Nissan's Fiscal 2018 Results Weak, 2019 Outlook Disappointing; Maintaining JPY 1,480 FVE
No-moat-rated Nissan reported diluted earnings per share of JPY 81.59 for fiscal 2018, ended March 31, missing the JPY 102.32 consensus by JPY 20.73 but just shy of our JPY 82.00 EPS estimate. Consolidated revenue and unit volume declined 3.2% and 4.4%, respectively, while operating profit margin contracted 210 basis points to 2.7%, slightly better than our 2.4% estimate. The stock currently trades at a 43% discount to our JPY 1,480 ($26) fair value estimates. We think the 5-star-rated shares of...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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