Icahn’s Sale of American Railcar Leasing for $2.8 Billion Will Not Affect SMFG’s FVE
On Dec. 20, Sumitomo Mitsui Banking Corporation agreed to purchase the full ownership of American Railcar Leasing, or ARL, in a deal that values the business including debt at USD 2.78 billion.We retain our fair value estimate of JPY 4,200 per share, as we think the potential impact is limited to less than 2.5% of the group earnings estimate, or 3% of the group equity position. SMFG trades at about a 10% premium to our fair value estimate, as markets are already pricing in additional cost-reduc...
Sumitomo Mitsui Financial Group is a holding company of the group mainly engaged in the provision of finance services. Co. offers services include deposits, loans, securities transaction, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, security investment trust and insurance over-the-counter sales; leasing business; securities business; consumer finance, automobile sale finance business, venture capital business, business consulting, membership business, loan business, factoring, system development, information processing, money collection, swap related and investment adviser, among others.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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