Relaunching Coverage of Seven & I With Narrow Moat and Stable Trend Ratings, and FVE of JPY 5,300
We reinitiate coverage of Seven & I Holdings with a fair value estimate of JPY 5,300, along with narrow moat and stable moat trend ratings. Our fair value estimate implies a fiscal 2017 (financial year ending February 2018) price/earnings ratio of 24 times, enterprise value/EBITDA of 8.4 times, and free cash flow yield of 1.2%. The convenience-store business will remain the key sales growth driver, while earnings will be boosted by declining exposure to underperforming superstore and departm...Seven & i Holdings is a holding company mainly engaged in the retail business. Co.'s business segments are convenience stores, superstores, department stores, food services, finance related, mail order & e-business and others. Co. is engaged in the operation of direct and franchise convenience stores called "7- Eleven." As of Feb 28 2018, Co. maintains total of 20,260 convenience stores throughout Japan. Co. is also engaged in the operation of supermarkets, specialty stores, full-service and fast food restaurants, meal provision service business to company cafeterias, hospitals and schools, banking and credit card services, leasing business, as well as the provision of IT business.
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