CANON INC CAJ S

December 12, 2022 - 11:30am EST by

member

						2022	2023
Price:		22.51		EPS		1.823	1.31
Shares Out. (in M):		140		P/E		12.5	17
Market Cap (in $M):		30,029		P/FCF		0	0
Net Debt (in $M):		600		EBIT		0	0
TEV (in $M):		306,029		TEV/EBIT		0	0
Borrow Cost:		General Collateral

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12	member 4/27/23 9:26AM Q1 / Update?
Looks like Q1 was a bit better than expected - mainly due to cameras. The upgraded guide basically reverses the muted guidance they gave in Q4. Printing seems weak - but any updated thoughts on view available tags
11	member 1/30/23 12:26PM Q4 update / Guidance
Q4 results were a bit weak but not enough to send the stock lower, with weakness in print offset to a degree by a little stronger camera. We believe guidance for 2023 is unrealistic, and... login to read the rest 1 view available tags
10	member 12/21/22 12:16PM Re: Re: Re: FX risk 7
I agree. I ran some sensitivity as well and think it's more like 2.5 to 3x OP to Yen fwiw. As Yen gets stronger, the downward sensitivity increases due to operating leverage. Also, from a... login to read the rest view available tags
9	member 12/21/22 10:38AM Brief History Of Canon Targets
Every 5yrs canon puts together a 5yr plan. As u0422811 pointed out, Phase VI (the new 5yr plan introduced in 2021) calls for 4.5T yen of sales and margin expansion driven by organic growth in most... login to read the rest view available tags
7	member 12/20/22 4:54PM Re: Re: FX risk 6
fwiw I think FX transaction exposure here is massive. The company reports this and gives you the the sensitivity. I believe it is ~2:1 op profit:yen (i.e. 1% move in JPY = 2% move in 2 view available tags
5	member 12/20/22 2:29PM Re: FY25 Guide 3
They have regularly put out long term guidance the past 5yrs and they never hit it. They believe print is a growth market when it clearly is not. When I get back from traveling I... login to read the rest view available tags
4	member 12/20/22 10:04AM FX risk
"We believe the bulk of Canon’s currency benefit is translational, not outsized cost structure in Japan vs. other markets." Can you talk about what gives you confidence in this assumption? I would think most of their view available tags
3	member 12/19/22 7:21PM FY25 Guide
Canon management put out guidance for ¥4.5T in FY25 revenue with 12% OP margins. This is quite a step up in OP margin from the last couple of years (and is obviously nice growth vs a... login to read the rest 1 view available tags
1	member 12/12/22 9:52PM Treasury shares and other stakes
Interesting idea. I notice Canon has a huge 24% treasury stake plus another ~$2.5b usd. Just curious how you treat these in your EPS and EV/EBITDA calculations. view available tags

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