Panasonic’s Shares Are Undervalued but Lack the Near-Term Catalyst; Cut FVE to JPY 1,300
We cut Panasonic’s fair value estimate to JPY 1,300 from JPY 1,500 as we revise our long-term forecast. While Panasonic has been focusing its resources to benefit from the growth opportunity on automotive industry over the past few years, its profitability did not improve as projected. Consequently, Panasonic was not able to source enough money to support its consumer electronics business, and as a result, operating income of all segments declined from the previous year in fiscal 2019. Owing to ...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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