SoftBank’s Proclivity to Deal Leads to Loss of Narrow Moat; FVE Reduced to JPY 11,000
We reduce SoftBank’s moat rating from narrow to none. Given the increase in deal activity in what were previously seen as core businesses for SoftBank, we now view SoftBank as an investment holding company rather than an operating company and thus rate it as no-moat. While the weighted average moat weighting of the companies currently in the company’s portfolio would point toward a narrow-moat company, we no longer have confidence that SoftBank will continue to hold these companies over a 10-yea...SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.
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