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4-Traders Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

MOODY'S CORPORATION (MCO)
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Delayed Quote. Delayed  - 06/20 10:01:37 pm
173.47 USD   +0.14%
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Toyota's $1-billion investment in Grab credit positive for both - Moody's

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06/20/2018 | 03:48pm CEST

The $1-billion investment of automotive giant Toyota Motor Corp. in ride-hailing service provider Grab Holdings Inc. is credit positive for both firms, Moody's Investors Service said

The debt watcher said the deal would enhance Toyota's foothold and capability in ride-hailing services, a fast-growing business that could alter automakers' traditional business models, while Grab is seen benefitting from Toyota's technological capability.

'The collaboration complements Toyota's existing alliances with global ride-hailing providers, including Uber Technologies Inc. and JapanTaxi Co. Ltd., an app-based provider in Japan,' said Motoki Yanase, vice president and senior credit officer for the Corporate Finance Group of Moody's Japan.

'We expect Toyota to benefit from its growing presence in this business because new car sales in the region could fall amid changing consumer preferences and increasing acceptance of the app-enabled sharing economy. We estimate that Toyota has more than a 25 percent market share and a leading position in Southeast Asia, making it an important market for Toyota,' Yanase added.

For Toyota, Moody's said the $1 billion investment is small relative to its annual cash flow from operations for the automotive business, which is expected to exceed 2.5 trillion yen (about $23 billion) for fiscal 2018, which ends in March 2019.

'We also expect the auto segment's cash to exceed 2.4 trillion yen (about $22 billion) for the period, limiting the investment's effect on Toyota's key credit metrics,' it said.

Moody's said Toyota's larger size relative to some of its global competitors gives the company capacity to invest in new businesses and research and development, including connectivity, auto-drive, mobility as a service and electrification.

However, returns on investments in new areas are uncertain amid disruptive technological changes, it added.

'We expect Toyota to focus on its cost efficiency to accommodate the new investments. Improving cost efficiency is important as Toyota struggles to improve its automotive segment's margin. Weak profitability in North America is hurting Toyota's auto-segment margin largely because of lower demand for passenger cars relative to sport utility vehicles,' Moody's said.

Toyota first invested an unspecified amount in Grab in 2017 through its trading company, Toyota Tsusho Corp.

According to Moody's, other Japanese companies are also investing in ride-hailing service providers such as Honda Motor Co. Ltd., which invested an undisclosed amount in Grab in December 2016 for motorcycle-sharing services in Southeast Asia, and SoftBank Group Corp., which has invested in Uber, Grab, Chinese ride-hailing service provider Didi Chuxing and India's ride-hailing company Ola Cabs.

© Pakistan Press International, source Asianet-Pakistan

Stocks mentioned in the article
ChangeLast1st jan.
MOODY'S CORPORATION 0.14% 173.47 Delayed Quote.17.36%
TOYOTA TSUSHO CORP 0.52% 3835 End-of-day quote.-16.63%
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Financials ($)
Sales 2018 4 688 M
EBIT 2018 2 079 M
Net income 2018 1 427 M
Debt 2018 3 549 M
Yield 2018 1,02%
P/E ratio 2018 23,61
P/E ratio 2019 21,21
EV / Sales 2018 7,85x
EV / Sales 2019 7,25x
Capitalization 33 243 M
Chart MOODY'S CORPORATION
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Moody's Corporation Technical Analysis Chart | MCO | US6153691059 | 4-Traders
Technical analysis trends MOODY'S CORPORATION
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 178 $
Spread / Average Target 2,8%
EPS Revisions
Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry K. McKinnell Chairman
Michael S. Crimmins Chief Financial Officer, Senior VP & Controller
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
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