Daily Ideas·Bullish·9435.T·2024年10月21日

9435.T stock pitch - 2024-10-22

Longriver Partners Fund
YellowBrick

9435.T: Japan's Berkshire Hathaway. Asset-light biz w/ stable income, trades at 3x earnings ex-investments. 11% op profit CAGR, 23% BV+div CAGR over 10yrs. Distribution network sells subscriptions (electricity, insurance, broadband). 15% IRR target on CAC. Survived dotcom crash, rebuilt stronger. Invests like Buffett, 18% IRR since 2017.

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