Askul (2678) Valuation Now Fully Reflects Earnings Growth.

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

<p>On 16<sup>th</sup> February Askul suffered a huge fire at its most modern distribution centre in Saitama, which serviced B to B in the Tokyo area as well as 60% of its B to C (Lohaco) demand. The fire lasted for two weeks and destroyed two thirds of the facility as well as significant inventory. The factory was built in 2012 at a cost of Y11bn and is one of the few it actually owns. Although there is insurance, given the size of the fire, the government is investigating and until it reports in June, the…</p>

On 16th February Askul suffered a huge fire at its most modern distribution centre in Saitama, which serviced B to B in the Tokyo area as well as 60% of its B to C (Lohaco) demand. The fire lasted for two weeks and destroyed two thirds of the facility as well as significant inventory. The factory was built in 2012 at a cost of Y11bn and is one of the few it actually owns. Although there is insurance, given the size of the fire, the government is investigating and until it reports in June, the…

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