NTT’s First Quarter 2016 Boosted by Depreciation Changes but on Track; FVE Retained at JPY 5,900
Nippon Telegraph and Telephone Corp's, or NTT’s, first-quarter fiscal 2016 (quarter-ending June 2016) result was broadly in line with our expectations and we retain our existing earnings forecasts and fair value estimate of JPY 5,900 per share and USD 54 per ADR. Our fair value estimate implies a forward P/E multiple of 16.4. First-quarter revenue was up 0.4% with operating income up 36% and net income up 26%. Excluding lower depreciation due to a change in accounting method, we estimate operati...
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