Broad-Based Revenue Decline in Tough Quarter for Kyocera; Shares Overvalued
The story remained the same for Kyocera in its fiscal second quarter of 2017, as we see the firm continuing to struggle to unearth value from its inconsistent acquisition strategy. The market pressures that have ailed the company did not abate this quarter, and meaningful yen appreciation made Kyocera products less competitive in the short term. Our fair value estimate remains unchanged at JPY 4,274 and $38 per U.S. ADR. We reiterate our no-moat and high uncertainty ratings for the firm and woul...
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