This Japanese construction supplier is trading like it’s heading for terminal decline.

¥8.9B market cap. ¥2.0B enterprise value. ¥800M owner-FCF.

That’s just 2.4x EV/FCF for a durable regional logistics business that’s been operating since 1958.

NCAV 1.8.

TBV 0.8.

Meanwhile cash alone equals 75% of the entire market cap and the land portfolio may be worth the market cap by itself.

The reports show a highly cash-generative business with pricing power, record revenues, 23% look-through ROE and management now actively increasing dividends under TSE governance pressure.

You’re basically buying the land and cash pile and getting the operating business for free.