Maximization of Shareholder Value (MSV)

MSV is about maximizing the residual value after fulfilling our obligations to all stakeholders

Our mission: Maximization of Shareholder Value (MSV)

MSV is about maximizing the residual value after fulfilling our obligations to customers, suppliers, employees, society, and other stakeholders.

The diagram below shows the stakeholder relationship for profit and loss statement items: customers for revenue, suppliers for input costs, employees for personnel expenses, financial institutions for interest expenses, and states for taxes. Fulfilling our obligations to each stakeholder group is the primary premise for MSV. Fulfillment of obligations includes not only legal contracts but also social and ethical obligations, as well as the concept of sustainability.

MSV entails maximizing the residual value that remains after fulfilling obligations to all stakeholders as a way of rewarding shareholders that make an investment with an awareness of the associated risks.

MSV=Maximization of EPS x Maximization of PER

Stock price equates to EPS (earnings per share) multiplied by PER (price-to-earnings ratio). Therefore, we pursue the maximization of both EPS and PER.

Maximize EPS

Why do we maximize EPS instead of just earnings? We note that an earnings increase can sometimes result in EPS reduction if accompanied
by less than ideal share issues which dilute EPS.
There are 2 pillars of EPS maximization:

  1. Organic growth
  2. Asset assembly

We strive to maximize both pillars through operational efforts as well as disciplined M&A accompanies by ideal financing.

Maximize PER

PER basically reflects capital markets' expectation of the company's EPS growth. We focus on maximizing our PER by using a variety of IR activities, a carefully formulated finance strategy, and sustainability initiatives, as well as by assembling quality assets to raise our EPS growth potential.

How Shareholder Value Is Maximized

EPS and PER are important benchmarks for achieving MSV. Nippon Paint Group is taking various actions that will contribute to maximizing EPS and PER in order to achieve MSV over the medium and long term.





・Environment & Safety
・People & Community
・Innovation & Product

(existing businesses)

Strive for market
share & profitability


Asset Assembler

Balance sheet

Financial discipline

with capital markets

Nurture market

Our pursuit

Develop low-carbon/
eco-friendly products

Ensure safe people
and operations

diverse employee

Earn the trust of

Develop sustainable products
(NPSI↑monitor LCA)

Chemicals of



Low-cost and
sustainable procurement

Reduce environmental
and human rights risks

Relentless pursuit of technologies, talents.
Intensive use of IT

Vigorous pursuit of higher quality,
lower cost, capex efficiency

Rally targets to aspire
to joining the federation

Strive to lower funding cost & risk,
maintain high PER

Debt leverage
with market acceptance

Equity financing
with EPS accretion

equity story



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