NSSMC Will Acquire Remaining Stake in Nisshin Steel; FVE raised to JPY 2,510
Nippon Steel & Sumitomo Metal, or NSSMC, has announced that it will acquire the remaining 49% stake in Nisshin Steel through a share swap of 1 new NSSMC share for every 0.71 shares of Nisshin Steel. We have adjusted our forecasts accordingly, assuming that this deal will go through, and have increased our fair value estimate to JPY 2,510 (from JPY 2,480), mainly due to lower minority interests positively affecting its net income and balance sheet. Our no-moat and stable moat trend ratings ar...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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