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Tokyo Electric Power Company Holdings

DB:TPO
Snowflake Description

Undervalued with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TPO
DB
¥639B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

Tokyo Electric Power Company Holdings, Incorporated generates, transmits, distributes, and retails electric power in Japan and internationally. The last earnings update was 47 days ago. More info.


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TPO Share Price and Events
7 Day Returns
14.7%
DB:TPO
4.3%
Europe Electric Utilities
7.3%
DE Market
1 Year Returns
-41.8%
DB:TPO
-2.4%
Europe Electric Utilities
-17.7%
DE Market
TPO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tokyo Electric Power Company Holdings (TPO) 14.7% -3.3% -13.5% -41.8% -11% -6%
Europe Electric Utilities 4.3% -17% -14% -2.4% 19.4% -2.1%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • TPO underperformed the Electric Utilities industry which returned -2.4% over the past year.
  • TPO underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
TPO
Industry
5yr Volatility vs Market

TPO Value

 Is Tokyo Electric Power Company 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 Tokyo Electric Power Company 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 Tokyo Electric Power Company Holdings.

DB:TPO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
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:TPO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.3%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.25
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.252 (1 + (1- 30.86%) (795.06%))
1.428
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.43
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.428 * 6.33%)
8.65%

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

The calculations below outline how an intrinsic value for Tokyo Electric Power Company 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:TPO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 8.65%)
2020 37,600.00 Analyst x1 34,607.69
2021 97,400.00 Analyst x1 82,514.14
2022 5,200.00 Analyst x1 4,054.69
2023 143,900.00 Analyst x1 103,276.05
2024 155,200.00 Analyst x1 102,521.57
2025 162,554.40 Est @ 4.74% 98,834.13
2026 167,756.24 Est @ 3.2% 93,879.69
2027 171,317.78 Est @ 2.12% 88,242.96
2028 173,663.35 Est @ 1.37% 82,332.35
2029 175,124.54 Est @ 0.84% 76,417.71
Present value of next 10 years cash flows ¥766,680.00
DB:TPO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥175,124.54 × (1 + -0.39%) ÷ (8.65% – -0.39%)
¥1,930,434.33
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥1,930,434.33 ÷ (1 + 8.65%)10
¥842,368.42
DB:TPO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥766,680.00 + ¥842,368.42
¥1,609,048.42
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥1,609,048.42 / 1,602.22
¥1004.26
DB:TPO Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TPO represents 0.00818x of TSE:9501
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.00818x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (JPY) x Listing Adjustment Factor
= ¥ 1,004.26 x 0.00818
€8.21
Value per share (EUR) From above. €8.21
Current discount Discount to share price of €3.26
= -1 x (€3.26 - €8.21) / €8.21
60.3%

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

Current Discount
Amount off the current price Tokyo Electric Power Company Holdings is available for.
Intrinsic value
>50%
Share price is €3.26 vs Future cash flow value of €8.21
Current Discount Checks
For Tokyo Electric Power Company Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Tokyo Electric Power Company Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Tokyo Electric Power Company 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 Tokyo Electric Power Company Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tokyo Electric Power Company Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TPO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥353.72
TSE:9501 Share Price ** TSE (2020-03-30) in JPY ¥399
Europe Electric Utilities Industry PE Ratio Median Figure of 76 Publicly-Listed Electric Utilities Companies 10.06x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

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

** Primary Listing of Tokyo Electric Power Company Holdings.

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

= TSE:9501 Share Price ÷ EPS (both in JPY)

= 399 ÷ 353.72

1.13x

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

  • Tokyo Electric Power Company Holdings is good value based on earnings compared to the Europe Electric Utilities industry average.
  • Tokyo Electric Power Company Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Tokyo Electric Power Company Holdings's expected growth come at a high price?
Raw Data
DB:TPO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1.13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-24%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 37 Publicly-Listed Electric Utilities Companies 1.48x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 1.13x ÷ -24%

-0.05x

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

  • Tokyo Electric Power Company Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tokyo Electric Power Company Holdings's assets?
Raw Data
DB:TPO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥2,062.77
TSE:9501 Share Price * TSE (2020-03-30) in JPY ¥399
Europe Electric Utilities Industry PB Ratio Median Figure of 87 Publicly-Listed Electric Utilities Companies 0.77x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:TPO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:9501 Share Price ÷ Book Value per Share (both in JPY)

= 399 ÷ 2,062.77

0.19x

* Primary Listing of Tokyo Electric Power Company Holdings.

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

  • Tokyo Electric Power Company Holdings is good value based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Tokyo Electric Power Company 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 Electric Utilities 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 Electric Utilities industry average (and greater than 0)? (1 check)
  5. Tokyo Electric Power Company Holdings has a total score of 5/6, 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.

TPO Future Performance

 How is Tokyo Electric Power Company Holdings expected to perform in the next 1 to 3 years based on estimates from 4 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
-24%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tokyo Electric Power Company Holdings expected to grow at an attractive rate?
  • Tokyo Electric Power Company Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Tokyo Electric Power Company Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Tokyo Electric Power Company Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TPO Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TPO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -24%
DB:TPO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 0.5%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.3%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 2.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
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:TPO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TPO Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 6,254,000 578,200 197,500 1
2023-03-31 6,543,500 618,450 151,700 2
2022-03-31 6,118,300 584,100 156,475 4
2021-03-31 6,166,475 641,200 170,800 4
2020-03-31 6,197,000 551,300 339,067 1
2020-03-30
DB:TPO Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 6,423,270 566,733
2019-09-30 6,458,568 379,272 563,362
2019-06-30 6,488,497 497,564
2019-03-31 6,338,490 503,709 232,414
2018-12-31 6,197,692 192,947
2018-09-30 6,074,879 671,630 196,503
2018-06-30 5,891,633 186,463
2018-03-31 5,850,939 752,183 318,077
2017-12-31 5,686,505 50,182
2017-09-30 5,546,010 743,475 249,904
2017-06-30 5,406,089 279,748
2017-03-31 5,357,734 783,038 132,810

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Tokyo Electric Power Company Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Tokyo Electric Power Company Holdings's revenue is expected to grow by 0.5% 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:TPO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

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

DB:TPO Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31 123.30 123.30 123.30 1.00
2023-03-31 94.65 123.80 65.50 2.00
2022-03-31 93.94 155.41 60.90 3.00
2021-03-31 71.50 80.60 62.40 2.00
2020-03-31 195.30 219.00 171.60 2.00
2020-03-30
DB:TPO Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 353.72
2019-09-30 351.61
2019-06-30 310.54
2019-03-31 145.06
2018-12-31 120.42
2018-09-30 122.64
2018-06-30 116.38
2018-03-31 198.52
2017-12-31 31.32
2017-09-30 155.97
2017-06-30 174.59
2017-03-31 82.89

*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.
  • Tokyo Electric Power Company Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Tokyo Electric Power Company 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 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.
Tokyo Electric Power Company Holdings has a total score of 0/6, 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.

TPO Past Performance

  How has Tokyo Electric Power Company 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 Tokyo Electric Power Company Holdings's growth in the last year to its industry (Electric Utilities).
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.
  • Tokyo Electric Power Company Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Tokyo Electric Power Company Holdings's 1-year earnings growth exceeds its 5-year average (193.7% vs 6.8%)
  • Tokyo Electric Power Company Holdings's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (193.7% vs 7.2%).
Earnings and Revenue History
Tokyo Electric Power Company 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 Tokyo Electric Power Company Holdings Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TPO 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 6,423,270.00 566,733.00
2019-09-30 6,458,568.00 563,362.00
2019-06-30 6,488,497.00 497,564.00
2019-03-31 6,338,490.00 232,414.00
2018-12-31 6,197,692.00 192,947.00
2018-09-30 6,074,879.00 196,503.00
2018-06-30 5,891,633.00 186,463.00
2018-03-31 5,850,939.00 318,077.00
2017-12-31 5,686,505.00 50,182.00
2017-09-30 5,546,010.00 249,904.00
2017-06-30 5,406,089.00 279,748.00
2017-03-31 5,357,734.00 132,810.00
2016-12-31 5,450,436.00 110,776.00
2016-09-30 5,585,111.00 -44,518.00
2016-06-30 5,783,302.00 -61,410.00
2016-03-31 6,069,928.00 140,783.00
2015-12-31 6,367,082.00 609,764.00
2015-09-30 6,596,529.00 440,881.00
2015-06-30 6,785,565.00 828,146.00
2015-03-31 6,802,464.00 451,552.00
2014-12-31 6,763,782.00 -154,182.00
2014-09-30 6,749,425.00 112,598.00
2014-06-30 6,762,165.00 -172,546.00
2014-03-31 6,631,422.00 438,647.00
2013-12-31 6,442,187.00 89,827.00
2013-09-30 6,316,462.00 230,386.00
2013-06-30 6,104,269.00 41,034.00
2013-03-31 5,976,239.00 -685,292.00

*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.
  • Tokyo Electric Power Company Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Tokyo Electric Power Company Holdings used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Tokyo Electric Power Company Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Tokyo Electric Power Company 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 Electric Utilities 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.
Tokyo Electric Power Company Holdings has a total score of 5/6, see the detailed checks below.

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

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

TPO Health

 How is Tokyo Electric Power Company 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 Tokyo Electric Power Company Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tokyo Electric Power Company Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tokyo Electric Power Company Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tokyo Electric Power Company 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 not covered by short term assets, assets are 0.4x 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 Tokyo Electric Power Company Holdings Company Filings, last reported 2 months ago.

DB:TPO Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,321,562.00 5,082,680.00 939,403.00
2019-09-30 3,301,201.00 5,260,755.00 1,149,620.00
2019-06-30 3,180,221.00 4,947,211.00 814,692.00
2019-03-31 2,903,699.00 5,890,790.00 1,000,681.00
2018-12-31 2,780,828.00 6,106,397.00 1,017,470.00
2018-09-30 2,748,635.00 6,017,478.00 1,061,753.00
2018-06-30 2,663,672.00 5,923,657.00 815,888.00
2018-03-31 2,657,264.00 6,022,968.00 1,187,283.00
2017-12-31 2,559,806.00 6,138,423.00 1,148,768.00
2017-09-30 2,538,237.00 5,948,251.00 860,241.00
2017-06-30 2,470,391.00 6,181,706.00 773,730.00
2017-03-31 2,348,678.00 6,004,977.00 941,383.00
2016-12-31 2,487,373.00 6,187,235.00 956,881.00
2016-09-30 2,268,627.00 6,275,872.00 939,367.00
2016-06-30 2,200,859.00 6,370,009.00 1,018,869.00
2016-03-31 2,218,139.00 6,606,850.00 1,423,672.00
2015-12-31 2,443,447.00 6,756,371.00 1,507,648.00
2015-09-30 2,418,432.00 6,920,550.00 1,782,973.00
2015-06-30 2,339,801.00 6,771,435.00 1,245,835.00
2015-03-31 2,102,179.00 7,013,275.00 1,394,289.00
2014-12-31 1,782,536.00 7,079,830.00 1,212,717.00
2014-09-30 1,870,470.00 7,362,977.00 1,418,484.00
2014-06-30 1,405,547.00 7,535,298.00 1,409,725.00
2014-03-31 1,577,408.00 7,629,719.00 1,655,074.00
2013-12-31 1,940,682.00 7,901,960.00 1,756,125.00
2013-09-30 1,782,023.00 7,734,207.00 1,456,328.00
2013-06-30 1,594,164.00 7,735,268.00 1,351,019.00
2013-03-31 1,137,812.00 7,924,816.00 1,754,977.00
  • Tokyo Electric Power Company Holdings's level of debt (152.8%) 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 (396.1% vs 152.8% today).
  • Debt is not well covered by operating cash flow (7.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.4x coverage).
X
Financial health checks
We assess Tokyo Electric Power Company 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. Tokyo Electric Power Company Holdings has a total score of 2/6, 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.

TPO Dividends

 What is Tokyo Electric Power Company 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
0%
Current annual income from Tokyo Electric Power Company Holdings dividends. Estimated to be 0% next year.
If you bought €2,000 of Tokyo Electric Power Company Holdings shares you are expected to receive €0 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?
  • Unable to evaluate Tokyo Electric Power Company Holdings's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Tokyo Electric Power Company Holdings's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:TPO 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 4 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

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

DB:TPO Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2024-03-31
2023-03-31 0.00 1.00
2022-03-31 0.00 2.00
2021-03-31 0.00 2.00
2020-03-31 0.00 3.00
2020-03-30
DB:TPO Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2012-08-03 0.000 0.000
2012-08-01 0.000 0.000
2012-06-28 0.000 0.000
2012-02-14 0.000 0.000
2012-02-13 0.000 0.000
2011-11-08 0.000 0.000
2011-11-04 0.000 0.000
2011-08-10 0.000 0.000
2011-08-09 0.000 0.000
2011-05-20 0.000 0.000
2011-02-09 60.000 9.101
2011-01-31 60.000 2.947
2010-11-12 60.000 3.047
2010-10-29 60.000 3.155
2010-06-28 60.000 2.638
2010-04-30 60.000 2.545
2010-02-12 60.000 2.457
2010-01-29 60.000 2.468
2009-11-13 60.000 2.550
2009-10-15 60.000 2.720
2009-04-30 60.000 2.502

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

  • Unable to perform a dividend volatility check as Tokyo Electric Power Company Holdings has not reported any payouts.
  • Unable to verify if Tokyo Electric Power Company Holdings's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Tokyo Electric Power Company Holdings's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Tokyo Electric Power Company Holdings has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Tokyo Electric Power Company Holdings's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Tokyo Electric Power Company Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - 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 Tokyo Electric Power Company Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tokyo Electric Power Company Holdings has a total score of 0/6, see the detailed checks below.


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

TPO Management

 What is the CEO of Tokyo Electric Power Company 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
Tomoaki Kobayakawa
AGE 55
TENURE AS CEO 2.8 years
CEO Bio

Mr. Tomoaki Kobayakawa has been the Representative Executive Officer and President of Tokyo Electric Power Company Holdings, Incorporated since June 2017. Mr. Kobayakawa has been Representative Director and President of TEPCO Energy Partner, Inc. since April 2016. He Joined the Tokyo Electric Power Company, Inc. in April 1988. Mr. Kobayakawa served as Managing Executive Officer and President of Customer Service Company at Tokyo Electric Power Company, Incorporated since July 1, 2015. Mr. Kobayakawa has been a Director at Tokyo Electric Power Company Holdings, Incorporated since June 30, 2016. He has been Part Time Director at The Japan Atomic Power Company since June 30, 2017. He was General Manager, Marketing & Customer Relations Dept., Kanagawa Branch Office at Tokyo Electric Power Company, Inc. since December 2011 and served as its General Manager, Commercial Customer Energy Dept., Corporate Marketing & Sales Dept. since July 2013 and served as its General Manager, Corporate Marketing & Sales Dept., Customer Service Company since June 2014.

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

Average tenure of the Tokyo Electric Power Company Holdings management team in years:

2.1
Average Tenure
  • The tenure for the Tokyo Electric Power Company Holdings management team is about average.
Management Team

Tomoaki Kobayakawa

TITLE
Representative Executive Officer
AGE
55
TENURE
2.8 yrs

Seiji Moriya

TITLE
Representative Executive Officer
TENURE
1.5 yrs

Hiroshi Yamaguchi

TITLE
Chief Technology Officer and Executive Vice President
AGE
68

Yoshiyuki Ishizaki

TITLE
Executive VP

Motomi Iki

TITLE
Managing Executive Officer and President of Business Solution

Naohiro Masuda

TITLE
Chief Decommissioning Officer

Seiichi Fubasami

TITLE
Representative Executive Officer
TENURE
4.9 yrs

Mitsushi Saiki

TITLE
Exective Vice President
TENURE
1.2 yrs

Tomomichi Seki

TITLE
Managing Executive Officer

Shigenori Makino

TITLE
Managing Executive Officer & Director
Board of Directors Tenure

Average tenure and age of the Tokyo Electric Power Company Holdings board of directors in years:

2.8
Average Tenure
72
Average Age
  • The average tenure for the Tokyo Electric Power Company Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Takashi Kawamura

TITLE
Outside & Independent Chairman of the Board
AGE
80
TENURE
2.8 yrs

Tomoaki Kobayakawa

TITLE
Representative Executive Officer
AGE
55
TENURE
3.8 yrs

Seiji Moriya

TITLE
Representative Executive Officer
TENURE
2.8 yrs

Seiichi Fubasami

TITLE
Representative Executive Officer
TENURE
1.2 yrs

Shigenori Makino

TITLE
Managing Executive Officer & Director

Ryuichi Yamashita

TITLE
Executive Officer & Director
TENURE
1.8 yrs

Hideko Kunii

TITLE
Outside & Independent Director
AGE
72
TENURE
4.8 yrs

Hideo Takaura

TITLE
Outside & Independent Director
AGE
70

Junji Annen

TITLE
Outside & Independent Director

Shoei Utsuda

TITLE
Outside & Independent Director
AGE
76
TENURE
2.8 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 Tokyo Electric Power Company 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. Tokyo Electric Power Company 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.

TPO News

Simply Wall St News

TPO Company Info

Description

Tokyo Electric Power Company Holdings, Incorporated generates, transmits, distributes, and retails electric power in Japan and internationally. The company operates a portfolio of thermal, nuclear, solar, wind, hydro, and geothermal power plants. Its power grid comprises 40,000 kilometers of transmission lines. The company also operates 1,615 substations. In addition, it is involved in the gas sales business. Further, it provides consulting services for electricity companies. The company was formerly known as Tokyo Electric Power Company, Incorporated and changed its name to Tokyo Electric Power Company Holdings, Incorporated in April 2016. The company was founded in 1951 and is headquartered in Tokyo, Japan. Tokyo Electric Power Company Holdings, Incorporated is a subsidiary of Nuclear Damage Compensation and Decommissioning Facilitation Corporation.

Details
Name: Tokyo Electric Power Company Holdings, Incorporated
TPO
Exchange: DB
Founded: 1951
¥5,361,974,901
1,602,215,987
Website: http://www.tepco.co.jp/index-j.html
Address: Tokyo Electric Power Company Holdings, Incorporated
1-1-3 Uchisaiwai-cho,
Chiyoda-ku,
Tokyo,
100-8560,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 9501 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1975
OTCPK TKEC.F Common Stock Pink Sheets LLC US USD 06. Jan 1975
DB TPO Common Stock Deutsche Boerse AG DE EUR 06. Jan 1975
OTCPK TKEC.Y ADR Pink Sheets LLC US USD 13. Oct 2008
Number of employees
Current staff
Staff numbers
41,086
Tokyo Electric Power Company Holdings employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 21:16
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/02/12
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.