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Max

TSE:6454
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
6454
TSE
¥72B
Market Cap
  1. Home
  2. JP
  3. Capital Goods
Company description

Max Co., Ltd. manufactures and sells industrial and office equipment in Japan and internationally. The last earnings update was 52 days ago. More info.


Add to Portfolio Compare Print
  • Max has significant price volatility in the past 3 months.
6454 Share Price and Events
7 Day Returns
-14.4%
TSE:6454
-10.6%
JP Machinery
-8.9%
JP Market
1 Year Returns
-14.6%
TSE:6454
-27.8%
JP Machinery
-17.9%
JP Market
6454 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Max (6454) -14.4% -14.4% -32.9% -14.6% -0.9% 4.5%
JP Machinery -10.6% -15.4% -29.3% -27.8% -23.3% -29.8%
JP Market -8.9% -12.1% -22.9% -17.9% -10.5% -14%
1 Year Return vs Industry and Market
  • 6454 outperformed the Machinery industry which returned -27.8% over the past year.
  • 6454 outperformed the Market in Japan which returned -17.9% over the past year.
Price Volatility
6454
Industry
5yr Volatility vs Market

6454 Value

 Is Max 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 Max 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 Max.

TSE:6454 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 6.2%
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 TSE:6454
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year JP Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.3%
Machinery Unlevered Beta Simply Wall St/ S&P Global 0.96
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.963 (1 + (1- 30.86%) (2.78%))
0.988
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.09% + (0.988 * 6.33%)
6.16%

Discounted Cash Flow Calculation for TSE:6454 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Max 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.

TSE:6454 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 6.16%)
2020 5,267.48 Est @ 1.84% 4,961.76
2021 5,333.83 Est @ 1.26% 4,732.66
2022 5,379.42 Est @ 0.85% 4,496.09
2023 5,410.15 Est @ 0.57% 4,259.34
2024 5,430.33 Est @ 0.37% 4,027.10
2025 5,443.04 Est @ 0.23% 3,802.25
2026 5,450.49 Est @ 0.14% 3,586.47
2027 5,454.24 Est @ 0.07% 3,380.64
2028 5,455.39 Est @ 0.02% 3,185.11
2029 5,454.72 Est @ -0.01% 2,999.88
Present value of next 10 years cash flows ¥39,431.00
TSE:6454 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥5,454.72 × (1 + -0.09%) ÷ (6.16% – -0.09%)
¥87,176.81
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥87,176.81 ÷ (1 + 6.16%)10
¥47,943.81
TSE:6454 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥39,431.00 + ¥47,943.81
¥87,374.81
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥87,374.81 / 48.91
¥1786.54
TSE:6454 Discount to Share Price
Calculation Result
Value per share (JPY) From above. ¥1,786.54
Current discount Discount to share price of ¥1,473.00
= -1 x (¥1,473.00 - ¥1,786.54) / ¥1,786.54
17.6%

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

Current Discount
Amount off the current price Max is available for.
Intrinsic value
18%
Share price is ¥1473 vs Future cash flow value of ¥1786.54
Current Discount Checks
For Max to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Max's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Max'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 Max's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Max's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSE:6454 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥111.61
TSE:6454 Share Price ** TSE (2020-04-03) in JPY ¥1473
Japan Machinery Industry PE Ratio Median Figure of 224 Publicly-Listed Machinery Companies 8.97x
Japan Market PE Ratio Median Figure of 3,072 Publicly-Listed Companies 11.52x

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

** Primary Listing of Max.

TSE:6454 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:6454 Share Price ÷ EPS (both in JPY)

= 1473 ÷ 111.61

13.2x

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

  • Max is overvalued based on earnings compared to the JP Machinery industry average.
  • Max is overvalued based on earnings compared to the Japan market.
Price based on expected Growth
Does Max's expected growth come at a high price?
Raw Data
TSE:6454 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Japan Machinery Industry PEG Ratio Median Figure of 109 Publicly-Listed Machinery Companies 0.97x
Japan Market PEG Ratio Median Figure of 1,282 Publicly-Listed Companies 1.26x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Max, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Max's assets?
Raw Data
TSE:6454 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥1,556.30
TSE:6454 Share Price * TSE (2020-04-03) in JPY ¥1473
Japan Machinery Industry PB Ratio Median Figure of 245 Publicly-Listed Machinery Companies 0.6x
Japan Market PB Ratio Median Figure of 3,576 Publicly-Listed Companies 0.8x
TSE:6454 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:6454 Share Price ÷ Book Value per Share (both in JPY)

= 1473 ÷ 1,556.30

0.95x

* Primary Listing of Max.

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

  • Max is overvalued based on assets compared to the JP Machinery industry average.
X
Value checks
We assess Max'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 Machinery 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 Machinery industry average (and greater than 0)? (1 check)
  5. Max has a total score of 0/6, see the detailed checks below.

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

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

6454 Future Performance

 How is Max expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Max has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
11.8%
Expected Machinery industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Max expected to grow at an attractive rate?
  • Unable to compare Max's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Max's earnings growth to the Japan market average as no estimate data is available.
  • Unable to compare Max's revenue growth to the Japan market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSE:6454 Future Growth Rates Data Sources
Data Point Source Value (per year)
Japan Machinery Industry Earnings Growth Rate Market Cap Weighted Average 11.8%
Japan Machinery Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Japan Market Earnings Growth Rate Market Cap Weighted Average 9.1%
Japan Market Revenue Growth Rate Market Cap Weighted Average 3.3%

*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
TSE:6454 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSE:6454 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-04-04
TSE:6454 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 70,218 8,038 5,462
2019-09-30 70,796 7,176 5,317
2019-06-30 70,511 7,840 5,231
2019-03-31 70,118 7,814 5,064
2018-12-31 70,134 7,887 5,266
2018-09-30 69,420 8,442 4,969
2018-06-30 69,164 8,208 4,804
2018-03-31 68,138 6,859 4,654
2017-12-31 68,008 7,228 4,412
2017-09-30 67,530 7,307 4,845
2017-06-30 67,033 6,810 4,752
2017-03-31 66,967 8,512 4,726

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Max is high growth as no earnings estimate data is available.
  • Unable to determine if Max is high growth as no revenue estimate data is available.
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
TSE:6454 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 0 Analyst Estimates (S&P Global) See Below

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

TSE:6454 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-04-04
TSE:6454 Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 111.61
2019-09-30 108.45
2019-06-30 106.50
2019-03-31 102.91
2018-12-31 106.89
2018-09-30 100.86
2018-06-30 97.51
2018-03-31 94.46
2017-12-31 89.55
2017-09-30 98.33
2017-06-30 96.44
2017-03-31 95.91

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Max will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Check out Max's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
  2. Max's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Capital Goods companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Max'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 Japan market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Japan 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.
Max 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.

6454 Past Performance

  How has Max 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 Max's growth in the last year to its industry (Machinery).
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.
  • Max's year on year earnings growth rate has been positive over the past 5 years.
  • Max's 1-year earnings growth is less than its 5-year average (3.7% vs 11%)
  • Max's earnings growth has exceeded the JP Machinery industry average in the past year (3.7% vs -11.4%).
Earnings and Revenue History
Max'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 Max Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:6454 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 70,218.00 5,462.00 20,241.00
2019-09-30 70,796.00 5,317.00 20,170.00
2019-06-30 70,511.00 5,231.00 19,972.00
2019-03-31 70,118.00 5,064.00 19,828.00
2018-12-31 70,134.00 5,266.00 19,786.00
2018-09-30 69,420.00 4,969.00 19,656.00
2018-06-30 69,164.00 4,804.00 19,675.00
2018-03-31 68,138.00 4,654.00 19,687.00
2017-12-31 68,008.00 4,412.00 19,772.00
2017-09-30 67,530.00 4,845.00 19,725.00
2017-06-30 67,033.00 4,752.00 19,670.00
2017-03-31 66,967.00 4,726.00 19,651.00
2016-12-31 66,538.00 4,339.00 19,487.00
2016-09-30 66,435.00 3,777.00 19,421.00
2016-06-30 66,452.00 3,667.00 19,226.00
2016-03-31 66,510.00 3,512.00 18,907.00
2015-12-31 66,430.00 3,054.00 18,701.00
2015-09-30 66,106.00 3,216.00 18,630.00
2015-06-30 65,434.00 3,352.00 18,659.00
2015-03-31 64,950.00 3,222.00 18,668.00
2014-12-31 65,355.00 3,718.00 18,804.00
2014-09-30 65,413.00 3,293.00 18,782.00
2014-06-30 65,252.00 2,967.00 18,642.00
2014-03-31 64,791.00 2,809.00 18,726.00
2013-12-31 62,817.00 3,045.00 18,437.00
2013-09-30 60,702.00 3,154.00 18,101.00
2013-06-30 59,071.00 2,931.00 17,790.00

*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.
  • Max has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Max used its assets more efficiently than the JP Machinery industry average last year based on Return on Assets.
  • Max has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Max'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 Machinery 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.
Max has a total score of 4/6, 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.

6454 Health

 How is Max'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 Max's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Max is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Max's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Max'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 30.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Max Company Filings, last reported 3 months ago.

TSE:6454 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 76,220.00 2,000.00 23,831.00
2019-09-30 74,126.00 2,000.00 24,840.00
2019-06-30 72,645.00 2,000.00 24,812.00
2019-03-31 73,950.00 2,000.00 27,105.00
2018-12-31 73,074.00 2,000.00 26,697.00
2018-09-30 72,398.00 2,000.00 29,387.00
2018-06-30 70,850.00 2,000.00 27,628.00
2018-03-31 71,573.00 2,000.00 29,647.00
2017-12-31 70,787.00 2,000.00 27,385.00
2017-09-30 68,747.00 2,000.00 26,880.00
2017-06-30 66,913.00 2,000.00 24,683.00
2017-03-31 67,211.00 2,000.00 26,177.00
2016-12-31 66,815.00 2,000.00 24,284.00
2016-09-30 63,615.00 2,000.00 23,384.00
2016-06-30 62,339.00 2,000.00 20,709.00
2016-03-31 64,263.00 2,000.00 21,007.00
2015-12-31 66,473.00 2,000.00 18,494.00
2015-09-30 65,055.00 2,000.00 18,001.00
2015-06-30 65,082.00 2,000.00 17,460.00
2015-03-31 65,496.00 2,000.00 19,352.00
2014-12-31 65,037.00 2,000.00 16,939.00
2014-09-30 62,757.00 2,000.00 14,976.00
2014-06-30 61,137.00 2,000.00 15,383.00
2014-03-31 61,994.00 2,000.00 14,636.00
2013-12-31 63,595.00 2,000.00 14,719.00
2013-09-30 62,504.00 2,000.00 15,077.00
2013-06-30 61,499.00 2,000.00 15,984.00
  • Max's level of debt (2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (2.3% vs 2% today).
  • Debt is well covered by operating cash flow (518.6%, greater than 20% of total debt).
  • Max earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Max'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. Max has a total score of 6/6, 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.

6454 Dividends

 What is Max'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
2.99%
Current annual income from Max dividends.
If you bought ¥2,000 of Max shares you are expected to receive ¥60 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?
  • Max's pays a higher dividend yield than the bottom 25% of dividend payers in Japan (1.81%).
  • Max's dividend is below the markets top 25% of dividend payers in Japan (4.2%).
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
TSE:6454 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 0 Analyst Estimates (S&P Global) See Below
Japan Machinery Industry Average Dividend Yield Market Cap Weighted Average of 227 Stocks 2.8%
Japan Market Average Dividend Yield Market Cap Weighted Average of 2988 Stocks 3%
Japan Minimum Threshold Dividend Yield 10th Percentile 1%
Japan Bottom 25% Dividend Yield 25th Percentile 1.8%
Japan Top 25% Dividend Yield 75th Percentile 4.2%

Industry and Market average data is calculated daily.

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

TSE:6454 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2020-04-04
TSE:6454 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-06-26 44.000 2.408
2019-04-26 44.000 2.878
2018-07-27 44.000 2.880
2018-06-28 44.000 3.196
2018-04-27 44.000 3.043
2018-01-30 42.000 2.945
2017-06-29 42.000 2.701
2017-04-27 42.000 2.574
2016-06-29 39.000 2.913
2016-04-28 39.000 3.187
2015-06-26 37.000 3.053
2015-04-28 37.000 2.828
2014-06-27 36.000 2.884
2014-04-25 36.000 3.236
2013-06-27 36.000 3.188
2013-04-26 36.000 3.216
2012-07-27 36.000 3.614
2012-06-28 36.000 3.894
2012-04-27 36.000 3.882
2012-01-26 36.000 3.581
2011-10-27 36.000 3.887
2011-07-28 36.000 3.889
2011-06-29 36.000 3.593
2011-04-27 36.000 3.599
2011-01-27 36.000 3.489
2010-06-29 36.000 3.771
2010-06-14 36.000 3.574
2010-04-30 36.000 3.762
2009-07-27 36.000 3.826
2009-06-26 36.000 3.523
2009-04-24 36.000 3.486

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Max's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x 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 Max'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 Max afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Max has a total score of 4/6, see the detailed checks below.


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

6454 Management

 What is the CEO of Max'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
Mitsuteru Kurosawa
AGE 64
CEO Bio

Mr. Mitsuteru Kurosawa serves as President, Chief Executive Officer and Chairman of the Board at Max Co., Ltd. He served as General Manager of Development Division and Senior Executive Officer at Max Co. Ltd. since April 2014 and served as its Managing Director since April 2015 and served as its Manager of Environmental & Quality Assurance and Executive Officer since April 2012. Mr. Mitsuteru Kurosawa Joined Max Co. Ltd. in April 1979 and has been its Director.

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

Mitsuteru Kurosawa

TITLE
President
AGE
64

Yasushi Asami

TITLE
Lead Executive Officer

Tomio Kotai

TITLE
MD, Senior Executive Officer
AGE
64
TENURE
2.8 yrs

Koichi Higuchi

TITLE
Senior Executive Officer
AGE
62
TENURE
9 yrs

Nobuo Kishi

TITLE
Lead Executive Officer
AGE
60

Yoshihiro Kaku

TITLE
Senior Executive Officer of Office Equipment Segment & General Manager of Sales Division
AGE
58
Board of Directors Tenure

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

4.8
Average Tenure
64
Average Age
  • The tenure for the Max board of directors is about average.
Board of Directors

Mitsuteru Kurosawa

TITLE
President
AGE
64

Tomio Kotai

TITLE
MD, Senior Executive Officer
AGE
64

Koichi Higuchi

TITLE
Senior Executive Officer
AGE
62
TENURE
8.8 yrs

Naoto Ebi

TITLE
Director
AGE
62
TENURE
1.8 yrs

Minoru Hirata

TITLE
External Director
AGE
66
TENURE
4.8 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 Max'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. Max 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.

6454 News

Simply Wall St News

6454 Company Info

Description

Max Co., Ltd. manufactures and sells industrial and office equipment in Japan and internationally. Its industrial equipment include nailing machines, gun tackers, screwing machines, staples, nails, screws, air compressors, laser inking machines, reinforcing bar binding machines, concrete pinching machines, gas nailers, hammer drills, rechargeable impact drivers, rechargeable circular saws, vegetable binding machines, induction binding machines, bag binding machines, rechargeable pruning scissors, bathroom heating ventilation dryers, ventilation systems, floor heating systems, disposer systems, residential fire alarms, etc. The company’s office equipment comprise auto staplers, plastic ring binding machines, staplers, paper staplers, numbering machines, punches, stamp stands, vermillions, time recorders, time cards, check writers, cutting machines, printing machines, label printers, tube markers, brush writing software and machines, parallel rulers, etc. It also offers HCR equipment, such as wheelchairs. The company was formerly known as Max Industry Co., Ltd. and changed its name to Max Co., Ltd. in 1964. Max Co., Ltd. was founded in 1942 and is headquartered in Tokyo, Japan.

Details
Name: Max Co., Ltd.
6454
Exchange: TSE
Founded: 1942
¥72,040,251,099
48,907,163
Website: http://www.max-ltd.co.jp
Address: Max Co., Ltd.
6-6 Nihonbashi,
Hakozaki-cho,
Tokyo,
103-8502,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 6454 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
Number of employees
Current staff
Staff numbers
2,577
Max employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 15:30
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/01/30
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.