Oriental Land

TSE:4661

Snowflake Description

Excellent balance sheet with proven track record.

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

4661

TSE

¥4,872B

Market Cap

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Last updated 2019/12/10 15:02

Company description

Oriental Land Co., Ltd. operates and manages theme parks and hotels in Japan. The last earnings update was 27 days ago. More info.

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4661 Share Price and Events

7 Day Returns

-2%

TSE:4661

-0.9%

JP Hospitality

0.1%

JP Market

1 Year Returns

36%

TSE:4661

13.7%

JP Hospitality

8.3%

JP Market

4661 Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Oriental Land (4661)	-2%	-2.4%	-4.4%	36%	123.5%	128.8%
JP Hospitality	-0.9%	0.7%	2.1%	13.7%	54.4%	71.7%
JP Market	0.1%	1.1%	10%	8.3%	14%	28%

1 Year Return vs Industry and Market

4661 outperformed the Hospitality industry which returned 13.7% over the past year.
4661 outperformed the Market in Japan which returned 8.3% over the past year.

Price Volatility

4661

Industry

5yr Volatility vs Market

Related Companies

McDonald's Holdings Company (Japan)

JASDAQ:2702

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Value

Is Oriental Land 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 Oriental Land 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 Oriental Land.

TSE:4661 Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 11 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	5.9%
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 TSE:4661
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year JP Govt Bond Rate	-0.1%
Equity Risk Premium	S&P Global	6.3%
Hospitality Unlevered Beta	Simply Wall St/ S&P Global	0.91
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.914 (1 + (1- 30.86%) (2.21%))	0.952
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	0.95
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = -0.09% + (0.952 * 6.33%)	5.93%

Discounted Cash Flow Calculation for TSE:4661 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Oriental Land 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:4661 DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (JPY, Millions)	Source	Present Value Discounted (@ 5.93%)
2020	-25,808.50	Analyst x6	-24,362.86
2021	59,233.33	Analyst x3	52,783.39
2022	120,790.00	Analyst x3	101,607.93
2023	148,313.33	Analyst x3	117,772.08
2024	195,558.25	Analyst x4	146,589.82
2025	230,037.41	Est @ 17.63%	162,776.49
2026	258,366.06	Est @ 12.31%	172,581.49
2027	280,568.39	Est @ 8.59%	176,914.34
2028	297,369.82	Est @ 5.99%	177,005.48
2029	309,754.82	Est @ 4.16%	174,049.76
Present value of next 10 years cash flows			¥1,257,717.00

TSE:4661 DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₉ × (1 + g) ÷ (Discount Rate – g) = ¥309,754.82 × (1 + -0.09%) ÷ (5.93% – -0.09%)	¥5,137,573.03
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = ¥5,137,573.03 ÷ (1 + 5.93%)¹⁰	¥2,886,777.83

TSE:4661 Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = ¥1,257,717.00 + ¥2,886,777.83	¥4,144,494.83
Equity Value per Share (JPY)	= Total value / Shares Outstanding = ¥4,144,494.83 / 328.83	¥12603.86

TSE:4661 Discount to Share Price
	Calculation	Result
Value per share (JPY)	From above.	¥12,603.86
Current discount	Discount to share price of ¥14,815.00 = -1 x (¥14,815.00 - ¥12,603.86) / ¥12,603.86	-17.5%

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

The current share price of Oriental Land 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 Oriental Land's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

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

Raw Data

TSE:4661 PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-09-30) in JPY	¥273.74
TSE:4661 Share Price **	TSE (2019-12-10) in JPY	¥14815
Japan Hospitality Industry PE Ratio	Median Figure of 100 Publicly-Listed Hospitality Companies	27.78x
Japan Market PE Ratio	Median Figure of 3,068 Publicly-Listed Companies	15.6x

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

** Primary Listing of Oriental Land.

TSE:4661 PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= TSE:4661 Share Price ÷ EPS (both in JPY) = 14815 ÷ 273.74	54.12x

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

Oriental Land is overvalued based on earnings compared to the JP Hospitality industry average.
Oriental Land is overvalued based on earnings compared to the Japan market.

Price based on expected Growth

Does Oriental Land's expected growth come at a high price?

Raw Data

TSE:4661 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	54.12x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts	16.8%per year
Japan Hospitality Industry PEG Ratio	Median Figure of 51 Publicly-Listed Hospitality Companies	2.29x
Japan Market PEG Ratio	Median Figure of 1,367 Publicly-Listed Companies	1.88x

*Line of best fit is calculated by linear regression .

TSE:4661 PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 54.12x ÷ 16.8%	3.22x

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

Oriental Land is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Oriental Land's assets?

Raw Data

TSE:4661 PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-09-30) in JPY	¥2,552.99
TSE:4661 Share Price *	TSE (2019-12-10) in JPY	¥14815
Japan Hospitality Industry PB Ratio	Median Figure of 137 Publicly-Listed Hospitality Companies	2.56x
Japan Market PB Ratio	Median Figure of 3,527 Publicly-Listed Companies	1.13x

TSE:4661 PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= TSE:4661 Share Price ÷ Book Value per Share (both in JPY) = 14815 ÷ 2,552.99	5.8x

* Primary Listing of Oriental Land.

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

Oriental Land is overvalued based on assets compared to the JP Hospitality industry average.

Value checks

We assess Oriental Land'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 Hospitality 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 Hospitality 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 Oriental Land expected to perform in the next 1 to 3 years based on estimates from 11 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!

16.8%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Oriental Land expected to grow at an attractive rate?

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

Growth vs Market Checks

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

Annual Growth Rates Comparison

Raw Data

TSE:4661 Future Growth Rates Data Sources
Data Point	Source	Value (per year)
TSE:4661 Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts	16.8%
TSE:4661 Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts	9.5%
Japan Hospitality Industry Earnings Growth Rate	Market Cap Weighted Average	15.2%
Japan Hospitality Industry Revenue Growth Rate	Market Cap Weighted Average	7.1%
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

TSE:4661 Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (2 months ago)	See Below
Future Estimates	Average of up to 11 Analyst Estimates (S&P Global)	See Below

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

TSE:4661 Future Estimates Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2024-03-31	776,853	258,506	174,414	4
2023-03-31	698,007	222,249	147,248	4
2022-03-31	617,895	183,803	120,842	9
2021-03-31	587,261	167,535	109,158	11
2020-03-31	521,242	128,438	86,146	10
2019-12-10

TSE:4661 Past Financials Data
Date (Data in JPY Millions)	Revenue	Cash Flow	Net Income *
2019-09-30	523,359	123,930	90,001
2019-06-30	525,428		92,067
2019-03-31	525,622	134,974	90,286
2018-12-31	514,425		86,099
2018-09-30	497,388	123,787	82,075
2018-06-30	490,152		81,398
2018-03-31	479,280	122,860	81,191
2017-12-31	481,676		86,507
2017-09-30	482,796	125,211	86,744
2017-06-30	480,644		87,014
2017-03-31	477,748	117,611	82,374
2016-12-31	471,469		75,947

*GAAP earnings excluding extraordinary items.

High Growth Checks

Oriental Land's earnings are expected to grow by 16.8% yearly, however this is not considered high growth (20% yearly).
Oriental Land's revenue is expected to grow by 9.5% 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

TSE:4661 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 11 Analyst Estimates (S&P Global)	See Below

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

TSE:4661 Future Estimates Data
Date (Data in JPY Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2024-03-31	530.45	587.00	431.00	4.00
2023-03-31	447.80	538.00	367.30	4.00
2022-03-31	360.83	535.39	277.70	10.00
2021-03-31	326.64	463.80	249.40	12.00
2020-03-31	260.41	290.91	231.90	12.00
2019-12-10

TSE:4661 Past Financials Data
Date (Data in JPY Millions)	EPS *
2019-09-30	273.74
2019-06-30	280.04
2019-03-31	274.65
2018-12-31	261.93
2018-09-30	249.70
2018-06-30	247.66
2018-03-31	246.70
2017-12-31	262.32
2017-09-30	262.51
2017-06-30	262.80
2017-03-31	248.39
2016-12-31	228.52

*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.

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

Show me more growth companies in the Hospitality industry

Future performance checks

We assess Oriental Land'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.
Oriental Land 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 Oriental Land 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 Oriental Land's growth in the last year to its industry (Hospitality).

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.

Oriental Land's year on year earnings growth rate has been positive over the past 5 years.
Oriental Land's 1-year earnings growth exceeds its 5-year average (9.7% vs 5.6%)
Oriental Land's earnings growth has exceeded the JP Hospitality industry average in the past year (9.7% vs 2.8%).

Earnings and Revenue History

Oriental Land'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 Oriental Land Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:4661 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions)	Revenue	Net Income *	G+A Expenses
2019-09-30	523,359.00	90,001.00	69,972.00
2019-06-30	525,428.00	92,067.00	69,974.00
2019-03-31	525,622.00	90,286.00	70,061.00
2018-12-31	514,425.00	86,099.00	69,481.00
2018-09-30	497,388.00	82,075.00	68,260.00
2018-06-30	490,152.00	81,398.00	66,887.00
2018-03-31	479,280.00	81,191.00	66,223.00
2017-12-31	481,676.00	86,507.00	65,864.00
2017-09-30	482,796.00	86,744.00	64,984.00
2017-06-30	480,644.00	87,014.00	65,022.00
2017-03-31	477,748.00	82,374.00	65,052.00
2016-12-31	471,469.00	75,947.00	66,427.00
2016-09-30	470,851.00	76,101.00	66,005.00
2016-06-30	469,037.00	74,687.00	64,963.00
2016-03-31	465,353.00	73,928.00	63,778.00
2015-12-31	468,643.00	74,511.00	62,295.00
2015-09-30	465,602.00	71,677.00	61,640.00
2015-06-30	465,349.00	70,461.00	60,754.00
2015-03-31	466,291.00	72,063.00	59,762.00
2014-12-31	459,450.00	68,408.00	58,607.00
2014-09-30	466,260.00	70,952.00	58,324.00
2014-06-30	470,746.00	71,433.00	57,953.00
2014-03-31	473,572.00	70,571.00	58,012.00
2013-12-31	456,630.00	67,631.00	49,972.00
2013-09-30	437,177.00	61,895.00	47,492.00
2013-06-30	415,124.00	56,102.00	45,282.00
2013-03-31	395,526.00	51,484.00	42,808.00
2012-12-31	395,399.00	51,902.00	42,387.00

*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.

Oriental Land has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
Oriental Land used its assets more efficiently than the JP Hospitality industry average last year based on Return on Assets.
Oriental Land's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Show me more strong past performing companies in the Hospitality industry

Past performance checks

We assess Oriental Land'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 Hospitality 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.
Oriental Land 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.

Health

How is Oriental Land'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 Oriental Land's finances.

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

Net Worth

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

Balance sheet

This treemap shows a more detailed breakdown of Oriental Land'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 3.7x 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 Oriental Land Company Filings, last reported 2 months ago.

TSE:4661 Past Debt and Equity Data
Date (Data in JPY Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-09-30	839,494.00	107,778.00	355,326.00
2019-06-30	816,413.00	108,217.00	374,641.00
2019-03-31	803,200.00	108,423.00	398,550.00
2018-12-31	784,031.00	58,831.00	339,492.00
2018-09-30	763,644.00	59,033.00	328,217.00
2018-06-30	740,080.00	59,407.00	303,703.00
2018-03-31	721,976.00	59,584.00	318,059.00
2017-12-31	712,299.00	59,927.00	293,716.00
2017-09-30	689,114.00	60,093.00	278,101.00
2017-06-30	666,334.00	60,416.00	243,120.00
2017-03-31	669,514.00	60,574.00	274,800.00
2016-12-31	654,804.00	60,720.00	255,445.00
2016-09-30	631,266.00	56,747.00	229,191.00
2016-06-30	610,067.00	56,972.00	200,734.00
2016-03-31	624,941.00	57,099.00	242,137.00
2015-12-31	617,624.00	57,349.00	215,808.00
2015-09-30	592,274.00	57,472.00	201,138.00
2015-06-30	575,012.00	57,712.00	178,169.00
2015-03-31	564,128.00	57,826.00	191,278.00
2014-12-31	548,695.00	58,036.00	170,087.00
2014-09-30	525,782.00	58,137.00	144,444.00
2014-06-30	505,400.00	58,333.00	116,451.00
2014-03-31	493,697.00	58,428.00	130,027.00
2013-12-31	487,356.00	85,785.00	136,596.00
2013-09-30	465,048.00	86,825.00	99,765.00
2013-06-30	443,831.00	107,958.00	90,177.00
2013-03-31	432,261.00	123,994.00	109,284.00
2012-12-31	422,688.00	145,435.00	131,141.00

Oriental Land's level of debt (12.8%) compared to net worth is satisfactory (less than 40%).
The level of debt compared to net worth has increased over the past 5 years (11.1% vs 12.8% today).
Debt is well covered by operating cash flow (115%, greater than 20% of total debt).
Oriental Land earns more interest than it pays, coverage of interest payments is not a concern.

Show me more healthy companies in the Hospitality industry

Financial health checks

We assess Oriental Land'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 Oriental Land'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

0.3%

Current annual income from Oriental Land dividends. Estimated to be 0.43% next year.

If you bought ¥2,000 of Oriental Land shares you are expected to receive ¥6 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?

Oriental Land's pays a lower dividend yield than the bottom 25% of dividend payers in Japan (1.33%).
Oriental Land's dividend is below the markets top 25% of dividend payers in Japan (2.93%).

Upcoming dividend payment

Purchase Oriental Land 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

TSE:4661 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 11 Analyst Estimates (S&P Global)	See Below
Japan Hospitality Industry Average Dividend Yield	Market Cap Weighted Average of 98 Stocks	0.7%
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.

TSE:4661 Future Dividends Estimate Data
Date (Data in ¥)	Dividend per Share (annual)	Avg. No. Analysts
2024-03-31	102.05	4.00
2023-03-31	87.85	4.00
2022-03-31	61.74	10.00
2021-03-31	57.91	11.00
2020-03-31	48.82	12.00
2019-12-10

TSE:4661 Past Annualized Dividends Data
Date (Data in ¥)	Dividend per share (annual)	Avg. Yield (%)
2019-11-13	44.000	0.290
2019-10-30	44.000	0.281
2019-06-27	44.000	0.289
2019-04-25	44.000	0.335
2019-02-13	40.000	0.324
2019-01-30	40.000	0.346
2018-11-13	40.000	0.363
2018-10-30	40.000	0.376
2018-06-28	40.000	0.348
2018-04-26	40.000	0.352
2018-02-13	40.000	0.377
2018-01-30	40.000	0.381
2017-11-13	40.000	0.387
2017-10-30	40.000	0.426
2017-06-29	40.000	0.485
2017-04-27	40.000	0.553
2017-02-13	35.000	0.546
2017-01-30	35.000	0.564
2016-11-11	35.000	0.547
2016-10-28	35.000	0.579
2016-06-29	35.000	0.559
2016-04-27	35.000	0.496
2016-02-12	35.000	0.444
2016-01-28	35.000	0.451
2015-11-13	35.000	0.488
2015-10-29	35.000	0.473
2015-07-30	35.000	0.508
2015-06-26	35.000	0.440
2015-04-28	35.000	0.434
2015-02-13	35.000	0.408
2015-01-29	35.000	0.494
2014-11-13	35.000	0.515
2014-10-30	35.000	0.588
2014-06-27	30.000	0.609
2014-04-28	30.000	0.726
2014-02-13	30.000	0.778
2014-01-30	30.000	0.787
2013-11-13	30.000	0.798
2013-10-30	30.000	0.779
2013-06-27	30.000	0.748
2013-04-26	30.000	0.818
2013-02-13	30.000	0.816
2013-01-30	30.000	0.969
2012-11-13	30.000	1.115
2012-10-30	30.000	1.114
2012-07-30	25.000	0.978
2012-04-26	25.000	1.128
2012-02-14	25.000	1.154
2012-02-03	25.000	1.198
2011-11-14	25.000	1.238
2011-11-04	25.000	1.222
2011-06-29	25.000	1.323
2011-05-06	25.000	1.473
2011-02-14	27.500	1.546
2011-02-03	27.500	1.394
2010-11-12	25.000	1.316
2010-11-04	27.500	1.418
2010-08-04	26.250	1.366
2010-06-29	26.250	1.434
2010-05-06	26.250	1.482
2010-02-10	20.000	1.229
2010-02-04	20.000	1.269
2009-11-13	20.000	1.304
2009-11-05	20.000	1.313
2009-08-04	20.000	1.285
2009-05-07	20.000	1.261
2009-02-13	17.500	1.114
2009-02-05	17.500	1.069

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

Oriental Land is not paying a notable dividend for Japan, therefore no need to check if the payments are stable.
Oriental Land is not paying a notable dividend for Japan, therefore no need to check if the payments are increasing.

Current Payout to shareholders

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

No need to calculate the sustainability of Oriental Land's dividends as it is not paying a notable one for Japan.

Future Payout to shareholders

No need to calculate the sustainability of Oriental Land's dividends in 3 years as they are not expected to pay a notable one for Japan.

Income/ dividend checks

We assess Oriental Land'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 Oriental Land 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 Oriental Land'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

Toshio Kagami

AGE	83
TENURE AS CEO	14.5 years

CEO Bio

Mr. Toshio Kagami has been the Chairman and Chief Executive Officer at Oriental Land Co., Ltd. since June 29, 2005 and served as its President since June 1995 until June 2005. Mr. Kagami served as the President of Oriental Land Co., Ltd until June 1995 and Maihama Resort Hotels Co., Ltd. (now Milial Resort Hotels Co., Ltd.) since June 1996. Mr. Kagami started his career with Keisei Electric Railway Co., Ltd. in April 1958. He joined Oriental Land Co., Ltd. since 1972 and served as its Manager of Real Estate Business Department in October 1976. He served as its Managing Director and senior Managing Director since June 1983 and June 1991 respectively. He serves as the Chairman of MILIAL RESORT HOTELS Co., Ltd. Since May 2003, he served as the Chairman and Representative Director of Retail Networks Co., Ltd. He has been a Representative Director of Oriental Land Co., Ltd. since June 1995. He serves as Vice Chairman at Keizai Doyukai. He has been an Outside Corporate Auditor at Keiyo Gas Co., Ltd. since March 2004. He has been a Corporate Auditor (External) at TV Tokyo Holdings Corporation since June 2014.

CEO Compensation

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

Management Team Tenure

Average tenure of the Oriental Land management team in years:

0.9

Average Tenure

The average tenure for the Oriental Land management team is less than 2 years, this suggests a new team.

Management Team

Toshio Kagami

0.9 yrs

Yumiko Takano

TITLE

Executive Vice President Officer & Executive Director

Tsutomu Hanada

TITLE

External Executive Director

AGE

75

8.9

Average Tenure

Average Age

The tenure for the Oriental Land board of directors is about average.

Board of Directors

Toshio Kagami

External Executive Director

AGE

84

TENURE

3.3 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 Oriental Land'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

Oriental Land Co., Ltd. operates and manages theme parks and hotels in Japan. It operates through Theme Park, Hotel Business, and Other Business segments. The Hotel Business segment operates and manages Tokyo Disneyland Hotel, Tokyo DisneySea Hotel MiraCosta, Disney Ambassador Hotel, and Tokyo Disney Celebration Hotel. The Other Business segment operates and manages Ikspiari, a commercial complex that includes shops and restaurants, and a cinema complex; Disney Resort Line, a monorail connecting four stations within Tokyo Disney Resort; MAIHAMA Amphitheater, a multipurpose hall that consists of a semicircular open stage and a seating area for events, ceremonies, and music concerts; and Bon Voyage, a Disney shop. The company is also involved in land development. Oriental Land Co., Ltd. was founded in 1960 and is headquartered in Urayasu, Japan.

Details

Name:	Oriental Land Co., Ltd.
Ticker:	4661
Exchange:	TSE
Founded:	1960
Market Cap:	¥4,871,577,456,920
Shares outstanding:	328,827,368
Website:	http://www.olc.co.jp
Address:	Oriental Land Co., Ltd. 1-1 Maihama, Urayasu, Chiba, 279-8511, Japan

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
TSE	4661	Common Stock	The Tokyo Stock Exchange	JP	JPY	11. Dec 1996
OTCPK	OLCL.F	Common Stock	Pink Sheets LLC	US	USD	11. Dec 1996
DB	OLL	Common Stock	Deutsche Boerse AG	DE	EUR	11. Dec 1996
OTCPK	OLCL.Y	ADR	Pink Sheets LLC	US	USD	27. Mar 2012

Number of employees

Current staff

6,007

Oriental Land employees.

Industry

Industry:	Leisure Facilities
Sector:	Consumer Services

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/12/10 15:02
End of day share price update:	2019/12/10 00:00
Last estimates confirmation:	2019/12/06
Last earnings filing:	2019/11/13
Last earnings reported:	2019/09/30
Last annual earnings reported:	2019/03/31

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

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

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

Oriental Land

4661 Share Price and Events

7 Day Returns

1 Year Returns

4661 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

Toshio Kagami

Chairman & CEO

83

14.5 yrs

Akiyoshi Yokota

Executive Officer of Finance/Accounting

0.7 yrs

Kyoichiro Uenishi

President

10.7 yrs

Tomoyuki Shimoda

Director of Marketing Division & Officer

0.9 yrs

Rika Kanbara

Executive Officer

0.9 yrs

Yumiko Takano

Executive Vice President Officer & Executive Director

Tsutomu Hanada

External Executive Director

75

Wataru Takahashi

Executive Officer & Executive Director

Tetsuro Sato

Executive Officer

0.9 yrs