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Nissan Motor Co Ltd ADR NSANY Stock Quote

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Morningstar‘s Stock Analysis NSANY

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Is it the right time to buy or sell?

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Nissan's Fiscal Q2 Results Show Turnaround Progress, 2022 Guidance Raised; FVE Increase to JPY 1,550

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Nissan reported fiscal second-quarter 2022 (fiscal year 2022 ends March 2023) earnings per share before special items of JPY 10.59, missing the FactSet consensus of JPY 13.14 by JPY 2.55 and JPY 3.24 lower than the JPY 13.83 reported a year ago due to a slight increase in shares and higher tax rate. While automotive revenue increased 35% to JPY 2.27 trillion, consolidated volume plunged 16% to 502,967 vehicles. The revenue percent change outperformed volume as average revenue per unit soared 61%. Pricing, mix, and favorable currency were partially offset by the Ukraine crisis, chip shortage, and China COVID-19 lockdowns. Consolidated revenue of JPY 2.52 trillion also beat consensus of JPY 2.37 trillion by 7%. Due to the time value of money and changes to our model, we raised our fair value estimate to JPY 1,550 from JPY 1,490. The 5-star-rated Nissan shares currently trade at a 68% discount to our new fair value. For long-term investors with patience for a turnaround situation, we think the shares offer compelling value.

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Key Statistics NSANY

Company Profile NSANY

Business Description

While Nissan annually sells about 4 million vehicles, total calendar 2021 Renault-Nissan-Mitsubishi alliance sales volume of 7.9 million vehicles makes the alliance the third-largest vehicle group in the world, behind Toyota at 10.5 million and Volkswagen at 8.6 million vehicles sold. Nissan's financial services subsidiary provides consumers with auto loans and leases. In addition, the subsidiary also finances Nissan's sales to its dealerships (known as floor-plan financing). Nissan is 43.4% owned by French automaker Renault, while Nissan in turn owns 15% of Renault. Nissan also has a controlling 34% interest in Mitsubishi Motors.

1-1, Takashima 1-chome, Nishi-ku, Yokohama-shi
Kanagawa, 220-8686, Japan
Industry Auto Manufacturers
Most Recent Earnings Sep 30, 2022
Fiscal Year End Mar 31, 2022
Employees 149,854

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