Panasonic (6752): Raise PO on industry re-rating and restructuring-driven margin improvement

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Panasonic (6752): Raise PO on industry re-rating and restructuring-driven margin improvement

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Panasonic (6752)

Raise PO on industry re-rating and

restructuring-driven margin improvement

Reiterate Rating: BUY | PO: 5,100 JPY | Price: 4,480 JPY

10 July 2026

Lift PO to ¥5,100; reiterate Buy Equity

We raise our operating profit estimates for Panasonic by 2% for FY3/27-FY3/28 and

18% for FY3/29, reflecting growth in the industry segment, driven by data center-related

businesses. We lift our price objective (PO) to ¥5,100 from ¥3,800, primarily on an Key Changes

increase in EV/EBITDA multiple applied to the industry segment in our SOTP valuation (¥) Previous Current

from 13x to 30x (see Pages 3 onward for details). We reiterate Buy rating, given: (1) Price Obj. 3,800.00 5,100.00

earnings expansion and stabilization from restructuring initiatives, and (2) growth driven 2027E Rev (m) 7,770,086.3 7,779,869.5

by data center-related businesses, including BBUs, capacitors, and CCL. 2028E Rev (m) 8,221,138.1 8,293,751.3

Industry business offers substantial re-rating potential 2029E2027E RevEPS (m) 8,768,421.1188.65 8,979,887.3193.12

At its Investor Day in June, Panasonic outlined its growth strategy for data center- 2028E EPS 249.97 255.58

related businesses within the industry segment. In addition to the previously disclosed 2029E EPS 285.95 296.53

revenue target of ¥430bn in FY3/29, up from ¥230bn in FY3/26, management 2027E EBITDA (m) 1,014,367.4 1,028,688.7

highlighted that: (1) operating margin should reach around 20%, (2) these businesses 2028E EBITDA (m) 1,219,948.1 1,237,890.6

should to account for roughly half of the industry segment operating profit, and (3) 2029E EBITDA (m) 1,349,991.2 1,383,839.8