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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Softbank has raised $2.4bn (¥300bn) from the sale of TMUS shares to DT with proceeds likely earmarked for VF2 and possibly supporting ongoing share buybacks</li>
<li>The sale price is below market but surfacing cash is the more positive takeaway and should ease concerns on leverage that have lingered as tech valuations fall</li>
<li>The impact on the discount to NAV is likely to be weaker than the reaction to the TMUS/DT monetization in August/September</li>
</ul>


Softbank has raised $2.4bn (¥300bn) from the sale of TMUS shares to DT with proceeds likely earmarked for VF2 and possibly supporting ongoing share buybacks
The sale price is below market but surfacing cash is the more positive takeaway and should ease concerns on leverage that have lingered as tech valuations fall
The impact on the discount to NAV is likely to be weaker than the reaction to the TMUS/DT monetization in August/September


Softbank Group Sale of TMUS Shares Helps Modestly With Leverage Concerns