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)