Report
David Whiston, CFA, CPA, CFE
EUR 147.86 For Business Accounts Only

Toyota's Fiscal Second Quarter Again Hurt by Currency; We Like the Shift in EV Thinking

We are not changing our moat rating or fair value estimate for Toyota after the company reported fiscal 2017 second-quarter results that suffered greatly from a stronger yen against the dollar and many other currencies, likely in South America and Southeast Asia. Consolidated operating income for the quarter fell by JPY 352.7 billion, or 42.6%, year over year but increased by JPY 55 billion excluding foreign exchange headwinds and losses from swaps. Management’s cost-reduction efforts and positi...
Underlying
Toyota Motor Corp.

Toyota Motor is an automobile manufacturer. Co. is primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, sport-utility vehicles, trucks and related parts and accessories throughout the world. Co. provides financing, vehicle and equipment leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Co. Co.'s principal business segments are automotive operations, financial services operations and other operations. Co. sells its vehicles in approximately 190 countries and regions, and markets for its automobiles in Japan, North America, Europe and Asia.

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
David Whiston, CFA, CPA, CFE

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