Cash Flow From Watches and Calculators Continues to Support Casio’s Share; Maintain FVE of JPY 1,800
We retain Casio Computer’s fair value estimate of JPY 1,800. While stagnation in the digital camera business disappointed us, we retain our long-term view that Casio’s rich cash flow from watches and calculators will support its share price. Our fair value estimate implies 8.6 times enterprise value/EBITDA and dividend yield of 2.5% on a fiscal 2019 (financial year ending March 2019) basis. Over the past decade, Casio’s dividend yield has been within the range of 2%-3%, and so we think the down...Casio Computer is mainly engaged in the development, manufacture and sale of consumer electronics. Along with its affiliates, Co. operates in three business segments. The Consumer segment is engaged in the manufacture and sale of watches, clocks, electronic dictionaries, electronic calculators, label printers, electronic musical instruments and digital cameras. Co.'s watch brands include "G-SHOCK," "BABY-G," "PRO TREK," "EDIFICE," "OCEANUS, " "SHEEN," "PHYS," "wave ceptor" and "LINEAGE." The System equipment segment provides handy terminals, electronic cash registers including POSs, office computers, page printers and data projectors. The Other segment manufactures molds and other products.
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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