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Japan Exchange Group

DB:OSKU
Snowflake Description

Excellent balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
OSKU
DB
¥1,003B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Japan Exchange Group, Inc. provides and operates markets for exchange-traded financial instruments in Japan. The last earnings update was 49 days ago. More info.


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OSKU Share Price and Events
7 Day Returns
2.1%
DB:OSKU
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-
DB:OSKU
-6.9%
DE Capital Markets
-17.2%
DE Market
OSKU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Japan Exchange Group (OSKU) 2.1% 4.7% -2% - - -
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • No trading data on OSKU.
  • No trading data on OSKU.
Price Volatility
OSKU
Industry
5yr Volatility vs Market

Value

 Is Japan Exchange 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 Japan Exchange 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 Japan Exchange Group.

DB:OSKU 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
= ¥510.44 * 17%
¥86.97
Book Value of Equity per Share Median Book Value from the past 5 years. ¥510.44
Discount Rate (Cost of Equity) See below 5%
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:OSKU
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))
= 0.753 (1 + (1- 30.86%) (5.23%))
0.853
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.853 * 6.33%)
5.01%

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

The calculations below outline how an intrinsic value for Japan Exchange 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:OSKU Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (17% – 5.01%) * ¥510.44)
¥61.42
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ¥61.42 / (5.01% - -0.39%)
¥1,137.91
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ¥510.44 + ¥1,137.91
¥1648.35
DB:OSKU Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:OSKU represents 0.00406x of TSE:8697
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00406x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 1,648.35 x 0.00406
€6.70
Value per share (EUR) From above. €6.70
Current discount Discount to share price of €7.62
= -1 x (€7.62 - €6.70) / €6.70
-13.7%

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

  • The current share price of Japan Exchange 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 Japan Exchange Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Japan Exchange Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:OSKU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥82.06
TSE:8697 Share Price ** TSE (2020-04-01) in JPY ¥1874
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
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 Japan Exchange Group.

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

= TSE:8697 Share Price ÷ EPS (both in JPY)

= 1874 ÷ 82.06

22.84x

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

  • Japan Exchange Group is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Japan Exchange Group is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Japan Exchange Group's expected growth come at a high price?
Raw Data
DB:OSKU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
3.3%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.84x ÷ 3.3%

7.01x

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

  • Japan Exchange Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Japan Exchange Group's assets?
Raw Data
DB:OSKU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥533.18
TSE:8697 Share Price * TSE (2020-04-01) in JPY ¥1874
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:OSKU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8697 Share Price ÷ Book Value per Share (both in JPY)

= 1874 ÷ 533.18

3.51x

* Primary Listing of Japan Exchange Group.

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

  • Japan Exchange Group is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Japan Exchange 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. Japan Exchange Group has a total score of 0/6, 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 Japan Exchange Group expected to perform in the next 1 to 3 years based on estimates from 3 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
3.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Japan Exchange Group expected to grow at an attractive rate?
  • Japan Exchange Group's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Japan Exchange Group's earnings growth is positive but not above the Germany market average.
  • Japan Exchange Group's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:OSKU Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:OSKU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 3.3%
DB:OSKU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.3%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
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:OSKU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:OSKU Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 128,709 49,163 2
2021-03-31 126,923 57,727 47,107 3
2020-04-02
2020-03-31 123,215 62,268 47,124 2
DB:OSKU Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 116,547 53,932 43,944
2019-09-30 119,839 55,700 46,710
2019-06-30 120,641 56,681 48,145
2019-03-31 121,134 52,778 49,057
2018-12-31 124,870 56,299 51,719
2018-09-30 124,180 59,028 51,712
2018-06-30 122,397 61,808 51,233
2018-03-31 120,711 66,018 50,484
2017-12-31 115,083 59,925 47,487
2017-09-30 110,765 56,979 45,219
2017-06-30 109,040 50,053 43,415
2017-03-31 107,885 47,462 42,124

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Japan Exchange Group's earnings are expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
  • Japan Exchange Group's revenue is expected to grow by 3.3% 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:OSKU 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 3 Analyst Estimates (S&P Global) See Below

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

DB:OSKU Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 91.74 91.97 91.51 2.00
2021-03-31 87.92 89.65 86.73 3.00
2020-04-02
2020-03-31 87.99 89.65 86.34 2.00
DB:OSKU Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 82.06
2019-09-30 87.22
2019-06-30 89.89
2019-03-31 91.58
2018-12-31 96.54
2018-09-30 96.52
2018-06-30 95.63
2018-03-31 94.16
2017-12-31 88.22
2017-09-30 83.58
2017-06-30 79.79
2017-03-31 77.00

*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 Japan Exchange Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Japan Exchange 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.
Japan Exchange Group 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 Japan Exchange 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 Japan Exchange 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.
  • Japan Exchange Group's year on year earnings growth rate has been positive over the past 5 years.
  • Japan Exchange Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Japan Exchange Group's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Japan Exchange 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 Japan Exchange Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:OSKU Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 116,547.00 43,944.00 44,773.00
2019-09-30 119,839.00 46,710.00 43,692.00
2019-06-30 120,641.00 48,145.00 43,138.00
2019-03-31 121,134.00 49,057.00 42,412.00
2018-12-31 124,870.00 51,719.00 44,919.00
2018-09-30 124,180.00 51,712.00 43,689.00
2018-06-30 122,397.00 51,233.00 42,420.00
2018-03-31 120,711.00 50,484.00 41,471.00
2017-12-31 115,083.00 47,487.00 38,258.00
2017-09-30 110,765.00 45,219.00 37,593.00
2017-06-30 109,040.00 43,415.00 38,101.00
2017-03-31 107,885.00 42,124.00 39,202.00
2016-12-31 110,155.00 41,205.00 42,002.00
2016-09-30 109,706.00 40,595.00 43,243.00
2016-06-30 113,695.00 43,687.00 42,523.00
2016-03-31 114,776.00 44,877.00 40,952.00
2015-12-31 112,602.00 45,767.00 44,527.00
2015-09-30 114,368.00 44,206.00 43,006.00
2015-06-30 109,206.00 38,132.00 42,283.00
2015-03-31 106,167.00 34,427.00 42,060.00
2014-12-31 105,998.00 29,603.00 46,307.00
2014-09-30 104,279.00 27,385.00 47,333.00
2014-06-30 104,915.00 25,694.00 48,375.00
2014-03-31 116,251.00 29,835.00 51,716.00
2013-12-31 114,875.00 28,024.00 66,631.00
2013-09-30 107,271.00 22,932.00 59,469.00
2013-06-30 94,293.00 19,986.00 51,423.00

*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.
  • Japan Exchange Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Japan Exchange Group used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Japan Exchange Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Japan Exchange 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.
Japan Exchange Group has a total score of 1/6, 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 Japan Exchange 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 Japan Exchange Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Japan Exchange Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Japan Exchange Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Japan Exchange 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 1076.7x 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 Japan Exchange Group Company Filings, last reported 3 months ago.

DB:OSKU Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 292,566.00 52,451.00 51,678.00
2019-09-30 292,018.00 52,450.00 62,037.00
2019-06-30 279,959.00 52,448.00 45,968.00
2019-03-31 291,450.00 52,446.00 63,891.00
2018-12-31 281,058.00 52,445.00 45,811.00
2018-09-30 281,656.00 52,443.00 63,592.00
2018-06-30 268,064.00 52,441.00 45,110.00
2018-03-31 279,736.00 52,440.00 78,999.00
2017-12-31 267,177.00 52,438.00 58,759.00
2017-09-30 264,947.00 52,436.00 46,580.00
2017-06-30 252,425.00 52,435.00 48,935.00
2017-03-31 263,770.00 52,433.00 73,553.00
2016-12-31 260,296.00 32,500.00 45,391.00
2016-09-30 259,756.00 32,500.00 48,383.00
2016-06-30 253,544.00 32,500.00 56,751.00
2016-03-31 262,911.00 32,500.00 66,547.00
2015-12-31 254,976.00 32,500.00 60,310.00
2015-09-30 252,492.00 32,500.00 66,920.00
2015-06-30 243,720.00 32,500.00 53,984.00
2015-03-31 241,565.00 32,500.00 60,114.00
2014-12-31 219,951.00 32,500.00 87,634.00
2014-09-30 212,183.00 32,500.00 88,151.00
2014-06-30 203,423.00 42,500.00 89,841.00
2014-03-31 202,017.00 42,500.00 104,615.00
2013-12-31 197,882.00 42,500.00 89,503.00
2013-09-30 194,330.00 42,500.00 88,164.00
2013-06-30 185,117.00 103,969.00 130,321.00
  • Japan Exchange Group's level of debt (17.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (14.8% vs 17.9% today).
  • Debt is well covered by operating cash flow (102.8%, greater than 20% of total debt).
  • Japan Exchange Group earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Japan Exchange 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. Japan Exchange Group has a total score of 5/6, 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 Japan Exchange 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
2.56%
Current annual income from Japan Exchange Group dividends. Estimated to be 2.89% next year.
If you bought €2,000 of Japan Exchange Group shares you are expected to receive €51 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?
  • Japan Exchange Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Japan Exchange Group'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:OSKU 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 3 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.2%
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:OSKU Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 55.09 2.00
2021-03-31 53.57 3.00
2020-04-02
2020-03-31 54.03 2.00
DB:OSKU Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-10-30 48.000 2.522
2019-06-12 52.000 3.042
2019-04-26 52.000 2.988
2018-10-29 54.000 2.795
2018-06-13 54.000 2.746
2018-04-27 54.000 2.589
2017-06-09 48.000 2.443
2017-04-28 48.000 2.775
2016-04-28 42.000 2.732
2015-10-30 42.000 2.362
2015-07-28 36.500 1.925
2015-06-09 36.500 1.815
2015-04-28 36.500 1.971
2015-01-30 22.000 1.322
2014-06-11 18.000 1.388
2014-04-28 18.000 1.590
2014-02-13 16.000 1.345
2013-11-13 16.000 1.171
2013-10-23 16.000 1.422
2013-07-30 16.000 1.660
2013-06-11 9.500 0.925
2013-04-30 9.500 0.909
2013-01-30 7.000 0.900

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

  • Japan Exchange Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Japan Exchange Group only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Japan Exchange Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x 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 Japan Exchange 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 Japan Exchange Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Japan Exchange 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.

Management

 What is the CEO of Japan Exchange 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
Akira Kiyota
COMPENSATION ¥156,000,000
AGE 74
TENURE AS CEO 4.8 years
CEO Bio

Mr. Akira Kiyota has been the Group Chief Executive Officer of Japan Exchange Group, Inc. since June 16, 2015 and serves as its Representative Executive Officer. Mr. Kiyota served as the Chief Executive Officer and President of Tokyo Stock Exchange, Inc. until June 16, 2015. Mr. Kiyota served as the Senior Managing Director of Daiwa Securities Group Inc. and served as its Chairman from July, 2008 to April 2011. He served as an Executive Vice President of the Institute of Daiwa Securities Group Inc. He served as Corporate Executive Officer of Daiwa Securities Group Inc. since June 2004. He served as the President of Daiwa Securities SMBC Co. Ltd. since April 1999. He joined Daiwa Securities Co. Ltd. (currently Daiwa Securities Group Inc.) in April 1969 and served as its Head of Tobu Area Sales Division since June 1994, Head of Bond & Finance Division since May 1996, Managing Director since June 1997 and Deputy President since October 1997. He serves as Chairman of Daiwa Institute of Research Ltd. Mr. Kiyota served as a Deputy Chairman of Daiwa Securities Group Inc. from June, 2004 to July, 2008 and also served as its Honorary Chairman since April 2011. He has been a Director of Japan Exchange Group, Inc. since June 2013. He serves as a Director of Daiwa Institute of Research Ltd. and Tokyo Stock Exchange, Inc. Mr. Kiyota served as an Outside Director of Anritsu Corp. and Micron Memory Japan, Inc. (alternate name, Elpida Memory Inc.). He served as a Director of Daiwa Securities Group Inc. since June 1994.

CEO Compensation
  • Akira's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Akira's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

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

3
Average Tenure
56
Average Age
  • The tenure for the Japan Exchange Group management team is about average.
Management Team

Akira Kiyota

TITLE
Group CEO
COMPENSATION
¥156M
AGE
74
TENURE
4.8 yrs

Atsushi Tabata

TITLE
Executive Officer of Treasury
AGE
54
TENURE
2.8 yrs

Ryusuke Yokoyama

TITLE
Senior Executive Officer of IT Planning & CIO
AGE
56
TENURE
3 yrs

Isao Hasegawa

TITLE
Senior Executive Officer of General Administration & Human Resources
AGE
55
TENURE
3 yrs

Mitsuo Miwa

TITLE
Director & Chief IR Officer

Koichiro Miyahara

TITLE
Representative Executive Officer
AGE
62

Hiromi Yamaji

TITLE
Representative Executive Officer
AGE
64
TENURE
4.4 yrs

Satoshi Futagi

TITLE
Senior Executive Officer of Corporate Strategy
AGE
55
TENURE
0.3 yrs

Yoshihiro Isaka

TITLE
Senior Executive Officer of Global Strategy
TENURE
3 yrs

Yukiko Yamaguchi

TITLE
Head of Global Communications & Global Strategy
Board of Directors Tenure

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

4.8
Average Tenure
69
Average Age
  • The tenure for the Japan Exchange Group board of directors is about average.
Board of Directors

Hiroki Tsuda

TITLE
Independent Chairperson of the Board
AGE
71
TENURE
4.8 yrs

Akira Kiyota

TITLE
Group CEO
COMPENSATION
¥156M
AGE
74
TENURE
6.8 yrs

Koichiro Miyahara

TITLE
Representative Executive Officer
AGE
62
TENURE
4.8 yrs

Hiromi Yamaji

TITLE
Representative Executive Officer
AGE
64
TENURE
6.8 yrs

Hideaki Kubori

TITLE
Independent Outside Director
AGE
75
TENURE
7.3 yrs

Tsuyoshi Yoneda

TITLE
Independent Outside Director
AGE
67
TENURE
4.8 yrs

Hitoshi Ogita

TITLE
Independent Outside Director
AGE
77
TENURE
3.8 yrs

Eizo Kobayashi

TITLE
Independent Outside Director
AGE
70
TENURE
3.8 yrs

Christina L. Ahmadjian

TITLE
Independent Outside Director
AGE
60
TENURE
5.8 yrs

Main Kohda

TITLE
Independent Outside Director
AGE
68
TENURE
3.8 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 Japan Exchange 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. Japan Exchange 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.

News

Simply Wall St News

Company Info

Description

Japan Exchange Group, Inc. provides and operates markets for exchange-traded financial instruments in Japan. The company offers market facilities for securities, securities index futures, and securities options trading, as well as financial instruments obligation assumption services; and publicizes market quotations and facilitates fairness of securities trading. It is also involved in self-regulatory operations, including listing examination, listed company compliance, market surveillance, and examination and inspection of participants. In addition, the company offers clearing and settlement services through a central counterparty, as well as information services. Japan Exchange Group, Inc. was founded in 1949 and is headquartered in Tokyo, Japan.

Details
Name: Japan Exchange Group, Inc.
OSKU
Exchange: DB
Founded: 1949
¥8,561,671,496
535,440,124
Website: http://www.jpx.co.jp
Address: Japan Exchange Group, Inc.
2-1 Nihombashi-kabuto-cho,
Chuo-ku,
Tokyo,
103-8224,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8697 Common Stock The Tokyo Stock Exchange JP JPY 03. Jan 2013
OTCPK OSCU.F Common Stock Pink Sheets LLC US USD 03. Jan 2013
OTCPK JPXG.Y UNSPON ADR EACH REP 0.5 ORD JPY0.00 Pink Sheets LLC US USD 23. Apr 2014
DB OSKU UNSPON ADR EACH REP 0.5 ORD JPY0.00 Deutsche Boerse AG DE EUR 23. Apr 2014
Number of employees
Current staff
Staff numbers
1,110
Japan Exchange Group employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/02 01:14
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/03/24
Last earnings filing: 2020/02/13
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.