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 the end of December 2023.

As of December 31, 2023

(Reference)

Share price	6,293 yen

LTV (Loan to Value)^*2	11.5 %

Calculation of NAV（Net Asset Value）

NAV^*1
19.23
trillions of yen
Equity value of holdings^*3
21.72
trillions of yen
Net debt^*4
2.49
trillions of yen

(Trillions of yen)

NAV^*1	19.23

(Trillions of yen)

Equity value of holdings^*3 (after adjusting asset-backed financing)	21.72
Alibaba (adjusted) Alibaba Adjustment on asset-backed finance	0.01 3.84 -3.83
SBKK (adjusted) SBKK Adjustment on asset-backed finance	2.80 3.37 -0.57
SVF1	3.25
SVF2	4.14
LatAm Funds	0.91
T-Mobile (adjusted) T-Mobile Adjustment on asset-backed finance	1.62 2.03 -0.41
Deutsche Telekom (adjusted) Deutsche Telekom Adjustment on asset-backed finance	0.29 0.77 -0.48
Arm ARM (adjusted) Adjustment on asset-backed finance	6.93 8.13 -1.19
Others	1.77

(Trillions of yen)

Net debt^*4	2.49
Consolidated net interest-bearing debt	14.76
(adjustment) Net interest-bearing debt at self-financing entities, etc.	4.74
(adjustment) others	7.54

Total number of shares issued (excl. treasury stock)	1,466 million shares
USD/JPY	141.83

Historical data

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: the number of Alibaba ADSs equivalent to the number of shares held by SBG × Alibaba ADS price - 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: the number of shares held by SBG × SBKK share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
- SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc.
- SVF2: SBG's share of SVF2's NAV, etc.
- LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees.
- T-Mobile: (a) - (b) - (c)
  (a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom × T-Mobile share price.
  (b) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
  (c) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company’s share price).
- Deutsche Telekom: the number of Deutsche Telekom shares held by SBG × Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
- Arm: the number of shares held by SBG × Arm share price - payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares.
- Other: (d) + (e) + (f)
  (d) Listed shares: the number of shares held by SBG multiplied by the share price of each share.
  (e) 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.
  (f) SB Northstar: SBG’s share of SB Northstar's NAV + the fair value of NVIDIA Corporation shares. Cash and cash equivalents, bond investments, and a part of interest-bearing debt with the exception of margin loans and prime brokerage loans, are treated as a part of net interest-bearing debt of SBG therefore not included in the calculation of SB Northstar’s NAV.
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 - the sum of cash positions of self-financing entities, such as SBKK (including its subsidiaries such as LY Corporation and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar.
  - Note: Cash and cash equivalents, bond investments, and a part of interest-bearing debt with the exception of margin loans and prime brokerage loans of SB Northstar are included in net interest-bearing debt of SBG.
- Other adjustments: the sum of adjustments of (g) to (m) below
  (g) Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity).
  Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds
  (h) Among the hybrid bonds, the perpetual bonds without a redemption date are recorded in their entirety as equity in consolidated accounting. Therefore, 50% is included in the interest-bearing debt.
  Applicable to USD-denominated NC10 undated hybrid notes
  (i) Deduction of financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
  (j) Deduction of the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
  (k) Deduction of financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
  (l) Deduction of financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
  (m) Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans 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 Holdings plc
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.