Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/realreal-inc" target="_blank" data-smartkarma-citation="entities:28125:1" rel="noopener">RealReal Inc (REAL US)</a> is a luxury goods "recommerce" name based in the US that plans to raise about $328m (assuming full exercise of greenshoe option). We examine the company's business model, compare financials with <a href="https://www.smartkarma.com/entities/etsy-inc" target="_blank" data-smartkarma-citation="entities:6076:1" rel="noopener">Etsy Inc (ETSY US)</a> at this stage of growth and assess valuations against <a href="https://www.smartkarma.com/entities/ebay-inc" target="_blank" data-smartkarma-citation="entities:1291:1" rel="noopener">Ebay Inc (EBAY US),</a><a href="https://www.smartkarma.com/entities/mercari-inc" target="_blank" data-smartkarma-citation="entities:27149:1" rel="noopener">Mercari Inc (4385 JP)</a> and <a href="https://www.smartkarma.com/entities/etsy-inc" target="_blank" data-smartkarma-citation="entities:6076:1" rel="noopener">Etsy Inc (ETSY US).</a>We feel that RealReal appears cheap relative to peers... but is it real? Or just realreal?

RealReal Inc (REAL US) is a luxury goods "recommerce" name based in the US that plans to raise about $328m (assuming full exercise of greenshoe option). We examine the company's business model, compare financials with Etsy Inc (ETSY US) at this stage of growth and assess valuations against Ebay Inc (EBAY US),Mercari Inc (4385 JP) and Etsy Inc (ETSY US).We feel that RealReal appears cheap relative to peers... but is it real? Or just realreal?

The RealReal IPO: Really Really Attractive???

As <a href="https://www.smartkarma.com/entities/27149" target="_blank" data-smartkarma-citation="entities:27149:1">Mercari Inc (4385 JP)</a> prepares to raise about JPY49bn in capital through its IPO we take a look at the implied valuations. The peer group is somewhat fluid as few companies are truly similar in terms of their business models and addressable markets, but we believe <a href="https://www.smartkarma.com/entities/18379" target="_blank" data-smartkarma-citation="entities:18379:1">Start Today Co Ltd (3092 JP) </a>and <a href="https://www.smartkarma.com/entities/15441" target="_blank" data-smartkarma-citation="entities:15441:1">Monotaro Co Ltd (3064 JP)</a> in Japan, and <a href="https://www.smartkarma.com/entities/6076" target="_blank" data-smartkarma-citation="entities:6076:1">Etsy Inc (ETSY US)</a>, <a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409:1">Amazon.com Inc (AMZN US)</a> and <a href="https://www.smartkarma.com/entities/21746" target="_blank" data-smartkarma-citation="entities:21746:1">Zalando SE (ZAL GR)</a> overseas are most comparable in terms of revenue CAGR. We also offer comparisons with <a href="https://www.smartkarma.com/entities/1291" target="_blank" data-smartkarma-citation="entities:1291:1">Ebay Inc (EBAY US)</a>, <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten Inc (4755 JP)</a> and <a href="https://www.smartkarma.com/entities/7408" target="_blank" data-smartkarma-citation="entities:7408:1">Kakaku.Com Inc (2371 JP)</a>, though these business are growing at a much slower pace.

As Mercari Inc (4385 JP) prepares to raise about JPY49bn in capital through its IPO we take a look at the implied valuations. The peer group is somewhat fluid as few companies are truly similar in terms of their business models and addressable markets, but we believe Start Today Co Ltd (3092 JP) and Monotaro Co Ltd (3064 JP) in Japan, and Etsy Inc (ETSY US), Amazon.com Inc (AMZN US) and Zalando SE (ZAL GR) overseas are most comparable in terms of revenue CAGR. We also offer comparisons with Ebay Inc (EBAY US), Rakuten Inc (4755 JP) and Kakaku.Com Inc (2371 JP), though these business are growing at a much slower pace.

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

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Etsy Inc (ETSY US)

The RealReal IPO: Really Really Attractive???

RealReal Inc (REAL US) is a luxury goods "recommerce" name based in the US that plans to raise about $328m (assuming full exercise of greenshoe...

Mio Kato

Mercari: Valuation and Some Observations

As Mercari Inc (4385 JP) prepares to raise about JPY49bn in capital through its IPO we take a look at the implied valuations. The peer group is...

Mio Kato

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