Tiemco Ltd (7501:TYO)

Recent Share Price: ¥621TMC---Tiemco

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)

Untitled

Other

  • No stock options
  • Company Pension Plan
  • No related party transactions
  • Lease obligations appear reported

Write-Ups

  • Deep Value Ideas here
  • Cigarrfimpar here

Disclosure: We own shares in Tiemco Ltd (7501:TYO).

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