Nissan 2Q 2018 Results Remain Weak, Outlook Confirmed; Maintaining JPY 1,480 FVE
No-moat-rated Nissan reported second-quarter fiscal 2018, ended Sept. 30, diluted earnings per share of JPY 33.35, just slightly better than the consensus of JPY 33.05 by JPY 0.30, but JPY 2.85 lower than the JPY 36.20 EPS reported last fiscal year. While consolidated revenue slid by 3%, unit volume dropped 10%, and operating profit margin contracted 160 basis points to 4.0%. The stock currently trades at a 30% discount to our JPY 1,480/$26 fair value estimates. We think the 4-star-rated shares ...
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