Raising Canon FVE to Reflect Stronger Euro, but Retain our View Margin Expansion Isn't Sustainable
While Canon’s share price has surged 8% over the past month, we consider that this reflects the movements of currencies. Therefore, although Canon’s September quarter results and revised guidance have exceeded our forecast numbers, we are not surprised as we consider that differences mainly come from the stronger euro. We therefore raise our fair value estimate for Canon to JPY 4,000 per share and $35 per U.S. ADR from JPY 3,700 and $34, respectively, as we change our foreign exchange assumption...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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