NTT’s 1Q Result Slightly Below Expectations but Firm Will Continue to Take Costs Out
On an underlying basis, narrow-moat Nippon Telegraph and Telephone Corp's, or NTT’s, first-quarter fiscal 2018 (quarter ended June 2018) result was slightly below our expectations, and after small adjustments to our forecasts, we retain our fair value estimate at JPY 5,600 per share. Our fair value estimate implies a forward price/earnings multiple of 12.5 times, and the stock looks slightly undervalued at this price. We expect shareholders in the stock would be holding for the dividend, which w...Nippon Telegraph and Telephone and its subsidiaries conduct the following main business activities: regional communications (domestic intra-prefectural communication services and incidental services), principally operated by Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation; long-distance and international communications (domestic inter-prefectural communication services, international communication services and incidental services), principally operated by NTT Communications Corporation; mobile communications, principally operated by NTT DOCOMO, Inc.; and data communications, principally operated by NTT DATA CORPORATION.
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