Fast Retailing Co Ltd

9983: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥‎85,587.00	Fpkvy	Tkgqgvbc

Store Closures Led Fast Retailing to Revise Fiscal 2020 Guidance; FVE Lowered to JPY 48,000

Ivan Su

Apr 13, 2020

Narrow-moat Fast Retailing lowered its fiscal 2020 revenue and profit guidance by 11% and 39% as the coronavirus forces more stores to close. Because we are no better than management when it comes to predicting how the coronavirus plays out in the near term, we align our forecast with the firm's revised guidance. Since downward adjustments are isolated to fiscal 2020, our fair value estimate is only slightly reduced to JPY 48,000 from JPY 49,000. We maintain our view that the coronavirus poses minimal long-term impact to Fast Retailing's business and remain optimistic about the company's long-term outlook.

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