Softbank Group : In defensive mode
SoftBank Group’s LTV ratio deteriorated from 12.4% to 20.4% in FY21 based on company definition, and from 17.6% to 29.1% as per our calculation (adding margin loans and secured debt in the holding net debt definition). The increase is primarily attributable to 1/ aggressive investments into mega fund SVF2 (SBG contributions totalled $ 41.4bn in FY21) 2/ falling valuation of tech companies on a context of a macro slowdown, rising inflation and interest rates, and 3/ the regulatory...SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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