i-mobile (6535.T), mcap=jpy30bn, price jpy1418 vs jpy1177

Pitch: Japanese portal for in-kind tax refunds with 10% earnings CAGR and at 9xPE. Disclosures in English. Track record of buybacks and good capital allocation. Beat guidance for 5 years. Op profit CAGR guided at +19% for next 4 years. Excess cash 57% of the mcap.

Valuation: On TTM financials trades at 2.4x EV/EBIT and 9x PE. Expected rerating to 5-year average of 14 x PE supported by a steady continuation of earnings growth and stable 20% ROE.

Exp. gain: steady double-digit return.

Full write-up (free guest account required): https://valueinvestorsclub.com/idea/i-mobile/1950554714

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