Transferring Coverage of Canon with No Moat, Negative Trend; Shares Overvalued
We are transferring the coverage of Canon with no-moat and negative trend ratings. Our fair value estimate is JPY 2,800 and USD 25 per ADR, which implies a P/E ratio of 17.5 times and enterprise value/EBITDA ratio of 5.7 times on a fiscal year 2017 basis. Canon’s share price has ranged between JPY 2,900 and 3,300 for the past year, which we believe was relatively stable, despite the slowdown of the fundamentals and high volatility of currency rates. Canon’s high profit distribution to shareholde...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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