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Key Info

Sumitomo Mitsui Trust Holdings Inc Web - www.smth.jp

Tel - 81-3-6256-6000

Next Reporting Date - 15.05.2019

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    Sumitomo Mitsui Trust Holdings Inc

    Banks

    JAPAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    1.07

    Current Market Cap mln$

    13,487.50

    Net Debt mln$

    -13,487.50

    WACC Estimate

    0.00%

    Ordinary Current Price $

    34.55

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue8308.588114.528624.839380.828997.179145.129292.339480.329669.839851.3510036.2910224.6910416.6310612.1810811.39
    EBITDA Costs8308.588114.528624.839380.828997.179145.129292.339480.329669.839851.3510036.2910224.6910416.6310612.1810811.39
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs5634.595796.406808.167280.816888.927081.997274.097519.437766.738009.418259.688517.778783.929058.399341.44
    Operating Profit2673.992318.121816.672100.002108.252063.132018.231960.901903.101841.941776.611706.921632.711553.791469.96
    Operating Margin32.1828.5721.0622.3923.4322.5621.7220.6819.6818.7017.7016.6915.6714.6413.60
    Pretax Costs6182.325837.516856.767225.266939.727096.887253.257452.947654.247849.618049.978255.458466.178682.268903.88
    PTP2126.262277.011768.072155.562057.452048.242039.082027.382015.592001.741986.311969.241950.471929.911907.52
    Pretax Margin25.5928.0620.5022.9822.8722.4021.9421.3920.8420.3219.7919.2618.7218.1917.64
    Net Income Costs6848.896723.067501.407990.977667.117819.247970.628163.938358.808546.828739.088935.659136.659342.179552.32
    Net Income1459.691391.461123.431389.851330.071325.881321.711316.391311.031304.531297.211289.041279.981270.001259.08
    Net Margin17.5717.1513.0314.8214.7814.5014.2213.8913.5613.2412.9312.6112.2911.9711.65
    Revenue Less Capex8443.678284.658739.809472.779103.849243.699382.839560.529739.649910.8210085.0110262.2610442.6210626.1610812.92
    Capex-135.09-170.13-114.96-91.96-106.67-98.56-90.50-80.20-69.82-59.47-48.72-37.57-25.99-13.98-1.52
    Capex to Revenues-1.63-2.10-1.33-0.98-1.19-1.08-0.97-0.85-0.72-0.60-0.49-0.37-0.25-0.13-0.01
    Revenue less FCF9761.78-69253.8728571.48-2582.004073.858796.8113496.0819497.4325546.9136524.8052220.0674659.82106742.28152611.06218190.35
    FCF-1453.2077368.39-19946.6511962.824923.32348.31-4203.75-10017.10-15877.08-26673.45-42183.78-64435.13-96325.64-141998.88-207378.96
    FCF to Revenue-17.49953.46-231.27127.5254.723.81-45.24-105.66-164.19-270.76-420.31-630.19-924.73-1338.07-1918.15

    JAPAN Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    8306 JPMitsubishi UFJ Financial Group IncJAPAN 67208.327.407.50--1.984.00#????!0.446.17-14.01
    8316 JPSumitomo Mitsui Financial Group IncJAPAN 50317.387.567.64--1.944.34#????!0.527.21-3.16
    8411 JPMizuho Financial Group IncJAPAN 39395.5018.848.72--2.324.32#????!0.493.82-5.87
    8309 JPSumitomo Mitsui Trust Holdings IncJAPAN 13487.508.298.11--2.173.59#????!0.546.66-9.44
    8308 JPResona Holdings IncJAPAN 9761.596.197.02--1.754.47#????!0.508.06-17.74
    8410 JPSeven Bank LtdJAPAN 3220.2827.2511.87--2.423.61#????!1.706.29-11.28

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    JPM USJPMorgan Chase & CoUNITED STATES 368989.9511.4310.72--3.222.98#????!1.5313.8611.60
    1398 HKIndustrial & Commercial Bank of China LtdCHINA 293494.155.725.36--2.525.28#????!0.7213.1711.52
    BAC USBank of America CorpUNITED STATES 289939.5210.529.56--3.132.28#????!1.1311.2615.22
    939 HKChina Construction Bank CorpCHINA 222114.195.525.21--2.225.46#????!0.7113.4111.92
    WFC USWells Fargo & CoUNITED STATES 214360.3710.139.12--2.553.89#????!1.1912.02-5.69
    1288 HKAgricultural Bank of China LtdCHINA 190412.315.044.71--2.016.02#????!0.6112.695.50
    HSBA LNHSBC Holdings PLCBRITAIN 173497.5911.9111.48--3.105.96#????!1.038.2813.20
    C USCitigroup IncUNITED STATES 160861.979.087.9715.3114.602.162.8533.490.859.588.53
    3988 HKBank of China LtdCHINA 160539.175.124.88--2.006.06#????!0.5711.4514.34
    3968 HKChina Merchants Bank Co LtdCHINA 127934.849.358.32--3.203.22#????!1.4616.3231.22
    RY CNRoyal Bank of CanadaCANADA 112095.9411.6510.93--3.323.86#????!2.0017.0210.28
    TD CNToronto-Dominion Bank/TheCANADA 101959.1711.0510.17--3.493.86#????!1.7015.822.67
    CBA AUCommonwealth Bank of AustraliaAUSTRALIA 93935.9614.4314.11--5.375.72#????!1.9414.2318.29
    HDFCB INHDFC Bank LtdINDIA 88702.8327.8422.69--4.80--4.1116.9721.48
    USB USUS BancorpUNITED STATES 82892.1612.0511.37--3.603.04#????!1.7114.323.45
    SAN SMBanco Santander SASPAIN 80903.488.638.18--1.455.07#????!0.738.2010.52
    ITUB4 BZItau Unibanco Holding SABRAZIL 77867.0611.5010.51--2.665.89#????!2.3520.700.74
    SBER LISberbank of Russia PJSCRUSSIA 76417.805.544.89--2.348.66#????!1.1522.2027.44
    SBER RMSberbank of Russia PJSCRUSSIA 74585.595.414.77--2.298.87#????!1.1222.2025.72
    BBDC3 BZBanco Bradesco SABRAZIL 68177.839.548.69--2.53-#????!1.7919.4918.76
    BBDC4 BZBanco Bradesco SABRAZIL 68177.8311.1010.11--2.533.57#????!2.0819.4920.45
    WBC AUWestpac Banking CorpAUSTRALIA 67260.5312.8011.95--4.396.80#????!1.4611.7111.42
    BNS CNBank of Nova Scotia/TheCANADA 66214.6010.079.36--2.904.79#????!1.3714.003.51
    3328 HKBank of Communications Co LtdCHINA 65691.415.635.32--1.895.46#????!0.6010.9517.21
    BNP FPBNP Paribas SAFRANCE 65049.108.057.45--1.366.44#????!0.607.62-2.49
    PNC USPNC Financial Services Group Inc/TheUNITED STATES 60676.4811.8111.04--3.433.06#????!1.2211.2614.08
    LLOY LNLloyds Banking Group PLCBRITAIN 57271.158.037.93--2.395.11#????!0.9812.8514.49
    ANZ AUAustralia & New Zealand Banking Group LtdAUSTRALIA 54596.4811.8011.47--4.125.90#????!1.2911.3613.85
    NAB AUNational Australia Bank LtdAUSTRALIA 50754.6711.6410.94--4.086.89#????!1.3412.008.94
    11 HKHang Seng Bank LtdHONG KONG 50156.4415.7314.95--8.993.99#????!2.3615.5610.51