Morningstar - Z Holdings Corporation (4689) Transferring Coverage of Yahoo Japan With FVE of JPY 520, Narrow Moat, and Negative Trend Ratings

Report

Morningstar

Kazunori Ito

EUR 101.80 For Business Accounts Only

Transferring Coverage of Yahoo Japan With FVE of JPY 520, Narrow Moat, and Negative Trend Ratings

We are transferring coverage of Yahoo Japan, and we revise our fair value estimate to JPY 520 from JPY 496. Our new fair value estimate implies 10 times enterprise value/EBITDA on a fiscal 2019 basis (fiscal year ending March 2019). Launched in 1996, Yahoo Japan has become the largest portal site in Japan, and advertising revenue from the portal site has been delivering excess returns on capital to the company for years. While we believe that Yahoo will maintain its leading position in PC browsi...

30/10/2017 13 EN

Underlying

Z Holdings Corporation

Yahoo Japan is engaged in the provision of Internet advertising and e-commerce services. Media Business segment provides marketing and advertising services including paid search, display, in-feed video advertising and other advertising-related services for corporations; and Yahoo! News and media-related services. Commerce Business segment provides e-commerce related services including YAHUOKU! (net auction site), Yahoo! Shopping, ASKUL, LOHACO and other shopping websites; membership services including Yahoo! Premium, Yahoo! BB and other services; and financial and payment-related services including credit card, e-money, foreign exchange margin trading and other related services.

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JP3933800009 Japan

Provider

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.

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Analysts

Kazunori Ito

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Transferring Coverage of Yahoo Japan With FVE of JPY 520, Narrow Moat, and Negative Trend Ratings

LY Corp (Buy, TP: ¥585, +25%) Q3 FY23 Quick Take: Strong EBITDA beat; upgraded EBITDA guidance

LY Corp (Buy, TP: ¥585, +33%) Q2 FY23 Quick Take: Better trends and a strong EBITDA beat

Z Holdings (Buy, PT: ¥585, +53%) Q1 FY23 Quick Take: Strong EBITDA beat; cost efficiency remains priority for FY23

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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