NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs
On an underlying basis, narrow-moat Nippon Telegraph and Telephone Corp's, or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51 billion...
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