Robust Demand for Brushless DC Motors Supports Higher Valuation for Nidec; Shares Fairly Valued
While Nidec’s operating income for the December quarter was in line with our expectations, we are encouraged that its revenue growth was above our forecast, and the firm's outlook was convincing. At the briefing, Nidec emphasized that revenue growth will be stronger than in the past because of: 1) increased motor adoption in autos; 2) the diffusion of robots; 3) the integration of environmental regulations for appliances; and 4) innovation in agricultural distribution. Nidec suggested that capit...
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