NTT's wholesaling of its fibre network and general cost-cutting are improving returns.
Nippon Telegraph and Telephone Corp's, or NTT’s, fourth-quarter fiscal 2016 (quarter-ending March 2017) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Note the company delisted from the NYSE on April 3, 2017, with ADRs trading only on the U.S. over-the-counter market. Our fair value estimate implies a forward P/E multiple of 12.5. Fourth-quarter revenue was down 0.5% with operating income flat...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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