Nissan Fiscal 2016 Down on Strong Yen but Ahead of Market Expectations; Maintaining $24 Fair Value
No-moat rated Nissan reported diluted earnings per share before special items (EPS) of JPY 165.94 for full-year fiscal 2016, beating the consensus of JPY 148.51 by a healthy margin and well ahead of the JPY 124.99 EPS reported in the same period last year. Nissan was adversely impacted by the yen strengthening 12% and 11% versus the euro and the U.S. dollar, respectively. However, global sales volume increased 6% driven primarily by an 8% lift in its largest region, North America, but also a 29%...
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