Fanuc’s First-Half Results Beat Expectation on Improved Margin; Raising Fair Value Estimate
Wide-moat Fanuc’s first-half 2017 (fiscal year-end March 2017) net income of JPY 60.2 billion, down 34.5% year over year, was above our expectations thanks to a better-than-anticipated margin. We raise our fiscal 2017-19 earnings forecasts by 2%-8% to reflect the better margin achieved. As a result, we increase our fair value estimate to JPY 15,500 from JPY 14,600. Our fair value estimate implies about 30 times earnings per share for fiscal 2017 and 2.2 times book value. We think the company is ...Fanuc is engaged in the development, manufacture and sale of CNC systems as well as application products based on its engineering. Co.'s principal products include Factory Automation (FA) products such as computer numeric control (CNC) systems and laser products; The Robot including collaborative robot, arc welding robot, palletizing robot, mini/small/medium/large size robot and paint robot; and the he Robo-machine such as robodrill(compact machining center), roboshot (electric injection molding machine), robocut (wire-cut electric discharge machine) and robonano (ultra precision machine).
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