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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>The Softbank share price and discount to NAV are largely back to where they were before the Q1 report earlier this month</li>
<li>The early settlement of Alibaba derivative contracts has eased leverage worries although that may be less obvious within Softbank's net calculation of that measure</li>
<li>But worries about tech valuations, particularly in the private portfolio, remain robust. We have updated our main tables below</li>
</ul>


The Softbank share price and discount to NAV are largely back to where they were before the Q1 report earlier this month
The early settlement of Alibaba derivative contracts has eased leverage worries although that may be less obvious within Softbank's net calculation of that measure
But worries about tech valuations, particularly in the private portfolio, remain robust. We have updated our main tables below


Softbank Group

Softbank Group - Back Where We Started