Investor Relations
Net Asset Value per Share
This page shows NAV (Net Asset Value) per share of SoftBank Group Corp. as of the end of the latest financial period. Unless otherwise stated, calculations are based on data as of March 31, 2023.
As of March 31, 2023
NAV per Share*1
9,656yen/share
- (Reference)
Share price 5,182 yen LTV (Loan to Value)*2 11.0 %
Calculation of NAV (Net Asset Value)
NAV*1
14.13
trillions of yen
Equity value of holdings*3
15.87
trillions of yen
Net debt*4
1.75
trillions of yen
(Trillions of yen)
| NAV*1 | 14.13 |
|---|
(Trillions of yen)
| Equity value of holdings*3 (after adjusting asset-backed financing) | 15.87 |
|---|---|
Alibaba (adjusted)
| 0.71
|
SBKK (adjusted)
| 2.37
|
| SVF1 | 2.80 |
| SVF2 | 3.52 |
| LatAm Funds | 0.79 |
T-Mobile (adjusted)
| 1.23
|
Deutsche Telekom (adjusted)
| 0.28
|
Arm
| 2.87
|
| Others | 1.30 |
(Trillions of yen)
| Net debt*4 | 1.75 |
|---|---|
| Consolidated net interest-bearing debt | 13.59 |
| (adjustment) Net interest-bearing debt at self-financing entities, etc. | 5.38 |
| (adjustment) others | 6.46 |
| Total number of shares issued (excl. treasury stock) | 1,463 million shares |
|---|---|
| USD/JPY | 133.53 |
- NAV (Net Asset Value)
- NAV = Equity value of holdings - Net debt
- NAV per share = NAV / Total number of shares issued (excluding treasury stock)
- LTV (Loan to Value)
- LTV = Net debt / Equity value of holdings
- Equity value of holdings (after adjustment for asset-backed financing)
- Alibaba: calculated by multiplying the number of Alibaba ADSs equivalent to the number of shares held by SBG by the ADS price, less the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (floor contracts, collar contracts, forward contracts, and call spread) using Alibaba shares.
- SBKK: calculated by multiplying the number of shares held by SBG by the share price of SBKK, less the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
- SVF1: SBG's share of the equivalent value of assets held by SVF1 + accrued performance fees, etc.
- SVF2: SBG's share of the equivalent value of assets held by SVF2, etc.
- LatAm Funds: SBG's share of the equivalent value of assets held by LatAm Funds + accrued performance fees.
- T-Mobile: the sum of (a) to (c), less (d) and (e) below
(a) Value of SBG’s shareholding, including the number of shares subject to call options held by Deutsche Telekom (34,971,809 shares as of March 31, 2023), multiplied by the company’s share price.
(b) Fair value of SBG’s right to acquire the company’s shares (48,751,557 shares) for no consideration under certain conditions (contingent consideration).
(c) Fair value of the rights received in connection with the transaction whereby T-Mobile sold the company’s shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities, which allows a subsidiary of SBG to acquire T-Mobile shares under certain conditions.
(d) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
(e) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company’s share price). - Deutsche Telekom: calculated by multiplying the number of Deutsche Telekom shares held by SBG by the company’s share price, less the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
- Arm: the fair value of Arm shares held by SBG, calculated based on the fair value of all Arm shares calculated at SVF1, less the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares. (SBG's interest in outstanding shares before dilution: 75.01%)
- Other: the sum of (f) to (h) below
(f) Listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share.
(g) Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG.
(h) SB Northstar: SBG’s share of SB Northstar's NAV plus the value of NVIDIA Corporation shares held by SBG multiplied by its share price.
- Net debt (after adjustment for asset-backed financing)
- Net debt = SBG net interest-bearing debt
- SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments.
Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation - Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SBKK (including its subsidiaries such as Z Holdings Corporation and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar.
- Other adjustments: the sum of adjustments of (i) to (q) below
(i) JPY Hybrid Bonds issued in September 2016: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
(j) USD Hybrid Notes issued in July 2017: 50% added to interest-bearing debt (to be treated as a liability), as the entire amount is recorded as equity in the consolidated financial statements.
(k) JPY Hybrid Loan borrowed in November 2017: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
(l) JPY Hybrid Bonds issued in February and June 2021: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
(m) Deduction of financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
(n) Deduction of the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
(o) Deduction of financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
(p) Deduction of financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
(q) Deduction of the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares.
- SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SBKK = SoftBank Corp., SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG, Arm = Arm Limited
- Before considering tax unless otherwise stated
- The information herein is based on assumptions made by the Company and is not indicative of the price of SoftBank Group Corp.'s common shares or any securities held by the Company and should not form the basis of any investment decisions.
