Untimely Overseas Investments in Rising Interest Rates, Reducing MEC's FVE to JPY 2,100
We reduce our fair value estimate for Mitsubishi Estate Corporation, or MEC, to JPY 2,100 per share, from JPY 2,200 per share previously, representing 1.6 times to our forward book value estimate. Our updated assumption on interest rate increases and reduced earnings contribution from its overseas business segments will lead to a lower return on equity assumption at 5.0% and a lower return on invested capital assumption at 3.0% against our cost of capital assumption at 5.1%. Our latest assumptio...
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