Initiating Coverage of Makita With JPY 4,200 FVE and Narrow Moat Rating
We initiate coverage of power tool manufacturer Makita with a fair value estimate of JPY 4,200. The recovery of the European region (40% of the company’s revenue) and a stronger euro have benefited the stock’s outperformance over the Topix index in the year to date, but we see the stock as fairly valued at present. The market-implied 12-month forward enterprise value/EBITDA is traded at 2 standard deviations above its historical average. We assign a narrow moat rating to Makita because of its st...Makita is mainly engaged in the manufacture and sale of power tools for professional users worldwide. Co.'s principal products include cordress tools, drills, screw drivers, shear wrench, electric breakers, combination hammers, rotary hammers, demolition hammers, cutters, wall chasers, angle grinders, die grinders, circular saws, plater joiners, trimmers, power planers, routers, narrow crown staplers, pneumatic pin nailers, petrol blowers, petrol string trimmers, vacuum cleaners, robotic cleaners, cordless vacuum pumps, MAKPA cool boxes, cordless job site speakes, as well as a variety of parts and accessories for its products and to perform repair work.
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