Value Investing in my Circle of Competence, Hurdle Rate

Hurdle Rate

Value Investing in my Circle of Competence

The name “Hurdle rate” was inspired by none other than Mark Leonard of Constellation Software, and their prolific use of a fixed hurdle (discount) rate for their investments. Had you invested into Constellation Software at the time of their IPO as an Australian Investor you would of seen your investment multiply by >100x or (>35% CAGR), an enviable record (Updated March 2023).

Equity Bottom-Up

<ul><li>Avant was founded in 1997 by the current CEO Tetsuji Morikawa and is a Japanese holding company of financial and non-financial software which have the collective goal of assisting its clientele to increase corporate value.</li><li>This includes ‘Diva’ as Japan’s foremost (43% market share) consolidated accounting software and board meetings platform in addition to ‘Avant’, a management system for corporate value enhancement through consolidation of information (Avant Cruise) , charting (Avant Chart) , and corporate value enhancement (Avant Compass).</li><li>Lastly, there is ‘Zeal’ which includes several non-financial platforms that help organise and integrate (with Avant Cruise) from external sources. And interestingly, Avant also owns and operates Internet Disclosure Co, which runs Kaijinet, a site I have frequently visited over the years.</li></ul>

Avant was founded in 1997 by the current CEO Tetsuji Morikawa and is a Japanese holding company of financial and non-financial software which have the collective goal of assisting its clientele to increase corporate value.This includes ‘Diva’ as Japan’s foremost (43% market share) consolidated accounting software and board meetings platform in addition to ‘Avant’, a management system for corporate value enhancement through consolidation of information (Avant Cruise) , charting (Avant Chart) , and corporate value enhancement (Avant Compass).Lastly, there is ‘Zeal’ which includes several non-financial platforms that help organise and integrate (with Avant Cruise) from external sources. And interestingly, Avant also owns and operates Internet Disclosure Co, which runs Kaijinet, a site I have frequently visited over the years.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSE2-listed consolidated accounting software suite/services provider <a href="https://www.smartkarma.com/entities/12653" target="_blank" data-smartkarma-citation="entities:12653:1">Avant Corp (3836 JP)</a> announced its <a href="https://www.avantcorp.com/news/wp-content/uploads/2018/02/20180213.pdf" target="_blank">Q2 earnings</a>, a <a href="https://www.avantcorp.com/news/wp-content/uploads/2018/02/20180213-1.pdf" target="_blank">reassignment</a> from the TSE2 to the TSE1, and an <a href="https://www.avantcorp.com/news/wp-content/uploads/2018/02/20180213-2.pdf" target="_blank">Offering</a>.H1 Results were reported February 13th. H1 Revenues at the firm came in 14.7% better year-on-year and 5.9% better than the Toyo Keizai forecast. OP came in +11.7%yoy and 17.9% better than the TK forecast. Net Profits in H1 came in at 431mm yen, +135%yoy and 80% higher than the Toyo Keizai forecast. The company showed a 50%…

TSE2-listed consolidated accounting software suite/services provider Avant Corp (3836 JP) announced its Q2 earnings, a reassignment from the TSE2 to the TSE1, and an Offering.H1 Results were reported February 13th. H1 Revenues at the firm came in 14.7% better year-on-year and 5.9% better than the Toyo Keizai forecast. OP came in +11.7%yoy and 17.9% better than the TK forecast. Net Profits in H1 came in at 431mm yen, +135%yoy and 80% higher than the Toyo Keizai forecast. The company showed a 50%…

Avant (3836 JP) II: TSE1 Promotion and TOPIX Inclusion

Equity Capital Markets

On February 13th, TSE2-listed smallcap (JPY 16.7bn market cap) accounting/planning/management software purveyor (software named DivaSystem) <a href="https://www.smartkarma.com/entities/12653" target="_blank" data-smartkarma-citation="entities:12653:1">Avant Corp (3836 JP)</a> announced its <a href="https://www.avantcorp.com/news/wp-content/uploads/2018/02/20180213.pdf" target="_blank">Q2 earnings</a>, a <a href="https://www.avantcorp.com/news/wp-content/uploads/2018/02/20180213-1.pdf" target="_blank">reassignment</a> from the TSE2 to the TSE1, and an <a href="https://www.avantcorp.com/news/wp-content/uploads/2018/02/20180213-2.pdf" target="_blank">Offering</a>.The Secondary Offering of 1.956mm shares is a selldown of about one-quarter of CEO Morikawa's shareholdings and what appears to be the majority of the position held by Wada Shigefumi. The greenshoe of 293k shares brings the total deal to 2.25mm shares…

On February 13th, TSE2-listed smallcap (JPY 16.7bn market cap) accounting/planning/management software purveyor (software named DivaSystem) Avant Corp (3836 JP) announced its Q2 earnings, a reassignment from the TSE2 to the TSE1, and an Offering.The Secondary Offering of 1.956mm shares is a selldown of about one-quarter of CEO Morikawa's shareholdings and what appears to be the majority of the position held by Wada Shigefumi. The greenshoe of 293k shares brings the total deal to 2.25mm shares…

Japan

Avant Corp develops computer applications for business solution. The Company sells accounting, planning, and management software. Diva also provides consulting, training, and maintenance services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Avant Corp (3836 JP)

Avant Group Corporation (TSE:3836)

Avant was founded in 1997 by the current CEO Tetsuji Morikawa and is a Japanese holding company of financial and non-financial software

Hurdle Rate

Avant (3836 JP) II: TSE1 Promotion and TOPIX Inclusion

TSE2-listed consolidated accounting software suite/services provider Avant Corp (3836 JP) announced its Q2 earnings, a reassignment from the TSE2...

Travis Lundy

Avant (3836 JP) I: The Offering

On February 13th, TSE2-listed smallcap (JPY 16.7bn market cap) accounting/planning/management software purveyor (software named DivaSystem) Avant...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)