Added to YB: 2026-03-18
Pitch date: 2026-03-15
9478.T [bullish]
SE Holdings and Incubations Co., Ltd.
+4.89%
current return
Author Info
No bio for this author
Company Info
SE Holdings and Incubations Co., Ltd. primarily engages in the publishing business in Japan. The company is involved in publishing and selling computer-related books and magazines; organizing computer-related conferences and trainings; delivering computer-related technology information through web; publishing and selling common and translated books; selling software and hardware through online shops; selling other computer-related products and services; and real estate leasing activities.
Market Cap
JPY 6.9B
Pitch Price
JPY 470.00
Price Target
N/A
Dividend
N/A
EV/EBITDA
8.49
P/E
13.61
EV/Sales
1.06
Sector
Media
Category
value
Net-Net at 70% NCAV with consistent, growing FCF. Buying back ~2.75% each quarter. Investment portfolio 10x since 2015. - $9478.T
9478.T: Net-net at ~70% NCAV (85% cash/public equities), neg EV, 8.6x 5yr avg FCF. Publishing seg (20% EBIT margin, 50-70% group EBIT) grew 3-4x since 2015 despite print disruption. Investment portfolio 10x to ¥11.3B since 2015 (~12-16% CAGR, 280 holdings) = 160% mkt cap. CEO Hayami buying back ~11% shares this FY (vs ~2.75%/qtr historically). AI risk to tech publishing but strong FCF (¥500-1000M/yr), aggressive buybacks + asset coverage provide margin of safety. BV/sh +12.5% CAGR 10yr.
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