Toshiba’s Mid-Term Earnings Targets Look Stretched; Shares Fairly Valued
We fine-tuned our earnings forecasts and retain our fair value estimate of JPY 3,800. After the accounting scandal and the huge impairment loss of the nuclear power business, which revealed a lack of corporate governance and financial discipline, Toshiba is busy divesting risky businesses and rebuilding its business portfolio under the new midterm "Toshiba next plan". We think Toshiba is making progress with restructuring, but its midterm earnings targets are too optimistic. While Toshiba plans ...Toshiba is engaged in the manufacture and sale of electronics and energy products. Along with its affiliates, Co. operates in six business segments: energy systems & solutions, infrastructure systems & solutions, retail & printing solutions, storage & electronic devices solutions, industrial ICT solutions, and others. Co. provides thermal power generation systems, nuclear power generation systems, water supply and sewerage systems, instrumentation and control systems, environmental systems, automatic railroad station equipment, transportation equipment, POS systems, small-signal devices, information technology ("IT") solution services, personal computers, tablets, televisions, and others.
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