Softbank Corp

Softbank Corp Q4 21 Results Reaction: Behind the Headlines, Disappointing Guidance

Equity Bottom-Up
252 Views, 11 May 2022 20:02
EXECUTIVE SUMMARY
  • Softbank Corp will meet its mid-term business plan commitment of ¥1,000bn in FY22 operating income but it needs a boost from valuation gains from PayPay to get there
  • Operationally, it is forecasting a 11% EBITDA decline driven by mobile revenue erosion and higher marketing expense with the lack of a growth contribution from Z Holdings apparent
  • The good news is the dividend is unchanged.  We expect a better story from NTT and KDDI later in the week but stable returns provide support
detail (4-minute read)
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Kirk Boodry
Telco/Internet specialist
Redex Research
JapanInformation Technology & Communication ServicesEquity Bottom-UpThematic (Sector/Industry)

Kirk Boodry has 20+ years as a sell-side analyst including time in NY, Tokyo, London and Singapore. He first started cov... 

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