Initiating Coverage of Sony With FVE of JPY 3,400 per Share
We are initiating coverage of Sony with a JPY 3,400 fair value estimate, and we assign a no-moat rating. Our fair value estimate implies a P/E ratio of 19.9 times and an enterprise value/EBITDA ratio of 3.6 times for fiscal 2018 (fiscal year ending March 2018). As have other Japanese cyclical stocks, Sony’s stock price bottomed in February, but has surged 45% since then, while the TOPIX index has risen only 9% over the corresponding period. We understand that Sony has outperformed the market bec...Sony is engaged in the development, design, production, manufacture, offer and sale of various kinds of electronic equipment, instruments and devices for consumer, professional and industrial markets such as network services, game hardware and software, televisions, audio and video recorders and players, still and video cameras, mobile phones, and semiconductors. Co. is engaged in the development, production, manufacture, and distribution of recorded music and the management and licensing of the words and music of songs as well as the production and distribution of animation titles. Co. is also engaged in the production, acquisition and distribution of motion pictures and television.
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