While NAND Flash Demand Remains Brisk, Future of Nuclear Power is Blurring; Revising FVE to JPY 330
We have revised our fair value estimate for Toshiba’s shares to JPY 330 from JPY 420. While we believe that the business environment for NAND flash memory is improving, we expect that possible impairments of additional goodwill regarding the acquisition of CB&I Stone & Webster will severely damage Toshiba’s shareholders’ equity, and will require financial support by banks, which might cause dilution of existing shares. Our base-case scenario assumes that Toshiba will increase its shares...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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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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