Cutting Nidec FVE to JPY 18,000, but Long-Term Growth Story in Brushless DC Motors Is Intact
We are lowering our fair value estimate for Nidec to JPY 18,000 from JPY 20,000 as the impact of the ongoing economic slowdown is expected to be larger than our original forecast. However, we retain our long-term view that Nidec’s expertise in power-efficient motors will enable higher growth, benefiting from demand from data storage, autos, appliances, and robots. We have revised our fair value uncertainty rating to high from medium, considering Nidec's high revenue exposure to China. As mention...NIDEC and its subsidiaries are primarily engaged in the design, development, manufacture and marketing of small precision motors, mid-size motors, machinery, electronic and optical components, and other products. Co.'s principal products are spindle motors for hard disk drives, motors for optical disk drives, small precision fans and other small motors; mid-size motors; test systems, measuring equipment, power transmission equipment, factory automation systems, card readers and industrial robots; camera shutters, camera lens units, switches, trimmer potentiometers, motor driven actuator units, processing and precision plastic mold products; and auto parts and pivot assemblies.
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