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Hokuetsu Corporation (3865.T)

JPY922.00 +22.00 (+2.44%)
JP JPX Basic Materials Paper, Lumber & Forest Products
Address 3-2-2, Nihonbashihongoku-cho 103-0021
Tokyo, JP
CEO Sekio Kishimoto
IPO 2000-01-04
ISIN JP3841800000

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Description

Hokuetsu Corporation, founded in Tokyo, Japan, in 1907, is a global producer and supplier of an extensive range of paper and paperboard products. The company's reach extends across Japan, the United States, China, the wider Asian region, and other international markets. Its operations are bifurcated into two primary divisions: the Paper and Pulp Business and the Packaging and Paper Processing Business. Within its Paper and Pulp segment, Hokuetsu offers a broad portfolio. This includes printing and communication papers suitable for books, magazines, catalogs, and brochures, alongside uncoated and colored wood-free paper varieties. The company also furnishes specialized paperboards such as white paperboard, coated duplex board, and cast-coated paper, which are utilized for diverse applications including packaging, catalogs, point-of-purchase advertising, postcards, and publication covers. Further products from this division encompass premium and fancy printing papers, industrial papers, unique processed items, specialty fiber boards, decorative and functional papers, timber products, and glass fiber sheets. The Packaging and Paper Processing division focuses on various packaging solutions. These include cartons for food, beverages, and other liquids, in addition to confectionery boxes. They also supply processed paper tailored for cosmetics and over-the-counter pharmaceutical packaging, and produce milk and drink cartons under their "Tohei Pak" brand. Other offerings in this segment comprise adhesive postcard papers, abrasive-coated base papers, chip carrier tape base paper, mark sheet paper, business forms, and communication media products. Beyond its core manufacturing, Hokuetsu Corporation engages in several ancillary activities, such as waste paper wholesale, construction, transportation, warehousing, investment, and data processing services. The company rebranded to Hokuetsu Corporation in July 2018, having previously been known as Hokuetsu Kishu Paper Co., Ltd.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
JPY922.00 +22.00 (+2.44%)
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Volume Profile
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Liquidity & share structure
Average Volume
329.6K
Beta
0.25
Float Shares
68.72M
Free Float %
43.3%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+2.17% -6.08% -5.46% -9.68% +2.41% -7.21% -20.28% -8.71% +34.12% +21.11% +37.60%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
922.00
DCF (Unlevered) 1,246.90 +35.2%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 0% Bullish
Rating 2026-05 Change
Strong Buy 0 0
Buy 0 0
Hold 1 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
1.91
Grey zone
Piotroski F-Score
3 / 9
Average
MOAT Score
3 / 10
No MOAT
Composite Rating
B
Overall Score
3 / 5
Medium
DCF Score
1 / 5
Low
ROE Score
3 / 5
Medium
ROA Score
4 / 5
High
D/E Score
2 / 5
Medium
P/E Score
2 / 5
Medium
P/Book Score
5 / 5
High
Operational MOAT
✗ Below peers
  • Revenue growth Paper, Lumber & Forest Products: +0.4%
    -5.9% Q1'26: -1.5% (vs Q1'25)
  • EPS growth Paper, Lumber & Forest Products: -12.0%
    -52.8% Q1'26: -78.2% (vs Q1'25)
  • FCF margin FCF growth · Paper, Lumber & Forest Products: +37.3%
    -1.8% Q1'26: +0.0% (vs Q1'25)
  • EBIT margin Paper, Lumber & Forest Products: +5.4%
    +2.5% Q1'26: +2.9% (vs Q1'25)
  • ROIC Paper, Lumber & Forest Products: +2.9%
    +1.4% Q1'26: +1.6% (vs Q1'25)
  • Share dilution Paper, Lumber & Forest Products: +0.0%
    -0.4% Q1'26: -3.7% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Paper, Lumber & Forest Products: 0.66×
    4.61× Q1'26: 4.18× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.25) × ERP
WACC = 59% × Ke + 41% × Kd (4.3%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 1,237.54 Current price: 922.00
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Mar 2015
actual
Mar 2016
actual
Mar 2017
actual
Mar 2018
actual
Mar 2019
actual
Mar 2020
actual
Mar 2021
actual
Mar 2022
actual
Mar 2023
actual
Mar 2024
actual
Mar 2025
actual
Mar 2026
1 Rev. Ana.
1 EPS Ana.
Mar 2027
1 Rev. Ana.
1 EPS Ana.
Mar 2028
1 Rev. Ana.
1 EPS Ana.
Revenue
228.40B
est: 229.57B (-0.5%)
246.85B
est: 243.43B (+1.4%)
262.40B
est: 263.60B (-0.5%)
269.10B
est: 271.10B (-0.7%)
275.81B
est: 277.95B (-0.8%)
264.62B
est: 265.51B (-0.3%)
222.45B
est: 215.20B (+3.4%)
261.62B
est: 261.62B (+0.0%)
301.20B
est: 294.30B (+2.3%)
297.06B
est: 296.03B (+0.3%)
305.72B
est: 300.00B (+1.9%)
291.60B
291.60B – 291.60B
-2.8% YoY
301.50B
301.50B – 301.50B
+3.4% YoY
301.10B
301.10B – 301.10B
-0.1% YoY
EBITDA
25.31B
est: 25.51B (-0.8%)
28.95B
est: 27.05B (+7.0%)
32.13B
est: 29.29B (+9.7%)
30.61B
est: 30.13B (+1.6%)
28.65B
est: 30.89B (-7.2%)
29.78B
est: 29.51B (+0.9%)
15.77B
est: 23.92B (-34.0%)
33.55B
est: 29.07B (+15.4%)
29.28B
est: 32.71B (-10.5%)
28.29B
est: 29.73B (-4.9%)
33.04B
est: 30.13B (+9.6%)
29.29B
29.29B – 29.29B
-2.8% YoY
30.28B
30.28B – 30.28B
+3.4% YoY
30.24B
30.24B – 30.24B
-0.1% YoY
EBIT
6.14B
est: 14.32B (-57.1%)
9.24B
est: 15.18B (-39.2%)
12.90B
est: 16.44B (-21.5%)
11.41B
est: 16.91B (-32.5%)
10.13B
est: 17.33B (-41.6%)
11.21B
est: 16.56B (-32.3%)
1.17B
est: 13.42B (-91.3%)
20.21B
est: 16.31B (+23.8%)
17.29B
est: 18.35B (-5.8%)
15.27B
est: 16.30B (-6.3%)
19.73B
est: 16.52B (+19.4%)
16.06B
16.06B – 16.06B
-2.8% YoY
16.60B
16.60B – 16.60B
+3.4% YoY
16.58B
16.58B – 16.58B
-0.1% YoY
Net Income
8.36B
est: 5.69B (+46.9%)
7.48B
est: 5.92B (+26.3%)
10.38B
est: 7.18B (+44.6%)
10.33B
est: 9.05B (+14.1%)
9.16B
est: 6.87B (+33.3%)
8.07B
est: 7.32B (+10.3%)
14.17B
est: 7.57B (+87.3%)
21.21B
est: 21.24B (-0.2%)
8.33B
est: 5.91B (+40.9%)
8.39B
est: 4.42B (+89.7%)
15.53B
est: 16.74B (-7.2%)
6.67B
6.67B – 6.67B
-60.2% YoY
13.16B
13.16B – 13.16B
+97.2% YoY
13.74B
13.74B – 13.74B
+4.5% YoY
SGA
30.71B
est: 36.20B (-15.2%)
33.87B
est: 38.38B (-11.8%)
39.09B
est: 41.57B (-6.0%)
40.13B
est: 42.75B (-6.1%)
40.23B
est: 43.83B (-8.2%)
39.59B
est: 41.87B (-5.4%)
36.11B
est: 33.93B (+6.4%)
40.30B
est: 41.25B (-2.3%)
46.03B
est: 46.41B (-0.8%)
44.14B
est: 46.38B (-4.8%)
48.27B
est: 47.00B (+2.7%)
45.68B
45.68B – 45.68B
-2.8% YoY
47.23B
47.23B – 47.23B
+3.4% YoY
47.17B
47.17B – 47.17B
-0.1% YoY
EPS
44.39
est: 33.81 (+31.3%)
39.69
est: 35.17 (+12.9%)
55.08
est: 42.63 (+29.2%)
54.68
est: 53.75 (+1.7%)
48.44
est: 40.80 (+18.7%)
43.44
est: 43.48 (-0.1%)
84.40
est: 44.95 (+87.8%)
126.21
est: 126.20 (+0.0%)
49.53
est: 35.10 (+41.1%)
49.89
est: 26.38 (+89.1%)
92.34
est: 99.90 (-7.6%)
39.80
39.80 – 39.80
-60.2% YoY
78.50
78.50 – 78.50
+97.2% YoY
82.00
82.00 – 82.00
+4.5% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-18 B 3/5 1/5 3/5 4/5 2/5 2/5 5/5
2026-05-15 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-14 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-13 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-12 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-11 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-08 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-07 A 4/5 5/5 3/5 4/5 2/5 3/5 5/5
2026-05-01 A 4/5 5/5 3/5 5/5 1/5 3/5 5/5
2026-04-30 A 4/5 5/5 3/5 5/5 1/5 3/5 5/5
2026-04-28 A- 4/5 5/5 3/5 5/5 1/5 3/5 4/5
2026-04-27 A- 4/5 5/5 3/5 5/5 1/5 3/5 4/5
2026-04-24 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5
2026-04-23 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5
2026-04-22 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5
2026-04-21 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5
2026-04-20 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5
2026-04-17 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5
2026-04-16 A- 4/5 5/5 3/5 5/5 1/5 2/5 4/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
-6.09B
OE per share TTM
-36.17
Owner's Yield
-4.52%
Maintenance CapEx ratio
42.91%
Maint CapEx / Avg PPE
44.6%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 87 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 WisdomTree Japan SmallCap Dividend Fund DFJ 0.11% 429.9K 0.58%
2 iShares International Developed Small Cap Value Factor ETF ISVL 0.08% 265.6K 0.31%
3 State Street SPDR S&P International Small Cap ETF GWX 0.04% 324.9K 0.40%
4 WisdomTree Japan Hedged Equity Fund DXJ 0.04% 2.53M 0.48%
5 iShares MSCI Japan Small-Cap ETF SCJ 0.04% 90.2K 0.50%
6 iShares MSCI Japan Small Cap UCITS ETF IDJP.L 0.03% 174.1K 0.58%
7 Schwab Fundamental International Small Company Index ETF FNDC 0.03% 864.7K 0.39%
8 WisdomTree International SmallCap Dividend Fund DLS 0.03% 277.1K 0.58%
9 WisdomTree Dynamic International SmallCap Equity ETF DDLS 0.03% 112.3K 0.48%
10 WisdomTree Japan Equity UCITS ETF DXJ.L 0.03% 207.2K 0.48%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
1.90M
Shares Outstanding
158.81M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Hisashi Abe COO, White Paperboard Sales Division Profit Management Office & Corporate Officer
Katsuhide Nishikata GM of Administration Dept., Corporate Officer & Nagaoka Mill Manager
Kazuhiro Takasumi Corporate Officer & Kishu Mill Manager
Kiyoshi Iizuka Osaka Branch Manager & Corporate Officer
Kunihiro Ando Corporate Officer, Kanto Mill Manager & GM of Ichikawa Product Department
Makoto Yanagisawa Chief Financial Officer, Legal & Public Relations Officer, Head of Profit Management Department and Director male
Maou Sugimoto Corporate Officer, Chief Operating Officer & CDO, Sustainability Promotion Division GM male
Satoshi Okamoto Corporate Officer & COO of Performance Materials Sales Division and Domestic Paper Sales Division
Sekio Kishimoto Chairman & Group CEO male
Shigeharu Tachibana Senior MD, COO of Paper Sales Division & Profit Management Office & Director male
Shigeru Wakamoto President, COO, COO of Production Technology Division & Director male
Takashi Kasahara Corporate Officer & Executives' Secretariat (GM) GM, CEO Office Profit Management Office male
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits