HONDA MOTOR CO. LTD. ADRs $33 (New York symbol HMC; Conservative Growth Portfolio, Manufacturing & Industry sector; ADRs outstanding: 1.8 billion; Market cap: $59.4 billion; WSSF Rating: Above average) gets just over 50% of its revenue from North America, so it’s more vulnerable to a falling U.S. dollar than Toyota.
In Honda’s latest six-month period, overall car sales rose 5.8%. Sales rose 5% in North America, 28% in Europe and 15% in Asia (excluding Japan, where sales fell 15%). Revenue grew 11.5%, to $49.5 billion from $44.4 billion a year earlier. Earnings per ADR rose 38.1%, to $1.74 from $1.26. (Each Honda American Depository Receipt represents one Honda common share.)
Despite tougher conditions in the U.S., Honda’s new models should let it increase its current market share of 9.3%. Honda is also preparing to meet tougher U.S. fuel economy standards with new hybrid cars.
The company should earn $3.16 per ADR in fiscal 2008, which implies a p/e of 10.4. The $0.35 dividend yields 1.1%.
Honda is a buy.
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