Yaskawa Reports Continued Strong Growth in 1Q
We are impressed by narrow-moat Yaskawa’s strong first quarter, with operating income jumping 33% year over year, well ahead of full-year guidance of 15%. The key servo motor and robot segments both surpassed management guidance, with sales up 10% and 23%, respectively. Despite the stronger-than-expected first quarter, we’ve retained our existing assumptions and our fair value estimate of JPY 3,900, which implies a forward P/E of 22 times and enterprise value/EBITDA of 13 times. The industry can...Yaskawa Electric and its affiliates are mainly engaged in the manufacture and sale of electric motors, industrial robots and industrial electrical control systems. Co.'s principal products include AC/DC servomotors, spindle motors for machine tools, programmable controllers, numerical controls, general-purpose/special-system inverters, industrial robots, clean robots, vacuum robots, transfer systems in clean/vacuum rooms, industrial electrical control systems for metal processing, cold rolling and paper making, water supply/sewage control systems, power receiving/distribution panels, circuit breakers, high-voltage switchgears, and energy-saving motor drivers.
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