Amada Co., Ltd. (6113.T) : juste valeur

Thèse ACCE

Amada makes sheet-metal fabrication equipment, including laser and punch-press machines, press brakes and the software that schedules and programs them, sold to job shops and large manufacturers. The moat is installed base and service: a customer who has trained its operators and integrated Amada's controls into its workflow rarely switches, and the aftermarket tooling and maintenance business carries gross margins of 40.5% across the group. Revenue growth of 29.7% is the headline, and the near-term driver is demand for automated cutting and bending as factories replace labour, with the forward P/E of 18.4 against a trailing 23.3 implying earnings are expected to rise faster than the share price. The question for a PM is whether the 7.4% operating margin, which is thin for a machinery maker with that gross margin, can expand as volume grows, since that gap is the whole debate. It is worth a deeper look if you want to test how much of the 29.7% growth is organic versus price, and whether the margin gap closes.