Recent Share Price: ¥788
Est Market Cap: ¥9.6 billion ($90 million)
Accounting: Japanese Accounting Standards
Fiscal Year: March 31
Nippon Antenna Co., Ltd. is principally engaged in the manufacturing and sale of transmission and reception products. The Company operates in two business segments.
- The Transmission and Reception Products Manufacturing segment (77% Revenue)
- engaged in the development, manufacturing, and sale of antennas and video communication electronics.
- The Construction segment (23% Revenue)
- engaged in the undertaking of various construction works including community antenna television (CATV) works, radio disturbance prevention works and satellite broadcast reception works.
The company was founded in 1953 and is headquartered in Tokyo, Japan.
Insider Ownership
| Shareholders | Number of Shares Held (Co.) | Ratio (%) |
| Saya Takizawa | 2,773,400 | 19.39 |
| Co., Ltd. Resona Bank | 610,300 | 4.27 |
| Yutaka Takizawa (President) | 494,000 | 3.45 |
| Koichi Takizawa (Senior Manager) | 396,000 | 2.77 |
| Yokoyama SoSaburo | 365,000 | 2.55 |
| Mizuho Bank, Ltd. | 339,264 | 2.37 |
| Dai-ichi Life Insurance Company, Limited | 337,000 | 2.36 |
| Showa Leasing Co., Ltd. | 336,000 | 2.35 |
| Yuko Takizawa | 327,900 | 2.29 |
| THE BANK OF NEW YORK, NON-TREATY JASDEC ACCOUNT | 320,200 | 2.24 |
Other
- Has both a defined contribution and defined benefit pension plan. Unfunded pension liabilities are estimated at ¥956 million ($9 million).
- Lease obligations are at ¥38 million
- No stock options
- No related party transactions
| In Millions | 3/31/15 | 3/31/16 | 3/31/17 | 12/31/17 |
| Cash and Short-term Investments | ¥11,531 | ¥13,251 | ¥13,049 | ¥11,492 |
| (0.85 * Accounts Receivable) | ¥4,463 | ¥3,936 | ¥3,563 | ¥2,999 |
| (0.60 * Inventory) | ¥1,365 | ¥1,270 | ¥1,166 | ¥1,144 |
| (0.25 * Other Current) | ¥128 | ¥198 | ¥122 | ¥3,768 |
| Total Liabilities | ¥3,838 | ¥4,856 | ¥4,726 | ¥3,768 |
| Preferred Stock | ¥- | ¥- | ¥- | ¥- |
| NNWC | ¥13,648 | ¥13,798 | ¥13,174 | ¥11,866 |
| NCAV | ¥15,728 | ¥15,934 | ¥14,946 | ¥14,572 |
| NCAV + LT Investments | ¥16,607 | ¥16,827 | ¥16,063 | ¥15,717 |
| TBV | ¥21,862 | ¥21,386 | ¥19,893 | ¥19,485 |
| Enterprise Value | ¥(1,361) | ¥(4,516) | ¥(2,681) | ¥(384) |
| Retained Earnings | ¥11,775 | ¥11,622 | ¥9,882 | ¥9,466 |
| Dividends Paid | ¥(334) | ¥(271) | ¥(263) | ¥- |
| Sale or Purchase of Stock | ¥- | ¥(199) | ¥(56) | ¥- |
| Shares Outstanding | 12,927,072 | 12,783,626 | 12,519,316 | 12,507,487 |
| P / NNWC | 63% | 54% | 69% | 78% |
| P / NCAV | 55% | 47% | 61% | 68% |
| P / NCAV + LT Investments | 52% | 45% | 57% | 63% |
| P / TBV | 39% | 35% | 46% | 51% |
| NCAV Burn Rate | -5.9% | 1.3% | -6.2% | -2.5% |
| Debt / Equity | 0.2% | 0.2% | 0.1% | 0.3% |
| F-Score | 6 | 6 | 3 | |
| FS-Score | 5 | 7 | 3 | |
| Z-Score | 3.4 | 3.0 | 3.0 | |
| Beneish M-Score | (4.1) | |||
| EV / EBITDA | (1.98) | (8.27) | N/A | |
| EV / Operating Income (5yr) | (0.28) | (1.84) | (2.82) | |
| EV / Operating Income (10yr) | (0.37) | |||
| EV / FCF (3yr) | 3.05 | (4.79) | (3.81) | |
| EV / FCF (5yr) | (1.11) | (3.88) | (2.26) | |
| EV / FCF (10yr) | (0.29) | |||
| EBITDA (FY) | ¥689 | ¥546 | ¥(575) | |
| Operating Income (5yr) | ¥4,783 | ¥2,460 | ¥951 | |
| Operating Income (10yr) | ¥7,225 | |||
| FCF (3yr) | ¥(447) | ¥943 | ¥704 | |
| FCF (5yr) | ¥1,225 | ¥1,163 | ¥1,187 | |
| FCF (10yr) | ¥9,257 |
Disclosure: We own shares in Nippon Antenna Co Ltd (6930:TYO)
Leaven Partners 