Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Toumei is a Yokkaichi-founded (1997) reseller of NTT’s fiber broadband and JEPX-sourced wholesale electricity to Japanese SMEs, sold almost entirely through outbound telemarketing to a customer database of 130,000+ small businesses built since 2015, plus a smaller IT-hardware and insurance-agency segment.</li><li>Net income compounded roughly 8.8x between FY2021 and FY2025 and ROE rose from 5.8% to 27.9%, but the stock has already re-rated about 43% above the level that made it look statistically cheap on a screen</li><li>On an equity basis it now trades at an ordinary ~9.7x P/E once the ¥6.36bn of net cash inflating the headline TEV multiple is backed out.</li></ul>

Toumei is a Yokkaichi-founded (1997) reseller of NTT’s fiber broadband and JEPX-sourced wholesale electricity to Japanese SMEs, sold almost entirely through outbound telemarketing to a customer database of 130,000+ small businesses built since 2015, plus a smaller IT-hardware and insurance-agency segment.Net income compounded roughly 8.8x between FY2021 and FY2025 and ROE rose from 5.8% to 27.9%, but the stock has already re-rated about 43% above the level that made it look statistically cheap on a screenOn an equity basis it now trades at an ordinary ~9.7x P/E once the ¥6.36bn of net cash inflating the headline TEV multiple is backed out.

Japan

Toumei Co., Ltd. offers optical line services. The Company provides optical line internet connection, optical line internet supporting, and other services. Toumei also operates electric power sales agency, information terminal equipment sales, financial planning, and other services. Toumei serves customers in Japan.

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Toumei (4439 JP)

Monday Delight: 31/08/2026

Toumei is a Yokkaichi-founded (1997) reseller of NTT’s fiber broadband and JEPX-sourced wholesale electricity to Japanese SMEs, sold almost...

Contrarian Cashflows

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