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Fanuc Corp ADR FANUY

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Fanuc Showed Signs of Recovery From Robomachine Sales Growth; Revising FVE to JPY 21,000

Jason Kondo Equity Analyst

Analyst Note

| Jason Kondo |

Fanuc showed stronger signs of recovery from the impact of the COVID-19 pandemic in the second quarter of fiscal 2020 (April 2020-March 2021). We revise our fair value estimate to JPY 21,000 from JPY 20,000, after considering signs of strong near-term demand with Fanuc’s industrial robots and robodrills (compact drill equipment used to shape products like smartphone casings) and management’s revised guidance. We now assume companywide revenue to decline only by 3% year on year for fiscal 2020, compared with 7% in our previous projection, and our operating margin assumption for the same year is now at 17% (implying a 0.4% year-on-year margin decline) compared with 14% in our previous projection. With Fanuc’s share prices above pre-COVID-19 levels, we believe the market has similar expectations and we therefore believe there is currently limited upside potential.

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Company Profile

Business Description

Fanuc Corporation provides factory automation products, such as industrial robots, computerized numerical control (CNC) systems, servo motors, and compact machining centers (Robodrills) to mostly manufacturers in Asia, Americas, and Europe. Fanuc had its beginnings as part of Fujitsu developing early numerical control (NC) systems, and now commands the top global market share with its CNC systems and industrial robots. Fanuc has approximately 260 service stations across the world and currently has more than 4 million CNC controls and 550,000 robots installed globally.

Yamanashi Prefecture, 401-0597, Japan
T +81 555845555
Sector Industrials
Industry Specialty Industrial Machinery
Most Recent Earnings Sep 30, 2020
Fiscal Year End Mar 31, 2020
Stock Type
Employees 10,249