Panasonic Implements Organizational Reform to Improve the Poor Operation; Cut FVE to JPY 1,500
We revise our fair value estimate for Panasonic from JPY 1,850 to JPY 1,500 as we lower our five-year operating income forecasts. We are concerned that Panasonic materially lowered its guidance twice during this fiscal year, and its adjusted operating income guidance was lowered from JPY 460 billion at the beginning of this fiscal year to JPY 325 billion, which is 19% below the previous year’s number. As the revised numbers were much below our forecast, we attribute it not only to the economic s...Panasonic offers a range of products, systems and components for consumer, business and industrial use based on electronics and precision technology, expanding to building materials and equipment, and housing business. Co. divides its businesses into five segments: Appliances, Eco Solutions, Connected Solutions, Automotive & Industrial Systems and Other. Co.'s principal products include home appliances such as refrigerators, room air conditioners, washing machines and vacuum cleaners; lighting fixtures and electric lamps, video and audio equipment, electrical components, batteries, semiconductors and optical devices.
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