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Hokuetsu

DB:HPE
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HPE
DB
¥102B
Market Cap
  1. Home
  2. DE
  3. Materials
Company description

Hokuetsu Corporation manufactures and sells paper products in Japan and internationally. The last earnings update was 61 days ago. More info.


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HPE Share Price and Events
7 Day Returns
-2.2%
DB:HPE
6.5%
Europe Forestry
2.8%
DE Market
1 Year Returns
4.2%
DB:HPE
-11.9%
Europe Forestry
3%
DE Market
HPE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hokuetsu (HPE) -2.2% -4.6% -3.4% 4.2% -14% 55%
Europe Forestry 6.5% 1.9% 8.8% -11.9% 1% 49.9%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • HPE outperformed the Forestry industry which returned -11.9% over the past year.
  • HPE outperformed the Market in Germany which returned 3% over the past year.
Price Volatility
HPE
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Hokuetsu's competitors could be found in our database.

HPE Value

 Is Hokuetsu 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 Hokuetsu 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 Hokuetsu.

DB:HPE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.7%
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:HPE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Forestry Unlevered Beta Simply Wall St/ S&P Global 1.37
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.367 (1 + (1- 30.86%) (108.34%))
1.933
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.933 * 5.96%)
11.75%

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

The calculations below outline how an intrinsic value for Hokuetsu 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:HPE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 11.75%)
2020 12,475.50 Analyst x2 11,164.18
2021 15,158.50 Analyst x2 12,139.32
2022 14,389.00 Analyst x2 10,311.88
2023 13,915.90 Est @ -3.29% 8,924.57
2024 13,605.14 Est @ -2.23% 7,808.15
2025 13,401.77 Est @ -1.49% 6,882.98
2026 13,270.71 Est @ -0.98% 6,099.26
2027 13,188.94 Est @ -0.62% 5,424.53
2028 13,141.07 Est @ -0.36% 4,836.73
2029 13,116.68 Est @ -0.19% 4,320.30
Present value of next 10 years cash flows ¥77,911.00
DB:HPE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥13,116.68 × (1 + 0.23%) ÷ (11.75% – 0.23%)
¥114,142.03
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥114,142.03 ÷ (1 + 11.75%)10
¥37,595.49
DB:HPE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥77,911.00 + ¥37,595.49
¥115,506.49
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥115,506.49 / 189.05
¥610.98
DB:HPE Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HPE represents 0.00831x of TSE:3865
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00831x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 610.98 x 0.00831
€5.08
Value per share (EUR) From above. €5.08
Current discount Discount to share price of €4.48
= -1 x (€4.48 - €5.08) / €5.08
11.8%

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

Current Discount
Amount off the current price Hokuetsu is available for.
Intrinsic value
12%
Share price is €4.48 vs Future cash flow value of €5.08
Current Discount Checks
For Hokuetsu to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Hokuetsu's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Hokuetsu's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hokuetsu's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hokuetsu's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HPE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in JPY ¥54.59
TSE:3865 Share Price ** TSE (2019-10-11) in JPY ¥539
Europe Forestry Industry PE Ratio Median Figure of 31 Publicly-Listed Forestry Companies 10.37x
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 Hokuetsu.

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

= TSE:3865 Share Price ÷ EPS (both in JPY)

= 539 ÷ 54.59

9.87x

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

  • Hokuetsu is good value based on earnings compared to the Europe Forestry industry average.
  • Hokuetsu is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Hokuetsu's expected growth come at a high price?
Raw Data
DB:HPE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.87x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
4.6%per year
Europe Forestry Industry PEG Ratio Median Figure of 19 Publicly-Listed Forestry Companies 0.3x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.87x ÷ 4.6%

2.14x

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

  • Hokuetsu is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hokuetsu's assets?
Raw Data
DB:HPE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in JPY ¥1,031.02
TSE:3865 Share Price * TSE (2019-10-11) in JPY ¥539
Europe Forestry Industry PB Ratio Median Figure of 39 Publicly-Listed Forestry Companies 1.17x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:HPE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:3865 Share Price ÷ Book Value per Share (both in JPY)

= 539 ÷ 1,031.02

0.52x

* Primary Listing of Hokuetsu.

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

  • Hokuetsu is good value based on assets compared to the Europe Forestry industry average.
X
Value checks
We assess Hokuetsu'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 Forestry 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 Forestry industry average (and greater than 0)? (1 check)
  5. Hokuetsu 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.

HPE Future Performance

 How is Hokuetsu 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
4.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hokuetsu expected to grow at an attractive rate?
  • Hokuetsu's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Hokuetsu's earnings growth is positive but not above the Germany market average.
  • Hokuetsu's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HPE Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HPE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 4.6%
DB:HPE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 0.2%
Europe Forestry Industry Earnings Growth Rate Market Cap Weighted Average 3.2%
Europe Forestry Industry Revenue Growth Rate Market Cap Weighted Average 1.2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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:HPE 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:HPE Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 279,000 26,889 12,100 2
2021-03-31 275,233 27,659 12,633 3
2020-03-31 275,600 28,076 11,700 3
2019-10-13
DB:HPE Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-06-30 279,000 10,319
2019-03-31 275,807 21,626 9,155
2018-12-31 274,553 7,006
2018-09-30 271,473 20,927 7,632
2018-06-30 270,270 10,227
2018-03-31 269,099 19,741 10,327
2017-12-31 266,723 10,398
2017-09-30 262,524 25,757 12,465
2017-06-30 263,446 12,014
2017-03-31 262,398 28,918 10,380
2016-12-31 266,770 11,901
2016-09-30 261,831 28,044 8,491

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hokuetsu's earnings are expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
  • Hokuetsu's revenue is expected to grow by 0.2% 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:HPE 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 Hokuetsu Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HPE Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 64.00 66.60 61.40 2.00
2021-03-31 66.85 75.66 61.40 3.00
2020-03-31 61.91 71.43 56.60 3.00
2019-10-13
DB:HPE Past Financials Data
Date (Data in JPY Millions) EPS *
2019-06-30 54.59
2019-03-31 48.44
2018-12-31 37.07
2018-09-30 40.38
2018-06-30 54.12
2018-03-31 54.68
2017-12-31 55.10
2017-09-30 66.09
2017-06-30 63.74
2017-03-31 55.08
2016-12-31 63.16
2016-09-30 45.07

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

HPE Past Performance

  How has Hokuetsu 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 Hokuetsu's growth in the last year to its industry (Forestry).
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.
  • Hokuetsu's year on year earnings growth rate has been positive over the past 5 years.
  • Hokuetsu's 1-year earnings growth is less than its 5-year average (0.9% vs 6.1%)
  • Hokuetsu's earnings growth has not exceeded the Europe Forestry industry average in the past year (0.9% vs 1.2%).
Earnings and Revenue History
Hokuetsu'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 Hokuetsu Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HPE Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 279,000.00 10,319.00 41,323.00
2019-03-31 275,807.00 9,155.00 41,008.00
2018-12-31 274,553.00 7,006.00 40,814.00
2018-09-30 271,473.00 7,632.00 40,627.00
2018-06-30 270,270.00 10,227.00 40,611.00
2018-03-31 269,099.00 10,327.00 40,839.00
2017-12-31 266,723.00 10,398.00 40,562.00
2017-09-30 262,524.00 12,465.00 40,086.00
2017-06-30 263,446.00 12,014.00 40,209.00
2017-03-31 262,398.00 10,380.00 39,869.00
2016-12-31 266,770.00 11,901.00 40,636.00
2016-09-30 261,831.00 8,491.00 38,922.00
2016-06-30 255,623.00 7,854.00 36,616.00
2016-03-31 246,849.00 7,476.00 34,576.00
2015-12-31 236,703.00 6,329.00 32,000.00
2015-09-30 234,709.00 7,876.00 31,846.00
2015-06-30 230,922.00 9,380.00 31,659.00
2015-03-31 228,400.00 8,359.00 31,443.00
2014-12-31 229,257.00 8,024.00 31,427.00
2014-09-30 227,306.00 6,941.00 31,202.00
2014-06-30 226,683.00 6,278.00 30,998.00
2014-03-31 223,864.00 6,105.00 30,794.00
2013-12-31 215,681.00 4,775.00 30,556.00
2013-09-30 211,081.00 3,615.00 30,531.00
2013-06-30 207,385.00 7,400.00 30,749.00
2013-03-31 208,280.00 8,169.00 30,952.00
2012-12-31 212,335.00 8,955.00 31,191.00

*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.
  • Hokuetsu has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hokuetsu used its assets less efficiently than the Europe Forestry industry average last year based on Return on Assets.
  • Hokuetsu has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hokuetsu'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 Forestry 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.
Hokuetsu has a total score of 2/6, see the detailed checks below.

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

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

HPE Health

 How is Hokuetsu'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 Hokuetsu's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hokuetsu is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hokuetsu's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Hokuetsu'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 1.4x 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 Hokuetsu Company Filings, last reported 3 months ago.

DB:HPE Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 195,589.00 110,397.00 13,764.00
2019-03-31 192,859.00 111,836.00 15,202.00
2018-12-31 188,283.00 117,073.00 15,730.00
2018-09-30 192,333.00 103,484.00 13,412.00
2018-06-30 191,195.00 110,214.00 13,070.00
2018-03-31 191,975.00 110,076.00 14,315.00
2017-12-31 189,809.00 113,524.00 24,842.00
2017-09-30 186,640.00 114,722.00 24,376.00
2017-06-30 183,831.00 116,081.00 19,252.00
2017-03-31 181,034.00 118,214.00 19,494.00
2016-12-31 172,880.00 141,437.00 37,960.00
2016-09-30 170,102.00 123,267.00 22,643.00
2016-06-30 170,257.00 128,843.00 19,651.00
2016-03-31 169,527.00 129,821.00 19,088.00
2015-12-31 169,448.00 142,103.00 28,767.00
2015-09-30 169,349.00 117,792.00 14,202.00
2015-06-30 170,413.00 124,254.00 14,992.00
2015-03-31 168,571.00 123,412.00 15,803.00
2014-12-31 161,844.00 131,109.00 20,371.00
2014-09-30 159,425.00 119,947.00 13,485.00
2014-06-30 157,625.00 126,713.00 14,176.00
2014-03-31 158,821.00 135,059.00 19,991.00
2013-12-31 161,581.00 132,525.00 27,195.00
2013-09-30 161,738.00 119,434.00 17,973.00
2013-06-30 159,153.00 128,100.00 28,158.00
2013-03-31 158,793.00 128,419.00 29,056.00
2012-12-31 154,162.00 121,989.00 22,163.00
  • Hokuetsu's level of debt (56.3%) 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 (78.8% vs 56.3% today).
  • Debt is not well covered by operating cash flow (19.6%, less than 20% of total debt).
  • Hokuetsu earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Hokuetsu'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. Hokuetsu 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.

HPE Dividends

 What is Hokuetsu'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
2.23%
Current annual income from Hokuetsu dividends. Estimated to be 2.37% next year.
If you bought €2,000 of Hokuetsu shares you are expected to receive €45 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?
  • Hokuetsu's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Hokuetsu's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
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:HPE 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
Europe Forestry Industry Average Dividend Yield Market Cap Weighted Average of 24 Stocks 4.4%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
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:HPE Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 14.00 2.00
2021-03-31 12.67 3.00
2020-03-31 12.00 3.00
2019-10-13
DB:HPE Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-06-26 12.000 2.206
2019-05-17 12.000 2.124
2019-02-13 12.000 1.927
2019-02-12 12.000 1.983
2018-11-13 12.000 2.162
2018-11-12 12.000 2.131
2018-06-27 12.000 2.015
2018-05-14 12.000 2.015
2018-02-14 12.000 1.765
2018-02-13 12.000 1.887
2017-11-14 12.000 1.805
2017-11-13 12.000 1.780
2017-06-28 12.000 1.606
2017-05-12 12.000 1.370
2017-02-14 12.000 1.557
2017-02-13 12.000 1.673
2016-11-14 12.000 1.788
2016-06-28 12.000 1.796
2016-05-13 12.000 1.695
2016-02-12 12.000 1.806
2015-11-13 12.000 1.666
2015-06-26 12.000 1.649
2015-05-29 12.000 1.744
2015-02-13 12.000 1.995
2015-02-12 12.000 2.204
2014-11-14 12.000 2.367
2014-06-26 12.000 2.670
2014-05-14 12.000 2.481
2014-02-14 12.000 2.516
2014-02-13 12.000 2.822
2013-11-14 12.000 2.563
2013-11-13 12.000 2.556
2013-06-25 12.000 2.722
2013-05-14 12.000 2.653
2013-02-14 12.000 2.635
2012-11-14 12.000 2.635
2012-08-09 12.000 3.076
2012-06-29 12.000 3.154
2012-05-14 12.000 2.973
2012-02-09 12.000 2.281
2011-11-14 12.000 2.360
2011-08-10 12.000 2.263
2011-06-28 12.000 2.412
2011-05-12 12.000 2.549
2011-02-10 12.000 2.662
2011-02-09 12.000 2.492
2010-11-12 12.000 2.592
2010-11-10 12.000 2.814
2010-06-29 12.000 2.895
2010-05-14 12.000 2.642
2010-02-12 12.000 2.594
2009-11-13 12.000 2.642
2009-11-02 12.000 2.645
2009-10-30 12.000 2.562
2009-04-30 12.000 2.577
2009-02-13 12.000 2.995
2009-01-30 12.000 2.800
2008-10-29 14.000 3.148

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 fallen over the past 10 years.
Current Payout to shareholders
What portion of Hokuetsu's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.5x 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 Hokuetsu's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hokuetsu afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hokuetsu 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.

HPE Management

 What is the CEO of Hokuetsu'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
Sekio Kishimoto
AGE 73
CEO Bio

Mr. Sekio Kishimoto has been the President of Hokuetsu Kishu Paper Co., Ltd. (Hokuetsu Paper Mills Ltd.) since April 1, 2008 and serves as its Chief Executive Officer. Mr. Kishimoto served as Vice President of Hokuetsu Paper Mills Ltd. until April 2008 and also served as its Senior Managing Director and Managing Director. He serves as a Representative Director at Hokuetsu Kishu Paper Co., Ltd.

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

Average tenure of the Hokuetsu management team in years:

0.8
Average Tenure
  • The average tenure for the Hokuetsu management team is less than 2 years, this suggests a new team.
Management Team

Sekio Kishimoto

TITLE
CEO, President & Representative Director
AGE
73

Shigeru Wakamoto

TITLE
COO of Technical & Development Division and Director
TENURE
0.8 yrs

Kisao Taniguchi

TITLE
Corporate Officer & GM of Administrative Dept

Morinobu Obata

TITLE
Chief Compliance Officer
AGE
65
TENURE
2.3 yrs

Makoto Yanagisawa

TITLE
Corporate Officer

Yoshinori Kawashima

TITLE
MD, COO of Specialty Paper Business Division & Director

Mitsushige Yamamoto

TITLE
MD & Director

Shimpei Kusaka

TITLE
COO of Resources & Raw Material div

Shigeharu Tachibana

TITLE
COO of White Paperboard Business Division

Hiroyuki Otsuka

TITLE
Niigata Mill Manager of Paper Business Division & Director
TENURE
0.8 yrs
Board of Directors Tenure

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

2.3
Average Tenure
65
Average Age
  • The average tenure for the Hokuetsu board of directors is less than 3 years, this suggests a new board.
Board of Directors

Sekio Kishimoto

TITLE
CEO, President & Representative Director
AGE
73

Shigeru Wakamoto

TITLE
COO of Technical & Development Division and Director
TENURE
0.8 yrs

Morinobu Obata

TITLE
Chief Compliance Officer
AGE
65

Yoshinori Kawashima

TITLE
MD, COO of Specialty Paper Business Division & Director

Mitsushige Yamamoto

TITLE
MD & Director

Shigeharu Tachibana

TITLE
COO of White Paperboard Business Division
TENURE
2.3 yrs

Hiroyuki Otsuka

TITLE
Niigata Mill Manager of Paper Business Division & Director
TENURE
0.8 yrs

Shuji Sekimoto

TITLE
COO of Logistics Planning Division & Director
TENURE
2.3 yrs

Yasuyuki Kondo

TITLE
Director
AGE
62
TENURE
2.3 yrs

Mitsuyasu Iwata

TITLE
Outside Director
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 Hokuetsu'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. Hokuetsu 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.

HPE News

Simply Wall St News

HPE Company Info

Description

Hokuetsu Corporation manufactures and sells paper products in Japan and internationally. It operates in two segments, Paper and Pulp Business, and Packaging and Paper Processing Business. The company offers printing and communication papers for books, magazines, catalogs, and brochures. It also provides white paperboard, coated duplex board, cast coated paper, etc. for various packages, catalogs, POP advertising, and postcards, as well as the covers of publications and others. In addition, the company offers premium printing papers, fancy papers, papers for industrial use, communication papers, functional papers, specialty processed products, specialty fiber boards, and others. Further, it offers paper containers, food containers, and confectionery boxes for convenience stores and supermarkets; lami boards for cosmetics and medical products packaging; milk and drink cartons under Tohei Pak brand name; and adhesive postcard papers for invoices, answer sheet papers, data processing of personal information, printing and communication media, etc. In addition, the company provides real estate trading, transportation, warehouse, industrial wastewater purification processing and waste disposal, mailing, electric instrumentation construction, and civil engineering and buildings design and construction services; manufactures and sells glass fiber sheets and industrial machinery; supplies steam and electric power, and computer related components; processes and sells carrier tape for precision electronic parts; sells wood chips for paper manufacturing and woods; purchases and sells used papers; manufactures, purchases, and sells pallets; sells raw materials, fuels, and chemicals for paper manufacturing and chemical products; and manages driving school and golf practice range. The company was formerly known as Hokuetsu Kishu Paper Co., Ltd. and changed its name to Hokuetsu Corporation in July 2018. Hokuetsu Corporation was founded in 1907 and is headquartered in Tokyo, Japan.

Details
Name: Hokuetsu Corporation
HPE
Exchange: DB
Founded: 1907
¥849,542,145
189,050,318
Website: http://www.hokuetsucorp.com
Address: Hokuetsu Corporation
3-2-2, Nihonbashihongoku-cho,
Chuo-ku,
Tokyo,
103-0021,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 3865 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
DB HPE Common Stock Deutsche Boerse AG DE EUR 06. Jan 1992
Number of employees
Current staff
Staff numbers
4,714
Hokuetsu employees.
Industry
Paper Products
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 22:33
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/09/06
Last earnings filing: 2019/08/13
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/03/31


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

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