Murata’s AI and EV component franchise is accelerating, but 6981.T’s ¥7,263 price already discounts much of the high-quality growth story.
Overview
Murata Manufacturing is a global leader in ceramic passive components and modules, employing more than 74,000 people and generating over 91% of sales outside Japan. Its strongest franchise is MLCCs, where it holds approximately 40%–50% global share and a 45% share of AI-server capacitors. **AI infrastructure, EV electrification and rising component density are driving a favorable mix shift**: AI-server-related revenue grew 81% year on year in Q1 FY2027, and management expects AI-server MLCC shipments to grow 35%–40% sequentially in upcoming quarters. Q1 FY2027 revenue reached a record ¥502.264 billion, up 20.7%, while operating profit rose 59.8% to ¥98.5 billion and margin expanded to 19.6%. Management raised FY2027 sales guidance to ¥2.110 trillion and operating profit guidance to ¥430.0 billion. The balance sheet is a major defensive asset, with ¥503.5 billion of net cash. However, valuation is demanding: the stock at ¥7,263 trades at 56.9x trailing P/E and 69.74% above the ¥4,279 DCF value. The near-term catalyst is continued AI-server demand and pricing; the principal investment constraint is that much of this optimism is already reflected in the share price.