Daikin’s First Nine-Month Fiscal 2018 Results Aided By Tax Benefit; Shares Remain Overvalued
No-moat Daikin’s cumulative nine-month fiscal 2018 (ending March 2018) net profit of JPY 153.9 billion was up 22.8% year over year, beating our expectation mainly due to a refund on tax expense following the reduction of the U.S. corporate tax. We raise our fair value estimate to JPY 9,300 from JPY 9,000 after lowering our long-term corporate tax rate assumption to 28% from 30%. Despite the higher fair value estimate, we believe Daikin remains overvalued at the current stock price, as we expect ...
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.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.