Launching Coverage of Nissin Foods With Narrow Moat and Stable Moat Trend Ratings, FVE of JPY 6,600
We initiate coverage of Nissin Foods with a fair value estimate of JPY 6,600, and assign it narrow moat and stable moat trend ratings. Despite a rosy outlook in Brazil and China where earnings growth is expected to accelerate to double digits over the midterm, the upside seems to have been priced in, in our view. Our fair value estimate implies a fiscal 2018 (financial year ending March 2019) price/earnings of 26.7 times and enterprise value/EBITDA of 12 times, trading at a 10% premium to the se...Nissin Foods Holdings is a holding company. Through its affiliates, Co. is mainly engaged in the manufacture and sale of instant noodles and other food products in Japan and overseas. Co. manufactures cup and bag-type instant noodles under the names of "Chicken Ramen," "Cup Noodle," "Nissin-no-Donbei," "Demae Iccho," "Myojo Charumera, " "Myojo Ippeichan," and others. Co. also manufactures chilled and frozen food products including ramen noodles, yakisoba noodles, pasta, snacks, and cooked rice. In addition, Co., through its affiliates, is engaged in the manufacture and sale of confectionery and dairy products, the real estate business, and the operation of restaurants and golf courses.
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