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MarketScreener Homepage  >  Equities  >  Tokyo  >  Mitsubishi Corp    8058   JP3898400001

MITSUBISHI CORP

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Mitsubishi Corp : Mitsubishi Corporation to Develop Mega Solar Projects in Iwaki, Fukushima

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01/27/2013 | 08:14pm EDT

Mitsubishi Corporation (MC) is pleased to announce plans for the construction of a new solar power plant* in Iwaki City, Fukushima. The largest of its kind in the Tohoku region, the 12,000-kilowatt facility is expected to start operating from mid-2014. The project forms part of MC's overall strategic focus of developing its business in the renewable energies sector.

Known as one of the foremost industrial areas in the region and as well for being a major sightseeing area, Iwaki receives the highest amount of sunlight annually within Tohoku. MC is developing the mega solar project with full support from Nippon Kasei, as well as cooperation from the Fukushima Prefecture and Iwaki City governments. MC is simultaneously developing a 6,000-kilowatt mega solar project at the site of Onahama Petroleum Co., Ltd, a joint venture between MC and Tepco in Iwaki. Together, the two projects will constitute 18,000 kilowatts of solar power generation in total at Onahama.

MC will continue to cooperate with local governments and business partners to develop significant renewable energy businesses domestically along the lines of 'local energy production for local energy consumption'. This will help to raise Japan's energy self-sufficiency rate while at the same time nurture new industries, create employment and contribute to the overall revitalization of local communities. Projects of this nature also form a part of larger initiatives to combat global warming. Based on this policy, and including other planned mega solar power generation projects, MC is engaged in the production of some 130,000 kilowatts of power in total across the country, and is aiming to expand that capacity to 200,000 kilowatts by 2020.

*The solar plant will be located on the premises of the Onahama site, which is owned by Nippon Kasei Chemical Company Limited (Nippon Kasei), a joint investment company between MC and Mitsubishi Chemical Corporation.

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Financials (JPY)
Sales 2020 16 677 B
EBIT 2020 603 B
Net income 2020 655 B
Debt 2020 3 747 B
Yield 2020 4,58%
P/E ratio 2020 6,88x
P/E ratio 2021 6,59x
EV / Sales2020 0,50x
EV / Sales2021 0,48x
Capitalization 4 563 B
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Number of Analysts 11
Average target price 3 501,00  JPY
Last Close Price 2 921,50  JPY
Spread / Highest target 40,3%
Spread / Average Target 19,8%
Spread / Lowest Target -0,74%
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Managers
NameTitle
Takehiko Kakiuchi President, CEO & Representative Director
Ken Kobayashi Chairman
Mitsuyuki Takada Operations Manager & Executive Officer
Kazuyuki Masu Chief Financial Officer & Representative Director
Hidehiro Konno Independent Outside Director
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