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MarketScreener Homepage  >  Equities  >  Tokyo  >  SoftBank Corp    9434   JP3732000009

SOFTBANK CORP

(9434)
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Shareholder reshuffle at Italy's doValue cuts SoftBank stake, hands 9% to EJF

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01/08/2020 | 02:03pm EST
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

A shareholder reshuffle has cut SoftBank Group's stake in doValue, boosting the free float of Italy's biggest bad loan specialist and handing a 9.4% holding to hedge fund EJF Investments, a regulatory filing showed.

The changes stem from a decision by Eurocastle Investments to distribute the doValue shares in its fund directly to its shareholders following a campaign by EJF, which had asked Eurocastle to cash in on its investment in doValue.

A filing by Italian market regulator Consob late on Tuesday showed that top investor SoftBank Group, which held part of its stake in doValue through Eurocastle, now holds 26.9% of the company, down from 43.9% previously.

In a letter to the Eurocastle board in 2018, EJF had complained that the fund traded at a discount to its net asset value, half of which was represented by doValue, prompting Eurocastle to initially sell a 6% stake in doValue last August.

At the end of September, doValue managed 140 billion euros in impaired loans after growing rapidly in recent years as Italian banks offloaded 180 billion euros of debts that turned sour during a deep recession.

Forced by regulators to clean up their balance sheets, lenders have been selling problem loans to funds such as Fortress, which then hand management of such assets to firms like doValue.

DoValue has been ramping up its international presence through acquisitions, most recently securing a majority stake in the loan recovery unit of Greece's Eurobank in December.

Broker Berenberg on Tuesday said doValue was one of its four top picks among European mid-caps.

doValue shares fell 1.5% on Wednesday as Italy's all-share index gained 0.4%.

(Reporting by Valentina Za; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
DOVALUE S.P.A. -0.49% 12.24 Delayed Quote.0.00%
EJF INVESTMENTS LIMITED 0.00% 167.5 Delayed Quote.-2.05%
EUROBANK ERGASIAS S.A. -2.06% 0.9035 Delayed Quote.0.43%
EUROCASTLE INVESTMENT LIMITED -0.26% 7.82 Delayed Quote.-2.97%
SOFTBANK CORP End-of-day quote.
SOFTBANK GROUP CORP. -0.31% 4866 End-of-day quote.3.84%
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Financials (JPY)
Sales 2020 4 845 B
EBIT 2020 910 B
Net income 2020 507 B
Debt 2020 3 287 B
Yield 2020 5,89%
P/E ratio 2020 13,8x
P/E ratio 2021 13,3x
EV / Sales2020 2,11x
EV / Sales2021 1,99x
Capitalization 6 960 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 1 608,67  JPY
Last Close Price 1 468,00  JPY
Spread / Highest target 31,1%
Spread / Average Target 9,58%
Spread / Lowest Target -19,6%
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NameTitle
Ken Miyauchi Executive President, CEO & Representative Director
Masayoshi Son Chairman
Yasuyuki Imai Co-COO, Representative Director & Executive VP
Jun Shimba Co-COO, Representative Director & Executive VP
Kazuhiko Fujihara Chief Financial Officer & Director
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