Under 9984's site there is an Investor's Guide, and an Annual Report for year 1998 - www.softbank.co.jp/sbar98e.pdf. Glanced and found nothing dangerous, will read later. I will give the old Bloomberg a check on the 5 year chart today or tomorrow and note the historic high. Meantime, some summary info. My conclusion remains the same that 9984 is an investment holding company (Japanese stock market had it listed under wholesale/distribution) and its earnings from operations is not particularly relevant to valuation; even if it was, 9984 is simply more expansive than MSFT and less than AOL, and it is the only pure play in Tokyo.
... SOFTBANK ( 9984 - consolidated )
Selected Financial Statements 3/98 * 3/97 *
Net Sales 513,364(+42.7) 359,742(+110.3)
Operating Income 27,893(-8.8) 30,581(+115.1)
Pretax Income 24,271(-12.9) 27,877(+93.7)
Net Income 10,303(+13.3) 9,092(+56.9)
Dividends Per Share (yen) -- --
Total Assets 1,140,251(+6.5) 1,070,645(+78.8)
Note: Above figures in millions of yen, unless otherwise stated.
* Figures in parentheses indicate percentage change.
Key Ratios
Annual 3/98 3/97
Stockholders' Equity to Total Assets (%) 21.3 21.9
Earnings per Share (yen) 95.3 118.1
Return On Equity 4.2 3.9
Daily 4/6/99 4/5/99
Dividend Yield (%) 0.2 0.3
Price-To-Book Value Ratio 6.9 6.3
Price-To-Earnings Ratio 125.9 114.3 |
