Idea: Japan’s American-inspired IKEA competitor going global – Nitori Holdings (TYO: 9843)

Thinking Points

  • Nitori (TYO: 9843) has delivered outstanding performance with a lovable story.
  • Going above and beyond with its “high quality, affordable products” branding, Nitori is Japan’s most loved furniture brand.
  • At 20x EV/EBIT, however, a considerable level of growth is already priced in. I’ll take another look if share price gets below 10,000 yen vs. today’s 16 ~ 17,000 yen.

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7453: Ryohin Keikaku: Exceptionally Simple.

Summary

  • Seasoned corporate culture and a purely functional product focus has driven rapid growth, both domestically and internationally, for Ryohin.
  • Balance sheet is squeaky clean and business performance metrics like ROE remains strong (15% – ish ) compared to peers.
  • Exceptional corporate culture, clean balance sheet, and strong business performance is already built into share price – the bet is on continued rapid growth.

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