Added to YB: 2026-05-15
Pitch date: 2026-05-13
MRAAY [bullish]
Murata Manufacturing Co., Ltd.
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 11.1T
Pitch Price
N/A
Price Target
53.77 (-99%)
Dividend
1.15%
EV/EBITDA
20.50
P/E
47.61
EV/Sales
5.72
Sector
Electronic Equipment, Instruments and Components
Category
growth
Murata (MRAAY) - More Signs of Tightening
MRAAY (new position): Murata announced ¥80B emergency MLCC capex citing capacity 'still very much insufficient' vs demand at 2x supply. Hyperscaler capex hit $700B (2026), heading to $1T+ (2027); Microsoft attributed $25B to component price inflation. AI MLCC shortage structurally larger/longer than 2018; supply/demand gap widens through 2030. Base case: 4 price hike rounds, FY28E EPS ¥304, PT $21.58 (+40%, 25% IRR). Asymmetric case: 7 rounds, FY30E EPS ¥758, PT $53.77 on 22x P/E (+249%, 43% IRR). Net cash builds to $12B by FY30E after ¥1,030B buybacks (10% market cap). Risks: hyperscaler capex cuts, NVIDIA eDTC adoption for Rubin Ultra, SEMCO price cuts to win share.
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