Launching Coverage of Lawson With No-Moat and Stable Trend Ratings and FVE of JPY 8,100
We initiate coverage of Lawson with a fair value estimate of JPY 8,100, along with no-moat and stable moat trend ratings. Our fair value estimate implies fiscal 2017 (financial year ending February 2018) price/earnings of 21 times, enterprise value/EBITDA of 7.8 times, and free cash flow yield of 1.7%. Increased marketing investment and capital expenditure have been weighing on Lawson’s profitability, while new initiatives to improve operation efficiencies and product offerings have yet to bear ...Lawson and its subsidiaries are mainly engaged in the operation of convenience store chains in Japan and overseas. As of Feb 28 2017, Co. maintains 12,575 stores in Japan and 1,156 stores in China, Thailand, Indonesia, the Philippines and the U.S. Co. is also engaged in the operation of a chain of small supermarkets that seeks to develop and manufacture high-value-added products, the sale of tickets for concerts, sports events, movies and others; the import and sale of compact discs and digital versatile discs; the provision of home delivery services of foods and daily goods through the Internet; the operation of multiplex theaters; and the financial and consulting businesses.
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