パナソニックホールディングス: FY25決算：一過性費用でミスだが、BBU成長見通しは強まっている

Research evidence excerpt

パナソニックホールディングス: FY25決算：一過性費用でミスだが、BBU成長見通しは強まっている

UpdateM図表2: Panasonic Holdings: Earnings forecast

FY22 FY23 FY24 FY25 FY26 FY27

(yen billions) Ce e e

US$/Yen rate (Yen) 135 145 153 151 140 150 150

Euro/Yen rate (Yen) 141 157 164 175 160 180 180

RMB / Yen rate (Yen) 20 20 21 21 20 22 22

Sales 8,379.8 8,496.4 8,458.2 8,048.7 7,600.0 7,780.6 8,060.2

Connect 1,121.2 1,205.3 1,314.2 1,380.3 1,350.0 1,362.7 1,396.0

Electric Works 1,160.6 1,155.0 1,168.5 1,192.1

HVAC & CC 1,312.4 1,360.0 1,324.9 1,342.1

Smart Life 1,374.2 1,335.0 1,379.2 1,382.6

Energy 971.8 915.9 873.2 984.2 1,372.0 1,175.0 1,346.8

Industry 1,149.9 1,042.6 1,083.6 1,167.3 1,130.0 1,210.4 1,240.5

Others, Corp & Elimination 347.2 610.2 811.4 1,414.6 -102.0 160.0 160.0

Adjusted Operating Profit 314.1 390.0 467.2 447.4 600.0 624.7 708.3

Connect 27.7 43.6 80.7 94.5 95.0 102.0 110.6

Electric Works 88.7 92.0 95.8 98.9

HVAC & CC 33.1 60.0 51.6 53.7

Smart Life 27.0 75.0 57.4 63.6

Energy 39.6 94.6 122.7 72.1 173.0 182.5 238.1

Industry 63.3 31.2 54.3 97.5 110.0 125.4 133.4

Other 34.5 62.9 70.0 10.0 10.0

28.0 -5.0

Corporate and elimination 12.1 -14.6 -21.5

Other income / loss -25.5 -29.0 -40.7 -169.9 -50.0 -30.0 -30.0

Operating Profit 288.6 361.0 426.5 236.4 550.0 594.7 678.3

Connect 20.4 39.1 76.7 100.1 91.0 102.0 110.6

Electric Works 57.7 82.0 95.8 98.9

HVAC & CC 23.1 59.0 51.6 53.7

Smart Life -37.3 68.0 57.4 63.6

Energy 33.2 88.8 120.2 69.8 171.0 182.5 238.1

Industry 66.8 31.1 43.2 40.5 100.0 125.4 133.4

Other 56.7 66.6 80.3 -20.0 -20.0

-17.5 -21.0

Corporate and elimination 15.5 -23.2 -52.0

Pretax Profit 316.4 425.2 486.3 263.1 550.0 602.2 689.9

Net income attri. to owners 265.5 444.0 366.2 189.5 420.0 448.1 517.9

EPS (Yen) 113.8 190.2 156.9 81.2 179.9 192.0 221.9