Report published September 24, 2026
Murata Mfg. (6981.T): Conf Call Takeaways: Reconfirming Short & Long-Term MLCC Strength and Company's Strong Position – Goldman Sachs
Goldman Sachs · September 24, 2026
Goldman Sachs reiterates a Buy rating (on Conviction List) on Murata Mfg. with a ¥12,900 12-month price target following its September 24 conference call. The firm highlights ongoing order strength in AI/DC and smartphone MLCCs, high utilization, and planned capacity additions through FY3/28.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.MLCC orders remain robust, driven by AI/data center applications and seasonal smartphone demand, keeping the July-September book-to-bill ratio near the strong April-June level of 1.47x.
- 2.Murata is operating at maximum capacity, running factories through holidays, and planning capacity expansions of over 10% in FY3/27 and 20-25% in FY3/28 to support surging AI/DC demand.
- 3.Goldman Sachs maintains a Buy rating (on Conviction List) with a 12-month target price of ¥12,900, anticipating another upward guidance revision at interim earnings.
Table of Contents
- Price Target Risks and Methodology - Murata Mfg.
Report data
Murata Mfg. (6981.T) Valuation, Financial Summary and Forecasts — as of September 18, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 12900.0 JPY | Price target for Murata Mfg. |
| Closing Share Price | 7763.0 JPY | Closing share price as of 18 Sep 2026 |
| Book-to-Bill (BB) Ratio | 1.47 x | MLCC order BB ratio in April-June |
| AI/DC MLCC Sales Contribution | 40.0% | AI/DC applications projected to account for just under 40% of MLCC sales |
| Operating Profit | 485.0 JPY bn | GS forecast for operating profit in FY3/27E |
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