Added to YB: 2026-05-08
Pitch date: 2026-05-06
MRAAY [bullish]
Murata Manufacturing Co., Ltd.
+4.59%
current return
Author Info
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Company Info
Murata Manufacturing Co., Ltd. develops, manufactures, and sells ceramic-based passive electronic components and solutions in Japan and internationally.
Market Cap
JPY 9.4T
Pitch Price
JPY 5.4K
Price Target
31.66 (-99%)
Dividend
1.36%
EV/EBITDA
17.15
P/E
40.25
EV/Sales
4.78
Sector
Electronic Equipment, Instruments and Components
Category
growth
The Most Boring Component in AI Is About to Have Its Moment - Murata Manufacturing Co., Ltd.
MRAAY: AI servers need 441k MLCCs/rack (vs 1.5k in 2018 servers), Rubin 600k+. Supply deficit of 20B units in 2026 expanding to 120B by 2028. Murata holds ~60% AI MLCC share vs 40% overall. Lead times stretched 8→24-40wks. Apr'26 price hikes +15-35% on AI-grade parts. FY28E EPS ¥307 vs consensus ¥210 (+46%). 22x P/E = $21.77 (+41%, 26% IRR). Risks: eDTC/HD-MiM substitution (30%+ displacement breaks thesis), commodity price war, AI capex digestion 2027-28, SEMCO undercutting. Even under combined risks, +11% upside holds. Izumo plant shipping now, SEMCO expansion mid-2027. Catalysts: Jul'26 Q1 print showing price flow-through, late'26 hyperscaler 2027 capex guides, Apr'27 FY28 guide.
Read full article (21 min)