Revised FVE to JPY 12,500 on Stronger Demand for Automotive Motors; Shares Undervalued
We have fine-tuned our earnings forecast and revised our fair value estimate from JPY 11,900 to JPY 12,500. The change is due to three major reasons: 1) Automotive motors will grow faster than our original forecast, driven by stronger demand for efficient motors, which contributes to improving fuel efficiency; 2) contraction in HDD motors will be slower than our original forecast, as the decline in prices for NAND flash memory will be much slower than anticipated, owing to strong demand for data...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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