Murata Manufacturing Co Ltd

6981: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 1,492.00	Xpqw	Kzjjhlwbh

Murata Manufacturing: Moat Rating Upgraded to Wide; MLCC Competitive Advantage Expands

Kazunori Ito

Jul 1, 2024

We upgrade Murata Manufacturing’s moat rating to wide from narrow, based on the intangible assets and cost advantage of its multilayer ceramic capacitor, or MLCC, business. As a result, we raise our fair value estimate for Murata to JPY 4,000 per share from JPY 3,600, and believe its shares are undervalued.

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