Komatsu Ltd

6301: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎8,865.00	Qmwfly	Nllgfjqkj

Komatsu’s Third-Quarter Fiscal 2021 on Track To Meet Full-Year Guidance; Gradual Recovery Intact

, Pujance Chan

Feb 1, 2021

We increase our fair value estimate for Komatsu to JPY 2,710 per share (USD 26 per ADR) from JPY 2,310 (USD 22 per ADR) after considering the slightly quicker-than-expected recovery in third-quarter fiscal 2021 (ending March) and fine tuning our long-term estimates. Our narrow moat and stable moat trend ratings remain intact. We think the shares are fairly valued at the current price, with a gradual recovery in machinery sales priced in.

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