Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Japan Experts, Extraordinary Performance

Equity Bottom-Up

<ul><li>Realizing a successful investment and a strategic refocus - The sale of Ceres' 22.39% bitbank stake to the SBI Group for ~¥8.6bn signals a reallocation of the Company's management resources towards its core business and growth areas.</li><li>We estimate Ceres generated a ~4.7x return (~20% gross IRR) on the ~¥1.8bn invested since 2017, an impressive outcome given the volatility of bitbank's earnings and the rapidly shifting crypto landscape.</li><li>Post-completion, Ceres' cryptocurrency exposure shrinks meaningfully to just Mercury, which we think removes a significant overhang on the Company’s earnings outlook and simplifies the Company’s growth strategy.</li></ul>

Realizing a successful investment and a strategic refocus - The sale of Ceres' 22.39% bitbank stake to the SBI Group for ~¥8.6bn signals a reallocation of the Company's management resources towards its core business and growth areas.We estimate Ceres generated a ~4.7x return (~20% gross IRR) on the ~¥1.8bn invested since 2017, an impressive outcome given the volatility of bitbank's earnings and the rapidly shifting crypto landscape.Post-completion, Ceres' cryptocurrency exposure shrinks meaningfully to just Mercury, which we think removes a significant overhang on the Company’s earnings outlook and simplifies the Company’s growth strategy.

Ceres Inc. (3696 JP) - A +20% Gross IRR Exit and a Simpler Growth Story

Ceres Inc/Japan

Ceres Inc. (3696 JP) - A +20% Gross IRR Exit and a Simpler Growth Story