ACCE price target published on 22 Oct 2026, 15:59 CEST.
Price used: ¥3631 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
66
out of 100
P/E
34.1x
forward 21.5x
1-year return
+99.8%
Dividend yield
1.46%
Panasonic Holdings Corporation in four questions
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Overview
ACCE thesis
Panasonic makes batteries, automotive electrification systems, appliances, and industrial equipment, and its biggest single franchise is the cylindrical lithium-ion cells it supplies to Tesla and other EV makers. Its edge is manufacturing scale and long-standing supply relationships in cells, which give it a seat in the EV and energy-storage supply chains that most consumer electronics peers lack. The near-term driver is the shift of the group toward automotive and energy solutions, with revenue growing 6.4% against a more mature appliance and consumer base. The stock looks interesting now because the forward P/E of 21.9 sits well below the trailing 36.0, which implies earnings are expected to recover sharply, but ROE of 5.3% and an operating margin of 9.2% show the recovery has yet to show up in returns. Whether that gap closes is the question worth a deeper look.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Free cash flow deeply negative
FCF is reported at roughly -$145 billion, well out of step with a 3.1% net margin and 6.4% revenue growth. Cash generation needs checking before sizing any position.
moderate
Price well above ACCE target
The stock trades 19.4% above the ACCE price target of ¥3042.00, against a current price of ¥3631.00. Earnings momentum is strong, but the gap to our target is wide.
moderate
Rich trailing multiple
Trailing P/E is 34.1 against a forward P/E of 21.9, so earnings growth is doing much of the work. A 27.6% EPS beat in Q2 supports this, but the multiple depends on delivery.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of JPY 5004.65 sits 35.3% above the current share price of ¥3631.00.
Panasonic beat earnings expectations last quarter, reporting EPS of 57.90 against 45.38 expected, a surprise of 27.6%.
The forward P/E of 21.9x is well below the trailing 34.1x, implying earnings are expected to rise.
Why it could disappoint
Free cash flow over the last twelve months was negative at -JPY 145.3B, so the business is consuming cash.
A net margin of 3.1% and return on equity of 5.3% show the company keeps very little of each yen of sales and earns a thin return on shareholders' money.
The stock trades 19.4% above the ACCE price target of ¥3042.00, leaving little margin of safety at today's price.
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