New Street Research - Rakuten Inc. (4755) Rakuten (Reduce, TP: ¥400, -41%) Rakuten starts refinancing debt mountain due in 2024 and 2025

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New Street Research

Chris Hoare

EUR 9270.00 For Business Accounts Only

Rakuten (Reduce, TP: ¥400, -41%) Rakuten starts refinancing debt mountain due in 2024 and 2025

Rakuten announced plans to issue USD denominated senior notes due 2027 to repurchase up to USD 1 billion of its USD denominated debt due this year. The company also stated intentions to repurchase its JPY senior bonds (c. USD 712m due in 2024) in the near future.

26/01/2024 1 EN

Underlying

Rakuten Inc.

Rakuten is mainly engaged in the Internet-related business. Along with its affiliates, Co. operates in two business segments. The Internet Services segment is engaged in the operation of electronic commerce sites, including an Internet shopping mall "Rakuten Ichiba," an online cash back site, a travel booking site, portal sites and digital contents sites; the sale of advertising on Co.'s sites; the provision of messaging and communication services; and the management of a professional baseball team "Tohoku Rakuten Golden Eagles." FinTech segment is engaged in the provision of Internet banking services and online securities trading services, and the credit card and life insurance businesses.

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Analysts

Chris Hoare

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Rakuten (Reduce, TP: ¥400, -41%) Rakuten starts refinancing debt mountain due in 2024 and 2025

Rakuten (Reduce, TP: ¥400, -47%) Not on track to hit breakeven targets

Rakuten (Reduce, TP: ¥400, -54%) Our thoughts on the Reorganization of FinTech business

Asia Telco Tour Feedback, Improving growth, ROCE and shareholder remuneration

Further thoughts on a potential USM acquisition

NSR Policy Quick Hit: ACP Amendment to FAA Fails to Launch, but a New Path Emerges

NSR Policy: How will Government Review a TMUS/VZ Purchase of US Cellular?

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