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    6594   JP3734800000

NIDEC CORPORATION

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Nidec : Japan's Nidec books 60% quarterly profit rise helped by EV motor demand

07/21/2021 | 04:49am EST
FILE PHOTO: Nidec Corp's logo is pictured at an earnings results news conference in Tokyo

TOKYO (Reuters) - Japanese electronic components maker Nidec Corp said on Wednesday its first-quarter operating profit jumped 60% to 44.6 billion yen ($406 million), helped by a rebound in demand for motors for electric vehicles (EVs) and home appliances.

Nidec, better known for producing electric motors for computer hard drives and smartphones, is trying to capture about a third of an emerging market for energy-saving EV motors known as e-axles. Demand for those is widely expected to increase 10 times over the next decade.

As it expands into auto parts, Nidec on Monday said it had agreed to consider a joint venture with Taiwan's Hon Hai Technology Group to develop EV motors. The companies said in a news release they would aim to establish the venture in 2022, helping Nidec expand into new markets and ensuring a stable supply of motors for Hon Hai.

In April, Nidec, which supplies e-axles to automakers including China's Guangzhou Automobile Co Ltd and France's Peugeot, announced plans to invest 200 billion yen over a decade to build a production hub in Serbia that will manufacture motors for EVs and household appliances.

Nidec's earnings result for the three months to June 30, up from 28 billion yen a year earlier, was better than the 41.2 billion yen average of six analyst estimates compiled by Refinitiv.

Despite the rebound, a shortage of semiconductors had acted as a drag on sales and profits during the quarter by forcing its customers to cut production levels, Nidec president, Jun Seki, told a media briefing.

"We expect that output to recover during the second quarter," he said.

The company stuck to its full-year forecast for operating profit of 180 billion yen. That is lower than the 193.5 billion yen average of 22 analyst estimates, Refinitiv data showed.

($1=109.8500 yen)

(Reporting by Tim Kelly; Editing by Clarence Fernandez and Christopher Cushing)


ę Reuters 2021
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Analyst Recommendations on NIDEC CORPORATION
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Financials
Sales 2022 1 830 B 16 110 M 16 110 M
Net income 2022 150 B 1 317 M 1 317 M
Net Debt 2022 301 B 2 648 M 2 648 M
P/E ratio 2022 50,8x
Yield 2022 0,49%
Capitalization 7 599 B 67 013 M 66 901 M
EV / Sales 2022 4,32x
EV / Sales 2023 3,94x
Nbr of Employees 112 551
Free-Float 84,5%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 13 000,00 JPY
Average target price 15 011,11 JPY
Spread / Average Target 15,5%
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Managers and Directors
Shigenobu Nagamori Chairman & Chief Executive Officer
Jun Seki Executive President, COO & Representative Director
Hidetoshi Yokota CFO, Head-Investor Relations & Information Systems
Maki Okajima Chief Information Officer & Executive Officer
Koichiro Yasunaga Chief Compliance Officer & Head-Audit
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