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6149 Odawara Engineering
- Feb 14
- 1 min read
Odawara is the leading manufacturer of automatic motor winding machines in Japan and holds the second largest market share in the world. Its main products are for automobiles and home appliances. Royal Electric Co., Ltd. became a subsidiary.
"Odawara $6149.T (0.7x tbv, 1x ev/ebitda) is worth remembering. No. 1 market share in Japan for motor winding machines. Winding machine segment has 27% ebit margins (and albeit orders are lumpy) it includes aftermarket jigs, consumable, and spare parts, which tend to be recurring.
Outlook is highly dependent on EV capex, but installed-base monetization (retrofits, jigs, consumables) suggest high-single digit top-line CAGR is possible. Winding machine is 70% of total sales, 95% of profits. Blower business is barely profitable, needs continued restructuring."
https://x.com/anonymous3nibrv/status/2018413858457813025?s=20