Toyota's Foreign-Exchange Problems in Fiscal 2017's First Quarter Are Not a Surprise
We do not see a reason to change our fair value estimate or moat rating for Toyota after the company reported a good start to fiscal 2017 excluding a large currency headwind from the stronger yen against the dollar and various Asian currencies. Diluted EPS fell year over year by 12.8% to JPY 179.11 but still easily beat consensus, while non-financial-services revenue fell by 5.6% and total revenue declined by 5.7%. Toyota is highly exposed to currency movements due to continuing to have its cons...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.
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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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