Transferring Coverage of Denso With JPY 5,900 FVE and Narrow Moat Rating
We transfer coverage of Denso with a fair value estimate of JPY 5,900. Although the stock is currently fairly priced, we think Denso’s business mix is better positioned for the ongoing automotive electrification trend and suggest investors keep an eye on this narrow-moat firm. The company is a valued partner for carmakers and is entrenched in its customers’ supply chain.Our fair value estimate implies a forward 18.5 times price/earnings multiple, enterprise value/adjusted EBITDA of 7 times, pri...
Denso and its affiliates are mainly engaged in the manufacture and sale of automobile electronic, electrical parts, and other components. Co.'s principal business segments are powertrain control systems, electronic systems, thermal systems, information and safety systems, small motors, industrial systems and consumer products. Co.'s principal products include starters, alternators, engine management systems, components for gasoline, diesel and electric hybrid vehicles, engine ECUs, hybrid ICs, air conditioners, radiators, remote keyless entry controllers, car navigation systems, car-mounted ETC devices, motors, bar code handy scanners and industrial robots.
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