Transferring Coverage of Kyocera With No Moat, Stable Trend; Shares Fairly Valued
We are transferring coverage of Kyocera with no-moat and stable moat trend ratings. We revise our fair value estimate to JPY 6,100 ($52 per U.S. ADR), which implies an enterprise value/EBITDA ratio of 9.6 times on a fiscal 2018 (fiscal year ending March 2018) basis. Kyocera’s shares have been fluctuating between JPY 5,000 and JPY 6,000 for the past few years, and we believe that this trend will continue, as we forecast sluggish earnings performance in the near future. On the other hand, we belie...Kyocera is engaged in fine ceramic components, electronics devices, equipment, services and networks. As of Mar 31 2018, Co. has 230 subsidiaries and 4 affiliates outside Japan and 23 subsidiaries and 7 affiliates in Japan. Co.'s customers include individuals, corporations, governments and governmental agencies. Co. categorizes its operations into seven reporting segments: Fine Ceramic Parts Group, Semiconductor Parts Group, Applied Ceramic Products Group, Electronic Device Group, Telecommunications Equipment Group, Information Equipment Group, and Others.
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