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运动器材

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42/100 Conserver Shimano: A Fortress Cycling Franchise in a Real Trough, But the Price Already Pays for the Repair Shimano is a century-old Japanese precision manufacturer whose bicycle drivetrain and braking franchise still drives roughly three-quarters of group sales, with fishing tackle the resilient second engine. Group operating income has fallen from a 169.2 billion yen pandemic peak in 2022 to a guided 47.0 billion yen in 2026 (margin near 10% against a historical 20% to 25%), and at 17,340 yen (about 35x guided earnings) the price already discounts much of the eventual repair, leaving no margin of safety. Rating Hold: a fortress-quality franchise in a real but uncertain trough, where the moat is intact yet the entry price is not yet compelling, with the ideal buy zone at 12,000 to 14,000 yen. Shimano Inc.7309 · TSE运动器材26 juin 2026