Initiating Coverage of SoftBank Corp with a Narrow Moat and a JPY 1,100 FVE
We initiate coverage on SoftBank Corp, or SoftBank, with a narrow moat based on efficient scale, a negative moat trend based on expected increasing price pressure in the Japanese mobile market, and a JPY 1,100 per share fair value estimate, implying a 2019 P/E ratio of 11 times. At current prices, we believe it looks slightly overvalued. The company made its initial public offering, or IPO, in the Tokyo Stock Exchange on Dec. 19 2018 after parent company, SoftBank Group Corp, sold shares in the ...
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