<div id="readability-page-1"><div><p>Anritsu Corporation, which is based in Japan, specializes in manufacturing and selling measurement equipment. It operates through two segments: Measurement Equipment, which provides tools for digital communications, IP networks, optical and mobile communications, RF, microwave, and millimeter wavebands, and service assurance; and Products, Quality and Assurance (PQA), offering automated weight sorters, electronic measurement equipment, foreign substance detectors, and quality management systems. The company also provides information communication devices, logistics, welfare services, real estate leasing, component manufacturing, and HR and accounting services. The company has around 3,900 employees.</p><p> The company operates through four principal segments based on products and services: Test and Measurement (60%), Products Quality Assurance (25%), Environment Measurement (7%), and Other (8%). In addition, the company is geographically segmented into three regions: Japan (32%), the US (20%), Asia and others (excluding China) (18%), Europe/Middle East/Africa (14%), China (11%), and Americas (Excluding the US) (5%).</p><h2> Launch of advanced testing solutions</h2><p> Anritsu has launched advanced wireless communication testing solutions for vehicles, addressing the growing demand for stable and reliable connectivity in modern automotive design. By focusing on Over-the-Air (OTA) testing and real-world environmental simulations, Anritsu enables manufacturers to preempt connectivity failures and safeguard wireless performance across diverse scenarios, including infotainment, telematics, and V2X (vehicle-to-everything) communication systems.</p><p> Key offerings include the MS2692A signal analyzer for V2X and DSRC, CMTA software for streamlined telematics testing, and universal support for 5G, Bluetooth, WLAN, and satellite navigation standards. This comprehensive portfolio helps stakeholders maintain connectivity integrity and accelerate innovations in connected and autonomous vehicles.</p><h2> Strategic Investment in SmartViser</h2><p> Anritsu acquired a 32.72% stake in SmartViser SAS, a French leader in automated network testing, as of March 2025 after French government approval. The initial agreement was signed and approved by Anritsu’s Board of Directors in late 2024. SmartViser’s flagship viSer test automation suite complements Anritsu’s existing offerings, enhancing solutions for automated testing, monitoring, and performance evaluation in mobile networks and telecommunication devices.</p><p> This partnership aims to accelerate growth and innovation in advanced telecommunications testing, improve operational efficiency, and support global expansion, particularly for automation and remote monitoring solutions across diverse digital infrastructure sectors.</p><h2> Robust long-term trajectory</h2><p> Anritsu Corporation reported a decent performance over FY 22-25, posting revenue CAGR of 2.4% to reach JPY113bn, propelled primarily by continued strong demand in data center markets, especially those supporting generative AI, growth in network infrastructure investments (notably optical submarine cables and green data centers), and a gradual recovery in the 5G development market.</p><p> However, EBITDA declined at a CAGR of minus 6.9% to JPY17.7bn, with a margin of 15.7% to 16.5%. Net income decreased at a CAGR of minus 10.2% CAGR to JPY9.3bn.</p><p> The company increased its FCF from JPY9.4bn in FY 22 to JPY15.2bn in FY 25, boosted by increased cash inflows from operations, rising from JPY16bn to JPY21.1bn. Moreover, cash and cash equivalent increased from JPY45.7bn to JPY50.1bn. In addition, total debt decreased from JPY6.9bn to JPY4bn over FY 22-25. This pretty much halved its gearing from 6.1% to 3.2%.</p><p> In comparison, Dexerials Corporation, a local peer, reported higher revenue CAGR of 4.9%, reaching JPY110bn over FY 22-25. EBITDA rose at a CAGR of 12.2% to JPY45.8bn, with margins expanding from 33.9% to 41.5%. Net income increased at a CAGR of 18.5% to JPY27.7bn.</p><h2> Stock returns have outperformed</h2><p> Over the past 12 months, the company’s stock has delivered decent returns of approximately 73.5%. In comparison, Dexerials Corporation delivered lower returns of 9% over the same period. In addition, the company paid an annual dividend of JPY40 in FY 24, resulting in a dividend yield of 3%.</p><p> Anritsu Corporation is currently trading at a P/E of 22.8x, based on FY 26 estimated EPS of JPY82.7, which is higher than its 3-year historical average of 19.2x and Dexerials Corporation’s valuation of 15.6x. In addition, the company is currently trading at an EV/EBITDA multiple of 10.3x, based on FY 26 estimated EBITDA of JPY19.4bn, which is higher than its 3-year historical average of 7.6x and that of Dexerials Corporation (8.9x).</p><p> Anritsu Corporation is monitored by nine analysts, five whom have ‘Buy’ ratings and four have ‘Hold’ rating for an average target price of JPY1,688.9. As the stock has already reached its target price, any near-term correction in the stock price could a buy opportunity for investors.</p><p> Analysts’ views are supported by an estimated revenue CAGR of 7%, reaching JPY138.3bn and EBITDA CAGR of 10.5% over FY 25-28, reaching JPY24bn with margins expanding by 161bp to 17.4%. In addition, analysts estimate a net profit CAGR of 14.5%, reaching JPY14bn, with EPS expected to increase to JPY109.2 in FY 28 from JPY70.4. In comparison, analysts estimate an EBITDA CAGR of 3.4% and a net profit CAGR of 0.2% for Dexerials Corporation.</p><p> Overall, Anritsu Corporation's strategic initiatives, including the launch of advanced wireless communication testing solutions for vehicles and the acquisition of a stake in SmartViser SAS, highlight its commitment to innovation and global expansion in telecommunications testing.</p><p>However, Anritsu Corporation faces some risks, including operational, financial, legal, technological, and environmental challenges. Key risks involve strategic decisions, legal compliance, environmental regulations, product quality, export/import controls, information security, and disaster impacts. Financial volatility, sector pressures, competitive markets, and complex global operations further shape its risk landscape.</p></div></div>

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<p>安立科技公司（Anritsu Corporation），一家日本測量設備製造商，推出了先進的無線通信測試解決方案用於車輛，並收購了 SmartViser SAS 32.72% 的股份，以增強自動化測試能力。該公司報告了 2022 財年至 2025 財年的收入年複合增長率為 2.4%，但 EBITDA 和淨收入有所下降。安立科技的股票在過去一年中實現了 73.5% 的回報，當前市盈率為 22.8 倍。分析師預計 2025 財年至 2028 財年的收入年複合增長率為 7%，EBITDA 年複合增長率為 10.5%，儘管近期業績面臨挑戰，但仍顯示出增長潛力</p>

安立公司通過投資 SmartViser 來增強自動化測試能力