Morningstar - East Japan Railway Company (9020) East Japan Railway: Tailwinds From Non-Traditional Railway Services, Lifting FVE to JPY 11,800

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Morningstar

Mari Kumagai

EUR 101.80 For Business Accounts Only

East Japan Railway: Tailwinds From Non-Traditional Railway Services, Lifting FVE to JPY 11,800

We're increasing our fair value estimate for East Japan Railway to JPY 11,800 from JPY 10,600 per share, representing a price to forward earnings of 16 times and an enterprise value to forward EBITDA of 9.1 times. These valuation metrics stay about 10% below its five-year historical average and stay behind the level seen among its global peers with the average price to forward earnings of 20 times and the average enterprise value to forward EBITDA of 14 times. Its shares are trading at an 11% di...

24/07/2017 14 EN

Underlying

East Japan Railway Company

East Japan Railway is mainly engaged in the transportation business. Co. operates railway routes covering mainly in the Kanto area and the Tohoku area totaling of 7,457.3 km of railway with 1,665 stations, 11,506 standard rolling stocks and 1,370 bullet Train rolling stocks as of Mar 31 2017. Co. establishes commercial space in the railway stations and operates restaurants, retail stores, cafes, convenience stores and shopping centers; and leases office buildings located in the railway stations and surrounding areas. Co. is also engaged in hotel business, advertising agency, travel operations, wholesale, truck delivery, information processing, cleaning, as well as credit card business.

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JP3783600004 Japan

Provider

Morningstar

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.

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Analysts

Mari Kumagai

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East Japan Railway: Tailwinds From Non-Traditional Railway Services, Lifting FVE to JPY 11,800

PSA Market Strategy: Japan Perspective for 2023

PSA Market Strategy: The Japan Perspective 2022

With a more favourable environment, EAST JAPAN RAILWAY improves to Positive

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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