Report by Asymmetric Advisors
Analysts worry that Fujitsu will fall short of its FY3/23 CoE of OP at ¥400bn +83% YoY and their consensus is already much lower at ¥370bn. However, this is +41% YoY, and the impression Asymmetric Advisors gets is that the actual result may be better than that. This leaves the stock trading on an attractive PER of 13x. The other attraction here is buybacks (>¥550bn over the next few years to FY3/25) with FCF of >¥1trn from operating FCF + the gains from divesting stakes in Fujitsu General (shares are +25% since Asymmetric became the only Buy rating on this unloved name) and Shinko, worth c.¥380bn.