NTT’s 4Q on Track with Big Dividend Increase Planned this Year

Nippon Telegraph and Telephone Corp's, or NTT’s, fourth-quarter fiscal 2016 (quarter-ending March 2017) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Note the company delisted from the NYSE on April 3, 2017, with ADRs trading only on the U.S. over-the-counter market. Our fair value estimate implies a forward P/E multiple of 12.5. Fourth-quarter revenue was down 0.5% with operating income fl...