NS’s FY19 Largely in Line While Balance Sheet Weaker than Expected; FVE Lowered to JPY 2,000
We lowered our fair value estimate for Nippon Steel, or NS, to JPY 2,000 from JPY 2,300 after factoring in higher raw material prices from our latest commodities price deck, higher net debt and lower investments on its balance sheet. The higher net debt is due to the higher working capital requirements and acquisitions. In addition, the recent change in accounting standards to IFRS also resulted in higher capital expenditure and the change in the scope of consolidation of the newly acquired Sany...Nippon Steel & Sumitomo Metal and its affiliates are mainly engaged in the manufacture and sale of steel products, chemicals and nonferrous metals. Co. is also involved in the engineering and construction works; the manufacture and sale of semiconductor components and materials, electronic components and materials, metal-processed products, and ceramic components and materials; the manufacture and sale of chemicals products, coke and coal tar chemicals products and electronic materials; and the provision of engineering and consulting services pertaining to computer systems.
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