CANON INC. ADRs $31 (New York symbol CAJ; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.1 billion; Market cap: $34.1 billion; Price-to-sales ratio: 1.0; Dividend yield: 4.5%; TSINetwork Rating: Above Average; www.canon.com) gets 52% of its revenue by making office equipment, mainly printers and copiers.
It also makes consumer products, such as cameras and inkjet printers (38% of revenue), and industrial components, including chips and other parts for TV sets, medical gear and mobile devices (10%).
Demand for printers and other business products is slowly improving with the overall economy. The low Japanese yen also makes Canon’s products cheaper in other countries.
As a result, its sales rose 7.2% in yen in 2013, but they fell 11.2% in U.S. dollars, to $35.5 billion from $40.0 billion. Likewise, earnings rose 2.6% in yen but fell 15.0% in dollars, to $2.2 billion from $2.6 billion. Earnings per ADR declined 14.3%, to $1.91 from $2.23. Each ADR represents one Canon share.
The company gets 80% of its sales from outside Japan, so the low yen should keep boosting its exports in 2014. At the same time, it continues to focus on pricier digital cameras with interchangeable lenses. That helps offset falling compact-camera sales as more people take pictures with smartphones.
Canon spends 8% of its sales on research, which should help it expand to new markets. For example, it is now using its expertise to develop surveillance cameras.
The company will probably earn $2.06 per ADR in 2014, and the stock trades at 15.0 times that figure. The $1.41 dividend yields 4.5%.
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