2024-06-25 12:23:13 ET
Summary
- Hitachi's valuation is around fair, taking a blended multiple approach for the main secular drivers of the business.
- Growth is quite assured, and the profile of the business has been inorganically improving. Particular secular strength should come from high voltage products.
- However, with the value not being clearly better than fair, we think Hitachi signals that the time to rotate into a smaller cap may be coming for Japanese investors.
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For further details see:
Hitachi: A Signal For A Small/Mid-Cap Rotation