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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "notes": "Includes a detailed tax reconciliation table from Nidec's 20-F.",
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      "text": "Nidec could face an EPS headwind possibly as early as FY 2018 due to the expiration of foreign tax preferences that have accounted for over 5% of diluted EPS in each of the past three fiscal years.",
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      "text": "Apply a 10% premium... Nidec emphasized organic growth... We believe the main factors...",
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      "text": "Effective income tax rate: 22.2%",
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      "text": "Nidec’s earnings growth in recent years seems to be of low quality. A meaningful portion of Nidec’s reported EPS growth has come from lowered effective tax rates...",
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      "kind": "quote",
      "text": "“Apply a 10% premium to the resulting theoretical value to reflect the high visibility of medium-term earnings growth. Reflecting the strong growth potential of the company’s business, especially its automotive operations.” — July 22, 2016; “Nidec emphasized organic growth and lifted FY20 organic growth goal by 20% to JPY 600 billion.” — October 25, 2016; “We believe the main factors that put the company in sight of FY 3/21 autos-related sales of JPY 600 billion via organic growth are rising share for existing offerings such as electrical power steering motors, as well as increasing orders for items including motors for new-generation brake systems, and products combining ECUs and sensors.” — October 25, 2016",
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      "text": "11 Assuming minority interests of 1% of net income. 12 FY 2015 20-F, p. 46.",
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