Launching Coverage of Don Quijote With Narrow Moat and Stable Moat Trend Ratings; FVE of JPY 5,600
We initiate coverage of Don Quijote, or Donki, with a fair value estimate of JPY 5,600, and assign it narrow moat and stable moat trend ratings. The stock is trading at a slight 6% premium to our fair value estimate, although our earnings estimates are 12% above the 2017 guidance and 7% above consensus. The difference appears to lie in the profit contribution from a 40% stake in Uny, as Donki tends to guide toward a conservative outlook. We expect continued share gains, backed by its price leade...
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