Transferring Coverage of Komatsu With JPY 2,400 FVE and Wide Moat Rating
With the transfer of coverage on Komatsu to a new analyst, we reassess our fair value estimate and raise it to JPY 2,400, implying a forward P/E of 17 times, an enterprise value/EBITDA multiple of 9 times, and free cash flow yield of 5.6% to estimated fiscal 2017 (financial year ending March 2018) earnings and cash flow. We assume Komatsu’s organic top-line growth in local-currency terms will accelerate to around 5.5% on average over the next five years, rebounding from a 1% contraction over th...
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