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Net Asset Value per Share

This page contains SBG’s per-share NAV (Net Asset Value) as of the end of the most recently disclosed quarter. Unless otherwise stated, calculations are based on data as of September 30, 2021.

As of October 1, 2021, 8:00am (JST)

  • NAV per Share*1

    12,191yen/share

(Reference)
Share price6,480 yen
LTV (Loan to value)*218.7 %

Calculation of NAV (Net Asset Value)

  • NAV*1

    20.89
    trillions of yen

  • Equity value of holdings*3

    25.70
    trillions of yen

  • Net debt*4

    4.81
    trillions of yen

(Trillions of yen)

NAV*120.89

(Trillions of yen)

Equity value of holdings*3
(after adjusting asset-backed financing)
25.70
Alibaba (adjusted)
  • Alibaba
  • Adjustment on asset-backed finance
7.27
  • 11.16
  • -3.89
SBKK (adjusted)
  • SBKK
  • Adjustment on asset-backed finance
2.40
  • 2.90
  • -0.50
SVF15.12
SVF24.04
Latin America Funds0.85
T-Mobile (adjusted)
  • T-Mobile
  • Adjustment on asset-backed finance
0.78
  • 1.34
  • -0.56
Deutsche Telekom0.51
Arm2.75
SB Northstar0.73
Others1.25

(Trillions of yen)

Net debt*44.81
Consolidated net interest-bearing debt16.07
(adjustment) Net interest-bearing debt at self-financing entities, etc.-5.15
(adjustment) others-6.11
Total number of shares issued (excl. treasury stock)1,714 million shares
USD/JPY111.92
 
  1. NAV (Net Asset Value)
    • NAV = Equity value of holdings - Net debt
    • NAV per share = NAV / Total number of shares issued (excluding treasury stock)
  2. LTV (Loan to value)
    • LTV (Loan to value) = Net debt / Equity value of holdings
  3. Equity value of holdings (after adjusting asset-backed financing)
    • Alibaba: calculated by multiplying the number of Alibaba ADSs equivalent to the number of shares held by SBG as of June 30, 2021 by the ADS price; less (a) and (b) below.
      (a) 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.
      (b) equivalent amount of debt outstanding for margin loans using Alibaba shares made in March and June 2021.
    • SBKK: calculated by multiplying the number of shares held by SBG by the share price of SBKK, less the equivalent amount of debt outstanding for margin loans using SBKK shares.
    • SVF1: SBG's share of the value of assets held by SVF1 + performance fees accrued, etc.
    • SVF2: SBG's share of the value of assets held by SVF2 + performance fees accrued.
    • Latin America Funds: SBG's share of the value of assets held by Latin America Funds + performance fees accrued.
    • T-Mobile: the sum of (c) to (e), less (f) to (h) below
      (c) value of SBG’s shareholding, including the number of shares subject to call options held by Deutsche Telekom (56,124,954 shares as of September 30, 2021), multiplied by the company’s share price.
      (d) fair value of SBG’s right to acquire the company’s shares (48,751,557 shares) for no consideration under certain conditions (contingent consideration).
      (e) fair value of the rights received in connection with the transaction in which 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.
      (f) the amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
      (g) of the total borrowing amount of the margin loan using T-Mobile shares, the amount that is considered as asset-backed financing non-recourse to SBG ($2.93bn, which is a portion of the total borrowing amount of $3.90bn less the maximum amount guaranteed by SBG ($0.97bn), because SBG guarantees a portion of the borrowing on an exceptional basis. As a precondition for SBG to fulfill its guarantee obligations, the lenders are obligated to first recover the amount to the maximum extent possible from Alibaba shares pledged as collateral for such borrowing.)
      (h) 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.
    • Arm: calculated based on the acquisition cost of SBG, excluding the number of shares held by SVF1.
    • 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.
    • Other: the sum of (i) and (j) below
      (i) Listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share
      (j) Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair values) of unlisted shares, etc. held by SBG
  4. Net debt (after adjusting 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
    • Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt minus the sum of cash positions of self-financing entities, etc. (SBKK, SVF1, SVF2, Latin America Funds, Arm, etc.) and SB Northstar.
    • Other adjustments: the sum of adjustments of (k) to (s) below.
      (k) JPY Hybrid Bonds issued in September 2016: deducting 50% from interest-bearing debt (to treat it as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
      (l) USD Hybrid Notes issued in July 2017: adding 50% to interest-bearing debt (to treat it a liability), as the entire amount is recorded as equity in the consolidated financial statements.
      (m) JPY Hybrid Loan borrowed in November 2017: deducting 50% from interest-bearing debt (to treat it as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
      (n) JPY Hybrid Bonds issued in February and June 2021: deducting 50% from interest-bearing debt (to treat it as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
      (o) deducting the amount equivalent to the outstanding margin loan using Alibaba shares made in March and June 2021.
      (p) deducting the financial liabilities relating to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
      (q) deducting the amount of debt outstanding for margin loans using SBKK shares.
      (r) deducting the loan amount that is considered as asset-backed financing non-recourse to SBG, which is a portion of the margin loan using T-Mobile shares pledged as collateral (refer to (g) above under 3).
      (s) deducting the financial liabilities relating to prepaid forward contracts (collar contracts) using T-Mobile shares.
  • SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SBKK = SoftBank Corp., SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, Latin America Funds = SoftBank Latin America Fund 1 and SoftBank Latin America Fund 2, 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 SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.