Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Fast Retailing (9983) | Positive Q3 Outlook, but Priced In

Equity Bottom-Up

<ul>
<li>Fast Retail missed analyst estimates for Q2 sales and operating profit. Revenue growth slowed to 5% YoY</li>
<li>Full year operating profit guidance maintained at Y450 billion, just slightly below the street </li>
<li>The stock is trading at 27x EV/EBIT, in-line with historical averages, but still expensive in absolute terms and versus global peers</li>
</ul>


Fast Retail missed analyst estimates for Q2 sales and operating profit. Revenue growth slowed to 5% YoY
Full year operating profit guidance maintained at Y450 billion, just slightly below the street 
The stock is trading at 27x EV/EBIT, in-line with historical averages, but still expensive in absolute terms and versus global peers


Fast Retailing

Fast Retailing(9983) | Not So Fast