Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

Paramount Bed Holdings Co Lt / Equity Bottom-Up

<ul><li>The company reported a YoY decline in revenue and profit, except for net income, which increased by 4.4%.</li><li>In September 2025, the company launched a tender offer for shares, with a minimum purchase of 20,487,000 shares.</li><li>The company decided to pay no dividends for FY03/26 and abolish its shareholder benefits program, conditional on tender offer success.</li></ul>

The company reported a YoY decline in revenue and profit, except for net income, which increased by 4.4%.In September 2025, the company launched a tender offer for shares, with a minimum purchase of 20,487,000 shares.The company decided to pay no dividends for FY03/26 and abolish its shareholder benefits program, conditional on tender offer success.

Paramount Bed Holdings Co Lt (7817 JP): 1H FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Paramount Bed Holdings Co Lt / Event-Driven

<ul>
<li>In a fairly common pattern, the founding family (38% ownership) of <a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> have launched an MBO. </li>
<li>It is too cheap at 4.2x adjusted EV/EBITDA (one could argue it is 5.0x but they also have net receivables) for such a ubiquitous brand and growth. </li>
<li>
<a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a> may have been a one-off. Maybe not. People may look at this situation through that lens. It deserves that look. </li>
</ul>


In a fairly common pattern, the founding family (38% ownership) of Paramount Bed Holdings Co Lt (7817 JP) have launched an MBO. 
It is too cheap at 4.2x adjusted EV/EBITDA (one could argue it is 5.0x but they also have net receivables) for such a ubiquitous brand and growth. 

Soft99 Corp (4464 JP) may have been a one-off. Maybe not. People may look at this situation through that lens. It deserves that look. 


[Japan M&A] Paramount Bed (7817 JP) Founding Family Takeout - Too Cheap, Deserves Activist Response

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. </li>
<li>The offer is below the midpoint of the special committee IFA's DCF valuation range and its requested price. Hibiki has <a href="https://www.hibiki-path-advisors.com/en/category/engagement/7817/" target="_blank" rel="noopener">previously suggested</a> an intrinsic value of JPY4,929.  </li>
<li>The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   </li>
</ul>



Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. 
The offer is below the midpoint of the special committee IFA's DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.  
The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   


Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism

<ul><li>In Q1 FY03/26, the company reported YoY declines in revenue and profit, with revenue at JPY22.3bn (-3.8% YoY).</li><li>The company achieved 19.7% of its full-year FY03/26 revenue target, maintaining its initial forecast despite Q1 shortfall.</li><li>Domestic revenue was JPY20.5bn (-1.8% YoY), while overseas revenue was JPY1.7bn (-23.2% YoY).</li></ul>

In Q1 FY03/26, the company reported YoY declines in revenue and profit, with revenue at JPY22.3bn (-3.8% YoY).The company achieved 19.7% of its full-year FY03/26 revenue target, maintaining its initial forecast despite Q1 shortfall.Domestic revenue was JPY20.5bn (-1.8% YoY), while overseas revenue was JPY1.7bn (-23.2% YoY).

Paramount Bed Holdings Co Lt (7817 JP): Q1 FY03/26 flash update

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> reported 2% YoY revenue growth to ¥109B, mainly driven by the nursing care business.</li>
<li>Due to higher SG&amp;A expenses, operating profit decreased 6% YoY to ¥13B and net profit was down 15% YoY to ¥9B.</li>
<li>Paramount guided FY26 revenue to grow 4% YoY to ¥113B and also trimmed FY27 targets in mid-term plan.</li>
</ul>


In FY25, Paramount Bed Holdings Co Lt (7817 JP) reported 2% YoY revenue growth to ¥109B, mainly driven by the nursing care business.
Due to higher SG&amp;A expenses, operating profit decreased 6% YoY to ¥13B and net profit was down 15% YoY to ¥9B.
Paramount guided FY26 revenue to grow 4% YoY to ¥113B and also trimmed FY27 targets in mid-term plan.


Paramount Bed Holdings (7817 JP): Demand to Remain Sluggish; Margins to Hold, For Now

Japan

Paramount Bed Holdings Company Ltd. operates as a holding company. The Company, through its subsidiaries, designs and manufactures hospital, medical, electric, motorized, and orthopedic beds.

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Paramount Bed Holdings Co Lt (7817 JP)