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DIC

TSE:4631
Snowflake Description

Excellent balance sheet, good value and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
4631
TSE
¥210B
Market Cap
  1. Home
  2. JP
  3. Materials
Company description

DIC Corporation manufactures and sells printing inks, organic pigments, and polyphenylene sulfide (PPS) compounds worldwide. The last earnings update was 50 days ago. More info.


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  • DIC has significant price volatility in the past 3 months.
4631 Share Price and Events
7 Day Returns
-10.1%
TSE:4631
-9.2%
JP Chemicals
-8.9%
JP Market
1 Year Returns
-37%
TSE:4631
-21.4%
JP Chemicals
-17.9%
JP Market
4631 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
DIC (4631) -10.1% -14.7% -27% -37% -43.4% -39.6%
JP Chemicals -9.2% -13.5% -24.8% -21.4% -17.4% -12.2%
JP Market -8.9% -12.1% -22.9% -17.9% -10.5% -14%
1 Year Return vs Industry and Market
  • 4631 underperformed the Chemicals industry which returned -21.4% over the past year.
  • 4631 underperformed the Market in Japan which returned -17.9% over the past year.
Price Volatility
4631
Industry
5yr Volatility vs Market

4631 Value

 Is DIC 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 DIC 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 DIC.

TSE:4631 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.3%
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:4631
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year JP Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.3%
Chemicals Unlevered Beta Simply Wall St/ S&P Global 0.8
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.805 (1 + (1- 30.86%) (120.45%))
1.318
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.32
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.09% + (1.318 * 6.33%)
8.26%

Discounted Cash Flow Calculation for TSE:4631 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for DIC 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:4631 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 8.26%)
2020 44,400.00 Analyst x2 41,013.87
2021 9,350.00 Analyst x2 7,978.24
2022 28,500.00 Analyst x2 22,464.06
2023 28,232.20 Est @ -0.94% 20,555.87
2024 28,038.88 Est @ -0.68% 18,858.17
2025 27,896.91 Est @ -0.51% 17,331.77
2026 27,790.51 Est @ -0.38% 15,948.91
2027 27,708.80 Est @ -0.29% 14,689.26
2028 27,644.30 Est @ -0.23% 13,537.41
2029 27,591.78 Est @ -0.19% 12,481.24
Present value of next 10 years cash flows ¥184,858.00
TSE:4631 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥27,591.78 × (1 + -0.09%) ÷ (8.26% – -0.09%)
¥330,299.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥330,299.02 ÷ (1 + 8.26%)10
¥149,411.88
TSE:4631 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥184,858.00 + ¥149,411.88
¥334,269.88
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥334,269.88 / 94.65
¥3531.82
TSE:4631 Discount to Share Price
Calculation Result
Value per share (JPY) From above. ¥3,531.82
Current discount Discount to share price of ¥2,216.00
= -1 x (¥2,216.00 - ¥3,531.82) / ¥3,531.82
37.3%

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

Current Discount
Amount off the current price DIC is available for.
Intrinsic value
37%
Share price is ¥2216 vs Future cash flow value of ¥3531.82
Current Discount Checks
For DIC to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • DIC's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • DIC'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 DIC's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are DIC's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSE:4631 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in JPY ¥248.29
TSE:4631 Share Price ** TSE (2020-04-03) in JPY ¥2216
Japan Chemicals Industry PE Ratio Median Figure of 147 Publicly-Listed Chemicals Companies 10.49x
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 DIC.

TSE:4631 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:4631 Share Price ÷ EPS (both in JPY)

= 2216 ÷ 248.29

8.92x

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

  • DIC is good value based on earnings compared to the JP Chemicals industry average.
  • DIC is good value based on earnings compared to the Japan market.
Price based on expected Growth
Does DIC's expected growth come at a high price?
Raw Data
TSE:4631 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
14.8%per year
Japan Chemicals Industry PEG Ratio Median Figure of 78 Publicly-Listed Chemicals 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 .

TSE:4631 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.92x ÷ 14.8%

0.6x

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

  • DIC is good value based on expected growth next year.
Price based on value of assets
What value do investors place on DIC's assets?
Raw Data
TSE:4631 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in JPY ¥3,304.34
TSE:4631 Share Price * TSE (2020-04-03) in JPY ¥2216
Japan Chemicals Industry PB Ratio Median Figure of 159 Publicly-Listed Chemicals Companies 0.61x
Japan Market PB Ratio Median Figure of 3,576 Publicly-Listed Companies 0.8x
TSE:4631 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:4631 Share Price ÷ Book Value per Share (both in JPY)

= 2216 ÷ 3,304.34

0.67x

* Primary Listing of DIC.

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

  • DIC is overvalued based on assets compared to the JP Chemicals industry average.
X
Value checks
We assess DIC'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 Chemicals 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 Chemicals industry average (and greater than 0)? (1 check)
  5. DIC has a total score of 4/6, 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.

4631 Future Performance

 How is DIC expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
14.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is DIC expected to grow at an attractive rate?
  • DIC's earnings growth is expected to exceed the low risk savings rate of -0.1%.
Growth vs Market Checks
  • DIC's earnings growth is expected to exceed the Japan market average.
  • DIC's revenue growth is positive but not above the Japan market average.
Annual Growth Rates Comparison
Raw Data
TSE:4631 Future Growth Rates Data Sources
Data Point Source Value (per year)
TSE:4631 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 14.8%
TSE:4631 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 2%
Japan Chemicals Industry Earnings Growth Rate Market Cap Weighted Average 9.7%
Japan Chemicals Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
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:4631 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSE:4631 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 811,018 61,373 32,200 3
2021-12-31 789,739 46,710 30,875 4
2020-12-31 731,333 70,534 16,800 3
2020-04-04
TSE:4631 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-12-31 768,568 50,637 23,500
2019-09-30 781,337 27,913
2019-06-30 791,724 45,213 30,253
2019-03-31 800,009 29,920
2018-12-31 805,498 50,990 32,028
2018-09-30 806,865 25,926
2018-06-30 805,475 34,803 36,068
2018-03-31 796,614 37,174
2017-12-31 789,427 54,196 38,603
2017-09-30 775,233 44,608
2017-06-30 756,483 60,508 35,238
2017-03-31 752,220 36,740

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • DIC's earnings are expected to grow by 14.8% yearly, however this is not considered high growth (20% yearly).
  • DIC's revenue is expected to grow by 2% 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:4631 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 4 Analyst Estimates (S&P Global) See Below

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

TSE:4631 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 340.04 387.80 276.82 3.00
2021-12-31 326.09 364.52 259.92 4.00
2020-12-31 177.50 228.20 126.79 2.00
2020-04-04
TSE:4631 Past Financials Data
Date (Data in JPY Millions) EPS *
2019-12-31 248.29
2019-09-30 294.92
2019-06-30 319.64
2019-03-31 316.12
2018-12-31 338.39
2018-09-30 273.92
2018-06-30 381.06
2018-03-31 392.63
2017-12-31 407.56
2017-09-30 470.78
2017-06-30 371.75
2017-03-31 387.54

*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.
  • DIC is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess DIC'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.
DIC has a total score of 2/6, 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.

4631 Past Performance

  How has DIC 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 DIC's growth in the last year to its industry (Chemicals).
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.
  • DIC's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • DIC's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • DIC's 1-year earnings growth is negative, it can't be compared to the JP Chemicals industry average.
Earnings and Revenue History
DIC'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 DIC Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:4631 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 768,568.00 23,500.00 111,532.00 12,505.00
2019-09-30 781,337.00 27,913.00 111,823.00 12,923.00
2019-06-30 791,724.00 30,253.00 113,220.00 12,923.00
2019-03-31 800,009.00 29,920.00 113,665.00 12,923.00
2018-12-31 805,498.00 32,028.00 114,340.00 12,923.00
2018-09-30 806,865.00 25,926.00 116,216.00 12,427.00
2018-06-30 805,475.00 36,068.00 116,155.00 12,427.00
2018-03-31 796,614.00 37,174.00 115,681.00 12,427.00
2017-12-31 789,427.00 38,603.00 114,708.00 12,427.00
2017-09-30 775,233.00 44,608.00 115,403.00 11,206.00
2017-06-30 756,483.00 35,238.00 112,912.00 11,206.00
2017-03-31 752,220.00 36,740.00 113,031.00 11,206.00
2016-12-31 751,438.00 34,767.00 114,155.00 11,206.00
2016-09-30 763,088.00 39,678.00 114,805.00 12,163.00
2016-06-30 788,074.00 39,078.00 119,245.00 12,163.00
2016-03-31 807,640.00 35,772.00 120,343.00 12,163.00
2015-12-31 819,999.00 37,394.00 121,662.00 12,163.00
2015-09-30 831,976.00 31,750.00 134,991.00
2015-06-30 831,313.00 30,160.00 133,467.00
2015-03-31 829,101.00 28,542.00 132,215.00
2014-12-31 830,078.00 25,194.00 131,208.00
2013-12-31 878,947.00 27,798.00 133,591.00
2013-09-30 738,896.00 18,311.00 110,760.00
2013-06-30 714,165.00 17,553.00 107,425.00

*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.
  • DIC has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • DIC used its assets less efficiently than the JP Chemicals industry average last year based on Return on Assets.
  • DIC's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess DIC'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 Chemicals 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.
DIC has a total score of 0/6, 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.

4631 Health

 How is DIC'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 DIC's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • DIC is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • DIC's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of DIC'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 1.6x 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 DIC Company Filings, last reported 3 months ago.

TSE:4631 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 343,497.00 246,197.00 16,786.00
2019-09-30 323,893.00 316,389.00 74,170.00
2019-06-30 328,544.00 318,341.00 60,303.00
2019-03-31 328,251.00 322,189.00 62,404.00
2018-12-31 327,334.00 259,569.00 19,782.00
2018-09-30 339,352.00 342,974.00 80,444.00
2018-06-30 337,799.00 340,370.00 85,121.00
2018-03-31 332,816.00 327,335.00 78,102.00
2017-12-31 343,951.00 261,079.00 17,883.00
2017-09-30 331,634.00 301,278.00 53,295.00
2017-06-30 315,931.00 288,751.00 47,292.00
2017-03-31 303,514.00 298,428.00 59,875.00
2016-12-31 307,017.00 236,309.00 17,241.00
2016-09-30 271,507.00 266,307.00 53,058.00
2016-06-30 267,354.00 265,116.00 42,268.00
2016-03-31 278,126.00 259,491.00 32,250.00
2015-12-31 289,857.00 254,162.00 15,363.00
2015-09-30 277,637.00 266,990.00 22,421.00
2015-06-30 288,149.00 282,317.00 25,942.00
2015-03-31 275,689.00 276,770.00 26,941.00
2014-12-31 276,723.00 268,502.00 16,757.00
2013-12-31 218,947.00 293,072.00 15,576.00
2013-09-30 192,805.00 332,859.00 19,279.00
2013-06-30 178,004.00 340,812.00 19,057.00
  • DIC's level of debt (71.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (97% vs 71.7% today).
  • Debt is well covered by operating cash flow (20.6%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 46.4x coverage).
X
Financial health checks
We assess DIC'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. DIC 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.

4631 Dividends

 What is DIC'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
5.64%
Current annual income from DIC dividends. Estimated to be 4.94% next year.
If you bought ¥2,000 of DIC shares you are expected to receive ¥113 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?
  • DIC's pays a higher dividend yield than the bottom 25% of dividend payers in Japan (1.81%).
  • DIC's dividend is above 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:4631 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Japan Chemicals Industry Average Dividend Yield Market Cap Weighted Average of 157 Stocks 3.3%
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:4631 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 118.33 3.00
2021-12-31 115.00 4.00
2020-12-31 93.33 3.00
2020-04-04
TSE:4631 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-03-28 125.000 4.358
2019-02-14 125.000 3.617
2018-11-14 130.000 3.761
2018-08-09 120.000 3.298
2018-03-30 120.000 3.333
2018-02-14 120.000 3.244
2017-11-14 120.000 2.837
2017-08-09 120.000 3.003
2017-03-30 120.000 3.012
2017-02-14 120.000 2.916
2016-11-14 80.000 2.264
2016-08-09 80.000 2.612
2016-03-30 80.000 3.292
2016-02-12 80.000 3.195
2015-11-13 80.000 2.493
2015-08-10 80.000 2.712
2015-08-06 80.000 2.606
2015-03-27 80.000 2.411
2015-02-13 80.000 2.366
2014-11-14 60.000 2.131
2014-08-14 60.000 2.570
2014-08-07 60.000 2.630
2014-03-31 60.000 2.316
2013-11-14 60.000 2.020
2013-11-11 60.000 2.043
2013-06-21 60.000 2.272
2013-05-09 60.000 2.573
2013-02-14 60.000 2.996
2013-02-07 60.000 3.262
2012-11-14 60.000 3.907
2012-11-07 60.000 4.450
2012-08-07 60.000 4.400
2012-06-25 60.000 4.342
2012-05-10 60.000 4.107
2012-02-10 40.000 2.460
2012-02-08 40.000 2.586
2011-11-11 40.000 2.952
2011-11-08 40.000 3.110
2011-08-05 40.000 2.677
2011-06-23 40.000 2.156
2011-05-11 40.000 2.086
2011-02-14 40.000 2.076
2011-02-08 40.000 1.921
2010-11-12 40.000 2.262
2010-11-08 40.000 2.482
2010-06-24 40.000 2.735
2010-05-12 40.000 2.594
2010-02-12 40.000 2.070
2010-02-08 40.000 2.368
2009-11-13 40.000 2.650
2009-11-09 40.000 3.016
2009-06-25 60.000 4.313
2009-05-12 60.000 3.853

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of DIC'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 DIC'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 DIC afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. DIC 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.

4631 Management

 What is the CEO of DIC'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
Kaoru Ino
AGE 62
TENURE AS CEO 2.3 years
CEO Bio

Mr. Kaoru Ino has been President and Chief Executive Officer of DIC Corporation since January 01, 2018. Mr. Ino served as Managing Executive Officer of DIC Corporation since January 7, 2016 and was responsible for Corporate Strategy Division and Kawamura Memorial DIC Museum of Art. Mr. Ino has been a Director of DIC Corporation since March 29, 2016.

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

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

2.3
Average Tenure
62
Average Age
  • The tenure for the DIC management team is about average.
Management Team

Kaoru Ino

TITLE
President
AGE
62
TENURE
2.3 yrs

Shuji Furuta

TITLE
Executive Officer

Masaaki Nakagawa

TITLE
General Manager of Corporate Communications Department

Masayuki Saito

TITLE
Executive VP
AGE
65

Naoyoshi Furuta

TITLE
Managing Executive Officer & GM of Production Management Unit
AGE
62
TENURE
2.3 yrs

Masami Hatao

TITLE
President of Color & Display Business Group

Toshifumi Tamaki

TITLE
Managing Executive Officer
TENURE
4.3 yrs

Taihei Mukose

TITLE
Executive Officer

Kiyotaka Kawashima

TITLE
Managing Executive Officer & GM of Technical Management Unit

Kazuo Hatakenaka

TITLE
Managing Executive Officer & President of Functional Products Business Group
Board of Directors Tenure

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

3.1
Average Tenure
63.5
Average Age
  • The tenure for the DIC board of directors is about average.
Board of Directors

Yoshiyuki Nakanishi

TITLE
Chairman
AGE
65
TENURE
2.3 yrs

Kaoru Ino

TITLE
President
AGE
62
TENURE
4.1 yrs

Masayuki Saito

TITLE
Executive VP
AGE
65
TENURE
9.8 yrs

Toshifumi Tamaki

TITLE
Managing Executive Officer
TENURE
2.3 yrs

Yoshihisa Kawamura

TITLE
Director
AGE
59
TENURE
12.8 yrs

Kazuo Tsukahara

TITLE
Outside Independent Director
AGE
69
TENURE
3.1 yrs

Yoshiaki Tamura

TITLE
Outside Director
TENURE
2.3 yrs

Kuniko Shouji

TITLE
Outside Director

Katsunori Takechi

TITLE
Outside Member of Audit & Supervisory Board
AGE
48
TENURE
6.8 yrs

Hiroyuki Ninomiya

TITLE
Member of Audit & Supervisory Board
TENURE
1.3 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 (¥)
X
Management checks
We assess DIC'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. DIC 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.

4631 News

Simply Wall St News

4631 Company Info

Description

DIC Corporation manufactures and sells printing inks, organic pigments, and polyphenylene sulfide (PPS) compounds worldwide. It operates through three segments: Packaging & Graphic, Color & Display, and Functional Products. The Packaging & Graphic segment offers printing materials, including gravure, flexo, metal decoration, security, jet, offset, and news inks; printing supplies; packaging adhesives; coextruded multilayer films; and polystyrene, as well as other products and solutions for packaging applications. The Color & Display segment provides color material products, such as organic pigments, pigments for color filters, effect pigments, pigments for cosmetics, health foods, and natural colorants; and display materials comprising thin-film transistor liquid crystal and super twisted nematic liquid crystal materials. The Functional Products segment offers performance materials that include waterborne, ultraviolet-curable, acrylic, epoxy, phenolic, polyurethane, polyester, and unsaturated polyester resins, as well as fluorochemicals, plasticizers, alkylphenols, metal carboxylates, and sulphur chemicals. It also provides PPS compounds, high-performance compounds, plastic colorants, coatings, industrial adhesive tapes, magnetic tapes, hollow-fiber membrane modules, decorative boards and interior housing products, decorative sheets and decorative films, coatings for building materials, processed sheet molding compounds, and molded plastic products. The company provides its products and services to customers in a range of industries, which comprise packaging, housing, automotive, cosmetics, electronics, and healthcare. The company was formerly known as Dainippon Ink and Chemicals, Incorporated and changed its name to DIC Corporation in April 2008. DIC Corporation was founded in 1908 and is headquartered in Tokyo, Japan.

Details
Name: DIC Corporation
4631
Exchange: TSE
Founded: 1908
¥209,733,944,912
94,645,282
Website: http://www.dic-global.com
Address: DIC Corporation
DIC Building,
7-20, Nihonbashi 3-chome,
Tokyo,
103-8233,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 4631 Common Stock The Tokyo Stock Exchange JP JPY 06. Jan 1992
OTCPK DICC.F Common Stock Pink Sheets LLC US USD 06. Jan 1992
DB DPN Common Stock Deutsche Boerse AG DE EUR 06. Jan 1992
Number of employees
Current staff
Staff numbers
20,620
DIC employees.
Industry
Specialty Chemicals
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 15:04
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/02
Last earnings filing: 2020/02/14
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.