Initiating LINE with No Moat, Positive Trend, and FVE of JPY 4,100/USD 39; Stock Looks Overvalued
We are initiating coverage of LINE with a fair value estimate of JPY 4,100 per share or USD 39 per ADR and a very high uncertainty rating. We think LINE has no moat given lack of a proven model for generating economic return from its customer base. However, we believe the company has a positive moat trend and expect it to build up a moat based on network effect in the future if it can continue to grow its customer base in its key markets.ÂLINE launched its mobile messaging app in Japan after th...
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