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Contents
1. SR 12. VOYAGE GROUP HD
3. 1 MNP www sharedresearch jD Shared ese atche 11 49 R Shared Research Report 9441 gt LAST UPDATE 2015 09 04 PP
4. TA St A SO EZ NTT
5. www sharedresearch jD Shared seareh 15 49 R Shared Research Report 9441 gt LAST UPDATE 2015 09 04
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18. 2002 2 20 1 3 2004 2 20 1 3 2013 1 1 1 100 Www sharedresearch jp Shared eSeafCh 41 49 R Shared Research Report 9441 gt LAST UPDATE 2015 09 04 2 05 12 06 12 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 5 A 264 553 213 830 2 689 855 2 178 432 1 618 2 074 B 498 11 581 73 815 204 379 348 546 1 513 FCF A B 763 542 369 757 1 875 651 1 800 85 1 072 560 48 161 24 2 502 932 487 675 391
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102. 1 124 330 A 76 129 106 172 211 221 245 253 286 392 B 183 120 370 118 112 196 231 143 367 441 C 1 067 162 1 356 309 998 247 246 1 833 912 231 FCF A B C 691 405 780 1 506 1 147 1 437 1 258 60 886 1 515 SR 2014 2 0 C 2014 12 SR A RI 5 0C 2014 12
103. 2000 IDO KDDI J 2001 2003 2006 3 2006 12 559 NTT 2014 12 45 169 26 KDDI 289 29 2006 www sharedresearch jD Shared ese atche 25 49 R Shared Research Report 9441 gt LAST UPDATE 2015 09 04 BOOM
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108. a W SR NTT 1 9432 NTT 1 9437 1979 1980 DDI IDO 1990 NCC NCC 1994 1990 M amp A 1999 J DDI
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116. 52 197 206 2011 12 11 FC2 1 M amp A 1 5 www sharedresearch jD Shared eSeafCh 37 49 R Shared Research Report 9441 gt LAST UPDATE 2015 09 04 05 12 06 12 07 12 08 12 09 12 10 12 11 12 12 12 13 12 14 12 15 12 24 355 24 356 31 453 33 457 46 890 60 168 70 573 74 469 84 228 91 486 95 900 48 0 0 0 29 1 6 4 40 2 28 3 17 3 5 5 13 1 8 6 4 8 25 623 31 535 39 181 42 026 21 268 28 633 31 391 32 443 19 671 19 160 24 567 26 049 36 577 49 394 58 457 60 576 67 734 73 411 33 031 43 894 52 563 54 417 3 546 5 500 5 894 6 159 4 684 5 196 6 886 7 408 10 313 10 775 12 115 13 893 1
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120. LAST UPDATE 2015 09 04 9441 Research Report by Shared Research Inc sr_inquiries sharedresearch jp R Shared Research Report 9441 LAST UPDATE 2015 09 04
121. SR Inc SR Inc SR Inc SR Inc Shared Research inc 3 31 12 http www sharedresearch jp TEL 03 5834 8787 Email info sharedresearch jp Shared eSeafch 49 49 www sharedresearch jD
122. sharedresearch jD Shared eSeafch 20 49 R Shared Research Report 9441 gt LAST UPDATE 2015 09 04 09 12 10 12 11 12 12 12 13 12 14 12 3 576 2 905 2 850 3 122 3 240 2 370 7 6 4 8 4 0 4 2 3 8 2 6 EBITDA 3 748 3 117 3 070 3 367 3 493 2 656 EBITDA 8 0 5 2 4 4 4 5 4 1 2 9 ROA 14 1 9 4 7 4 8 2 8 2 5 3 ROE 29 7 18 5 14 4 15 3 14 3 9 3 3 2 3 4 3 5 3 4 3 7 3 6 16 0 15 7 17 9 16 5 14 1 13 7 22 8 23 2 20 4 92 25 8 26 6 3 626 3 873 4 119 5 952 6 864 6 633 192 9 206 7 186 6 217 0 216 3 203 4 150 3 156 9 153 0 163 3 156 8 149 9 CF 13 0 34 9 9 4 22 6 4 6 15 3 53 9 50 7 58 2 50 7 50 2 48 9 CF 30 8 10 0 19 5 4 7 15 7 17 6 21 2 19 8 16 7 21 0 26 0 24 6 998 5 246 9 245 9 1 833 1 911 6 230 8 SR
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