Summary

• Mitsubishi Electric Corporation delivers solid revenue and operating growth, supported by electrification, semiconductor, datacenter, and defense investments.
• Despite restructuring costs, operating profit rose, with the life segment—air conditioning and building systems—remaining the largest EBIT contributor.
• Life is expected to be one of the more important growers in FY27, and it is the highest multiple business, but it doesn't appear to be enough for value.
• At 18.9x EV/EBIT, MIELY trades above a blended fair multiple of ~15x based on some selected comps. The HVAC multiples aren't really high enough to support the valuation.
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Mitsubishi Electric Corporation (MIELY) (best addressed in terms of liquidity on the TSE under ISIN:JP3902400005) is a strong company in the sense that they are delivering good revenue and operating profit performance across the board. Investments

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