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...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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