Yaskawa’s Earnings Missed Our Forecast, and Its Valuation Is Stretched
With narrow-moat Yaskawa’s third-quarter sales falling short of consensus and our estimates by 6% and 8%, respectively, we retain our conviction that the stock is overvalued. In the robotics space, we prefer Fanuc to Yaskawa at the current valuations. We stand by our medium-term earnings assumptions but revise our estimates for fiscal 2017 sales and net income slightly downwards by 2% and 8%, respectively. As the net income revision is mainly due to the one-off loss, we retain our fair value est...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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