Comany Inc

Comany (7945) - Another Ridiculously Low-Priced MBO

Event-Driven
241 Views, 11 May 2022 07:56
EXECUTIVE SUMMARY
  • Comany Inc (7945 JP)'s Chairman Tsukamoto is 71. Together with younger Tsukamoto family members he is conducting an MBO to buy out minorities at a 76% premium. 
  • This most likely gets done, and it is tough to trade anyway because it is horribly illiquid.
  • But it is another example of an MBO done at the wrong price. TOB PER is low. But the entire thing is financed by net receivables. Ex-receivables, EV is zero.
detail (6-minute read)
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Travis Lundy
Pan-Asia Catalysts/Events
Quiddity Advisors
Japan & Hong KongEquitiesEvent-DrivenQuantitative Analysis

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL") BACKGROUND I have 20+yrs experience in A... 

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