Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Imagica Group's revenue increased to JPY22.3bn (+11.0% YoY), with operating profit returning to JPY220mn from a loss.</li><li>A Board resolution on July 31, 2025, proposed a reverse stock split, leading to delisting on September 29, 2025.</li><li>Revenue from overseas E2E services rose, driven by localization orders recovery and cost reductions from restructuring.</li></ul>

Imagica Group's revenue increased to JPY22.3bn (+11.0% YoY), with operating profit returning to JPY220mn from a loss.A Board resolution on July 31, 2025, proposed a reverse stock split, leading to delisting on September 29, 2025.Revenue from overseas E2E services rose, driven by localization orders recovery and cost reductions from restructuring.

Imagica (6879 JP): Q1 FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This deal should not come as a surprise. Bloomberg has an <a href="https://www.bloomberg.com/news/articles/2025-05-07/japan-s-tycoon-families-seek-buyouts-to-evade-investor-pressure" target="_blank" rel="noopener">article</a> out saying tycoons are taking companies private to avoid shareholder activism. It's not just that.</li>
<li>The stated reasons (competitive environment requiring faster decision-making and significant restructuring) are all kinda hot garbage. This is being done at adjusted EV/EBITDA of 4x and 10x FCF.</li>
<li>And there are no synergies counted, and half of the Adjusted EV is net receivables+inventory equal to about 2mos of revenues. This is being done too cheaply. But.... TIJ baby...</li>
</ul>


This deal should not come as a surprise. Bloomberg has an article out saying tycoons are taking companies private to avoid shareholder activism. It's not just that.
The stated reasons (competitive environment requiring faster decision-making and significant restructuring) are all kinda hot garbage. This is being done at adjusted EV/EBITDA of 4x and 10x FCF.
And there are no synergies counted, and half of the Adjusted EV is net receivables+inventory equal to about 2mos of revenues. This is being done too cheaply. But.... TIJ baby...


[Japan M&A] Son of Chairman/55%Owner Taking Imagica (6879) Private at 10x FCF, 4+x EBITDA. CHEAP.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/imagica-robot-holdings-inc" target="_blank" data-smartkarma-citation="entities:18594:1" rel="noopener">Imagica Robot Holdings (6879 JP)</a> has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.</li>
<li>The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. </li>
<li>Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).</li>
</ul>



Imagica Robot Holdings (6879 JP) has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.
The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. 
Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).


Imagica (6879 JP): MBO Tender Offer at JPY795

<ul><li>Revenue decreased by 6.9% YoY to JPY66.5bn, with a net loss of JPY242mn due to overseas performance.</li><li>Content Creation business saw a 9.7% YoY revenue decrease but a 170.2% YoY increase in operating profit.</li><li>Imaging Systems & Solutions revenue and profit decreased, with a 7.5% YoY revenue decline to JPY11.8bn.</li></ul>

Revenue decreased by 6.9% YoY to JPY66.5bn, with a net loss of JPY242mn due to overseas performance.Content Creation business saw a 9.7% YoY revenue decrease but a 170.2% YoY increase in operating profit.Imaging Systems & Solutions revenue and profit decreased, with a 7.5% YoY revenue decline to JPY11.8bn.

Imagica Robot Holdings (6879 JP): Q3 FY03/25 flash update

<ul><li>Revenue declined by 8.5% YoY, with overseas performance weak, leading to an overall operating and net loss. </li><li>The Content Creation business saw increased profits despite a revenue decrease, driven by strong TV commercial orders. </li><li>The company revised its full-year forecast, expecting declines in revenue and operating profit, maintaining a JPY15 dividend.</li></ul>

Revenue declined by 8.5% YoY, with overseas performance weak, leading to an overall operating and net loss. The Content Creation business saw increased profits despite a revenue decrease, driven by strong TV commercial orders. The company revised its full-year forecast, expecting declines in revenue and operating profit, maintaining a JPY15 dividend.

Imagica Robot Holdings (6879 JP): 1H FY03/25 flash update

Japan

Imagica Group Inc. provides comprehensive digital imaging technology services for feature films, TV commercials, and TV programs. The Company produces digital media contents and is also involved in broadcasting specialized TV programs through BS/CS, Cable TV, and Internet. IRHD produces and distributes professional digital imaging systems.

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Imagica (6879 JP)

Imagica (6879 JP): Q1 FY03/26 flash update

Imagica Group's revenue increased to JPY22.3bn (+11.0% YoY), with operating profit returning to JPY220mn from a loss. A Board resolution on July...

Shared Research

[Japan M&A] Son of Chairman/55%Owner Taking Imagica (6879) Private at 10x FCF, 4+x EBITDA. CHEAP.

MBOs are of the zeitgeist. Unfortunately, under-priced MBOs where the Board give away the company to the founder family are also of the zeitgeist....

Travis Lundy

Imagica (6879 JP): MBO Tender Offer at JPY795

The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. The high irrevocables pave...

Arun George

Imagica Robot Holdings (6879 JP): Q3 FY03/25 flash update

Revenue decreased by 6.9% YoY to JPY66.5bn, with a net loss of JPY242mn due to overseas performance. Content Creation business saw a 9.7% YoY...

Shared Research

Imagica Robot Holdings (6879 JP): 1H FY03/25 flash update

Revenue declined by 8.5% YoY, with overseas performance weak, leading to an overall operating and net loss. The Content Creation business saw...

Shared Research

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