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Financial analysis sony corp - sony corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets
1. 20.02.2013
Company Analysis - Overview
Ticker: 6758 JT Sony Corp Benchmark: SONY CORPORATION manufactures audio, home video game consoles,
Tokyo: 6758, Currency: JPY TOPIX INDEX (TOKYO) (TPX) communications, key device and information technology products for the consumer
Currency:
and professional markets. The Company's other businesses include music, pictures,
computer entertainment, and online businesses.
Sector: Consumer Discretionary Industry: Household Durables Year:
Telephone 81-3-6748-2111 Revenue (M) 6'493'212 Business Segments in JPY Sales (M) Geographic Segments in JPY Sales (M)
Website www.sony.net No of Employees 162'700 Consumer Products & Services 3061214 Japan 2104669
Address 1-7-1 Konan Minato-ku Tokyo Japan Professional, Device, & Solutions 967603 Europe 1268258
Share Price Performance in JPY Financial Services 868971 United States 1211849
Price 1355.00 1M Return 17.9% Motion Pictures Production 656097 Rest of the World 776846
52 Week High 1795.39 6M Return 45.2% Music Production 430751 Asia & the Pacific Region 636489
52 Week Low 772.00 52 Wk Return -17.7% Other - Disk Manufacturing, etc. 378071 China 495101
52 Wk Beta 1.57 YTD Return 41.4% Sony Mobile 77732
Credit Ratings
Bloomberg -
6% 1%
0% 8%
S&P BBB Date 25.09.2012 Outlook NEG 7%
Moody's Baa3 Date 09.11.2012 Outlook NEG 10%
Fitch - Date - Outlook NEG 31%
10%
Valuation Ratios
3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E 48% 12%
P/E - - - - 118.6x 26.1x 23.1x
EV/EBIT - 105.4x 12.3x - - - -
13%
EV/EBITDA 12.6x 8.3x 4.7x 7.1x 4.0x 3.7x 3.7x
P/S 0.3x 0.5x 0.4x 0.3x 0.2x 0.2x 0.2x
P/B 0.7x 1.2x 1.0x 0.8x 0.7x 0.7x 0.7x 19%
20%
Div Yield 2.1% 0.7% 0.9% 1.5% 1.8% 1.8% 1.7% 15%
Profitability Ratios %
3/09 3/10 3/11 3/12 3/13E 3/14E 3/15E Consumer Products & Services
Gross Margin 19.7 22.9 23.3 21.1 27.7 28.0 28.4 Professional, Device, & Solutions Japan
EBITDA Margin 2.3 5.6 7.3 3.9 7.0 7.5 7.4 Financial Services Europe
Operating Margin -2.9 0.4 2.8 -1.0 1.8 2.7 3.1 Motion Pictures Production United States
Profit Margin -1.3 -0.6 -3.6 -7.0 0.2 0.8 0.9 Music Production
Rest of the World
Return on Assets -0.8 -0.3 -2.0 -3.5 0.2 0.7 0.8 Other - Disk Manufacturing, etc.
Asia & the Pacific Region
Return on Equity -3.1 -1.4 -9.4 -20.0 0.6 2.7 3.8 Sony Mobile
China
Leverage and Coverage Ratios
3/09 3/10 3/11 3/12
Current Ratio 1.0 1.0 0.9 0.8 Current Capitalization in JPY
Quick Ratio 0.5 0.7 0.6 0.5 Common Shares Outstanding (M) 1003.6
EBIT/Interest -9.3 1.4 8.4 -2.9 Market Capitalization (M) 1371192.5
Tot Debt/Capital 0.3 0.3 0.3 0.3 Cash and ST Investments (M) 1356279.0
Tot Debt/Equity 0.3 0.4 0.3 0.5 Total Debt (M) 1387086.0
Eff Tax Rate % - 51.9 207.5 - Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 469241.0
Enterprise Value (M) 1871240.5
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
3. 20.02.2013
Sony Corp
Company Analysis - Ownership
Ownership Type
Ownership Statistics Geographic Ownership Distribution Geographic Ownership
0%
Shares Outstanding (M) 1003.6 Japan 60.66%
Float 98.5% United States 27.66% 1% 1% 1%2%
2%
Short Interest (M) Britain 5.02% 5%
Short Interest as % of Float 42% Uae 2.33%
Days to Cover Shorts Luxembourg 1.07%
Institutional Ownership 41.93% Ireland 0.87%
Retail Ownership 58.06% 58% Switzerland 0.58% 60%
28%
Insider Ownership 0.01% Others 1.82%
Institutional Ownership Distribution
Bank 46.86%
Investment Advisor 37.43%
Mutual Fund Manager 10.95%
Institutional Ownership Retail Ownership Insider Ownership Unclassified 2.33%
Japan United States Britain Uae
Pricing data is in JPY Others 2.43% Luxembourg Ireland Switzerland Others
Top 20 Owners: TOP 20 ALL
Institutional Ownership
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
JAPAN TRUSTEE SERVIC 109'016'000 -1'433'000 147'716'680'000 10.77% 30.09.2012 Co File JAPAN 2% 2%
MOXLEY & CO 69'745'000 2'804'000 94'504'475'000 6.89% 30.09.2012 Co File UNITED STATES
MASTER TRUST BANK OF 49'363'000 -1'840'000 66'886'865'000 4.88% 30.09.2012 Co File JAPAN 11%
SUMITOMO MITSUI TRUS 45'399'400 -30'519'600 61'516'187'000 4.49% 15.11.2012 ULT-AGG JAPAN
GLG PARTNERS INVESTM 18'688'007 -382'300 25'322'249'485 1.85% 31.12.2012 MF-AGG BRITAIN 48%
VANGUARD GROUP INC 17'311'250 282'954 23'456'743'750 1.71% 31.12.2012 MF-AGG UNITED STATES
NOMURA 12'868'600 -92'200 17'436'953'000 1.27% 31.01.2013 ULT-AGG
NIKKO ASSET MANAGEME 11'748'800 2'112'400 15'919'624'000 1.16% 15.11.2012 ULT-AGG
TAM TWO 9'982'000 0 13'525'610'000 0.99% 30.09.2012 Co File UAE 37%
BLACKROCK 9'016'430 86'100 12'217'262'650 0.89% 15.02.2013 ULT-AGG UNITED STATES
MELLON BANK NA 8'777'000 -767'000 11'892'835'000 0.87% 31.03.2012 Co File UNITED STATES
D E SHAW & CO ASIA P -6'425'144 140'000 -8'706'070'120 -0.63% 13.02.2013 Short HONG KONG
HIGHBRIDGE INTERNATI -6'404'100 -75'000 -8'677'555'500 -0.63% 18.02.2013 Short CAYMAN ISLANDS
DODGE & COX 5'789'828 -187'800 7'845'216'940 0.57% 29.01.2013 MF-AGG UNITED STATES Bank Investment Advisor Mutual Fund Manager
Unclassified Others
MITSUBISHI UFJ FINAN 5'459'000 -18'000 7'396'945'000 0.54% 31.01.2013 ULT-AGG JAPAN
BTG PACTUAL EUROPE L -5'323'198 -1'065'000 -7'212'933'290 -0.53% 13.02.2013 Short BRITAIN
DAIWA SECURITIES GRO 4'966'100 -502'100 6'729'065'500 0.49% 31.01.2013 MF-AGG JAPAN
MYRIAD OPP MASTER FU -4'526'080 250'760 -6'132'838'400 -0.45% 14.02.2013 Short CAYMAN ISLANDS
PINE RIVER FIXED INC -4'279'900 -36'200 -5'799'264'500 -0.42% 18.02.2013 Short CAYMAN ISLANDS
D E SHAW & CO HK LTD -3'164'307 -3'164'307 -4'287'635'985 -0.31% 05.12.2012 Short HONG KONG
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
CHUBACHI RYOJI 33'000 1'000 44'715'000 0.00% 27.06.2012 Co File
STRINGER HOWARD 32'000 43'360'000 0.00% 27.06.2012 Co File
KATO MASARU 7'000 9'485'000 0.00% 27.06.2012 Co File
KIMURA KEIJI 5'000 1'000 6'775'000 0.00% 27.06.2012 Co File
KOJIMA YORIHIKO 5'000 1'000 6'775'000 0.00% 27.06.2012 Co File
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |