Report
Allan C. Nichols
EUR 100.00 For Business Accounts Only

SoftBank to Benefit from Sprint T-Mobile Merger if it Goes Ahead; FVE Increased to JPY 12,300

We lift our SoftBank fair value estimate to JPY 12,300 per share from JPY 11,900 per share, on the back of the announced merger agreement between Sprint and T Mobile. In assessing the Sprint-T-Mobile merger we apply a 50% chance that the merger will attain regulatory approval and we factor in around 50% of the mooted USD 43 billion of synergy benefits to the combined T-Mobile group. Our experience has been that not all those savings will be kept by the combined company. We expect some of the sav...
Underlying
Sprint Corp.

Sprint is a holding company. Through its subsidiaries, the company is a communications company providing wireless and wireline communications products and services to consumers, businesses, government subscribers, and resellers. The company has two segments: Wireless, which provides wireless services on a postpaid and prepaid payment basis to retail subscribers and also on a wholesale basis, including the sale of wireless services that utilize the company's network but are sold under the wholesaler's brand; and Wireline, which provides a suite of wireline communication services to other communications companies and targeted business customers, as well as voice, data and internet protocol communication services.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Allan C. Nichols

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