Yahoo Japan’s Solid Guidance Will Relieve Market’s Concern of Increasing Cost; Shares Undervalued
Yahoo Japan’s new operating income guidance of JPY 140-150 billion is in line with our expectation, and thus we will retain our fair value estimate of JPY 360, along with our narrow moat rating. While the company expects 5% revenue growth for the new fiscal year, increasing costs for video ad development, data servers, e-commerce, and mobile payment, will offset its sales growth. So, we consider that marginal cost to achieve revenue growth is becoming larger than in the past, and therefore, we f...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.
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.
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