reports
- Dan Baker
Morningstar | Softbank Has Slightly Above par Result; Possible Price C...
SoftBank Corp.'s third-quarter fiscal 2018 result (quarter ended December 2018) was slightly above our estimates with revenue increasing by 2.3% and operating income increasing by 23.6%. However, the big Japanese telecom issues of NTT DoCoMo’s upcoming price cuts and Rakuten’s entry remain to play out. Three months ago NTT DoCoMo foreshadowed price decreases that will return up to JPY 400 billion to customers and see operating profit decline with a target of recovering operating profit to cu...
- Dan Baker
Morningstar | SoftBank Waiting for NTT DoCoMo's Price Cuts to See if I...
Given its higher financial leverage and high dividend payout ratio, SoftBank will become the most leveraged way for investors to invest in the Japanese telecom market. If the Japanese mobile market can return to the cozy, stable oligopoly status that it has enjoyed for much of its history, SoftBank would likely provide investors with the highest returns of the large listed telecom companies. However, if the Government successfully reduces prices, either through influencing the incumbent operator...
- Dan Baker
Initiating Coverage of SoftBank Corp with a Narrow Moat and a JPY 1,10...
We initiate coverage on SoftBank Corp, or SoftBank, with a narrow moat based on efficient scale, a negative moat trend based on expected increasing price pressure in the Japanese mobile market, and a JPY 1,100 per share fair value estimate, implying a 2019 P/E ratio of 11 times. At current prices, we believe it looks slightly overvalued. The company made its initial public offering, or IPO, in the Tokyo Stock Exchange on Dec. 19 2018 after parent company, SoftBank Group Corp, sold shares in the ...
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