Nissan Derives Scale From an Alliance That Makes the Group One of the World's Largest Automakers
No-moat-rated Nissan reported diluted earnings per share of JPY 81.59 for fiscal 2018, ended March 31, missing the JPY 102.32 consensus by JPY 20.73 but just shy of our JPY 82.00 EPS estimate. Consolidated revenue and unit volume declined 3.2% and 4.4%, respectively, while operating profit margin contracted 210 basis points to 2.7%, slightly better than our 2.4% estimate. The stock currently trades at a 43% discount to our JPY 1,480 ($26) fair value estimates. We think the 5-star-rated shares of...
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