Morningstar - Z Holdings Corporation (4689) We Revise Down our FVE for Yahoo Japan to JPY 480 per Share

Report

Morningstar

Marie Sun

EUR 98.48 For Business Accounts Only

We Revise Down our FVE for Yahoo Japan to JPY 480 per Share

We revised down our fair value estimate for narrow moat-rated Yahoo Japan to JPY 480 per share from JPY 500 after increasing our forecast of advertising and promotion expenses for fiscal 2018, which implies forward fiscal 2018 P/E of 22.8 times, enterprise value/EBITDA of 10.5 times, and a free cash flow yield of 4.1%. Yahoo Japan announced that it would increase sales promotion costs by 44% in fiscal 2018 to JPY 51 billion, in which 60% is for Yahoo Shopping and Yahuoku, 30% for financial, paym...

04/05/2017 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

Marie Sun

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We Revise Down our FVE for Yahoo Japan to JPY 480 per Share

PSA Strategy: Japan Stock Market Quarterly for 2025 Q4

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

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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