Launching Coverage of Meiji With Narrow Moat and Stable Moat Trend Ratings, FVE of JPY 10,600
We initiate coverage of Meiji Holdings with a fair value estimate of JPY 10,600, and assign it narrow moat and stable moat trend ratings. Our fair value estimate implies a fiscal 2017 (financial year ending March 2018) price/earnings ratio of 26 times, enterprise value/EBITDA of 12 times, and free cash flow yield of 3.1%. We expect an improved product mix with rising contribution of functional foods, growth in China, and recovery in pharmaceutical profitability to fuel the top-line growth and ma...Meiji Holdings is a holding company based in Japan. Co. and its affiliates are mainly engaged in the manufacture and sale of confectionery, dairy products and pharmaceuticals. Co., through its subsidiaries and affiliates, has two business segments: food and medicinal drug. The Food segment provides confectionery, ice cream, sugar, market milk, milk powder, condensed milk, butter, cheese, beverage, health food and drug store-oriented pharmaceutical products. The Medicinal Drug segment provides ethical pharmaceuticals, as well as agricultural chemicals and veterinary drugs.
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