Fuji Electric Co., Ltd. (6504.T) : juste valeur

Thèse ACCE

Fuji Electric makes power semiconductors (IGBT and SiC modules), power conversion and drive equipment, and building and industrial control systems, with a large share of revenue from power electronics that go into factory automation, EV charging, and grid and renewables infrastructure. Its edge is a vertically integrated chip-to-system position in Japan, which gives it control over device design and supply that smaller module makers lack. Revenue is growing 10.2% and the fund's data shows a gross margin of 28.3% against an operating margin of 9.0%, so the operating line is where the spread is still being captured by overhead and mix. The forward P/E of 21.9 sits above the trailing 18.7, which means the market is not pricing in an earnings step-up from here, so the case rests on margin expansion as the power device mix improves. A 14.3% ROE on a company of this size is respectable but not exceptional, so the question for a deeper look is whether operating margin can close the gap to gross margin without the top line slowing.