NSSMC’s 2020 Midterm Plan Mainly Focuses on Steel; FVE Lowered to JPY 2,090; Shares Overvalued
We see little in Nippon Steel & Sumitomo Metal Corp’s, or NSSMC’s, 2020 Midterm Management Plan, which runs from fiscal 2019 (ending March) to fiscal 2021, that will change our view on the firm. We think NSSMC remains overvalued and we reduce our fair value estimate to JPY 2,090 (from JPY 2,130) mainly due to a higher-than-expected capital expenditures guidance, which lowers our free cash flow assumptions. Our no-moat and stable moat trend ratings remain.Among the key initiatives in this ne...
Nippon Steel & Sumitomo Metal and its affiliates are mainly engaged in the manufacture and sale of steel products, chemicals and nonferrous metals. Co. is also involved in the engineering and construction works; the manufacture and sale of semiconductor components and materials, electronic components and materials, metal-processed products, and ceramic components and materials; the manufacture and sale of chemicals products, coke and coal tar chemicals products and electronic materials; and the provision of engineering and consulting services pertaining to computer systems.
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