Softbank Group: Jitters in a Frothy Market

Softbank – Looking at the NAV Components - ARM

Softbank Group - Vision Fund Ups and Downs: Coupang and Greensill

Softbank Group - Slow Burn Buyout Unlikely but Helps with the Discount so that Is Good

Softbank Group -  Buybacks and New Listings Have Narrowed Discount to Two-Year Peak

Gravity Works As WeWork Doesn't; Now Plan B

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>As expected, the IPO of DoorDash and a recovery in sentiment for Uber drove huge gains for Vision Fund in Q3 as that investment segment came roaring back. The asset management business, which handles proceeds from asset sales, posted less impressive results however with another quarter of close to $3bn (¥285bn) in losses from derivative trading. Softbank reiterated today that it is an investment company and bright talk on Vision Fund 2 probably means that has more to with new ideas and less with its own shares or a “slow-burn” MBO. Investors bidding up shares to a new 21-year high before the report after the market close were probably looking for more.    </p>

As expected, the IPO of DoorDash and a recovery in sentiment for Uber drove huge gains for Vision Fund in Q3 as that investment segment came roaring back. The asset management business, which handles proceeds from asset sales, posted less impressive results however with another quarter of close to $3bn (¥285bn) in losses from derivative trading. Softbank reiterated today that it is an investment company and bright talk on Vision Fund 2 probably means that has more to with new ideas and less with its own shares or a “slow-burn” MBO. Investors bidding up shares to a new 21-year high before the report after the market close were probably looking for more.    

Softbank Group Q3 20 Results: Well-Flagged VF Gains but Derivative Losses Remain a Drag