NTT’s Full-Year Slightly Below Expectations but Positive Board Changes Planned; FVE Cut to JPY 5,200
On an underlying basis, narrow-moat Nippon Telegraph & Telephone Corp's, or NTT’s, fiscal 2018 (year ending March 2019) result was slightly below our expectations as was the company’s guidance for fiscal 2019. We make slight downgrades to our earnings forecasts and reduce our fair value estimate to JPY 5,200 per share from JPY 5,400 previously. Our fair value estimate implies a forward price/earnings multiple of 11.6 times and a 3.7% dividend yield with the stock looking slightly undervalued...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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