Alibaba drives SoftBank’s FVE Up; SoftBank on the Acquisition Trail for the Vision Fund
Two increases to our Alibaba valuation since SoftBank’s full-year result have driven up our SoftBank fair value estimate to JPY 11,000 from JPY 8,900 per share. We retain our narrow moat rating, based on the company’s stake in wide-moat Alibaba; its wholly owned ARM Holdings semiconductor business, to which we also gave a wide moat prior to the takeover; its domestic telecom business, to which we would give a narrow moat; and its 36% stake in Yahoo Japan, to which we give a narrow moat rating. T...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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