Transferring Coverage of Fanuc With JPY 18,300 FVE and Wide Moat Rating
We transfer coverage of Fanuc with a fair value estimate of JPY 18,300, which implies a forward P/E of 30 times, an enterprise value/EBITDA multiple of 15 times, and free cash flow yield of 2.5% to estimated fiscal 2017 earnings and cash flow. We assume the top line will decline by 1% in Japan but grow 5% elsewhere in local-currency terms between 2016 and 2020. We expect the operating margin will decline to around 31% in 2020 from 35% in 2015, owing to faster growth in the robot segment, which h...
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