Initiating Coverage of TDK with No-Moat, Stable Trend Ratings, FVE of JPY 9,300
We initiate coverage of TDK with no-moat and stable moat trend ratings, along with a fair value estimate of JPY 9,300. Our fair value estimate implies a P/E ratio of 17.0 times and enterprise value/EBITDA ratio of 5.9 times on a fiscal 2019 (financial year ending March 2019) basis. TDK’s share price has rebounded 14% since the recent bottom in April, but remains 13% below the most recent peak in December 2016. We thus assume the market is still not confident about whether TDK's business transfor...TDK is a manufacturer of recording media, ferrite products and recording device products, and a producer of inductor, ceramic capacitor, magnet, HDD head and other components. Co.'s principal business segments are passive components, sensor application products, magnetic application products, film application products and others. Co.'s principal products include ceramic capacitors, aluminum electrolytic capacitors, film capacitors, inductive devices, high-frequency components, piezoelectric materials and circuit protection components, sensors, HDD head suspension, recording devices, power supplies and magnets, and mechatronics.
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