Lifting Sony’s FVE to JPY 4,600; While this Year’s Numbers Are Notable, Upside on Share Is Limited
We raise our fair value estimate of Sony to JPY 4,600 from JPY 4,200 as we revise our earnings forecasts for two major reasons. First, we lifted our long-term view of Sony’s CMOS image sensors, and second, we reassessed the contribution of Fate/Grand Order (a mobile game). As a result, our operating profit forecast is revised to JPY 700 billion from JPY 630 billion for fiscal 2018 (financial year ending March 2018), and JPY 605 billion from JPY 580 billion for fiscal 2022. This year’s profit wil...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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