Mitsui & Co Ltd

8031: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	LOCK\|J^%	LOCK\|R#m	LOCK\|$#%%?k!

Mitsui’s 3Q Earnings Underpinned By Resources and Energy Businesses; Shares Remain Overvalued

Chokwai Lee

Feb 4, 2019

No-moat Mitsui’s cumulative nine-month fiscal 2019 (ending March) net profit of JPY 350 billion, down 6% year over year, was within our expectation. After fine-tuning our earnings model to incorporate our latest commodity price deck and lower dividend from Vale, we keep our fair value estimate of JPY 1,530. Our bearish view on the firm is unchanged given its high exposure to energy and mining businesses. We believe Mitsui’s profitability will be constrained by our below-consensus midcycle commodity price assumptions.

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Mitsui & Co Ltd

Mitsui’s 3Q Earnings Underpinned By Resources and Energy Businesses; Shares Remain Overvalued

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