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A Look at Panasonic’s Battery Business: Will the Company Drift Away from Tesla?

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Equity Bottom-Up

<p>We make minor updates to <a href="https://www.smartkarma.com/entities/222" target="_blank" data-smartkarma-citation="entities:222:1">Panasonic Corp (6752 JP)</a>'s earnings forecast, and revise our fair value estimate to JPY 2,000 from JPY 1,950. While we raised our growth assumption for the sales of appliances and housing equipment from Asian countries, we lowered the sales numbers from domestic market as we believe the domestic housing demand will stagnate after the consumption tax increase in Fall 2019 and for the Tokyo Olympics in Summer 2020. Overall, we consider that these factors will offset each…</p>

We make minor updates to Panasonic Corp (6752 JP)'s earnings forecast, and revise our fair value estimate to JPY 2,000 from JPY 1,950. While we raised our growth assumption for the sales of appliances and housing equipment from Asian countries, we lowered the sales numbers from domestic market as we believe the domestic housing demand will stagnate after the consumption tax increase in Fall 2019 and for the Tokyo Olympics in Summer 2020. Overall, we consider that these factors will offset each…

Margin Expansion on Rechargeable Battery Is Not Fully Embedded to Panasonic's Current Share Price