zebriod
Oct 3, 2:26 PM
$SFTBY $ARM SoftBank is not really a mysterious Japanese conglomerate.
At today's valuations it is essentially:
~¥44T ARM
~¥17–18T OpenAI
~¥1.6T Intel
~¥4T SoftBank Corp.
~¥15T everything else
~¥82T
less debt. Lets use 14T as a End Sep estimate
~¥68T
And the shares are currently worth only about ¥36T in Tokyo (6,310 × ~5.7B shares) (approx
$40. SFTBY = 1/2 a share). The October 2 close was ¥6,310. Yahoo Finance
So yes — the NAV discount is real and very large, but the market is also being asked to trust two enormous marks: ARM at ~
$328B and OpenAI at ~
$852B.
68T assts for 36T seems a very good discount to get exposure to openAI
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