Launching Coverage of Japan Tobacco With Wide Moat and Negative Moat Trend Ratings; FVE of JPY 3,750
We initiate coverage of Japan Tobacco with a fair value estimate of JPY 3,750, and assign it wide moat and negative moat trend ratings. The stock is trading at a 23% discount to our fair value estimate, although our earnings projections are 1%-7% below the consensus over the next three years. The current share price seems to imply flat earnings over the next five years, whereas we expect that growth in emerging markets, combined with prices hikes and share recovery in Japan, will sustain low-sin...
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.
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