Shareholder Value per Share

as of Feb. 18, 2019 16:00 (JST)

Shareholder
value
*1

20,020
yen/share

Enterprise value
(SOTP)
*2

23,337
yen/share

Net debt*3
 

3,317
yen/share

(Reference)

Share price 10,375 yen
LTV (Loan to value)*4 14 %

Details:

Enterprise value (SOTP)
Alibaba (updated daily) 11,126 yen/share
SoftBank Corp. (updated daily) 3,881 yen/share
Sprint (updated daily) 2,579 yen/share
Yahoo Japan (updated daily) 525 yen/share
Arm 2,492 yen/share
SoftBank Vision Fund (updated quarterly) 2,488 yen/share
Others (updated quarterly) 245 yen/share
Shares issued (excl. treasury shares) 1,090 million shares
USD/JPY 110.46
[Notes]
  • *1
    Shareholder value
    • Shareholder value = Enterprise value (SOTP) - Net debt
    • Shareholder value per share = Shareholder value / Shares issued (excl. treasury shares)
  • *2
    Enterprise value (SOTP) (= Equity value of holdings)
    • Alibaba: calculated by multiplying the number of Alibaba shares held by SBG (excluding those pledge for Mandatory Exchangeable Trust Securities) by the share price of Alibaba
    • SBKK: calculated by multiplying the number of SBKK shares held by SBG by the share price of SBKK
    • Sprint: calculated by multiplying the share price of T-mobile US, Inc. by the exchange ratio: 0.10256 on the premise of a future merger
    • Yahoo Japan: calculated by multiplying the number of Yahoo Japan shares held by SBG by the share price of Yahoo Japan
    • Arm: calculated based on the acquisition cost, excluding the number of Arm shares held by SVF at December 31, 2018
    • SVF: calculated by the sum of (a) and (b) as follows
      (a) SVF: Value equivalent to SBG's portion of SVF's holding value + Performance Fee accrued and payable to SBG, etc
      (b) Transfer Assets to SVF from SBG and Delta Fund: Value of unlisted shares, which are currently held by SBG or Delta Fund and planning to be transferred to SVF after January 2019, is calculated by the estimated value equivalent to SBG's portion of SVF's future holding value at completion of the respective transfer
    • Others: calculated mainly based on fair value of unlisted shares, etc held by SBG
  • *3
    Net debt
    • Net debt = Net interest-bearing debt = Consolidated net interesting-bearing debt - Non-recourse net debt to SBG
    • Consolidated net interesting-bearing debt = Consolidated interest-bearing debt - Consolidated cash position, etc.
    • Consolidated interest-bearing debt: excluding deposits for banking business (The Japan Net Bank) and adjust (c), (d), and (e) as follows
      (c) JPY Hybrid Bonds issued in September 2016: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity
      (d) USD Hybrid Notes issued in July 2017: 50% of outstanding amount, which is recorded as equity in consolidated B/S, is treated as debt
      (e) JPY Hybrid Loan executed in November 2017: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity
    • Consolidated cash position, etc.: excluding cash position of banking business (The Japan Net Bank) and considering the estimated impacts of (f), (g), and (h) as follows
      (f) Estimated tax payment related to disposal of the shares of SBKK
      (g) Estimated cash proceeds and capital call payment related to the assets transfer to SVF from SBG and Delta Fund after January 2019
      (h) Future proceeds from sale of Supercell shares
    • Non-recourse net debt to SBG: Total amount of net interest-bearing debt of SBKK, Sprint, SVF, Yahoo Japan, Arm, etc. Net interest-bearing debt of SVF is considering the cash payment to SBG after January 2019, which is related to the transfer of Uber from SBG to SVF.
  • *4
    LTV (Loan to value)
    • LTV (Loan to value) = Net debt / Equity value of holdings
  • *
    SBG = SoftBank Group Corp., SBKK = SoftBank Corp., SVF = SoftBank Vision Fund
  • *
    Before considering tax unless otherwise stated
  • *
    Based on data as of December 31, 2018 unless otherwise stated
  • *
    The information herein is based on assumptions made by the Company and is not indicative of the price of the Company's common shares or any securities held by the Company and should not form the basis of any investment decisions.