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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>The strong dollar has boosted Softbank's predominantly dollar-linked asset value by 9% in yen terms (although reported net debt will also increase)</li>
<li>Also relevant is a decrease in the dollar cost of its ¥1,000bn share repurchase which was $8.8bn when announced but costs less than $8bn at the current exchange rate.</li>
<li>This has kept the share price up YTD and QTD despite weakness in the investment portfolio but tech weakness probably has more legs than dollar appreciation</li>
</ul>


The strong dollar has boosted Softbank's predominantly dollar-linked asset value by 9% in yen terms (although reported net debt will also increase)
Also relevant is a decrease in the dollar cost of its ¥1,000bn share repurchase which was $8.8bn when announced but costs less than $8bn at the current exchange rate.
This has kept the share price up YTD and QTD despite weakness in the investment portfolio but tech weakness probably has more legs than dollar appreciation


Softbank Group - Strong Dollar Impact Boosts Buyback Math Although Debt May Rise Too