In today’s briefing:
- Tenma (7958 JP) MBO at ¥3,580 – Finally (Wipes Brow), An Exit. ATH But Not Yet PBR1.
- BMW Shifts into High Gear: A 10% Share Buyback to Drive Value
Tenma (7958 JP) MBO at ¥3,580 – Finally (Wipes Brow), An Exit. ATH But Not Yet PBR1.
- Plastic household goods maker Tenma Corp (7958 JP) has been “undervalued” for decades. A variety of activish/activist holders have come and gone. Dalton went substantial in 2016, is 18% now.
- The family has always controlled the company, and in the last decade, the company has bought back shares, raising the family stake. Now they are buying out minorities.
- The deal is at 4.1x Adjusted EV/EBITDA for March 2026 (adjusted for securities sales, etc) and 0.82x book for the non-cash/securities portion of the business. But Dalton has thrown in.
BMW Shifts into High Gear: A 10% Share Buyback to Drive Value
- BMW plans to repurchase 10% of its share capital over five years, likely replacing the previous buy-back program to optimize capital efficiency.
- The share buy-back is expected to boost EPS and support stock prices, with a stronger impact on preferred shares due to lower liquidity.
- The Quandt family’s ownership stake could increase to approximately 54.36%, further solidifying their control over BMW.
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