Launching Coverage of FamilyMart Uny With No-Moat and Stable Trend Ratings, and FVE of JPY 6,600
We initiate coverage of FamilyMart with a fair value estimate of JPY 6,600, representing a slight premium to its current share price. We rate FamilyMart as having no moat with a stable moat trend. Our fair value estimate implies fiscal 2018 (fiscal year ending February 2019) price/earnings of 23 times, enterprise value/EBITDA of 11 times, and free cash flow yield of negative 1.5%. FamilyMart recently completed a merger with peer Uny, but we think cost savings generated from the merger are unlike...FamilyMart UNY Holdings is a holding company mainly engaged in the operation of convenience chain stores and general merchandise stores. Convenience Store segment is involved in the operation of convenience chain stores under the name of "FamilyMart" throughout Japan as well as in Taiwan, Thailand, China, Viet Nam, Indonesia, the Philippines and Malaysia through direct management and franchise systems. General Merchandise Store segment is engaged in the operation of general merchandise stores under the names of "APITA" and "PIAGO" in Tokai, Kanto, Hokuriku, Koshinetsu, Kansai and Tohoku regions as well as in Hong Kong. As of Feb 28 2017, Co. maintains total 24,710 stores.
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