NSSMC’s Fiscal 2018 Results Largely in Line; Raised Dividend; FVE Raised to JPY 2,480
We raised our fair value estimate for Nippon Steel & Sumitomo Metal, or NSSMC, to JPY 2,480 from JPY 2,090, following a revision and rolling forward of our valuation model as well as incorporating our latest commodities price forecast. Our no-moat and stable moat trend ratings on the firm remains intact. NSSMC’s fiscal 2018 (ending March) pretax profit, or EBT (excluding extraordinary items), increased by 70.5% year over year to JPY 297.5 billion from JPY 174.5 billion in fiscal 2017, and wa...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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