reports
- Dan Baker
SoftBank’s Fiscal 2018 Result Below Expectations; FVE Decreased to J...
Softbank’s underlying fiscal 2017 (quarter ending March 2018) result was below expectations with the domestic telecom business reporting a slight increase in revenue but an operating profit decline of 5.1%, dampening underlying group operating profit which declined 2.5% year over year (ex-SoftBank Vision Fund). The reductions in the operating profit from ARM and the domestic telecom business were the main drivers of the consolidated operating profit decline and Rakuten’s potential entry into...
- Dan Baker
SoftBank to Benefit from Sprint T-Mobile Merger if it Goes Ahead; FVE ...
We lift our SoftBank fair value estimate to JPY 12,300 per share from JPY 11,900 per share, on the back of the announced merger agreement between Sprint and T Mobile. In assessing the Sprint-T-Mobile merger we apply a 50% chance that the merger will attain regulatory approval and we factor in around 50% of the mooted USD 43 billion of synergy benefits to the combined T-Mobile group. Our experience has been that not all those savings will be kept by the combined company. We expect some of the sav...
- Dan Baker
Sprint and T-Mobile US Attempt to Merge Again, but Regulatory Approval...
Sprint and T-Mobile US announced on April 29 that they have agreed to merge. T-Mobile will pay 0.10256 share of its stock for each Sprint share, which values Sprint at a stock price of about $6.62 (based on the April 27 closing price for T-Mobile), a market capitalization of $26 billion, and an enterprise value of $59 billion. The combined company, which will retain T-Mobile's brand and chairman, CEO, and COO, will have an enterprise value of $146 billion. Deutsche Telekom will control 42% of th...
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