998 and as Co-Head of Fixed Income & Currency Business in Japan since November 1994. He was a Limited Partner of Goldman Sachs Group, L.P., since November 1998. He served as Managing Director, Tokyo Branch, Goldman Sachs (Japan) Ltd., since November 1994 and served as its Vice President from 1992 to 1994. He joined Goldman Sachs (Japan) Ltd. in April 1990 and Salomon Brothers Asia Ltd. in April 1987. Before founding Monex, Mr. Matsumoto was a General Partner, then the youngest-ever appointed, of The Goldman Sachs Group, L.P. He serves as an External Director of Uzabase, Inc. He served as an External Director of Kakaku.com., Inc. since June 2010 until June 28, 2017. He serves as a Chairman of TradeStation Group, Inc. and Coincheck, Inc. He has been a Director of MasterCard Incorporated since June 28, 2016. He had been a Representative Director of Monex Group, Inc., since February 2011 until January 29, 2020. He serves as a Director of Japan Securities Dealers Association. He has been a Director of Monex Inc. since 1999. Mr. Matsumoto served as an Outside Director of JINS Inc. (Known as Jin Co.,Ltd.) since November 2013 until November 30, 2016. He served as an Outside Director of Tokyo Stock Exchange, Inc. since June 2008 until 2013. He served as Managing Director at Monex Group, Inc. until January 29, 2020. He served as a Director of Shinsei Bank Ltd. since June 2008 and Japan Exchange Group Inc. He serves as International Board Member and Vice Chairman of Human Rights Watch. He serves as Councilor of International House of Japan. He served as a Member of Economic Counsel To The Prime Minister. Mr. Matsumoto graduated in 1987 from University of Tokyo's Faculty of Law.

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

Average tenure and age of the Monex Group management team in years:

0.6
Average Tenure
56
Average Age
  • The average tenure for the Monex Group management team is less than 2 years, this suggests a new team.
Management Team

Oki Matsumoto

TITLE
President
AGE
56
TENURE
15.6 yrs

Shoji Kuwashima

TITLE
Vice Chairman
AGE
64
TENURE
9.1 yrs

Toshihiko Katsuya

TITLE
CFO & Senior Executive Officer
AGE
54
TENURE
0.3 yrs

Yuko Seimei

TITLE
COO & Representative Executive Officer
AGE
42
TENURE
0.3 yrs

Tomokazu Furukawa

TITLE
General Manager of Accounting Department

Masayuki Okamoto

TITLE
Chief Administrative Officer
TENURE
0.3 yrs

Akiko Kato

TITLE
General Manager of Corporate Communications Office
TENURE
2.4 yrs

Takuya Yamanaka

TITLE
General Manager of Human Resources Department and Executive Director
TENURE
0.9 yrs

Katsuki Mandai

TITLE
Executive Officer
TENURE
0.2 yrs

Masaki Ueda

TITLE
Executive Director
AGE
56
Board of Directors Tenure

Average tenure and age of the Monex Group board of directors in years:

4.9
Average Tenure
58.5
Average Age
  • The tenure for the Monex Group board of directors is about average.
Board of Directors

Masaki Ueda

TITLE
Executive Director
AGE
56

Jun Makihara

TITLE
Lead Independent Director
AGE
61
TENURE
4.9 yrs

Shoji Kuwashima

TITLE
Vice Chairman
AGE
64
TENURE
9.1 yrs

Nobuyuki Idei

TITLE
Outside & Independent Director
AGE
82
TENURE
6.8 yrs

Masaaki Koizumi

TITLE
Outside & Independent Director
AGE
55
TENURE
1.8 yrs

Fujiyo Ishiguro

TITLE
Outside & Independent Director
AGE
61
TENURE
5.8 yrs

Nobuo Domae

TITLE
Outside & Independent Director
AGE
50
TENURE
3.8 yrs

Shiho Konno

TITLE
Outside & Independent Director
AGE
56
TENURE
1.8 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 Monex Group'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. Monex Group 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.

NNL News

Simply Wall St News

NNL Company Info

Description

Monex Group, Inc., together with its subsidiaries, provides online securities brokerage services to individual investors and businesses in Japan, the United States, and the Asia-Pacific. It offers equities, mutual funds, and odd lot stock trading schemes; margin trading, initial public offerings, and stock lending services; and foreign exchange margin trading, fixed income products, futures and option trading, exchange equity index margin contracts, bullion trading, etc. The company also engages in the research and development of methods of investments for marketable securities; wrap account services; and venture capital investment and technology development businesses. In addition, it is involved in the researching, planning, studying, developing, and consulting of cryptocurrency services, as well as operates cryptocurrency exchange. The company was formerly known as Monex Beans Holdings, Inc. and changed its name to Monex Group, Inc. in July 2008. Monex Group, Inc. was founded in 1999 and is headquartered in Tokyo, Japan.

Details
Name: Monex Group, Inc.
NNL
Exchange: DB
Founded: 1999
¥382,451,173
255,998,594
Website: http://www.monexgroup.jp
Address: Monex Group, Inc.
ARK Mori Building,
25th Floor,
Tokyo,
107-6025,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8698 Common Stock The Tokyo Stock Exchange JP JPY 02. Aug 2004
OTCPK MNXB.F Common Stock Pink Sheets LLC US USD 02. Aug 2004
DB NNL Common Stock Deutsche Boerse AG DE EUR 02. Aug 2004
OTCPK MNXB.Y ADR NEW Pink Sheets LLC US USD 18. Jan 2007
Number of employees
Current staff
Staff numbers
1,093
Monex Group employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/28 22:39
End of day share price update: 2020/03/27 00:00
Last estimates confirmation: 2020/02/06
Last earnings filing: 2020/02/07
Last earnings reported: 2019/12/31
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.