$SNE during the conference call the CFO said that image sensors will return to its prior 2019 profit level of $2.15 billion (from 2021 forecast of 1.25 billion) in 2022. With that extra ~billion in image sensor profits and Sony trades at literally 10.5 times 2022 earnings. But wait, add up its $12.5B cash on hand ($11 billion net of short term debt) and stakes in Spotify $1.2B, Bilibili $2B, and Japan ehealth giant M3 $15B(!!)and you get $30 billion of cash and cash equivalents. Other capital assets are worth another $25B (net of all liabilities.) So total equity of $55B. Current market cap: $126B as of close today. 126B - 55B = 71B. Using a pretty conservative 2022 FY earnings estimate of $10B: 71B/10B=~7 years to realize market cap - equity. Perspective: Disney will take ~23 years to do this using FY2019 net income numbers. $335B market cap, 84B in equity, and $11B in net income: (334B - 84B)/$11B = 22.8 years. Yes DIS deserves a premium over Sony. But come on man! 😅
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