Contraction of Camera Market Will Be Compensated by Other Businesses; Cut Canon’s FVE to JPY 3,600
We trim no-moat Canon’s fair value estimate to JPY 3,600 per share from JPY 3,700, and to $33 per U.S. ADR from $34, owing to the weakness on its interchangeable lens camera, or ILC, business. Canon’s March quarter results were below our expectations because of the inventory adjustment and worse-than-expected product mix for ILC. While Canon has been the top player of ILC for decades, two major threats for the business have emerged recently: 1) a contraction of the ILC market, caused by the evol...Canon and its subsidiaries are engaged in the manufacture and sale of office multifunction devices, plain paper copying machines, laser printers, inkjet printers, cameras and lithography equipment. Co. sells its products principally under the Canon brand name and through sales subsidiaries. Each of these subsidiaries is responsible for marketing and distribution to retail dealers in an assigned territory. As of Dec. 31, 2017, Co.'s manufacturing is conducted primarily at 30 plants in Japan and 18 plants overseas. Co. operates its business in four segments: Office Business Unit, Imaging System Business Unit, Medical System Business Unit, and Industry and Others Business Unit.
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