Yokogawa Electric Corporation (6841.T) : juste valeur

Thèse ACCE

Yokogawa Electric makes the process control systems, field instruments and industrial automation software that refineries, chemical plants and power utilities use to run their operations, with a large and growing share of revenue coming from recurring services and software. Its installed base of distributed control systems creates high switching costs, since customers rarely replace a control platform that runs their plant, which supports pricing and a long tail of service revenue. The near-term driver is demand from energy transition and process-industry capex, including hydrogen, LNG and semiconductor-materials plants that need precise measurement and automation. Revenue growth is running at 8.6% with an 11.7% operating margin, and the stock trades at 20.6x trailing and 21.4x forward earnings, so the multiple is not stretched against that growth profile. The company is worth a deeper look to test whether margin expansion from software and services can keep pace with the order backlog, and whether the forward multiple holds if project timing slips.