Okaya

NSE:7485

Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

7485

NSE

¥99B

Market Cap

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Last updated 2019/12/11 14:52

Company description

Okaya & Co., Ltd. engages in the sale, export, and import of various products in Japan and internationally. The last earnings update was 57 days ago. More info.

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7485 Share Price and Events

7 Day Returns

-0.3%

NSE:7485

1.2%

JP Trade Distributors

0.7%

JP Market

1 Year Returns

6.9%

NSE:7485

6.8%

JP Trade Distributors

9.4%

JP Market

7485 Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Okaya (7485)	-0.3%	1.3%	8.9%	6.9%	35.8%	41.4%
JP Trade Distributors	1.2%	2.4%	7.7%	6.8%	25.1%	50.3%
JP Market	0.7%	1.4%	9.1%	9.4%	13.8%	30.3%

1 Year Return vs Industry and Market

7485 matched the Trade Distributors industry (6.8%) over the past year.
7485 underperformed the Market in Japan which returned 9.4% over the past year.

Price Volatility

7485

Industry

5yr Volatility vs Market

Related Companies

Value

Is Okaya 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 Okaya 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 Okaya.

NSE:7485 Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 1 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	8.9%
Perpetual Growth Rate	10-Year JP Government Bond Rate	-0.1%

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 NSE:7485
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year JP Govt Bond Rate	-0.1%
Equity Risk Premium	S&P Global	6.3%
Trade Distributors Unlevered Beta	Simply Wall St/ S&P Global	0.95
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.947 (1 + (1- 30.86%) (104.27%))	1.422
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.42
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = -0.09% + (1.422 * 6.33%)	8.91%

Discounted Cash Flow Calculation for NSE:7485 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Okaya 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.

NSE:7485 DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (JPY, Millions)	Source	Present Value Discounted (@ 8.91%)
2020	5,344.00	Analyst x1	4,906.66
2021	-5,026.00	Analyst x1	-4,237.04
2022	7,902.00	Analyst x1	6,116.41
2023	5,293.38	Est @ -33.01%	3,761.94
2024	4,068.73	Est @ -23.14%	2,654.96
2025	3,408.71	Est @ -16.22%	2,042.25
2026	3,020.72	Est @ -11.38%	1,661.69
2027	2,779.22	Est @ -7.99%	1,403.72
2028	2,622.94	Est @ -5.62%	1,216.37
2029	2,518.99	Est @ -3.96%	1,072.57
Present value of next 10 years cash flows			¥20,599.00

NSE:7485 DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₉ × (1 + g) ÷ (Discount Rate – g) = ¥2,518.99 × (1 + -0.09%) ÷ (8.91% – -0.09%)	¥27,953.87
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = ¥27,953.87 ÷ (1 + 8.91%)¹⁰	¥11,902.54

NSE:7485 Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = ¥20,599.00 + ¥11,902.54	¥32,501.54
Equity Value per Share (JPY)	= Total value / Shares Outstanding = ¥32,501.54 / 9.63	¥3376.43

NSE:7485 Discount to Share Price
	Calculation	Result
Value per share (JPY)	From above.	¥3,376.43
Current discount	Discount to share price of ¥10,250.00 = -1 x (¥10,250.00 - ¥3,376.43) / ¥3,376.43	-203.6%

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

The current share price of Okaya is above its future cash flow value.

Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Okaya's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Okaya's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

NSE:7485 PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-08-31) in JPY	¥1,741.41
NSE:7485 Share Price **	NSE (2019-12-11) in JPY	¥10250
Japan Trade Distributors Industry PE Ratio	Median Figure of 107 Publicly-Listed Trade Distributors Companies	9.82x
Japan Market PE Ratio	Median Figure of 3,070 Publicly-Listed Companies	15.61x

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

** Primary Listing of Okaya.

NSE:7485 PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= NSE:7485 Share Price ÷ EPS (both in JPY) = 10250 ÷ 1,741.41	5.89x

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

Okaya is good value based on earnings compared to the JP Trade Distributors industry average.
Okaya is good value based on earnings compared to the Japan market.

Price based on expected Growth

Does Okaya's expected growth come at a high price?

Raw Data

NSE:7485 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	5.89x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts	9.7%per year
Japan Trade Distributors Industry PEG Ratio	Median Figure of 22 Publicly-Listed Trade Distributors Companies	1.99x
Japan Market PEG Ratio	Median Figure of 1,367 Publicly-Listed Companies	1.88x

*Line of best fit is calculated by linear regression .

NSE:7485 PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 5.89x ÷ 9.7%	0.61x

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

Okaya is good value based on expected growth next year.

Price based on value of assets

What value do investors place on Okaya's assets?

Raw Data

NSE:7485 PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-08-31) in JPY	¥21,245.18
NSE:7485 Share Price *	NSE (2019-12-11) in JPY	¥10250
Japan Trade Distributors Industry PB Ratio	Median Figure of 108 Publicly-Listed Trade Distributors Companies	0.71x
Japan Market PB Ratio	Median Figure of 3,528 Publicly-Listed Companies	1.14x

NSE:7485 PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= NSE:7485 Share Price ÷ Book Value per Share (both in JPY) = 10250 ÷ 21,245.18	0.48x

* Primary Listing of Okaya.

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

Okaya is good value based on assets compared to the JP Trade Distributors industry average.

Show me more potentially undervalued companies in the Trade Distributors industry

Value checks

We assess Okaya's value by looking at:

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. )
Is the PE ratio less than the market average, and/ or less than the Trade Distributors industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Trade Distributors industry average (and greater than 0)? (1 check)

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

Future Performance

How is Okaya expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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!

9.7%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Okaya expected to grow at an attractive rate?

Okaya's earnings growth is expected to exceed the low risk savings rate of -0.1%.

Growth vs Market Checks

Okaya's earnings growth is expected to exceed the Japan market average.
Okaya's revenue growth is expected to exceed the Japan market average.

Annual Growth Rates Comparison

Raw Data

NSE:7485 Future Growth Rates Data Sources
Data Point	Source	Value (per year)
NSE:7485 Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts	9.7%
NSE:7485 Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts	3.9%
Japan Trade Distributors Industry Earnings Growth Rate	Market Cap Weighted Average	3.2%
Japan Trade Distributors Industry Revenue Growth Rate	Market Cap Weighted Average	2%
Japan Market Earnings Growth Rate	Market Cap Weighted Average	9.4%
Japan Market Revenue Growth Rate	Market Cap Weighted Average	3.6%

*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

NSE:7485 Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below

All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

NSE:7485 Future Estimates Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2022-02-28	1,040,000	36,902	21,540	1
2021-02-28	1,010,000	974	20,100	1
2020-02-29	980,000	29,926	18,300	1
2019-12-11

NSE:7485 Past Financials Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *
2019-08-31	935,250	21,839	16,763
2019-05-31	951,560		16,983
2019-02-28	948,596	-832	16,494
2018-11-30	932,493		16,134
2018-08-31	901,257	-6,274	15,850
2018-05-31	879,599		15,653
2018-02-28	851,425	-5,250	15,063
2017-11-30	830,046		14,763
2017-08-31	803,539	4,171	13,603
2017-05-31	774,272		13,115
2017-02-28	753,311	11,531	11,611
2016-11-30	727,541		10,263

*GAAP earnings excluding extraordinary items.

High Growth Checks

Okaya's earnings are expected to grow by 9.7% yearly, however this is not considered high growth (20% yearly).
Okaya's revenue is expected to grow by 3.9% 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

NSE:7485 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 1 Analyst Estimates (S&P Global)	See Below

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

NSE:7485 Future Estimates Data
Date (Data in JPY Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2022-02-28	2,237.70	2,237.70	2,237.70	1.00
2021-02-28	2,088.10	2,088.10	2,088.10	1.00
2020-02-29	1,901.10	1,901.10	1,901.10	1.00
2019-12-11

NSE:7485 Past Financials Data
Date (Data in JPY Millions)	EPS *
2019-08-31	1,741.41
2019-05-31	1,764.24
2019-02-28	1,713.40
2018-11-30	1,675.93
2018-08-31	1,646.36
2018-05-31	1,625.83
2018-02-28	1,564.51
2017-11-30	1,533.34
2017-08-31	1,412.84
2017-05-31	1,362.15
2017-02-28	1,205.93
2016-11-30	1,065.93

*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.

Okaya is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Show me more growth companies in the Trade Distributors industry

Future performance checks

We assess Okaya's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Japan market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Japan market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
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.
Okaya 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.

Past Performance

How has Okaya 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 Okaya's growth in the last year to its industry (Trade Distributors).

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.

Okaya's year on year earnings growth rate has been positive over the past 5 years.
Okaya's 1-year earnings growth is less than its 5-year average (5.8% vs 7.3%)
Okaya's earnings growth has exceeded the JP Trade Distributors industry average in the past year (5.8% vs -1.5%).

Earnings and Revenue History

Okaya'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 Okaya Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSE:7485 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions)	Revenue	Net Income *	G+A Expenses
2019-08-31	935,250.00	16,763.00	41,369.00
2019-05-31	951,560.00	16,983.00	41,450.00
2019-02-28	948,596.00	16,494.00	41,253.00
2018-11-30	932,493.00	16,134.00	40,784.00
2018-08-31	901,257.00	15,850.00	40,337.00
2018-05-31	879,599.00	15,653.00	39,920.00
2018-02-28	851,425.00	15,063.00	39,484.00
2017-11-30	830,046.00	14,763.00	39,634.00
2017-08-31	803,539.00	13,603.00	38,837.00
2017-05-31	774,272.00	13,115.00	38,021.00
2017-02-28	753,311.00	11,611.00	37,811.00
2016-11-30	727,541.00	10,263.00	36,438.00
2016-08-31	734,984.00	10,607.00	36,095.00
2016-05-31	757,685.00	11,397.00	36,201.00
2016-02-29	785,443.00	12,888.00	35,758.00
2015-11-30	814,693.00	14,946.00	36,206.00
2015-08-31	833,879.00	14,652.00	36,537.00
2015-05-31	826,649.00	13,964.00	36,454.00
2015-02-28	816,828.00	12,471.00	36,082.00
2014-11-30	803,485.00	11,286.00	35,434.00
2014-08-31	777,358.00	10,977.00	34,619.00
2014-05-31	761,598.00	10,625.00	33,967.00
2014-02-28	744,403.00	10,242.00	33,665.00
2013-11-30	716,412.00	10,068.00	33,081.00
2013-08-31	694,626.00	8,943.00	32,777.00
2013-05-31	689,435.00	8,235.00	32,574.00
2013-02-28	692,096.00	8,731.00	32,374.00

*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.

Okaya has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Okaya used its assets less efficiently than the JP Trade Distributors industry average last year based on Return on Assets.
Okaya has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess Okaya's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Trade Distributors industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
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.
Okaya has a total score of 3/6, see the detailed checks below.

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

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

Health

How is Okaya'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 Okaya's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Okaya is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Okaya's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of Okaya'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 3.1x 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 Okaya Company Filings, last reported 3 months ago.

NSE:7485 Past Debt and Equity Data
Date (Data in JPY Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-08-31	214,292.00	102,881.00	15,007.00
2019-05-31	210,219.00	118,209.00	14,454.00
2019-02-28	214,553.00	123,692.00	14,616.00
2018-11-30	212,991.00	123,392.00	15,088.00
2018-08-31	212,651.00	120,122.00	14,604.00
2018-05-31	209,508.00	117,853.00	13,969.00
2018-02-28	211,153.00	116,419.00	13,484.00
2017-11-30	206,038.00	109,388.00	13,640.00
2017-08-31	191,844.00	106,020.00	11,827.00
2017-05-31	183,845.00	104,513.00	12,931.00
2017-02-28	184,426.00	106,931.00	12,627.00
2016-11-30	173,603.00	104,245.00	12,235.00
2016-08-31	164,123.00	103,945.00	10,851.00
2016-05-31	161,110.00	110,434.00	11,866.00
2016-02-29	157,830.00	112,399.00	12,207.00
2015-11-30	179,914.00	119,725.00	13,673.00
2015-08-31	175,595.00	125,689.00	13,535.00
2015-05-31	187,032.00	116,404.00	13,616.00
2015-02-28	173,194.00	125,108.00	13,450.00
2014-11-30	155,723.00	119,549.00	13,272.00
2014-08-31	141,922.00	116,854.00	12,239.00
2014-05-31	135,330.00	115,209.00	13,639.00
2014-02-28	134,646.00	119,326.00	11,486.00
2013-11-30	135,252.00	114,564.00	12,949.00
2013-08-31	125,912.00	113,113.00	12,035.00
2013-05-31	123,972.00	115,927.00	11,048.00
2013-02-28	110,245.00	119,359.00	10,628.00

Okaya's level of debt (48%) 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 (82.3% vs 48% today).
Debt is well covered by operating cash flow (21.2%, greater than 20% of total debt).
Okaya earns more interest than it pays, coverage of interest payments is not a concern.

Show me more healthy companies in the Trade Distributors industry

Financial health checks

We assess Okaya's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

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

Dividends

What is Okaya'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

2.34%

Current annual income from Okaya dividends. Estimated to be 2.44% next year.

If you bought ¥2,000 of Okaya shares you are expected to receive ¥47 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?

Okaya's pays a higher dividend yield than the bottom 25% of dividend payers in Japan (1.33%).
Okaya's dividend is below the markets top 25% of dividend payers in Japan (2.92%).

Upcoming dividend payment

Purchase Okaya 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.

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

NSE:7485 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 1 Analyst Estimates (S&P Global)	See Below
Japan Trade Distributors Industry Average Dividend Yield	Market Cap Weighted Average of 106 Stocks	3.7%
Japan Market Average Dividend Yield	Market Cap Weighted Average of 2973 Stocks	2.3%
Japan Minimum Threshold Dividend Yield	10th Percentile	0.8%
Japan Bottom 25% Dividend Yield	25th Percentile	1.3%
Japan Top 25% Dividend Yield	75th Percentile	2.9%

Industry and Market average data is calculated daily.

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

NSE:7485 Future Dividends Estimate Data
Date (Data in ¥)	Dividend per Share (annual)	Avg. No. Analysts
2022-02-28	270.00	1.00
2021-02-28	250.00	1.00
2020-02-29	230.00	1.00
2019-12-11

NSE:7485 Past Annualized Dividends Data
Date (Data in ¥)	Dividend per share (annual)	Avg. Yield (%)
2019-10-15	240.000	2.389
2019-10-02	240.000	2.460
2019-05-27	220.000	2.323
2019-03-29	220.000	2.389
2019-01-11	200.000	2.105
2018-12-27	200.000	2.163
2018-10-15	200.000	2.064
2018-09-28	200.000	1.950
2018-05-25	200.000	1.866
2018-03-30	200.000	1.698
2018-01-12	180.000	1.489
2017-12-27	180.000	1.480
2017-10-13	180.000	1.873
2017-09-29	180.000	1.872
2017-05-26	180.000	1.992
2017-03-31	180.000	2.273
2017-01-12	170.000	2.160
2016-12-27	170.000	2.256
2016-10-12	170.000	2.536
2016-09-30	170.000	2.826
2016-05-23	170.000	2.780
2016-03-31	170.000	2.540
2016-01-12	160.000	2.210
2015-12-25	160.000	1.936
2015-10-09	160.000	1.877
2015-09-30	160.000	1.882
2015-05-29	160.000	1.733
2015-03-31	160.000	1.962
2014-12-25	150.000	1.974
2014-09-30	150.000	2.086
2014-05-23	150.000	2.165
2014-03-31	150.000	2.271
2013-09-30	125.000	2.032
2013-06-28	125.000	2.163
2013-05-24	130.000	2.232
2013-03-29	130.000	2.160
2013-01-11	120.000	2.425
2012-12-27	120.000	2.594
2012-10-11	120.000	2.727
2012-09-28	120.000	2.691
2012-05-25	120.000	2.693
2012-04-06	120.000	2.691
2012-01-12	120.000	2.673
2012-01-10	115.000	2.619
2011-10-13	115.000	2.572
2011-10-06	115.000	2.647
2011-07-05	110.000	2.405
2011-04-07	110.000	2.294
2011-01-11	110.000	2.406
2010-04-07	110.000	2.511
2010-01-12	110.000	2.512
2009-10-08	110.000	2.509
2009-07-10	120.000	2.692
2009-07-07	120.000	2.611
2009-05-29	130.000	2.827
2009-04-06	120.000	2.423

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

Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
Dividends per share have increased over the past 10 years.

Current Payout to shareholders

What portion of Okaya's earnings are paid to the shareholders as a dividend.

Dividends paid are thoroughly covered by earnings (7.9x 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.

Income/ dividend checks

We assess Okaya's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Okaya afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

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

Management

What is the CEO of Okaya'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

Tokuichi Okaya

AGE	75
TENURE AS CEO	29.6 years

CEO Bio

Mr. Tokuichi Okaya serves as President at Nagoya Small and Medium Business Investment & Consultation Co., Ltd. He serves as President of Okaya & Co., Ltd and served as its Chief Executive Officer since May 1990. Mr. Okaya joined Okaya & Co., Ltd. in September 1975 and served as its a Managing Director since May 1985. Mr. Okaya has been an External Director of Chubu-Nippon Broadcasting Co., Ltd. since June 1997. He served as an Outside Corporate Auditor at Chubu Electric Power Company, Incorporated until June 2016. He served as an Auditor of Aichi Tokei Denki Co., Ltd., since June 1996. He served as a Director of Aichi Tokei Denki Co., Ltd. He has been the Chairman & President of Okaya & Co., Ltd. since May 1985.

CEO Compensation

Insufficient data for Tokuichi to compare compensation growth.
Insufficient data for Tokuichi to establish whether their remuneration is reasonable compared to companies of similar size in Japan.

Management Team Tenure

Average tenure and age of the Okaya management team in years:

10.6

Average Tenure

61.5

Average Age

The average tenure for the Okaya management team is over 5 years, this suggests they are a seasoned and experienced team.

Management Team

Tokuichi Okaya

TITLE

President & Chairman of the Board

AGE

75

TENURE

29.6 yrs

Motoshi Kawamura

TITLE

Chief Secretary

AGE

TITLE

MD, Senior GM of Industrial Chemical Division & Director

AGE

63

Mitsunori Sakata

TITLE

MD, Head of Industrial Machinery & Materials Seg.

AGE

60

Board of Directors Tenure

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

6.1

Average Tenure

61.5

Average Age

The tenure for the Okaya board of directors is about average.

Board of Directors

Tokuichi Okaya

TITLE

President & Chairman of the Board

AGE

75

Motoshi Kawamura

71

TENURE

6.1 yrs

Takehiro Okaya

TITLE

Senior MD

AGE

46

Toshiaki Baba

59

TENURE

7.6 yrs

Noboru Yajima

TITLE

MD, Senior GM of Industrial Chemical Division & Director

AGE

63

TENURE

6.6 yrs

Mitsunori Sakata

TITLE

MD, Head of Industrial Machinery & Materials Seg.

AGE

60

TENURE

5.6 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 (¥)

Management checks

We assess Okaya's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Company Info

Description

Okaya & Co., Ltd. engages in the sale, export, and import of various products in Japan and internationally. Its products include iron and steel, non-ferrous metals, electrical and electronic parts, chemical products, machinery and tools, piping and housing equipment, construction-related items, and food products. The company was formerly known as Okaya Shoten Co., Ltd. and changed its name to Okaya & Co., Ltd. in 1943. Okaya & Co., Ltd. was founded in 1669 and is headquartered in Nagoya, Japan.

Details

Name:	Okaya & Co., Ltd.
Ticker:	7485
Exchange:	NSE
Founded:	1669
Market Cap:	¥98,666,469,250
Shares outstanding:	9,625,997
Website:	http://www.okaya.co.jp
Address:	Okaya & Co., Ltd. 2-4-18 Sakae, Naka-ku, Nagoya, Aichi, 460-8666, Japan

Listings

	Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
	NSE	7485	Common Stock	Nagoya Stock Exchange	JP	JPY	20. Dec 1995

Number of employees

Current staff

5,079

Okaya employees.

Industry

Industry:	Trading Companies and Distributors
Sector:	Capital Goods

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/12/11 14:52
End of day share price update:	2019/12/11 00:00
Last estimates confirmation:	2019/06/18
Last earnings filing:	2019/10/15
Last earnings reported:	2019/08/31
Last annual earnings reported:	2019/02/28

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.

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Okaya

7485 Share Price and Events

7 Day Returns

1 Year Returns

7485 Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

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Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

Dividends

Annual Dividend Income

Dividend Amount

Upcoming dividend payment

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Tokuichi Okaya

President & Chairman of the Board

75

29.6 yrs

Motoshi Kawamura

Chief Secretary

57

Eiji Ito

Senior GM of Credit & Legal Division and Director

59

Yasuyoshi Kawamatsu

Senior EVP

71

12.6 yrs

Takehiro Okaya

Senior MD

46

8.6 yrs

Toshiaki Baba

Senior Executive MD

68

16.8 yrs

Sembo Kongo

MD, Head of Living Related Prod. Seg.

66

0.6 yrs