Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>This makes bras and underwear. It is Japan’s leading maker with 25-30% of the domestic market. 60% of sales are domestic. It has fully consolidated operations in China, US and Europe and also equity accounted operations in Korea, Taiwan and Thailand. The company has a very strong balance sheet. It has net cash of c Y40bn, long term investments of Y60bn and owns 5.2% of itself. EV is thus Y140bn vs. its market cap of Y245bn. EBITDA will continue to run at about Y17/18bn annually and generally…</p>

This makes bras and underwear. It is Japan’s leading maker with 25-30% of the domestic market. 60% of sales are domestic. It has fully consolidated operations in China, US and Europe and also equity accounted operations in Korea, Taiwan and Thailand. The company has a very strong balance sheet. It has net cash of c Y40bn, long term investments of Y60bn and owns 5.2% of itself. EV is thus Y140bn vs. its market cap of Y245bn. EBITDA will continue to run at about Y17/18bn annually and generally…

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