Launching Coverage of Ajinomoto With Narrow Moat and Stable Moat Trend Ratings, FVE of JPY 2,500
We initiate coverage of Ajinomoto with a fair value estimate of JPY 2,500, and assign it narrow moat and stable moat trend ratings. Our fair value estimate implies a fiscal 2018 (financial year ending March 2019) P/E of 25 times and enterprise value/EBITDA of 11 times, largely in line with the sector average. We expect free cash flow yield to turn positive from 2019 when capital expenditure normalizes. Growth will continue to be driven by overseas food sales and through margin expansion in its d...Ajinomoto and its affiliates are mainly engaged in the manufacture and sale of food products, fine chemicals and pharmaceuticals in Japan and overseas. Co.'s principal food products for the retail and commercial markets include umami seasoning "AJI-NO-MOTO®," "HON-DASHI," and "Cook Do®," processes foods, frozen foods, instant noodles, coffee products, sweeteners and umami seasonings for processed food manufacturers. Co. also manufactures feed-use amino acids, amino-acids for pharmaceuticals and foods, amino acid-based products and specialty chemicals, as well as pharmaceuticals for gastrointestinal and metabolic diseases.
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