Trimming Our Canon FVE to JPY 3,700; Competition a Concern, but Dividend Will Support Shares
We have fine-tuned our earnings forecast for no-moat Canon and trimmed our fair value estimate to JPY 3,700 per share from JPY 3,900 and to $34 per U.S. ADR from $36. We retain our view that Canon’s profit will remain fairly flat over our five-year forecasting period, as steady growth in network cameras and lithography equipment for semiconductors will be offset by the gradual contraction of the copier and digital camera markets. We think the shares are supported by Canon's rich shareholder retu...
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