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Nabtesco Corp 6268

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Stock XTKS Rating as of
JPY 2,826.50 −15.00 (0.53%)
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Company Report

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Capacity Utilization to Weaken for Nabtesco’s Component Solutions but Expect Recovery From 2025

Jason Kondo

As a global leader in motion control technology, Nabtesco boasts the leading global and/or domestic market share with its main products in each of its segments. Nabtesco’s precision reduction gears are supplied to the big four industrial robotics companies, as well as major Chinese robotics players like Estun. The wide-moat company has a 60% global share in the RV reduction gear market for medium- to large-size industrial robots and we expect the business to continue to be the main top-line growth driver. The company is well positioned for a secular growth of industrial robot demand, driven by skilled labor shortage and need to increase production efficiency through automation.

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Price vs Fair Value

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6268 is trading within a range we consider fairly valued.
Price
JPY 2,841.50
Fair Value
JPY 9,113.00
Uncertainty
High
1-Star Price
JPY 4,696.00
5-Star Price
JPY 2,327.00
Economic Moat
Wqtpr
Capital Allocation
Zbzcskk

Bulls Say, Bears Say

Bulls

Capacity expansion to double reduction gear capacity by 2026 suggests that demand will be well above the previous peak in 2022.

Bears

Nabtesco’s RV reduction gear business runs the risk of not being able to materially capitalize on new applications outside of industrial robots.

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Trading Information

Previous Close Price
JPY 2,841.50
Day Range
JPY 2,802.50–2,872.00
52-Week Range
JPY 2,300.00–3,421.00
Bid/Ask
JPY 2,826.00 / JPY 2,831.00
Market Cap
JPY 339.29 Bil
Volume/Avg
835,300 / 954,156

Key Statistics

Price/Earnings (Normalized)
23.91
Price/Sales
1.05
Dividend Yield (Trailing)
2.82%
Dividend Yield (Forward)
2.82%
Total Yield
2.82%

Company Profile

Nabtesco manufactures and sells motion control technology-based components and equipment to various industries. Its four main segments include: component solutions, transport solutions, accessibility solutions, and manufacturing solutions. The company has the leading global share with its precision reduction gears for industrial robots, as well as the top domestic share with its transportation components, automatic doors, and platform doors for train stations. It has a long-term record of supplying its products to major players in their respective industries, such as Fanuc, Boeing, Komatsu, and Japan Railways. The company was established in 2003 as a result of the merger of Teijin Seiki and Nabco, and is headquartered in Tokyo.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Mid Growth
Total Number of Employees
8,158
Website
http://www.nabtesco.com

Competitors

Valuation

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Metric
6268
6954
6506
Price/Earnings (Normalized)
 23.9131.1036.20
Price/Book Value
 1.312.574.32
Price/Sales
 1.055.523.00
Price/Cash Flow
 19.2326.9626.19
Price/Earnings
6268
6954
6506

Financial Strength

Metric
6268
6954
6506
Quick Ratio
 1.364.271.06
Current Ratio
 1.857.002.24
Interest Coverage
 19.74—19.84
Quick Ratio
6268
6954
6506

Profitability

Metric
6268
6954
6506
Return on Assets (Normalized)
 4.05%10.07%7.52%
Return on Equity (Normalized)
 6.84%11.58%14.15%
Return on Invested Capital (Normalized)
 4.92%11.20%11.11%
Return on Assets
6268
6954
6506
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