KDDI Corp

9433: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 5,965.00	Lzppjvr	Fkmjrlqz

KDDI Earnings: Slight Miss on Guidance as Expected

Dan Baker

May 14, 2024

Narrow-moat KDDI’s fiscal 2023 result (ending March 2024) was in line with our expectations on an underlying basis despite narrowly missing its full-year guidance and pushing out its previous midterm earnings per share growth target by one year. We retain our fair value estimate for KDDI of JPY 4,500 and see KDDI shares as fairly valued following a share price correction since late January 2024.

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