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Softbank Group - The Great Unwinding Has Shifted from the Discount to Underlying Value

Gravity Works As WeWork Doesn't; Now Plan B

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Softbank and DT have restructured their June 2020 agreement on the sale of TMUS shares resulting in a similar value for Softbank’s TMUS stake but better optionality on the equity albeit with lower cash proceeds. That doesn’t justify a 10% move in Softbank shares today but with cash coming in markets may see this as a precursor to a buyback announcement. Alternatively, there has been such a lack of good news this quarter that any positive developments may be enough to generate some excitement. It was enough to narrow the discount from 47% to 41%, a level last seen in June but it may struggle to hold that level unless more good news follows.    </p>

Softbank and DT have restructured their June 2020 agreement on the sale of TMUS shares resulting in a similar value for Softbank’s TMUS stake but better optionality on the equity albeit with lower cash proceeds. That doesn’t justify a 10% move in Softbank shares today but with cash coming in markets may see this as a precursor to a buyback announcement. Alternatively, there has been such a lack of good news this quarter that any positive developments may be enough to generate some excitement. It was enough to narrow the discount from 47% to 41%, a level last seen in June but it may struggle to hold that level unless more good news follows.    

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