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Coca-Cola Bottlers Japan Holdings

DB:CCW
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CCW
DB
¥444B
Market Cap
  1. Home
  2. DE
  3. Food, Beverage & Tobacco
Company description

Coca-Cola Bottlers Japan Holdings Inc., together with its subsidiaries, manufactures and sells Coca-Cola and other soft drinks in Japan. The last earnings update was 64 days ago. More info.


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CCW Share Price and Events
7 Day Returns
0%
DB:CCW
-0.2%
DE Beverage
2.5%
DE Market
1 Year Returns
-7.5%
DB:CCW
4.9%
DE Beverage
2.6%
DE Market
CCW Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Coca-Cola Bottlers Japan Holdings (CCW) 0% 3.1% -7.2% -7.5% - -
DE Beverage -0.2% 2.3% -1.1% 4.9% 24.3% 68.1%
DE Market 2.5% 0.2% 1% 2.6% 7.8% 23.7%
1 Year Return vs Industry and Market
  • CCW underperformed the Beverage industry which returned 4.9% over the past year.
  • CCW underperformed the Market in Germany which returned 2.6% over the past year.
Price Volatility
CCW
Industry
5yr Volatility vs Market

CCW Value

 Is Coca-Cola Bottlers Japan Holdings 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 Coca-Cola Bottlers Japan Holdings 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 Coca-Cola Bottlers Japan Holdings.

DB:CCW Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
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:CCW
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Beverage Unlevered Beta Simply Wall St/ S&P Global 0.51
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.508 (1 + (1- 30.86%) (43.77%))
0.773
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

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

The calculations below outline how an intrinsic value for Coca-Cola Bottlers Japan Holdings 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:CCW DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 5%)
2020 2,588.77 Analyst x7 2,465.59
2021 19,886.82 Analyst x3 18,039.30
2022 18,997.00 Analyst x2 16,412.20
2023 26,591.00 Analyst x2 21,879.82
2024 32,317.78 Est @ 21.54% 25,326.65
2025 37,211.98 Est @ 15.14% 27,774.50
2026 41,182.20 Est @ 10.67% 29,275.23
2027 44,286.03 Est @ 7.54% 29,983.67
2028 46,652.76 Est @ 5.34% 30,083.10
2029 48,429.91 Est @ 3.81% 29,743.09
Present value of next 10 years cash flows ¥230,983.00
DB:CCW DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥48,429.91 × (1 + 0.23%) ÷ (5% – 0.23%)
¥1,018,043.92
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥1,018,043.92 ÷ (1 + 5%)10
¥625,228.79
DB:CCW Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥230,983.00 + ¥625,228.79
¥856,211.79
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥856,211.79 / 179.35
¥4773.88
DB:CCW Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:CCW represents 0.00832x of TSE:2579
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00832x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 4,773.88 x 0.00832
€39.73
Value per share (EUR) From above. €39.73
Current discount Discount to share price of €20.60
= -1 x (€20.60 - €39.73) / €39.73
48.2%

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

Current Discount
Amount off the current price Coca-Cola Bottlers Japan Holdings is available for.
Intrinsic value
48%
Share price is €20.6 vs Future cash flow value of €39.73
Current Discount Checks
For Coca-Cola Bottlers Japan Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Coca-Cola Bottlers Japan Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Coca-Cola Bottlers Japan Holdings's share price is below the future cash flow value, and 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 Coca-Cola Bottlers Japan Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Coca-Cola Bottlers Japan Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CCW PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in JPY ¥-344.50
TSE:2579 Share Price ** TSE (2019-10-11) in JPY ¥2475
Germany Beverage Industry PE Ratio Median Figure of 7 Publicly-Listed Beverage Companies 27.57x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

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

** Primary Listing of Coca-Cola Bottlers Japan Holdings.

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

= TSE:2579 Share Price ÷ EPS (both in JPY)

= 2475 ÷ -344.50

-7.18x

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

  • Coca-Cola Bottlers Japan Holdings is loss making, we can't compare its value to the DE Beverage industry average.
  • Coca-Cola Bottlers Japan Holdings is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Coca-Cola Bottlers Japan Holdings's expected growth come at a high price?
Raw Data
DB:CCW PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.18x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
65.1%per year
Europe Beverage Industry PEG Ratio Median Figure of 31 Publicly-Listed Beverage Companies 2.84x
Germany Market PEG Ratio Median Figure of 264 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Coca-Cola Bottlers Japan Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Coca-Cola Bottlers Japan Holdings's assets?
Raw Data
DB:CCW PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in JPY ¥2,782.70
TSE:2579 Share Price * TSE (2019-10-11) in JPY ¥2475
Germany Beverage Industry PB Ratio Median Figure of 8 Publicly-Listed Beverage Companies 1.56x
Germany Market PB Ratio Median Figure of 597 Publicly-Listed Companies 1.74x
DB:CCW PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:2579 Share Price ÷ Book Value per Share (both in JPY)

= 2475 ÷ 2,782.70

0.89x

* Primary Listing of Coca-Cola Bottlers Japan Holdings.

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

  • Coca-Cola Bottlers Japan Holdings is good value based on assets compared to the DE Beverage industry average.
X
Value checks
We assess Coca-Cola Bottlers Japan Holdings'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 Beverage 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 Beverage industry average (and greater than 0)? (1 check)
  5. Coca-Cola Bottlers Japan Holdings has a total score of 3/6, see the detailed checks below.

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

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

CCW Future Performance

 How is Coca-Cola Bottlers Japan Holdings expected to perform in the next 1 to 3 years based on estimates from 9 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
65.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Coca-Cola Bottlers Japan Holdings expected to grow at an attractive rate?
  • Coca-Cola Bottlers Japan Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Coca-Cola Bottlers Japan Holdings's earnings growth is expected to exceed the Germany market average.
  • Coca-Cola Bottlers Japan Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CCW Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CCW Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 65.1%
DB:CCW Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 0.4%
Germany Beverage Industry Earnings Growth Rate Market Cap Weighted Average -0.7%
Europe Beverage Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:CCW Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CCW Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 924,100 83,541 20,350 2
2022-12-31 929,867 83,992 19,033 3
2021-12-31 929,371 79,349 17,319 9
2020-12-31 925,108 76,151 13,092 9
2019-12-31 917,515 56,176 -45,931 9
2019-10-12
DB:CCW Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-06-30 894,331 38,692 -63,293
2019-03-31 912,212 585
2018-12-31 927,307 51,244 10,117
2018-09-30 968,789 15,383
2018-06-30 981,472 24,397
2018-03-31 987,310 25,832
2017-12-31 872,623 25,244
2017-09-30 751,833 18,415
2017-06-30 598,986 38,229 10,304
2017-03-31 459,051 5,234
2016-12-31 460,455 34,388 5,245
2016-09-30 464,525 6,250

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Coca-Cola Bottlers Japan Holdings's earnings are expected to grow significantly at over 20% yearly.
  • Coca-Cola Bottlers Japan Holdings's revenue is expected to grow by 0.4% 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:CCW 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 9 Analyst Estimates (S&P Global) See Below

All data from Coca-Cola Bottlers Japan Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CCW Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 114.95 142.30 87.60 2.00
2022-12-31 106.93 121.10 87.60 3.00
2021-12-31 97.65 148.10 56.90 9.00
2020-12-31 73.82 100.83 50.20 9.00
2019-12-31 -319.28 -310.10 -327.84 6.00
2019-10-12
DB:CCW Past Financials Data
Date (Data in JPY Millions) EPS *
2019-06-30 -344.50
2019-03-31 3.14
2018-12-31 52.68
2018-09-30 78.55
2018-06-30 122.91
2018-03-31 129.96
2017-12-31 144.26
2017-09-30 121.20
2017-06-30 79.55
2017-03-31 47.96
2016-12-31 48.06
2016-09-30 57.27

*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.
  • Coca-Cola Bottlers Japan Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Coca-Cola Bottlers Japan Holdings'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 Europe 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.
Coca-Cola Bottlers Japan Holdings 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.

CCW Past Performance

  How has Coca-Cola Bottlers Japan Holdings 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 Coca-Cola Bottlers Japan Holdings's growth in the last year to its industry (Beverage).
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.
  • Coca-Cola Bottlers Japan Holdings does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Coca-Cola Bottlers Japan Holdings's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Coca-Cola Bottlers Japan Holdings's 1-year growth to the DE Beverage industry average as it is not currently profitable.
Earnings and Revenue History
Coca-Cola Bottlers Japan Holdings'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 Coca-Cola Bottlers Japan Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CCW Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 894,331.00 -63,293.00 370,588.00
2019-03-31 912,212.00 585.00 381,832.00
2018-12-31 927,307.00 10,117.00 391,040.00
2018-09-30 968,789.00 15,383.00 464,570.00
2018-06-30 981,472.00 24,397.00 467,244.00
2018-03-31 987,310.00 25,832.00 467,223.00
2017-12-31 872,623.00 25,244.00 409,669.00
2017-09-30 751,833.00 18,415.00 340,087.00
2017-06-30 598,986.00 10,304.00 272,391.00
2017-03-31 459,051.00 5,234.00 208,842.00
2016-12-31 460,455.00 5,245.00 208,914.00
2016-09-30 464,525.00 6,250.00 203,719.00
2016-06-30 458,788.00 5,746.00 201,037.00
2016-03-31 449,905.00 12,175.00 197,698.00
2015-12-31 440,476.00 9,970.00 195,256.00
2015-09-30 430,252.00 15,166.00 190,515.00
2015-06-30 422,255.00 12,480.00 187,972.00
2015-03-31 420,619.00 4,304.00 187,384.00
2014-12-31 424,406.00 4,482.00 188,555.00
2014-09-30 428,308.00 1,456.00 189,721.00
2014-06-30 438,631.00 3,428.00 191,785.00
2014-03-31 443,957.00 12,230.00 193,147.00
2013-12-31 431,711.00 13,625.00 185,825.00
2013-09-30 417,455.00 17,356.00 179,259.00
2013-06-30 398,562.00 16,084.00 170,843.00
2013-03-31 384,587.00 6,899.00 164,231.00
2012-12-31 386,637.00 6,031.00 164,961.00

*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.
  • It is difficult to establish if Coca-Cola Bottlers Japan Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Coca-Cola Bottlers Japan Holdings has efficiently used its assets last year compared to the DE Beverage industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Coca-Cola Bottlers Japan Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Coca-Cola Bottlers Japan Holdings'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 Beverage 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.
Coca-Cola Bottlers Japan Holdings 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.

CCW Health

 How is Coca-Cola Bottlers Japan Holdings'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 Coca-Cola Bottlers Japan Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Coca-Cola Bottlers Japan Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Coca-Cola Bottlers Japan Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Coca-Cola Bottlers Japan Holdings'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 1.7x 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 Coca-Cola Bottlers Japan Holdings Company Filings, last reported 3 months ago.

DB:CCW Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 499,551.00 150,999.00 45,230.00
2019-03-31 557,368.00 120,204.00 54,129.00
2018-12-31 580,906.00 101,913.00 65,510.00
2018-09-30 576,546.00 78,147.00 51,743.00
2018-06-30 575,055.00 93,940.00 54,240.00
2018-03-31 622,493.00 96,055.00 127,034.00
2017-12-31 627,485.00 79,848.00 118,858.00
2017-09-30 622,830.00 80,857.00 104,849.00
2017-06-30 612,233.00 95,608.00 99,908.00
2017-03-31 259,622.00 50,196.00 83,568.00
2016-12-31 261,171.00 50,200.00 86,961.00
2016-09-30 264,282.00 50,205.00 83,622.00
2016-06-30 259,853.00 51,459.00 71,070.00
2016-03-31 258,222.00 51,464.00 77,645.00
2015-12-31 260,877.00 52,718.00 79,956.00
2015-09-30 264,222.00 52,723.00 68,871.00
2015-06-30 262,002.00 53,977.00 61,303.00
2015-03-31 251,325.00 23,982.00 39,927.00
2014-12-31 254,149.00 25,236.00 42,096.00
2014-09-30 252,800.00 55,241.00 66,284.00
2014-06-30 251,954.00 56,495.00 58,510.00
2014-03-31 248,175.00 56,500.00 66,943.00
2013-12-31 257,935.00 57,754.00 70,764.00
2013-09-30 259,545.00 57,759.00 67,118.00
2013-06-30 256,915.00 59,013.00 53,267.00
2013-03-31 230,734.00 59,018.00 53,390.00
2012-12-31 231,056.00 60,272.00 52,859.00
  • Coca-Cola Bottlers Japan Holdings's level of debt (30.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (22.4% vs 30.2% today).
  • Debt is well covered by operating cash flow (25.6%, greater than 20% of total debt).
  • Coca-Cola Bottlers Japan Holdings is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Coca-Cola Bottlers Japan Holdings'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. Coca-Cola Bottlers Japan Holdings has a total score of 4/6, 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.

CCW Dividends

 What is Coca-Cola Bottlers Japan Holdings'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
2.02%
Current annual income from Coca-Cola Bottlers Japan Holdings dividends. Estimated to be 2.07% next year.
If you bought €2,000 of Coca-Cola Bottlers Japan Holdings shares you are expected to receive €40 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?
  • Coca-Cola Bottlers Japan Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Coca-Cola Bottlers Japan Holdings's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Upcoming dividend payment

Purchase Coca-Cola Bottlers Japan Holdings 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:CCW 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 9 Analyst Estimates (S&P Global) See Below
Germany Beverage Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

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

DB:CCW Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 55.00 2.00
2022-12-31 51.67 3.00
2021-12-31 52.22 9.00
2020-12-31 50.56 9.00
2019-12-31 50.00 9.00
2019-10-12
DB:CCW Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-08-09 50.000 2.113
2019-08-07 50.000 2.027
2019-03-27 50.000 1.853
2019-02-14 50.000 1.762
2018-02-28 50.000 1.377
2018-02-13 50.000 1.292
2017-03-23 44.000 1.195
2017-02-06 44.000 1.300
2016-10-31 44.000 1.356
2016-04-26 42.000 1.495
2016-02-08 42.000 1.585
2015-03-25 41.000 1.795
2015-02-04 41.000 2.245
2014-10-31 41.000 2.482
2014-03-26 41.000 2.440
2014-02-05 41.000 2.290
2013-03-27 41.000 2.117
2013-02-06 41.000 2.631
2012-08-02 41.000 3.143
2012-04-26 41.000 2.999
2012-03-23 41.000 2.847
2012-02-07 41.000 2.974
2011-11-10 40.000 3.031
2011-10-31 40.000 2.932
2011-08-10 40.000 2.850
2011-07-28 40.000 2.660
2011-05-02 40.000 2.622
2011-03-25 40.000 2.477
2011-02-04 40.000 2.748
2010-11-10 40.000 2.732
2010-10-29 40.000 3.036
2010-08-10 40.000 2.869
2010-08-03 40.000 2.551
2010-04-28 40.000 2.646
2010-03-26 40.000 2.540
2010-02-03 40.000 2.694
2009-10-28 42.000 2.596
2009-07-29 42.000 2.354
2009-02-06 43.000 2.584

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Coca-Cola Bottlers Japan Holdings's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
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 Coca-Cola Bottlers Japan Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Coca-Cola Bottlers Japan Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Coca-Cola Bottlers Japan Holdings has a total score of 3/6, see the detailed checks below.


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

CCW Management

 What is the CEO of Coca-Cola Bottlers Japan Holdings'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
Calin Dragan
AGE 53
TENURE AS CEO 0.6 years
CEO Bio

Mr. Calin Dragan has been President and Representative Director of Coca-Cola Bottlers Japan Holdings Inc. since March 2019. He served as Regional Director of Bottling Investments Group Asean & Middle East at The Coca-Cola Company until 2019. As part of this merger and integration, Mr. Dragan has overseen the consolidation of 26 separate subsidiary companies down to four and the acquisition of an additional bottling company in a period of 20 months, successfully navigating a complex cultural, regulatory, competitive and labor-relations environment. At the same time, Dragan has introduced global best practices in the areas of governance, diversity and compensation, with a Board of Directors and Committee structure that newly includes both independent and non-executive directors, strong improvements in the hiring and retention of female management and a pay-for-performance compensation program to align employee incentives with the Company’s overall performance. Finally, Dragan has led incremental investments of over USD 375 million in two years for a complete refresh of production assets with ten new production lines as well as the introduction of an SAP-based Enterprise Resource Planning (ERP) system. He previously served as Executive Vice President and Representative Director of Coca-Cola West Bottling Company in Japan, with over 9,000 employees. For two years, Dragan was responsible for developing and implementing a comprehensive business model transformation plan as well as managing Business Systems and Information Technology. Mr. Dragan served as the President and Chief Executive Officer of Coca-Cola East Japan Co., Ltd. from March 2013 to March 23, 2017 and from July 2013 to March 23, 2017 respectively. Mr. Dragan served as an Executive Officer of Coca-Cola East Japan Co.Ltd. He is a long veteran of the global Coca-Cola bottling system with over 20 years of experience. In 2013, Mr. Dragan oversaw the integration of four bottlers — Coca-Cola Central Japan Company, Mikuni Coca-Cola Bottling Company, Tokyo Coca-Cola Bottling Company and Tone Coca-Cola Bottling Company — as the Integration Program Leader and Interim Chief Executive Officer for Coca-Cola East Japan, while remaining Representative Director, President and Chief Executive Officer of the publicly listed bottler, Mikuni Coca-Cola Bottling Company. Prior to this position, he served as an Executive Vice President at Mikuni. He served as an Executive Vice President and Representative Director of Coca-Cola West (CCW) Bottling in Japan, where he worked for close to two years. At CCW, he was responsible for the overall business model transformation plan as well as Business Systems and Information Technology. In addition, Mr. Dragan has worked on other bottler mergers, having successfully integrated three bottling businesses (with close to 4,000 employees) into one in Romania. He served as Chief Executive Officer and General Administrator of Coca-Cola Hellenic Bottling Company's business in Romania and the Republic of Moldova for almost seven years. Mr. Dragan served as also Commercial Director for Coca-Cola Bevande Italy and Commercial Director in Romania, with significant experience in logistics, route-to-market and channel marketing. He served as Executive Vice President, General Manager of Business Model Innovation Headquarters and Member of the Board of Directors at Coca-Cola Bottlers Japan Inc. He served as Chairman of Coca-Cola East Japan (CCEJ). He served as a Representative Director of Coca-Cola East Japan Co., Ltd. since March 2013 until March 23, 2017. He served as a Board member of the American Chamber of Commerce in Romania. He graduated from the Polytechnic University of Timisoara with a Master’s degree in Mechanical Engineering and Optical, Opto-Electronic and Medical Devices.

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

Calin Dragan

TITLE
President & Representative Director
AGE
53
TENURE
0.6 yrs

Vikas Tiku

TITLE
Chief Financial Officer
AGE
54

Bjorn Ulgenes

TITLE
VP, CFO
TENURE
0.6 yrs

Masanori Ichihara

TITLE
Executive Officer & Head of Key Account Management

Yasunori Koga

TITLE
Head of Administration
AGE
57

Raymond Shelton

TITLE
Head of Investor Relations and Executive Officer

Haruko Ozeki

TITLE
Head of Legal and Executive Officer
AGE
56

Shigeki Okamoto

TITLE
Head of Corporate Communications and Executive Officer

Toyoji Okada

TITLE
Head of Human Resources and Executive Officer

Costel Mandrea

TITLE
Senior Executive Officer
AGE
45
Board of Directors Tenure

Average tenure and age of the Coca-Cola Bottlers Japan Holdings board of directors in years:

3.5
Average Tenure
62
Average Age
  • The tenure for the Coca-Cola Bottlers Japan Holdings board of directors is about average.
Board of Directors

Tamio Yoshimatsu

TITLE
Chairman of the Board
AGE
72
TENURE
0.6 yrs

Calin Dragan

TITLE
President & Representative Director
AGE
53
TENURE
0.6 yrs

Vikas Tiku

TITLE
Chief Financial Officer
AGE
54

Bjorn Ulgenes

TITLE
VP, CFO

Yasunori Koga

TITLE
Head of Administration
AGE
57
TENURE
5.6 yrs

Costel Mandrea

TITLE
Senior Executive Officer
AGE
45
TENURE
3.6 yrs

Tadanori Taguchi

TITLE
Director
AGE
68
TENURE
3.4 yrs

Zenji Miura

TITLE
Independent Outside Director
AGE
69
TENURE
3.6 yrs

Hiroshi Yoshioka

TITLE
Outside Director
AGE
67

Irial Finan

TITLE
Outside Director
AGE
62
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 Coca-Cola Bottlers Japan Holdings'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. Coca-Cola Bottlers Japan Holdings 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.

CCW News

Simply Wall St News

CCW Company Info

Description

Coca-Cola Bottlers Japan Holdings Inc., together with its subsidiaries, manufactures and sells Coca-Cola and other soft drinks in Japan. It operates through Soft Drink Business and Healthcare & Skincare Business segments. The company offers sparkling beverages, coffee beverages, tea beverages, mineral water, sports and functional drinks, fruit juices, and other products under the Coca-Cola, Coca-Cola Zero, Fanta, Georgia, Sokenbicha, Aquarius, Ayataka, and I LOHAS brand names through vending machines, supermarkets, convenience stores, and restaurants. It also provides healthcare products comprising Kale Powder, Hiza Support Collagen, and Glucosamine Z, as well as skincare products, such as Cola-rich through home shopping and retail stores. The company was formerly known as Coca-Cola Bottlers Japan Inc. and changed its name to Coca-Cola Bottlers Japan Holdings Inc. in January 2018. Coca-Cola Bottlers Japan Holdings Inc. was founded in 1960 and is headquartered in Tokyo, Japan.

Details
Name: Coca-Cola Bottlers Japan Holdings Inc.
CCW
Exchange: DB
Founded: 1960
¥3,700,865,380
179,353,284
Website: http://www.ccbj-holdings.com
Address: Coca-Cola Bottlers Japan Holdings Inc.
Tokyo Midtown Tower,
9-7-1 Akasaka,
Tokyo,
107-6211,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 2579 Common Stock The Tokyo Stock Exchange JP JPY 17. Jun 1994
OTCPK CCOJ.F Common Stock Pink Sheets LLC US USD 17. Jun 1994
DB CCW Common Stock Deutsche Boerse AG DE EUR 17. Jun 1994
OTCPK CCOJ.Y UNSPONSORED ADR Pink Sheets LLC US USD 13. Oct 2008
Number of employees
Current staff
Staff numbers
17,100
Coca-Cola Bottlers Japan Holdings employees.
Industry
Soft Drinks
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/12 23:11
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/04
Last earnings filing: 2019/08/09
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


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

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