Revising Toshiba's FVE to JPY 400; Delisting Risk From TSE Has Dimmed After Capital Raising
We are raising our fair value estimate for Toshiba to JPY 400 per share from JPY 270 as we revise our earnings models to reflect all the latest information. While there are still some concerns, Toshiba has made progress in improving its corporate governance and reinforcing its balance sheet, and we believe it has survived the worst of potential uncertainties.Previously, our bear-case scenario valued Toshiba at JPY 0 per share, incorporating the delisting risk from the Tokyo Stock Exchange. Howe...
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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