hyten1 Posted February 24, 2014 Share Posted February 24, 2014 anyone follow this one? massive amount of cash/dividend. world class/dominating biz in its field. http://www.fanuc.co.jp/en/ir/pdf/annualreport2013_e.pdf hy Link to comment Share on other sites More sharing options...
Dustin T Posted February 24, 2014 Share Posted February 24, 2014 I am much more familiar with their products then their finances, having purchased and installed their industrial robots and machines. As well as using their control equipment on machining equipment. Our factory pretty well insists on Fanuc controls as everyone is well versed in them and this minimizes retraining. I believe they have something of a moat similar to Microsoft office products. People tend to stick with that they are familiar with rather than learn something new. I don't believe they have any great technological edge, I know of other companies that have good products that match up well. I'm going to read the annual report and see if I can learn something about their financials. Link to comment Share on other sites More sharing options...
Munger_Disciple Posted February 24, 2014 Share Posted February 24, 2014 Looks like a good company. I took a very quick look, and on first glance it does not seem particularly cheap. May be I am missing something. If you back out $40/share cash, it is trading for roughly 20 times 2013 earnings. One share = 6 DR per BNY ADR website. Link to comment Share on other sites More sharing options...
cubsfan Posted February 24, 2014 Share Posted February 24, 2014 anyone follow this one? massive amount of cash/dividend. world class/dominating biz in its field. http://www.fanuc.co.jp/en/ir/pdf/annualreport2013_e.pdf hy Fanuc is a large holding for First Eagle - you might want to listen to these interviews with Matt McLennan. In the first one, he talks about Fanuc somewhere after the middle. Discusses the moat, etc. http://blip.tv/WealthTrackSyndication/matthew-mclennan-6364759 He also gives a quick update on competitive position and comments on valuation in this 2nd interview: http://wealthtrack.com/special-series/great-investors-series/matt-mclennan-the-mirage-recovery/ Link to comment Share on other sites More sharing options...
Phaceliacapital Posted August 4, 2015 Share Posted August 4, 2015 It's funny how a company designing and manufacturing robots is now suffering from high personnel costs. http://www.bloomberg.com/news/articles/2015-07-29/fanuc-slumps-after-cutting-profit-target-on-weaker-china-outlook Link to comment Share on other sites More sharing options...
Jurgis Posted August 4, 2015 Share Posted August 4, 2015 It's funny how a company designing and manufacturing robots is now suffering from high personnel costs. http://www.bloomberg.com/news/articles/2015-07-29/fanuc-slumps-after-cutting-profit-target-on-weaker-china-outlook Would be funny, since the previous article claimed its own factories are also automated. But I don't see any reference to "high personnel costs" in the article you linked. Any other reference? Link to comment Share on other sites More sharing options...
farbelow Posted August 26, 2015 Share Posted August 26, 2015 It's funny how a company designing and manufacturing robots is now suffering from high personnel costs. http://www.bloomberg.com/news/articles/2015-07-29/fanuc-slumps-after-cutting-profit-target-on-weaker-china-outlook I did not find 'high personnel costs' in linked article either. But it is mentioned in another article, also about Fanuc's latest quarter results: http://www.afr.com/technology/fanuc-is-a-cheerless-chappie-20150729-ginh2u Link to comment Share on other sites More sharing options...
Jurgis Posted August 26, 2015 Share Posted August 26, 2015 It's funny how a company designing and manufacturing robots is now suffering from high personnel costs. http://www.bloomberg.com/news/articles/2015-07-29/fanuc-slumps-after-cutting-profit-target-on-weaker-china-outlook I did not find 'high personnel costs' in linked article either. But it is mentioned in another article, also about Fanuc's latest quarter results: http://www.afr.com/technology/fanuc-is-a-cheerless-chappie-20150729-ginh2u Thanks. I'd argue that "high personnel costs" was just a cheap shot by the journalist. He pretty much admits it himself. Link to comment Share on other sites More sharing options...
JayGatsby Posted August 26, 2015 Share Posted August 26, 2015 Seems pretty pro-cyclical. Revenue fell ~40% 2008 -> 2010. I guess it depends on where you think we are in the cycle, or you take a real long term view. Link to comment Share on other sites More sharing options...
portfolio14 Posted August 26, 2015 Share Posted August 26, 2015 Fanuc is a large holding for First Eagle - you might want to listen to these interviews with Matt McLennan. In the first one, he talks about Fanuc somewhere after the middle. Discusses the moat, etc. http://blip.tv/WealthTrackSyndication/matthew-mclennan-6364759 The blip.tv site is gone. Any idea which episode it was? Link to comment Share on other sites More sharing options...
farbelow Posted August 28, 2015 Share Posted August 28, 2015 Seems pretty pro-cyclical. Revenue fell ~40% 2008 -> 2010. I guess it depends on where you think we are in the cycle, or you take a real long term view. The cycle may not be that import if you look at the numbers in another way: 1. Fanuc has been continuously profitable all through the credit crisis and it's aftermath. While f.e. it's competitor Kuka had serious losses in 2009. 2. One year later, 2011, Fanuc was pretty much back at it's revenue of 2008. So you do not have to be that patient. I have spent some time studying Fanuc and it's competitor Kuka. I think Fanuc is an amazing company and that the current price is cheap. I am curious to hear insights especially about the robot market in general and Fanuc's competitors. Fanuc has grown 7% cagr since the peak revenue in 2008, they have been continuously profitable, a roic of over 30% most of the time and an enormous market potential to continue their growth. So, this company has a proven track record of value-creating growth and good prospects for more growth. The risk would be that China is an important market for Fanuc and everybody is worried about China: this explains the drop in the last month. But Fanuc has substantially grown in Europe and America as well. There is more than just China. Link to comment Share on other sites More sharing options...
cubsfan Posted August 28, 2015 Share Posted August 28, 2015 Fanuc is a large holding for First Eagle - you might want to listen to these interviews with Matt McLennan. In the first one, he talks about Fanuc somewhere after the middle. Discusses the moat, etc. http://blip.tv/WealthTrackSyndication/matthew-mclennan-6364759 The blip.tv site is gone. Any idea which episode it was? http://wealthtrack.com/special-series/great-investors-series/matt-mclennan-the-mirage-recovery/ You can also search the Wealthtrack site with keyword Fanuc. Some older episode videos are now transcript or audio only. http://wealthtrack.com/tag/fanuc/ http://wealthtrack.com/season-09/matt-mclennan-913/ Link to comment Share on other sites More sharing options...
merkhet Posted August 28, 2015 Share Posted August 28, 2015 Fanuc is super interesting as an investment, but I don't think it's that cheap yet. I would love to get a slice of this at the right price. Link to comment Share on other sites More sharing options...
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