ソフトバンクグループ: NAV ディスカウント： -50% (-29.3ppt YTD)： 株価 6.5千円 (+47.1% YTD) vs. NAV 13.0千円 (+133.4% YTD)

Research evidence excerpt

ソフトバンクグループ: NAV ディスカウント： -50% (-29.3ppt YTD)： 株価 6.5千円 (+47.1% YTD) vs. NAV 13.0千円 (+133.4% YTD)

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図表2: NAV discount and NAV breakdown by components (JPY bil)

Quarters NAV Net NAV

& now discount ARM Others debt (bil) (bil)

31-Mar-18 -59.2% 3,710 21,999 (4,499) 21,210

30-Jun-18 -54.5% 2,740 22,610 (6,260) 19,090

30-Sep-18 -34.2% 2,790 20,660 (4,460) 18,990

31-Dec-18 -63.3% 2,700 21,902 (2,902) 21,700

31-Mar-19 -49.2% 2,710 23,308 (3,708) 22,310

30-Jun-19 -47.8% 2,620 22,068 (4,188) 20,500

30-Sep-19 -58.1% 2,680 23,387 (4,540) 21,527

31-Dec-19 -58.4% 2,700 25,840 (4,800) 23,740

31-Mar-20 -63.9% 2,630 23,220 (3,580) 22,270

30-Jun-20 -52.5% 2,610 25,050 (3,020) 24,640

30-Sep-20 -58.5% 2,600 28,930 (3,640) 27,890

31-Dec-20 -42.4% 2,550 25,540 (4,020) 24,070

31-Mar-21 -39.8% 2,720 27,680 (3,710) 26,690

30-Jun-21 -49.7% 2,720 29,390 (5,120) 26,990

30-Sep-21 -45.6% 2,750 22,950 (4,810) 20,890

31-Dec-21 -52.2% 2,830 21,840 (5,320) 19,350

31-Mar-22 -51.8% 2,710 20,470 (4,720) 18,460

30-Jun-22 -55.1% 2,960 18,790 (3,150) 18,600

30-Sep-22 -54.6% 3,130 16,560 (2,960) 16,730

31-Dec-22 -40.4% 2,630 14,300 (3,080) 13,850

31-Mar-23 -46.3% 2,870 13,000 (1,750) 14,120

30-Jun-23 -36.2% 3,660 13,240 (1,350) 15,550

29-Sep-23 -37.1% 4,321 13,295 (2,862) 14,755

29-Dec-23 -53.4% 6,896 14,843 (1,940) 19,799

29-Mar-24 -53.9% 14,356 16,644 (2,490) 28,510

28-Jun-24 -57.7% 21,002 17,539 (2,550) 35,991

27-Sep-24 -55.9% 16,861 16,359 (2,980) 30,240

27-Dec-24 -56.8% 16,221 18,929 (4,130) 31,020

28-Mar-25 -56.0% 12,497 17,861 (4,330) 26,027

27-Jun-25 -56.5% 20,361 19,680 (6,748) 33,294

26-Sep-25 -14.4% 17,997 20,015 (6,640) 31,372

26-Dec-25 -18.8% 14,602 26,645 (10,025) 31,223

27-Mar-26 -43.0% 18,131 28,766 (7,696) 39,201

24-Apr-26 -34.6% 31,412 29,983 (9,804) 51,591