Raising Near-Term Commodity Prices, but Long-Term Outlook Unchanged; Mitsui’s FVE Intact
We are raising our near-term commodity price assumptions, taking into account the near-term price strength and stronger fundamentals. Nonetheless, our fair value estimate of JPY 1,050 per share for Mitsui is intact, given that our long-term price outlook remains unchanged. Our fiscal 2017-21Â earnings forecasts for Mitsui are also largely unchanged. We retain our view that the company has no moat, as on average, its commodity assets do not have a cost advantage. At current prices, Mitsui looks ov...Mitsui & Co. is a general trading company engaged in a range of global business activities including worldwide trading of various commodities, arranging financing for customers and suppliers in connection with Co.'s trading activities, organizing and coordinating industrial projects, participating in financing and investing arrangements, assisting in the procurement of raw materials and equipment, providing new technologies and processes for manufacturing, and coordinating transportation and marketing of finished goods. Americas, Europe, the Middle East and Africa, and Asia Pacific trade in various commodities and conduct related business led by overseas trading subsidiaries in each region.
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