Initiating Coverage of Murata Manufacturing with JPY 16,400 FVE and Narrow Moat Rating
We initiate coverage of Murata Manufacturing with a JPY 16,400 fair value estimate, narrow moat and stable moat trend ratings. Our fair value estimate implies a P/E ratio of 19.8 times and enterprise value/EBITDA ratio of 8.6 times on a fiscal 2018 (Japanese fiscal year ending March 2018) basis. Murata’s stock price reached JPY 22,220 in July 2015, and has since fallen approximately 40% for two major reasons. First, the slowdown on smartphone shipments; and second, depreciation of the U.S. dolla...Murata Manufacturing is mainly engaged in the development, manufacture and sale of electronic components and modules in Japan, North America and certain other Asian and European countries. Co.'s products are sold mainly to electronics companies for use as components in telecommunication, computer, audio, video, automotive electronics and other electronic products. Co. is engaged in the development, manufacture and sale of electronic parts and related products, including components for capacitors and piezoelectric products, as well as modules products; the provision of welfare services, personnel services, education and training services, as well as the leasing and management of real estate.
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