Recent Share Price: ¥621
Est Market Cap: ¥2.1 billion ($19 million)
Accounting: Japanese Accounting Standards
Fiscal Year: November 30
Tiemco Ltd is engaged in the sale of fishing and outdoor products.
- The Fishing Product segment provides lure fishing products, fly-fishing products, and other fishing products.
- The Outdoor Product segment provides outdoor apparels under the brand Foxfire and other outdoor activity-related items.
FY2017 Fishing Outdoor Sales ¥883 ¥1,966 COGS ¥413 ¥1,124 GM % 53% 43%
The company was founded in 1969 and is headquartered in Tokyo, Japan.
Insider Ownership
| Shareholders | Equities | % |
| Sadahiko Sakai (Co-Founder), Chairman | 520,000 | 15.60% |
| Seiichi Sakai (Co-Founder), CEO | 173,000 | 5.18% |
| Yukiko Sakai | 93,000 | 2.78% |
| Yaeko Sakai | 93,000 | 2.78% |
| Owner Hooks Co., Ltd. | 84,000 | 2.52% |
| Mitsubishi UFJ Financial Group, Inc. | 55,000 | 1.65% |
| Shigeru Kobayashi | 55,000 | 1.65% |
| Sumitomo Life Insurance Co. | 50,000 | 1.50% |
| In Millions | 11/30/15 | 11/30/16 | 11/30/17 | 2/28/18 |
| Cash and Short-term Investments | ¥2,089 | ¥2,120 | ¥2,132 | ¥2,036 |
| (0.85 * Accounts Receivable) | ¥519 | ¥476 | ¥477 | ¥351 |
| (0.60 * Inventory) | ¥789 | ¥900 | ¥866 | ¥741 |
| (0.25 * Other Current) | ¥9 | ¥9 | ¥8 | ¥12 |
| Total Liabilities | ¥1,025 | ¥884 | ¥956 | ¥855 |
| Preferred Stock | ¥- | ¥- | ¥- | ¥- |
| NNWC | ¥2,381 | ¥2,621 | ¥2,527 | ¥2,273 |
| NCAV | ¥3,023 | ¥3,332 | ¥3,213 | ¥3,179 |
| NCAV + LT Investments | ¥3,484 | ¥3,485 | ¥3,478 | ¥3,179 |
| TBV | ¥4,861 | ¥4,819 | ¥4,785 | ¥4,754 |
| Enterprise Value | ¥470 | ¥77 | ¥(285) | ¥(270) |
| Retained Earnings | ¥446 | ¥393 | ¥340 | ¥305 |
| Dividends Paid | ¥(34) | ¥(30) | ¥(30) | ¥- |
| Sale or Purchase of Stock | ¥(187) | ¥- | ¥(0) | ¥- |
| Shares Outstanding | 2,762,094 | 2,476,571 | 2,476,553 | 2,476,551 |
| P / NNWC | 62% | 46% | 59% | 62% |
| P / NCAV | 49% | 36% | 47% | 48% |
| P / NCAV + LT Investments | 42% | 34% | 43% | 48% |
| P / TBV | 30% | 25% | 31% | 32% |
| NCAV Burn Rate | -5.6% | 10.2% | -3.6% | -1.1% |
| Debt / Equity | 1.5% | 1.1% | 0.8% | 0.0% |
| F-Score | 4 | 5 | 6 | |
| FS-Score | 4 | 5 | 7 | |
| Z-Score | 1.2 | 2.0 | 2.1 | |
| Beneish M-Score | (3.9) | |||
| EV / EBITDA | N/A | 1.43 | (4.71) | |
| EV / Operating Income (5yr) | (0.34) | (0.06) | 0.20 | |
| EV / Operating Income (10yr) | 0.23 | |||
| EV / FCF (3yr) | (2.62) | (0.29) | 3.25 | |
| EV / FCF (5yr) | (1.32) | (0.20) | 1.18 | |
| EV / FCF (10yr) | 2.11 | |||
| EBITDA (FY) | ¥(1,295) | ¥54 | ¥61 | |
| Operating Income (5yr) | ¥(1,366) | ¥(1,391) | ¥(1,402) | |
| Operating Income (10yr) | ¥(1,265) | |||
| FCF (3yr) | ¥(179) | ¥(264) | ¥(88) | |
| FCF (5yr) | ¥(355) | ¥(395) | ¥(242) | |
| FCF (10yr) | ¥(135) |
Other
- No stock options
- Company Pension Plan
- No related party transactions
- Lease obligations appear reported
Write-Ups
Disclosure: We own shares in Tiemco Ltd (7501:TYO).
Leaven Partners 