Before the entire world had heard of TEPCO, it was just your run of the milll utility that traded like one.
This chart goes back several years, showing how basically the stock (relative to the index) traded in line with Japanese yields.
Said BofA/ML back last September:
Tokyo Electric Power (9501, TKECF, A-3-7 Underperform, ¥2,423), announced its “2020 Vision: Medium to Long-term Growth Declaration” on 13 September. The plan calls for total operating cash flow of more than ¥12tn to be generated in the 10 years from FY3/12 to FY3/21, with ¥2.5tn allocated to investments into low- carbon energy sources such as nuclear power, ¥1tn to investments into growth businesses such as overseas projects, and the remaining ¥8.5tn to regular capital investments (¥5tn by our estimate), accumulation of capital (¥2.5tn), and shareholder returns (¥1tn). Shareholder returns will be based on a stable annual dividend of ¥60 per share, with plans for a consolidated dividend payout ratio of at least 30%. A ¥60 per share dividend over 10 years works out to total shareholder returns of ¥810bn. A ¥70 per share dividend over 10 years would be ¥950bn.
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