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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Showa Denko K.K.    4004   JP3368000000

SHOWA DENKO K.K.

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Hitachi plans to sell Hitachi Metals in a deal worth over $6 bln - sources

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09/29/2020 | 04:28am EDT
A logo of Hitachi Ltd. is pictured at the CEATEC JAPAN 2017 in Chiba

Hitachi Ltd plans to launch a sale of its materials unit as early as next month in a deal that could be worth more than 700 billion yen ($6.6 billion), three people with knowledge of the matter said. Hitachi is planning to sell its 53% stake in Hitachi Metals Ltd, which makes components for cars and industrial equipment, said the sources who declined to be named as they were not authorised to speak to the media.

Other minority shareholders in the Hitachi unit are expected to sell their stakes to a winning bidder, the sources said, adding that Hitachi Metals would eventually be delisted from the Tokyo bourse. Hitachi Metals had a market value of about 700 billion yen ($6.63 billion) based on Tuesday's close. A buyout would exceed that amount given a premium would be expected.

Hitachi has retained Goldman Sachs Group to advise on the sale while Hitachi Metals has hired Bank of America, the people said. Spokespeople for the two banks declined to comment.

Hitachi and Hitachi Metals declined to comment. The conglomerate said in August it was considering various options for the metals unit.

Japanese conglomerates are driving the country's M&A rebound as they reorganise. Deals taking businesses private have amounted to $41.8 billion this year, up 34% year on year, according to Dealogic.

On Tuesday state-backed Nippon Telegraph and Telephone Corp (NTT) announced it planned to take its wireless carrier business NTT Docomo Inc private in a deal worth 4.25 trillion yen.

The sale of Hitachi Metals is the latest of Hitachi's divestiture of businesses.

Hitachi sold chemical unit Hitachi Chemical Co to Showa Denko and a diagnostic imaging business to Fujifilm Holdings Corp in December last year.

Previously, Hitachi sold semiconductor equipment maker Hitachi Kokusai Electric and power tool unit Hitachi Koki, both to KKR. It also sold car navigation maker Clarion Co to France's Faurecia SA.

(Reporting by Junko Fujita in Tokyo and Kane Wu in Hong Kong; Editing by Simon Cameron-Moore and Jason Neely)

By Junko Fujita and Kane Wu


Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.81% 23.85 Delayed Quote.-32.28%
FAURECIA SE -3.87% 36.01 Real-time Quote.-25.03%
FUJIFILM HOLDINGS CORPORATION 0.11% 5440 End-of-day quote.4.02%
HITACHI CAPITAL CORPORATION -0.21% 2332 End-of-day quote.-19.00%
HITACHI METALS, LTD. -0.52% 1532 End-of-day quote.-5.02%
HITACHI, LTD. -0.71% 3642 End-of-day quote.-21.27%
KKR & CO. INC. -1.89% 35.81 Delayed Quote.22.76%
KOKUSAI CO., LTD. 0.36% 835 End-of-day quote.9.72%
NIPPON TELEGRAPH AND TELEPHONE CORPORATION 0.90% 2250 End-of-day quote.-18.39%
NTT DOCOMO, INC. 0.00% 3889 End-of-day quote.28.01%
SHOWA CORPORATION 0.04% 2293 End-of-day quote.0.92%
SHOWA DENKO K.K. -1.87% 1893 End-of-day quote.-34.70%
THE CARLYLE GROUP INC. -1.83% 25.77 Delayed Quote.-19.67%
THE GOLDMAN SACHS GROUP, INC. -2.71% 195.68 Delayed Quote.-14.90%
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Financials
Sales 2020 972 B 9 279 M 9 279 M
Net income 2020 -90 451 M -863 M -863 M
Net Debt 2020 864 B 8 241 M 8 241 M
P/E ratio 2020 -3,11x
Yield 2020 1,41%
Capitalization 281 B 2 683 M 2 685 M
EV / Sales 2020 1,18x
EV / Sales 2021 0,81x
Nbr of Employees 33 805
Free-Float 94,6%
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 2 672,86 JPY
Last Close Price 1 929,00 JPY
Spread / Highest target 113%
Spread / Average Target 38,6%
Spread / Lowest Target 1,09%
EPS Revisions
Managers
NameTitle
Kohei Morikawa President, CEO & Representative Director
Hideo Ichikawa Chairman
Motohiro Takeuchi CFO, Representative Director & Head-Accounting
Hiroshi Sakai Director & Chief Technology Officer
Masaharu Oshima Independent Outside Director
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