> For the complete documentation index, see [llms.txt](https://arc-10.gitbook.io/arc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://arc-10.gitbook.io/arc/6503_/t3.md).

# Valuation

***

## 현재 멀티플

| 지표        |     값 | 비고                   |
| --------- | ----: | -------------------- |
| PER (TTM) | 31.7x | —                    |
| PER (FWD) | 38.2x | FWD > TTM → 이익 감소 예상 |
| PBR       |  2.9x | ROE 10% 반영           |
| Beta      |  0.76 | 방어적                  |

***

## Peer 비교

| 기업              |    Mcap(億円) |       PER |     PBR |   ROE(%) | 소스 |
| --------------- | ----------: | --------: | ------: | -------: | -- |
| **三菱電機 (6503)** | **128,946** |  **31.7** | **2.9** | **10.0** | yf |
| 住友電工 (5802)     |      92,187 |      24.9 |     3.4 |     15.0 | yf |
| Fujikura (5803) |      80,299 | 16.0(FWD) |    14.3 |     32.5 | yf |
| Siemens         |           — |      \~20 |   \~3.5 |     \~15 | 참고 |

**Peer 대비**: 시총은 가장 크지만(¥12.9兆), ROE 10%는 Peer 대비 낮음. PER 31.7x는 성장 프리미엄보다 안정성 프리미엄 성격. Siemens(PER \~20x) 대비 프리미엄.

***

## 밸류에이션 판단

### 52주 관점

* 52주 고가: ¥6,667 (현재 대비 +5.8%)
* 52주 저가: ¥2,844 (현재 대비 -54.9%)
* 고점 근접 구간 — 돌파 시 신고가, 실패 시 조정

### 핵심 변수

1. **OPM 9% 달성**: 중기계획 목표. 달성 시 이익 레벨업 → PER 정당화
2. **FA 사이클 회복**: 중국·미국 제조업 투자 회복 속도
3. **SiC 매출 본격화**: FY2027\~2028 SiC 파워반도체 수익 기여도

**종합**: PER 31.7x는 일본 대형 Industrials 평균 수준이나, ROE 10%로는 프리미엄 정당화에 한계. OPM 9%+ 달성 또는 SiC 매출 가시화가 추가 리레이팅 트리거.


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