New Street Research - SoftBank Corp. (9434) New Street: Softbank Corp (Buy, TP: ¥ 1,975, +35%) Q2 22 Quick take: Weak profits on network outage and electricity costs, but growth continues to improve

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New Street Research

Chris Hoare

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New Street: Softbank Corp (Buy, TP: ¥ 1,975, +35%) Q2 22 Quick take: Weak profits on network outage and electricity costs, but growth continues to improve

Revenue trend were better across the board, up 5.8% YoY (Q1: 0.4%) and ahead consensus by 2.3%. Adjusted EBITDA growth deteriorated to 10.3% (Q1: -8.4%) led by Consumer though it was 1.6% ahead of consensus.

04/11/2022 1 EN

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SoftBank Corp.

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JP3732000009 Japan

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Chris Hoare

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New Street: Softbank Corp (Buy, TP: ¥ 1,975, +35%) Q2 22 Quick take: Weak profits on network outage and electricity costs, but growth continues to improve

Tariffs: Smartphones, PC, semicap equipment, and others excluded - Our take

Getting over Tariffs – Step back. Rethink. Move on.

SoftBank investing $40bn in OpenAI: Our take.

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

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