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DSB

TSE:8692
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
8692
TSE
¥10B
Market Cap
  1. Home
  2. JP
  3. Diversified Financials
Company description

DSB Co., Ltd. engages in back office, IT services, securities, and finance businesses in Japan. The last earnings update was 57 days ago. More info.


Add to Portfolio Compare Print
  • DSB has significant price volatility in the past 3 months.
8692 Share Price and Events
7 Day Returns
-30.8%
TSE:8692
-5.9%
JP Capital Markets
-8.9%
JP Market
1 Year Returns
-6.4%
TSE:8692
-21.3%
JP Capital Markets
-17.9%
JP Market
8692 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
DSB (8692) -30.8% -20.6% -39.6% -6.4% -28.4% -53.2%
JP Capital Markets -5.9% -10.7% -21.1% -21.3% -17% -38%
JP Market -8.9% -12.1% -22.9% -17.9% -10.5% -14%
1 Year Return vs Industry and Market
  • 8692 outperformed the Capital Markets industry which returned -21.3% over the past year.
  • 8692 outperformed the Market in Japan which returned -17.9% over the past year.
Price Volatility
8692
Industry
5yr Volatility vs Market

Value

 Is DSB 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 DSB 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 DSB.

TSE:8692 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= ¥944.60 * 4.2%
¥39.69
Book Value of Equity per Share Median Book Value from the past 5 years. ¥944.60
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:8692
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year JP Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.3%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.745 (1 + (1- 30.86%) (34.09%))
0.947
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% + (0.947 * 6.33%)
5.9%

Discounted Cash Flow Calculation for TSE:8692 using Excess Returns Model Model

The calculations below outline how an intrinsic value for DSB is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSE:8692 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.2% – 5.9%) * ¥944.60)
¥-16.06
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ¥-16.06 / (5.9% - -0.09%)
¥-267.99
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ¥944.60 + ¥-267.99
¥676.61
TSE:8692 Discount to Share Price
Calculation Result
Value per share (JPY) From above. ¥676.61
Current discount Discount to share price of ¥409.00
= -1 x (¥409.00 - ¥676.61) / ¥676.61
39.6%

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

Current Discount
Amount off the current price DSB is available for.
Intrinsic value
40%
Share price is ¥409 vs Future cash flow value of ¥676.61
Current Discount Checks
For DSB to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • DSB's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • DSB'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 DSB's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are DSB's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSE:8692 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥39.82
TSE:8692 Share Price ** TSE (2020-04-03) in JPY ¥409
Japan Capital Markets Industry PE Ratio Median Figure of 29 Publicly-Listed Capital Markets Companies 10.04x
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 DSB.

TSE:8692 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8692 Share Price ÷ EPS (both in JPY)

= 409 ÷ 39.82

10.27x

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

  • DSB is overvalued based on earnings compared to the JP Capital Markets industry average.
  • DSB is good value based on earnings compared to the Japan market.
Price based on expected Growth
Does DSB's expected growth come at a high price?
Raw Data
TSE:8692 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Japan Capital Markets Industry PEG Ratio Median Figure of 9 Publicly-Listed Capital Markets Companies 0.87x
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 DSB, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on DSB's assets?
Raw Data
TSE:8692 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥980.97
TSE:8692 Share Price * TSE (2020-04-03) in JPY ¥409
Japan Capital Markets Industry PB Ratio Median Figure of 38 Publicly-Listed Capital Markets Companies 0.57x
Japan Market PB Ratio Median Figure of 3,576 Publicly-Listed Companies 0.8x
TSE:8692 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8692 Share Price ÷ Book Value per Share (both in JPY)

= 409 ÷ 980.97

0.42x

* Primary Listing of DSB.

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

  • DSB is good value based on assets compared to the JP Capital Markets industry average.
X
Value checks
We assess DSB'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. DSB has a total score of 3/6, see the detailed checks below.

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

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

Future Performance

 How is DSB 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 DSB 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
5.9%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is DSB expected to grow at an attractive rate?
  • Unable to compare DSB's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare DSB's earnings growth to the Japan market average as no estimate data is available.
  • Unable to compare DSB's revenue growth to the Japan market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSE:8692 Future Growth Rates Data Sources
Data Point Source Value (per year)
Japan Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
Japan Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
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:8692 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:8692 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
TSE:8692 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 19,921 999
2019-09-30 19,493 3,566 1,015
2019-06-30 19,334 911
2019-03-31 18,875 2,868 908
2018-12-31 19,121 913
2018-09-30 20,197 1,036 1,216
2018-06-30 21,700 1,396
2018-03-31 23,901 2,072 1,749
2017-12-31 24,995 1,939
2017-09-30 25,047 3,260 1,711
2017-06-30 24,647 -1,552
2017-03-31 23,878 2,209 -2,561

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if DSB is high growth as no earnings estimate data is available.
  • Unable to determine if DSB 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:8692 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 DSB Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:8692 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
TSE:8692 Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 39.82
2019-09-30 40.39
2019-06-30 36.20
2019-03-31 36.05
2018-12-31 36.30
2018-09-30 48.42
2018-06-30 55.58
2018-03-31 69.36
2017-12-31 76.52
2017-09-30 67.19
2017-06-30 -60.75
2017-03-31 -100.25

*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 DSB will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether DSB is trading at DSB'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. DSB'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 Diversified Financials 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 DSB'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.
DSB 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.

Past Performance

  How has DSB 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 DSB's growth in the last year to its industry (Capital Markets).
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.
  • DSB's year on year earnings growth rate has been positive over the past 5 years.
  • DSB's 1-year earnings growth is less than its 5-year average (9.4% vs 14.3%)
  • DSB's earnings growth has exceeded the JP Capital Markets industry average in the past year (9.4% vs -15%).
Earnings and Revenue History
DSB'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 DSB Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:8692 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 19,921.00 999.00 3,015.00
2019-09-30 19,493.00 1,015.00 3,015.00
2019-06-30 19,334.00 911.00 3,015.00
2019-03-31 18,875.00 908.00 3,015.00
2018-12-31 19,121.00 913.00 3,778.00
2018-09-30 20,197.00 1,216.00 3,778.00
2018-06-30 21,700.00 1,396.00 3,778.00
2018-03-31 23,901.00 1,749.00 3,778.00
2017-12-31 24,995.00 1,939.00 3,660.00
2017-09-30 25,047.00 1,711.00 3,660.00
2017-06-30 24,647.00 -1,552.00 3,660.00
2017-03-31 23,878.00 -2,561.00 3,660.00
2016-12-31 24,309.00 -3,259.00 3,468.00
2016-09-30 23,872.00 -3,580.00 3,468.00
2016-06-30 23,613.00 -548.00 3,468.00
2016-03-31 23,982.00 25.00 3,468.00
2015-12-31 22,996.00 909.00 2,999.00
2015-09-30 23,360.00 1,266.00 2,999.00
2015-06-30 23,565.00 1,380.00 2,999.00
2015-03-31 22,983.00 1,277.00 2,999.00
2014-12-31 23,471.00 675.00 2,931.00
2014-09-30 24,107.00 565.00 2,931.00
2014-06-30 26,427.00 1,198.00 2,931.00
2014-03-31 26,997.00 1,207.00 2,931.00
2013-12-31 25,361.00 1,185.00 2,592.00
2013-09-30 24,003.00 1,353.00 2,592.00
2013-06-30 20,969.00 599.00 2,592.00

*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.
  • DSB has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • DSB used its assets more efficiently than the JP Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if DSB improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess DSB'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 Capital Markets 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.
DSB 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 DSB'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 DSB's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • DSB is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • DSB's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of DSB'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.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 9.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

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

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

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

TSE:8692 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 24,582.00 3,494.00 20,366.00
2019-09-30 24,513.00 3,270.00 18,930.00
2019-06-30 24,222.00 3,517.00 17,324.00
2019-03-31 24,180.00 3,468.00 17,905.00
2018-12-31 23,864.00 3,261.00 16,422.00
2018-09-30 23,951.00 3,202.00 17,801.00
2018-06-30 23,771.00 3,300.00 12,963.00
2018-03-31 23,580.00 3,160.00 14,911.00
2017-12-31 23,261.00 3,252.00 23,057.00
2017-09-30 22,850.00 3,286.00 24,420.00
2017-06-30 22,837.00 3,545.00 25,312.00
2017-03-31 22,267.00 3,755.00 19,929.00
2016-12-31 21,757.00 3,640.00 22,972.00
2016-09-30 21,470.00 3,387.00 19,223.00
2016-06-30 24,358.00 3,280.00 15,866.00
2016-03-31 24,802.00 3,322.00 15,929.00
2015-12-31 25,334.00 3,362.00 13,115.00
2015-09-30 25,598.00 3,363.00 10,185.00
2015-06-30 25,585.00 12,279.00 24,916.00
2015-03-31 25,589.00 12,311.00 21,389.00
2014-12-31 24,772.00 12,148.00 16,530.00
2014-09-30 24,710.00 11,534.00 18,715.00
2014-06-30 24,695.00 11,698.00 15,634.00
2014-03-31 25,956.00 11,217.00 10,905.00
2013-12-31 26,166.00 10,435.00 14,402.00
2013-09-30 25,960.00 11,740.00 11,508.00
2013-06-30 24,961.00 8,858.00 8,843.00
  • DSB's level of debt (14.2%) 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 (49% vs 14.2% today).
  • Debt is well covered by operating cash flow (102.1%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on DSB's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess DSB'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. DSB has a total score of 5/6, 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.

Dividends

 What is DSB'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
2.44%
Current annual income from DSB dividends.
If you bought ¥2,000 of DSB shares you are expected to receive ¥49 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?
  • DSB's pays a higher dividend yield than the bottom 25% of dividend payers in Japan (1.81%).
  • DSB'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:8692 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 Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 3.8%
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:8692 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
TSE:8692 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-11-08 10.000 1.677
2019-10-25 10.000 1.686
2019-06-20 10.000 1.910
2019-04-25 10.000 2.329
2018-10-25 10.000 2.298
2018-06-21 10.000 1.804
2018-04-26 10.000 1.670
2018-02-09 8.000 1.241
2018-01-30 8.000 1.153
2017-11-10 8.000 1.058
2017-10-26 8.000 1.033
2017-06-22 8.000 1.202
2017-04-27 8.000 1.277
2017-02-10 8.000 1.273
2017-01-27 8.000 1.295
2016-11-10 8.000 1.328
2016-10-27 8.000 1.573
2016-06-21 15.000 2.765
2016-04-26 15.000 2.119
2016-02-10 15.000 1.900
2016-01-28 15.000 1.717
2015-11-11 15.000 1.436
2015-10-23 15.000 1.328
2015-06-19 15.000 1.433
2015-04-23 15.000 1.578
2015-02-10 15.000 1.771
2015-01-29 15.000 1.976
2014-11-12 15.000 1.977
2014-10-24 15.000 2.219
2014-06-23 15.000 2.325
2014-04-24 15.000 2.510
2014-02-12 15.000 2.144
2014-01-30 15.000 1.985
2013-11-12 15.000 1.681
2013-10-25 15.000 2.230
2013-06-24 15.000 2.357
2013-04-26 15.000 2.273
2013-02-12 15.000 2.239
2013-01-31 15.000 2.395
2012-11-12 15.000 4.141
2012-10-29 15.000 5.102
2012-07-27 15.000 5.165
2012-06-25 15.000 5.287
2012-04-27 15.000 5.532
2012-02-10 15.000 4.784
2012-01-27 15.000 5.466
2011-11-11 15.000 6.064
2011-10-28 15.000 6.204
2011-06-27 15.000 5.600
2011-04-28 15.000 5.711
2011-02-10 15.000 5.075
2011-02-04 15.000 4.574
2010-11-11 15.000 4.913
2010-10-29 15.000 6.093
2010-07-30 15.000 5.046
2010-06-29 15.000 4.627
2010-04-30 15.000 4.262
2009-10-30 15.000 3.768
2009-06-29 20.000 3.835
2009-04-28 20.000 3.549

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of DSB's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4x 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 DSB'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 DSB afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. DSB has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of DSB'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
Hitoshi Tada
AGE 64
TENURE AS CEO 6.8 years
CEO Bio

Mr. Hitoshi Tada has been President of DSB Co., Ltd. (a/k/a, Daiko Clearing Services Corporation) since June 2013. Mr. Tada has been President of Nippon Clearing Services Co., Ltd. since June 2013. Mr. Tada served as Representative Executive Officer of Nomura Securities Co. Ltd. Mr. Tada served as Senior Managing Director of Nomura Holdings, Inc. from June 2003 to July 31, 2012 and served as is Managing Director since April 2003, Managing Executive Officer since June 2003, Executive Officer and Managing Executive Officer since October 2008 and Senior Executive Officer since April 2006. He served as Retail Chief Executive Officer of Nomura Holdings Inc. since April 2008. He served as Retail Chief Executive Officer of Nomura Securities Co. Ltd. He served as an Advisor of Nomura Research Institute, Ltd. since April 2013 and Daiko Clearing Services Corp. since May 2013. He served as Co-Chief Operating Officer and Executive Vice President of Nomura Securities Co., Ltd. since April 2011 and served as its Deputy President. He served as an Executive Vice President of Nomura Securities Co Ltd. since April 2009 and Executive Vice-President and Operations Unit Chief Executive Officer since June 2010. He served as an Executive Managing Director of Nomura Holdings Inc. since October 2008. He served as an Executive Managing Director of Nomura Securities Co Ltd. and served as its Executive Adviser since August 2012. He served as Deputy President of Nomura Securities Co Ltd., since April 2009. He served as an Executive Managing Director of Marketing Division & Business Development & IPO Dept., Public Benefit Corporations Business Consulting Dept. at Nomura Securities Co. Ltd., a subsidiary of Nomura Holdings Inc. He served as Senior Managing Director of Nomura Holdings Inc., since June 2003. He joined Nomura Holdings Inc. in April 1978. He served as an Executive Chairman and Director of Nomura Securities Co Ltd. from April 2012 to July 31, 2012. He has been a Representative Director of Daiko Clearing Services Corporation since June 2013. Mr. Tada has been a Director of Nippon Clearing Services Co., Ltd. Mr. Tada served as a Director of Nomura Holdings Inc. from June 1999 to March 2003 and Nomura Securities Co. Ltd. since October 2001.

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

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

5.8
Average Tenure
60
Average Age
  • The average tenure for the DSB management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Hitoshi Tada

TITLE
President and Representative Director
AGE
64
TENURE
6.8 yrs

Etsuo Misono

TITLE
Representative Senior Managing Director and Director
AGE
60
TENURE
5.8 yrs

Koji Sato

TITLE
Managing Director and Director

Shin Shibuya

TITLE
Executive Officer and Director
AGE
56
TENURE
4.8 yrs

Fumio Kaneko

TITLE
Managing Executive Officer

Masato Waki

TITLE
Managing Executive Officer

Shingo Koike

TITLE
Executive Officer

Youji Furukawa

TITLE
Executive Officer

Masami Kobayashi

TITLE
Executive Officer

Kouichi Ooya

TITLE
Executive Officer
Board of Directors Tenure

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

6.8
Average Tenure
64
Average Age
  • The tenure for the DSB board of directors is about average.
Board of Directors

Mamoru Suenaga

TITLE
Chairman of the Board Directors
AGE
63

Hitoshi Tada

TITLE
President and Representative Director
AGE
64
TENURE
6.8 yrs

Etsuo Misono

TITLE
Representative Senior Managing Director and Director
AGE
60
TENURE
9.3 yrs

Koji Sato

TITLE
Managing Director and Director

Shin Shibuya

TITLE
Executive Officer and Director
AGE
56
TENURE
5.8 yrs

Yoshiaki Shin

TITLE
External Director
AGE
74
TENURE
7.8 yrs

Akira Ariyoshi

TITLE
External Director
TENURE
4.8 yrs

Kazuo Taguchi

TITLE
External Auditor
AGE
72
TENURE
10.8 yrs

Hitoshi Iwasaki

TITLE
Full-Time Auditor
AGE
67
TENURE
6.8 yrs

Yoshitsugu Nishimura

TITLE
Outside Auditor
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 DSB'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. DSB 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.

News

Simply Wall St News

Company Info

Description

DSB Co., Ltd. engages in back office, IT services, securities, and finance businesses in Japan. It offers outsourcing services, including account opening related services; securities settlement/fund settlement services; inheritance procedure back office services; audit support services; system migration support/planning services; and other securities business support services, as well as brand information, investment trust, company information, order slip verification, return mail management, customer checkout, and stock transfer system services. The company also provides market/clearing agency, financial products supply, account, and stock indirect account management services; collateral securities management service for financial institutions; and commodity futures quoted securities management services, as well as investment trusts, general bonds, government bonds. In addition, it offers electronic document management, documents/securities storage, prospectus management, mailing, and delivery services. The company was formerly known as Daiko Clearing Services Corporation and changed its name to DSB Co., Ltd. in October 2014. DSB Co., Ltd. was founded in 1957 and is headquartered in Tokyo, Japan. DSB Co., Ltd. is a subsidiary of Nomura Research Institute, Ltd.

Details
Name: DSB Co., Ltd.
8692
Exchange: TSE
Founded: 1957
¥10,249,115,049
25,058,961
Website: http://www.daiko-sb.co.jp
Address: DSB Co., Ltd.
DSB Group Shiomi Building,
2-9-15-1 Shiomi,
Tokyo,
135-0052,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8692 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
Number of employees
Current staff
Staff numbers
647
DSB employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 16:40
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2019/04/25
Last earnings filing: 2020/02/07
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.