Reinitiating Coverage of NSSMC with No-Moat, Stable Trend Ratings, FVE of JPY 1,990
We are reinitiating coverage on Nippon Steel & Sumitomo Metal Corp, or NSSMC, with a no-moat and stable moat trend ratings, along with a fair value estimate of JPY 1,990. Our fair value estimate implies a P/E ratio of 10.1 times and an EV/EBITDA ratio of 5.9 times in fiscal 2018 (ending March). We think the shares are overvalued at the current price. Despite our expectation of a gradual improvement in its profitability, we think it will continue to suffer from competition and overcapacity is...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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