Launching Coverage of Kikkoman With Narrow Moat and Stable Moat Trend Ratings; FVE of JPY 3,450
We initiate coverage of Kikkoman with a fair value estimate of JPY 3,450, and assign it narrow moat and stable moat trend ratings. Shares are currently fairly valued. Robust growth momentum in the overseas business and potential margin enhancement for domestic food seem to have been fully priced in. Our fair value estimate implies fiscal 2018 price/earnings of 27.5 times and enterprise value/EBITDA of 13.5 times, with shares trading at a 15%-20% premium to the sector average and slightly above i...Kikkoman is a holding company engaged in the manufacture and sale of soy sauce and food products. Domestic Foods Manufacturing and Sales segment manufactures soy sauce, foods products, beverages and liquor including soy sauce, Tsuyu (soy sauce soup base), seasoning mixes, Del Monte seasonings and beverages, soy milk beverages and wines in the domestic market. Domestic Others segment is engaged in the biochemical, chemical and logistics businesses. Overseas Foods Manufacturing and Sales segment offers soy sauce, Del Monte products and healthy foods in overseas markets. Overseas Foods Wholesales segment is engaged in the purchase and sale of oriental foods in domestic and overseas markets.
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