Nissan 3Q 2018 Results Remain Weak, Outlook Reduced: Maintaining JPY 1,480 FVE
No-moat Nissan reported third-quarter fiscal 2018, ended Dec. 31, diluted earnings per share before special items of JPY 18, missing the consensus of JPY 32.18 by JPY 14.18, and JPY 24.14 lower than the JPY 42.14 EPS reported last fiscal year. Consolidated revenue and unit volume increased 6% and 5%, respectively, while operating profit margin expanded 50 basis points to 3.4%. The stock currently trades at a 38% discount to our JPY 1,480/$26 fair value estimates. We think the 4-star-rated shares...Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.
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