Increasing Fanuc’s FVE to JPY 34,100 Following an Outstanding 3Q; Stock Fairly Priced.
Wide-moat Fanuc posted strong third-quarter results featuring an 86% year-over-year increase in operating income, above Yaskawa’s 77% increase. The result again demonstrated the firm’s outstanding brand equity, entrenched customer relationship, and cost advantage as the world’s largest computer numerical control, or CNC, and robot vendor. We are increasing our fair value estimate to JPY 34,100 from JPY 26,700 to reflect stronger demand for numerical control, or NC, machines and robomachines from...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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