QUICK Corp.

Equity Bottom-Up

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Progress in cost reduction; future challenge is to achieve growth potential
TOSHIBA CORP. is making progress in improving its cost structure. QUICK Corporate Valuation Research Center expects that in FY3/22, under the Toshiba Next Plan, the company will increase OP by JPY21bn through procurement reforms, JPY18bn as a result of structural reforms, and JPY10bn through the effects of various cross-functional team (CFT) activities (activities that unify vertically divided organizations to create…
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Morningstar

Morningstar, Inc.

We fine-tuned our earnings forecasts and retain our fair value estimate of JPY 3,800. After the accounting scandal and the huge impairment loss of the nuclear power business, which revealed a lack of corporate governance and financial discipline, Toshiba is busy divesting risky businesses and rebuilding its business portfolio under the new midterm "Toshiba next plan". We think Toshiba is making progress with restructuring, but its midterm earnings targets are too optimistic. While Toshiba plans…

Toshiba’s bloated product portfolio, diminishing competitiveness in core operations, and poor corporate governance have left the company in a deteriorating financial position. We acknowledge the company's efforts--following the 2015 accounting scandal--to improve corporate governance, implement drastic restructuring of unprofitable businesses, and focus on growth areas, such as NAND flash memory and the nuclear power businesses. Moreover, we expect that the healthy supply/demand balance of NAND…

While Toshiba cuts its operating income guidance for this fiscal year from JPY 60 billion JPY 20 billion, we will retain Toshiba’s fair value estimate of JPY 3,800, as the revision is mainly the result of a onetime factor, and so it does not change our long-term view. After the three years of crisis, owing to the accounting scandal in 2015 and the huge impairment loss of the nuclear plant business in 2016, we consider that Toshiba made steady progress to divest risky businesses, to restructure…

Toshiba’s bloated product portfolio, diminishing competitiveness in core operations, and poor corporate governance have left the company in a deteriorating financial position. We acknowledge the company's efforts--following the 2015 accounting scandal--to improve corporate governance, implement drastic restructuring of unprofitable businesses, and focus on growth areas, such as NAND flash memory and the nuclear power businesses. Moreover, we expect that the healthy supply/demand balance of NAND…

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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