NTT’s 2Q in Line but Medium-Term Guidance Looks Aggressive
On an underlying basis, narrow-moat Nippon Telegraph and Telephone Corp's, or NTT’s, second-quarter fiscal 2018 (quarter-ending September 2018) result was in line with our expectations but we lower our fair value estimate to JPY 5,400 from JPY 5,600 per share on the back of subsidiary NTT DoCoMo’s medium-term plan which will see its operating profit lower in fiscal 2019 and only recover in fiscal 2023. Our fair value estimate implies a forward price/earnings multiple of 11.7 times and the stock ...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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