Transferring Coverage of Toshiba with No-Moat Rating, Stable Trend, and FVE of JPY 420
We are transferring the coverage of Toshiba with no moat and stable trend rating. Our fair value estimate per share is revised to JPY 420, implying that the shares are currently fairly valued. Our fair value estimate implies a P/E ratio of 13.1 times and EV/EBITDA ratio of 5.3 times on fiscal year 2018 (fiscal year ending March 2018) basis.We expect solid demand growth for NAND flash memory, which comprises more than 40% of Toshiba’s profit, driven by both increasing digital data and replacemen...
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.
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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