Softbank Group

Softbank Group Q4 21 Results Reaction: The Tech Winter Is Here

Equity Bottom-Up
272 Views, 12 May 2022 19:39
EXECUTIVE SUMMARY
  • Softbank reported record losses, as expected, including some writedowns in the private portfolio. That may not be enough to assuage concerns with valuations still in free fall
  • Management says tech's day will come again and it is best to be more defensive for now, including a slower pace of investing, which we think is positive
  • Concern on weak tech and high leverage likely keep the discount in the mid-50s range.  There was nothing today to signal an inflection is at hand
detail (3-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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